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On August 11, in the face of the actual problem of the CPI innovation in July, where will China's economic policy go? The mid-year work conference of the financial supervision department will be held. The monetary policy or appropriate fine-tuning in the second half of the year will adopt a “directed easing†approach. This change will effectively curb the continued expansion of inflation and face the negative impact of interest rate hikes. The department will increase support for the speed of SME credit. SME credit will accelerate. Authorities said that a series of policies to support the development of SMEs will be introduced in the second half of the year, and financing and other financing policy support will be an important part. Relevant departments have already begun deployment at the mid-year meeting. At the mid-year work meeting of the China Banking Regulatory Commission, Liu Mingkang, chairman of the China Banking Regulatory Commission, proposed that the future should focus on strengthening small business financial services. We will focus on supporting the reasonable financing needs of small and micro enterprises that are in line with national industrial and environmental policies, are conducive to expanding employment, have repayment willingness and repayment ability, and are commercially sustainable. We must continue to deepen differential supervision, support small-enterprise financial service innovation, and at the same time promote greater fiscal and tax support, and strive to achieve no less than the average growth rate of all loans this year. For agriculture-related financial services, Liu Mingkang said that it is necessary to increase the intensity of agricultural-related credits and achieve the goal of the annual growth rate of agriculture-related loans higher than the average growth rate of loans. It is necessary to further promote the equalization of basic financial services, and ensure that the coverage of 500 townships and towns in the whole year is resolved as scheduled. Tao Dong, chief economic analyst of Credit Suisse Asia, pointed out that the fine-tuning of the credit structure in the future is likely to happen. "Directed easing" should be the focus of monetary policy in the second half of the year. Interest rate hike is expected to be farther away The central bank announced on the 10th that it will issue 7 billion yuan of three-month central bank bills on Thursday, and the circulation increased by 6 billion yuan from the previous period. China Bond Network data showed that the third-party central bank bill rate closed at 3.2653% on Tuesday, down 4.97 basis points from the previous trading day. At present, the spread of the first- and second-tier market of the central bank in March has narrowed to 18.52 basis points. The data shows that the amount of funds due in the open market this week reached 190.2 billion yuan, which is the largest single-week maturity level in the past two months. As a result, the central bank increased its open market operations this week. The central bank issued a 2 billion yuan one-year central bank bill on Tuesday and conducted a 28-day 28-day repurchase operation. The central bank has maintained a small net investment pattern in the open market for three consecutive weeks, with a cumulative net investment of 95 billion yuan in three weeks. Zhou Donghai, a doctor of economics at the Finance Department of the Ministry of Finance, told Sina Finance that the central bank has kept a small net investment in the market in recent weeks, and the liquidity between banks is not tight. In the future, more liquidity will be recovered through open market operations. Zhou Donghai, a doctor of economics at the Finance Department of the Ministry of Finance, believes that the United States only said that it would maintain the federal funds rate at a very low level for a long period of time. It is now clear that the extremely low interest rate will be maintained until mid-2013, which will help guide market expectations and promote the recovery of medium-term investment. Standard Chartered Bank released a report saying that inflationary pressures may have peaked and the PMI index may fall further. They expect the CPI to remain at around 6% in August, and it is unlikely that the rate hike will be raised again during the year. The future direction of monetary policy will be relaxed. The construction of affordable housing will be expanded. The mid-year work conference held by the central bank and the China Banking Regulatory Commission recently emphasized that the support for affordable housing construction will continue to increase in the second half of the year. Supervise financial institutions to timely issue loans to eligible housing construction projects to promote healthy and stable development of the real estate market. Authorities said that the housing loan is encouraged to be issued by syndicated loans, and the loan interest rate can be the benchmark interest rate or even appropriate. In the context of the current bank lending rate of public loans generally 10%-50%, this policy is quite favorable. According to the "Twelfth Five-Year Plan", the planned number of affordable housing projects this year will reach 10 million sets, and the required funds will be 1.3 trillion to 1.4 trillion yuan. Governments at all levels will bear more than 500 billion yuan, and more than 800 billion yuan will be raised through society. In the past two months, bank credit resources have been very tight, and many companies have no way to seek loans. The regulatory authorities have significantly tightened the loans for new local financing platform projects, and have maintained greater support for affordable housing project loans. “Bank credit will play a key role in supporting the construction of affordable housing,†said a bank source. He said that due to the low profitability of the affordable housing project, banks currently adopt the form of syndicated loans. His bank recently issued a 500 million yuan security housing loan. CDB is the lead bank for syndicated loans. The total credit scale is 2 billion yuan, and the loan interest rate is maintained at the benchmark interest rate. Relevant: The 12th Five-Year Plan of Finance will be reported to the State Council. After repeated consultation and revision, the “Twelfth Five-Year Plan for Financial Industry Development and Reformâ€, which was led by the People’s Bank of China and jointly organized by the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, has been formed. Will be reported to the State Council. This national-level special plan has determined the main objectives, principles and paths of China's financial industry development and reform during the 12th Five-Year Plan period. Among them, the key point of the system reform is undoubtedly to build a counter-cyclical financial macro-prudential management system framework, and effectively restrain the commercial bank's credit expansion impulse and short-term behavior through counter-cyclical prudential supervision. The focus of market-oriented construction will be on the reform of interest rate marketization, the basic convertibility of capital projects, and the construction of offshore centers in Hong Kong; the reform of financial enterprises will be deepened in the comprehensive operation of large-scale institutions and the entry of private capital. The regulatory system will strengthen the local government financial management system, especially in the risk management of local small and medium financial institutions. At the same time, consider establishing a state-owned financial property management department to strengthen state-owned equity management. In addition, the regulatory system and positioning of the rating agencies are clearly defined.