chiefeconomistofguotaijunansecurities

chiefeconomistofguotaijunansecurities内容摘要：

vings and boost consumption 202012 202012 202012 202012 202012消费 投资 净出口 Net export 0 1 2 3 4 5 6 7 8 9 1004岁 1014岁 2024岁 3034岁 4044岁 5054岁 6064岁 7074岁 8084岁 9094岁 2020 2020The proportion of the population aged 4050 rises significantly In 2020 the rate of the stimulation of consumption on GDP growth consumption investment Domestic macroscopic view: The moary policy has been steadily loosened 14 Moary policy enters the lowering RRR cycle Increase of funds outstanding for foreign exchange and bidirectional volatility are no longer the major driving forces for basic money supply With the reversal of RMB appreciation trend, moary policy enters the lowering RRR cycle, since February 2020 RRR has been lowered twice, sharper than market expectations Cutting interest rates Since Novemberthe central bank has cut interest ratesfor the second time, indicating the tendency to loosen moary policy Cutting interest rates and lowering the reserve requirement ratio (RRR) simultaneously will be the basic trend of the future moary policy Raising the floating upper limit of deposit and introducing the description of deposit insurance system interest rate liberalization is the key point of the next reform of the central bank 34567820201 20204 20207 202010 20201 20204 20207 202010一般贷款加权平均利率 信托业加权平均利率 10年期国债收益率 The financing cost for the real economy is still high It remains to be seen whether the liquidity released by cutting interest rates can enter the real economy The weighted average interest rate of General loan The weighted average interest rate of Trust Industry 10 year bond yields Domestic macroscopic view: Positive fiscal policy is characterized by restructuring expenses % % % % % % % % 27%28%29%30%31%32%33%教育医疗社保支出占比 05001,0001,5002,0002,5003,0003,5004,0004,5005,0002020 2020 2020 2020 2020年前 10月 住房保障支出（亿元） The proportions of Education, Health Care, Social Security in national fiscal expenditure are rising Housing security expenditure Positive fiscal policy is characterized by restructuring expenses Increasing the investment in the construction of social security housing Increasing the spending on people39。 s livelihood in the context of budget reform Stimulating consumption and promoting the development of related industries simultaneously The percentages of the expenditures in education health care and social security 2020 2020 2020 2020 2 011 2020 2020 1st 10 months of 2020 Housing security expenditure (billion) 2020 2020 2020 2020 1 st 10 months of 2020 P。