At the executive meeting of the State Council held on August 24, it was proposed to increase the quota of more than 300 billion yuan on the basis that 300 billion yuan of policy oriented development financial instruments had been put into the project; We will make good use of the local balance limit of more than 500 billion yuan of special bonds according to law and complete the issuance by the end of October. The above measures can not only increase effective investment and consumption, but also help to cope with the shortage of loan demand< Br > < div class = "height" > < / div > insufficient effective demand is the main problem facing the current economic operation, and insufficient effective demand for credit is one of the manifestations. In July, there were short-term fluctuations in financial data, and RMB loans increased by 404.2 billion yuan year-on-year; Previously, the financial data in April was also lower than the market expectation, and RMB loans increased by 823.1 billion yuan year on year. From the enterprise side, the financing demand is mainly concentrated on short-term liquidity, and the medium and long-term credit demand is weak, which reflects the cautious attitude of some enterprises towards expanding reproduction< Br > < div class = "height" > < / div > we should face up to the problem of insufficient effective demand for credit, but we need not worry too much about it. Facts have proved that we have sufficient policies, methods and room for manoeuvre. The financial data in April was far lower than the market expectation because the economic indicators in that month fell in depth. Subsequently, the Party Central Committee and the State Council made scientific decisions and decisively implemented policies, insisted on not engaging in “flood irrigation”, and launched a package of policies and measures to stabilize the economy. The effect of stabilizing the economy appeared quickly. In May, the decline of major economic indicators narrowed. In June, the economy recovered steadily, and the economy achieved positive growth in the second quarter. Accordingly, the effective demand for credit has gradually recovered, and the RMB loans in June increased by 686.7 billion yuan year on year. The short-term fluctuations of the financial data in July are mainly affected by seasonal factors, so there is no need to over interpret< Br > < div class = "height" > < / div > next, the fiscal policy should take positive actions to promote the recovery of credit demand of enterprise departments and individual departments by expanding effective investment. On the one hand, it is necessary to make good use of the special bond funds of local governments, support local governments to make full use of the special debt quota, leverage market-oriented financing, and appropriately advance infrastructure investment; On the other hand, it is necessary to speed up the work of tax rebate for retention, release the policy dividend as soon as possible, and help enterprises with real money< Br > < div class = "height" > < / div > financial policies should form effective coordination with fiscal policies and follow up supporting financing in a timely manner. Monetary policy should maintain reasonable and sufficient liquidity and increase credit support for enterprises; We should make good use of the new credit from policy banks and investment funds for infrastructure construction, fully release the effectiveness of policy oriented development financial instruments, expand effective investment, promote employment, and promote consumption< Br > < div class = "height" > < / div > the most urgent task is to further reduce the price of credit funds. Behind the seemingly insufficient credit demand of enterprises, there are actually many effective demands. However, enterprises are more sensitive to the price of credit funds due to operating difficulties and declining profits. They can not afford to borrow “expensive” money and dare not use it. The reduction of financing cost can stimulate potential financing demand, help to expand reproduction, and stabilize the income, expectation and confidence of the real sector< Br > < div class = "height" > < / div > in order to ensure the effective implementation of policies, financial institutions need to improve their political position, strengthen macro thinking, maintain the stability of total loan growth, and continuously optimize the credit structure. For banks, it is not a skill to release loans during the economic upturn period. It is the ability to release loans accurately, effectively and safely when there is downward pressure on the economy. In addition, it is necessary to coordinate the relationship between the steady growth of credit and the prevention of financial risks to ensure the quality and safety of economic development.