BlackRock's Chief China Economist Song Yu: A series of policy supports will have a "1+1 is greater than 2" effect on the economy.

Pan Gongsheng, Governor of the People's Bank of China, stated at a press conference on the 7th that the People's Bank of China will increase the intensity of macroeconomic regulation, introduce 10 policies including reserve requirement ratio cuts and interest rate cuts, further implement a moderately loose monetary policy, and promote high-quality economic development. In addition, the heads of the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission introduced the "comprehensive financial policies to support market stability and expectations", and announced further support measures. Song Yu, Chief China Economist at BlackRock, described this series of measures as "very necessary" in an interview with reporters. Song Yu stated that these measures will not only support the real economy, but also send out very clear policy signals, which can be expected to lead to further policy implementations in other areas, benefiting the stability of market expectations. It is worth mentioning that Song Yu pointed out that this internal policy adjustment coincides with the restart of China-US negotiations, which will have a synergistic effect of "1+1 greater than 2" on the market and economy. At the same time, Song Yu expects policies to be dynamically adjusted based on the negotiations and economic market performance.