Pan Gongsheng: Flexible and efficient use of various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. There is still some room for reserve requirement ratio cuts and interest rate cuts this year. According to Jinshi Data on January 22, Pan Gongsheng, the Governor of the People's Bank of China, stated in an interview that in 2026, the People's Bank of China will continue to implement a moderately loose monetary policy, taking the promotion of stable economic growth and reasonable price recovery as important considerations for monetary policy, giving full play to the integrated effect of incremental policies and stock policies, creating a favorable monetary and financial environment for stable economic growth, high-quality development, and stable operation of financial markets, and providing strong financial support for achieving a good start to the 15th Five Year Plan. In terms of aggregate policy, we will flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain sufficient liquidity, so that the growth of social financing scale and money supply matches the expected targets of economic growth and overall price levels. There is still some room for reserve requirement ratio cuts and interest rate cuts this year. The People's Bank of China will also do a good job in implementing and supervising interest rate policies, and promote the low operation of social comprehensive financing costs.