People's Bank of China spokesperson and deputy governor Zou Lan: The People's Bank of China will first introduce two policy measures.

According to the current economic and financial situation, the People's Bank of China will implement two policy measures in advance. On the one hand, it will lower the interest rates of various structural monetary policy tools to increase the enthusiasm for bank lending in key areas. On the other hand, it will improve structural tools and increase support to further promote economic structural transformation and optimization. Specific measures include: 1. Lowering the interest rates of various structural monetary policy tools by 0.25 percentage points. The one-year interest rate for all types of rediscount loans will be lowered from the current 1.5% to 1.25%, with other term rates adjusted accordingly. 2. Connecting agricultural and small business rediscount loans with rediscount facilities, increasing quotas, and establishing a separate rediscount facility for private enterprises. Combining the quotas of agricultural and small business rediscount loans and rediscount facilities, increasing the quota for agricultural and small business rediscount loans by 500 billion RMB, and establishing a separate quota of 1 trillion RMB for rediscount loans for private enterprises, focusing on supporting small and medium-sized private enterprises. 3. Increasing the quota for loans for scientific innovation and technological transformation and expanding the scope of support. Increasing the quota for loans for scientific innovation and technological transformation from 800 billion RMB to 1.2 trillion RMB, and including high-level R&D private small and medium-sized enterprises in the support field. 4. Setting up a risk-sharing tool for bonds of scientific innovation and private enterprises. Combining the previously established financing support tools for private enterprise bonds and risk-sharing tools for bonds of scientific innovation, a total of 200 billion RMB in rediscount loans will be provided. 5. Expanding the support for carbon emission reduction tools. Including more projects with carbon emission reduction effects such as energy efficiency upgrades, green upgrades, and energy green low-carbon transformation, guiding banks to support comprehensive green transformation. 6. Expanding the support areas for consumer services and elderly care loans. Combining health industry standards, including the health industry in the support areas of consumer services and elderly care loans in a timely manner. 7. In conjunction with the China Banking and Insurance Regulatory Commission, the minimum down payment ratio for commercial property purchase loans will be lowered to 30% to support the clearance of inventory in the commercial real estate market. 8. Encouraging financial institutions to enhance exchange rate risk hedging services. Enriching exchange rate hedging products to provide enterprises with cost-effective, flexible, and effective exchange rate risk management tools. The policy documents related to the above measures will be issued in the coming days. In accordance with the deployment of the State Council's executive meeting, during the implementation process, it will synergize with fiscal policies such as interest subsidies, guarantees, and risk cost sharing, further magnify policy effectiveness, and jointly promote the expansion of effective domestic demand. We will continue to increase liquidity injection, flexibly use various tools for open market operations, maintain ample liquidity, and guide overnight interest rates to operate near policy rate levels.