This is an excellent example of how the steady and persistent commitment to normalising the structure and functioning of our economy can produce real gains that are often overlooked or under-recognised. SAMOS, our real-time payments system, lies deep in the plumbing of our financial system.
We have maintained a prudent monetary policy. The PBOC cut the reserve requirement ratio by half percentage point in July, and recently added additional 300 billion yuan special central bank lending to support small and micro firms. Fiscal policy is also trying to be more effective and sustainable.