On July 14, Zou Lan, Vice Governor of the People's Bank of China (PBOC), disclosed that by the close of May, the contracted loan volume for technological innovation and transformation had surpassed 1.74 trillion yuan, with enterprises having the flexibility to withdraw funds at their convenience. Furthermore, risk-sharing instruments for technological innovation bonds are currently extending bond financing support to equity investment institutions. Looking ahead, the PBOC intends to harness the dual functionality of monetary policy tools, addressing both aggregate and structural needs, while adhering to the guiding principles of targeted focus, reasonable moderation, and adaptive adjustment for structural monetary policy instruments. Building on support for the five core financial sectors, particular emphasis will be placed on fostering technological innovation and stimulating consumption, aiming to more efficiently propel economic restructuring, transformation, and upgrading, as well as facilitating the transition from old to new growth drivers.