The "Report on the Implementation of China's Monetary Policy for the Third Quarter of 2025" released by the People's Bank of China on the 11th shows that since the beginning of this year, the moderately loose monetary policy has continued to exert force, and the countercyclical adjustment effect has gradually emerged. Specifically, the total financial output has grown reasonably, with the stock of social financing scale and the broad money supply (M2) increasing by 8.7% and 8.4% respectively year-on-year at the end of September, and the balance of RMB loans reaching 270.4 trillion yuan. The cost of social financing is at a low level, and the interest rates for newly issued corporate loans and personal housing loans in September decreased by about 40 and 25 basis points respectively year-on-year. The credit structure is also constantly being optimized, providing strong support for the transformation and upgrading of key areas, major strategies, and economic structures. At the end of September, technology loans, green loans, inclusive loans, pension industry loans, and digital economy industry loans increased by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, respectively, all of which were higher than the growth rate of all loans. In the next stage, the People's Bank of China will further deepen financial reform and high-level opening up to the outside world, accelerate the construction of a strong financial country, improve the central banking system, build a scientific and stable monetary policy system and a comprehensive macro prudential management system, and smooth the transmission mechanism of monetary policy. Balance the relationship between short-term and long-term, stable growth and risk prevention, internal and external balance, support the real economy and maintain the health of the banking system itself, strengthen the consistency of macroeconomic policy orientation, do a good job in countercyclical and cross cyclical adjustment, enhance the efficiency of macroeconomic governance, and sustain stable growth, employment, and expectations. (New Society)