And with regard to private enterprises, my focus was on how the second arrow in the three-arrow policy mix provides support for private firms in their bond issuance. Here comes the third part: how to guard against financial risks in the process of formulating monetary policy.
This calls for consideration of both monetary policy and macro-prudential policy, so the “dual pillar” regulatory framework should be improved to enable the mutual promotion and complementation of monetary policy and macro-prudential policy. I would first talk about what risks we should guard against. Here are several examples.