We have also launched two monetary policy instruments providing direct support for the real economy, which helped MSBs to get access to loans. At the end of 2022, the outstanding balance of inclusive MSB loans was close to RMB24 trillion, with their interest rates dropping from 6.3 percent in early 2018 to 4.9 percent, and over 56 million MSBs benefited from this initiative.
In addition, forecasts for the next few years suggest a complex scenario. For example, the OECD and the FAO estimate that food prices for the period 2013–2022 will be above, in real terms, those seen on average in 2003–2012. 1 The increase in food prices in the last few years has been accompanied by great volatility.