The structural monetary policy interest rate has experienced its first decline within the year, with an increase of 500 billion yuan in the amount of re loans for agriculture and small businesses, and a separate re loan for private enterprises... Recently, the People's Bank of China has introduced a series of policy measures around the tools of structural monetary policy to support enterprises in seizing opportunities and moving forward better. Starting from January 19th, the People's Bank of China has lowered the refinancing and rediscount interest rates by 0.25 percentage points to help enterprises prepare for structural interest rate cuts. Regarding this, Qian Hao, the Chief Financial Officer of Changfei Advanced Semiconductor (Wuhan) Co., Ltd., is particularly concerned. Last year, with the support of technology innovation and technological transformation loans, we received a significant reduction in loan interest rates from Construction Bank, which saved us about 4.45 million yuan in annual capital costs. We hope to use low-cost funds to accelerate project construction progress this year. ”Qian Hao said. According to policy arrangements, after the reduction, the interest rates for 3-month, 6-month, and 1-year agricultural and small-scale refinancing loans will be 0.95%, 1.15%, and 1.25%, respectively. The rediscount interest rate will be 1.5%, the mortgage supplementary loan interest rate will be 1.75%, and the special structural monetary policy tool interest rate will be 1.25%. This means that it is cheaper for banks to borrow money from the People's Bank of China, which is expected to drive down loan interest rates in key areas. Structural interest rate cuts are conducive to strengthening the policy incentive effect on commercial banks. ”Dong Qingma, Vice Dean of the China Institute of Finance at Southwest University of Finance and Economics, said that banks that receive lower cost funds can issue loans to key areas such as small and micro enterprises, technological innovation, and green transformation at lower interest rates, reducing the comprehensive financing costs of the real economy. The reporter learned from the People's Bank of China that with the support of structural monetary policy tools, the financing costs in the financial "five major articles" field have significantly decreased. In November 2025, the interest rate for newly issued technology loans was 2.81%, which was 0.32 percentage points lower than the same period last year; The newly issued digital economy industry loan interest rate is 2.7%, which is 0.51 percentage points lower than the same period last year. Zou Lan, Vice Governor of the People's Bank of China, believes that there is still some room for interest rate cuts this year. Since 2025, there have been signs of stabilization in the net interest margin of banks, which has remained at 1.42% for two consecutive quarters. In 2026, there will be a large-scale repricing of long-term deposits upon maturity. This time, the People's Bank of China has lowered various refinancing interest rates, which will help reduce the bank's interest payment costs, stabilize the net interest margin, and create some space for interest rate cuts. In early January of this year, Guangdong Southwest Petrochemical Equipment Co., Ltd. was in full swing in production to better promote the development of enterprises towards innovation and excellence. This is inseparable from the company's recent 10 million yuan working capital loan obtained from Industrial and Commercial Bank of China. This funding ensures the procurement of key raw materials for the enterprise. ”The person in charge of the enterprise, Zhang Zion, said, "This year, the increase in the amount of refinancing and the decrease in interest rates have given us confidence in further obtaining low-cost funding support for technology research and development and green transformation. The refinancing amount for technological innovation and technological transformation has been increased to 1.2 trillion yuan, expanding the support areas for service consumption and pension refinancing, and carbon emission reduction support tools... The multiple measures announced this time further improve the structural monetary policy tools and increase policy support. Zhou Yi, the head of the Inclusive Finance Business Unit of ICBC Guangdong Maoming Branch, introduced that after the launch of the new policy, frontline employees actively came to the door to connect and bridge the "last mile" of policy implementation, allowing financial dividends to accurately reach enterprises. At present, the bank has provided a total of over 1 billion yuan in preferential interest rate loan support to technology enterprises through policy tools such as technology innovation and technological transformation refinancing. From consumption to elderly care, from technological innovation to green emission reduction, from small and micro enterprises to private enterprises... In recent years, the toolbox of structural monetary policy has been continuously updated, achieving full coverage of the "five major articles" of finance and supporting key areas such as real estate and capital markets. Data shows that by the end of November 2025, the loan balance of the "Five Great Articles" in finance was 107.7 trillion yuan, a year-on-year increase of 12.8%; Loans in the fields of technology, green, inclusive, elderly care, and digital grew by 11.5%, 23%, 10.3%, 60.2%, and 14.6% year-on-year, respectively, all higher than the growth rates of various loans during the same period. Jiang Jie, Vice Dean of the School of Economics and Business Administration at Beijing Normal University, introduced that the central bank continuously improves and makes good use of structural monetary policy tools, strengthens targeted support for key areas and weak links such as technological innovation, can effectively enhance the accuracy and effectiveness of financial resource allocation, and provide strong support for promoting the development of enterprises towards new and optimal directions. To create a better development environment for private enterprises, the People's Bank of China recently set aside 1 trillion yuan for private enterprise refinancing in the total amount of agricultural and small-scale support loans. Upon hearing this news, the person in charge of Hangzhou Lin'an Recycling and Utilization Company was greatly encouraged. Last year, with the support of small and medium-sized enterprises, the company received a loan of 10 million yuan from Zhejiang Lin'an Zhongxin Rural Bank. Not only did the funding for the metal waste treatment project come in handy, but the loan interest rate was also about 50 to 100 basis points lower than that of similar small and micro enterprise loans. With the implementation of the policy, the loan interest rate of this enterprise will be further reduced to 3.2%, which can save about 25000 yuan in interest. ”Xu Fangyuan, Business Manager of Zhejiang Lin'an CITIC Rural Bank, introduced that in recent years, guided by structural monetary policy tools, the bank has accelerated its reform and transformation, focusing on serving private small and micro enterprises and county-level economies, injecting vitality into the local economy. Include private small and medium-sized enterprises with high levels of R&D investment in the field of technology innovation and technological transformation re lending policy support, merge and establish risk sharing tools for technology innovation and private enterprise bonds, promote more private enterprises to raise funds on the "technology board" of the bond market, and improve the credit enhancement system for private small and medium-sized enterprises... Recently, a series of measures to support private enterprise financing have accelerated their implementation, creating a better development environment for private enterprises. Jiang Jie believes that at the beginning of the new year, the financial system should take the lead and implement precise policies, continuously increasing support for private enterprises, which will help enterprises to seize the opportunity to start, further stimulate the vitality of private investment, and consolidate the positive trend of economic recovery. (New Society)