Government Work Report: Timely reserve requirement ratio and interest rate cuts, optimizing and innovating structural monetary policy tools

The government work report pointed out that this year, efforts should focus on expanding domestic demand by increasing residents' income to boost consumption, driving effective supply through terminal demand, and organically combining the implementation of the strategy to expand domestic demand with deepening supply-side structural reforms. Multiple channels should be used to increase the income of urban and rural residents, supporting consumption in housing improvement, new energy vehicles, and elderly care services. Greater efforts should be made to promote the healthy development of the real estate and stock markets. Liquidity should be kept reasonably ample, with the growth rate of broad money supply and social financing scale basically matching the nominal economic growth rate, supporting the development of the real economy. Structural monetary policy tools should be optimized and innovated, with an appropriate increase in the scale of re-lending to support agriculture and small enterprises, further increasing financial support for "agriculture, rural areas, and farmers" and micro and small enterprises