##demic containment to render policy support to the public ; some made arrangements for fund allocation to shore up supply ; and some opened up green channels to deliver unimpeded services. we rolled out 30 financial support measures, cut the required reserve ratio ( rrr ) three times and launched rmb300 billion lowcost special central bank lending as well as rmb500 billion central bank lending and central bank discounts for the resumption of work and production, to name a few. fighting in solidarity with the people nationwide, the pbc staff spared no efforts to win the fight against the pandemic. now we have managed to achieve the objectives of our monetary policy and china is the only major economy in the world with positive economic growth throughout the year. our endeavors are widely recognized by the financial markets and all sectors of society and are highly appreciated by international organizations and the international community at large. we have always been concerned about the well - being of micro and small businesses ( msbs ), self - employed businesses and other market entities. affected by the pandemic, many msbs faced surging pressures for survival. they are the source of income for millions of families. they fuel the vitality of the market economy and safeguard the national economy and the people ’ s livelihood. holding fast to the two unwavering commitments, we delivered full support to stabilizing businesses and securing employment, increased rmb1 trillion quotas for inclusive central bank lending and central bank discounts, launched two new monetary policy tools providing direct support for the real economy, continuously unleashed the benefits of the loan prime rate ( lpr ) reform, rolled out a mix of measures to enable banks to increase credit 1 / 2 bis central bankers'speeches supply, prompted financial institutions to cut profits in favor of their clients as appropriate and went all out to reduce the financing cost of the real economy. up to now, banks have deferred repayments on more than rmb6 trillion worth of loans and issued over rmb3 trillion unsecured inclusive msb loans, which benefited more than 30 million business entities. the financial sector has achieved the goal of cutting rmb1. 5 trillion worth of profits in favor of the real economy. we pushed forward with the reform and opening - up of the financial sector and were determined to win the three critical battles. the pbc staff studied the guidelines of the fifth plenary session of the 19th cpc central committee and the 2020 central economic work conference,

macro data. 9 in in academic research these models are usually called models of reduced form. for a review of the results from the models and their forecasting performance see adolfson et al ( 2007a ). dsge stands for dynamic stochastic general equilibrium models. ramses stands for the riksbank ’ s aggregated macro model for studies of the economy in sweden. for a more detailed description see adolfson et al ( 2007b ). var stands for vector autoregressive model. a bayesian var model some form of subjective information prior to estimation is used, for instance how high the long - term sustainable growth rate is. in general, the further ahead we look, the more importance we give to economic theory and the assumptions of long - term equilibrium in ramses and the bayesian var models. to gain an impression of the current situation in the swedish economy we instead use different time series models and indicator models. these are used to make forecasts 1 - 2 quarters ahead. the forecasts are then used as starting values in the large macro models. of course there are also substantial elements of assessments of what comprises a probable development for the economy throughout the entire process. material for our assessments and forecasts comes from many sources on the whole, we use official statistics and the results of surveys from authorities such as statistics sweden and the national institute of economic research and their counterparts in other countries. we also closely follow the assessments made by other forecasters in sweden and abroad and regularly evaluate our own forecasting performance. we also bring back new impressions from the many international meetings we regularly attend. in addition, the riksbank has begun to carry out its own company surveys. this involves our employees visiting companies around the country and hearing their views on the economic situation. this is a means of obtaining explanations of what we can see in the official statistics and of capturing tendencies before they appear in the statistics. the process begins with a discussion of the risks before i go in greater detail into how we make forecasts, i would like to make some general observations. firstly, making forecasts is a continuous process. many of us at the riksbank, both executive board members and employees in the different departments, closely monitor economic activity. the increased use of models makes it easier to some extent to update the forecasts when new information is received. but we only make a new, thorough and coherent assessment of what all the new information means for future monetary policy in connection with our monetary