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In an article on Friday, he pointed out that China's domestic currency and fiscal will continue to relax and play a counter cyclical regulatory role next year. With the global economy generally falling back, countries starting to cut interest rates, China's economy continuing to decline and employment pressure increasing, the trend of medium and long-term easing of monetary policy remains unchanged.
"In 2020, the focus of monetary policy will be more stable growth, and the reduction of reserve, Omo operating interest rate and MLF interest rate are all worthy of expectation." "Financial supervision is expected to focus on stability, consolidate past achievements, and increase will not be strengthened," Zhang said
As for the fiscal policy, we will continue to implement the policy of fine tax reduction and fee reduction. The central government is expected to expand the pilot project of giving profits to local governments. The efficiency and scale of the use of special debt funds of local governments will be improved, and the advance efforts will be made to stabilize the growth. The transformation of old residential areas is expected to accelerate nationwide.
In the allocation of major domestic assets, interest rate bonds will remain volatile in the first half of the year. The high growth rate of CPI will restrict the downward trend of the yield, while the weak economy will restrict the upward trend of the yield. After the Spring Festival in 2020, when the CPI growth rate rises and falls, it is expected that the space for monetary policy will be opened from the second quarter to the third quarter, and its easing strength and pace will be accelerated, so as to benefit the stock and debt.
"Throughout the year, the stock market has been moderately improving. In the context of economic transformation, capital market reform and acceleration of financial opening, there are many opportunities for structural investment." "The exchange rate of RMB against the US dollar is expected to fluctuate in the range of 6.7-7.1 in 2020, with the shock center at about 6.9," Zhang said. "
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