Expert authority: In the future, the focus of monetary policy needs to be on optimizing structure.

On September 12th, the People's Bank of China released the credit and social financing data for August, showing that RMB loans increased by 13.46 trillion yuan in the first eight months, and social financing grew by 26.56 trillion yuan. By the end of August, the M2 growth rate was 8.8%, unchanged from the previous month. Authorities state that this year, a more proactive fiscal policy combined with moderately loose monetary policy has been effective. Government bond issuance has been ahead of schedule and increased in intensity, with cumulative financing growth remaining higher than the same period last year, providing good support for social financing growth. Increased efforts in fiscal policy, along with reasonable growth in social financing and loans, have supported the M2 growth rate. Additionally, the lower M2 base from the same period last year has also contributed to the current high M2 growth rate. Authorities emphasize that China's financial system is already large and while maintaining reasonable growth in overall quantity, the focus of future monetary policy should be on optimizing structure. The emphasis on structural guidance will continue to harness the advantages of market efficiency in resource allocation and stimulate the intrinsic motivation of financial institutions. Structural monetary policy tools will continue to play a leading role in providing policy support and incentives, enhancing the ability and willingness of financial institutions to support key areas. It is important to leverage the synergistic effects of monetary credit policies, fiscal subsidies, risk compensation measures, and continuously enhance the effectiveness of financial support for key sectors.