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People's Bank of China: Persisting in the Sound Monetary Policy

發(fā)布時(shí)間:[2019-8-4 10:43:15] 瀏覽量:2038次

On the morning of August 2, the People's Bank of China held a video conference for the second half of 2019. The main task of the conference is to convey learning and implement the important deployment of the Central Committee of the Party and the State Council on economic and financial work, summarize the work in the first half of the year, analyze the current domestic and international economic and financial situation, and study and deploy key work in the second half of the year. People's Bank of China President Yi Gang and Party Secretary Guo Shuqing attended the meeting and spoke. Party members of the People's Bank of China Chenyulu, Pan Gongsheng, Fanyifei, Zhuhexin, Xujiaai, and Liu Guoqiang attended the meeting. Chenyulu presided over the meeting and made concluding remarks.
The meeting held that, in the face of the complex and severe economic and financial situation at home and abroad since 2019, the People's Bank of China system, guided by Xi Jinping's thought of socialism with Chinese characteristics in the new era, has further strengthened its "four consciousness", firmly "four self-confidence" and resolutely "two maintenance". We will resolutely implement the decisions of the CPC Central Committee and the State Council, further strengthen system-wide Party building, make overall plans to promote the real economy of financial services, prevent and defuse financial risks, deepen financial reform, and continuously expand financial opening up. It provides a good monetary and financial environment for the overall sustainable and healthy development of the economy and society.
First, prudent monetary policy should be kept loose and moderate, and pre-adjustment, fine-tuning and counter-cyclical regulation should be strengthened. We will reduce the reserve requirement ratio at an appropriate time, improve the policy framework for "three steps and two excellent" reserve provisions, increase rediscount, medium-term borrowing facilities and standing borrowing facilities, and conduct open market operations flexibly to maintain reasonable and abundant liquidity. At the end of June, M2 increased by 8.5 % year-on-year, 0.5 percentage points higher than the same period last year; The balance of social financing increased by 10.9 percent, an increase of 1.1 percentage points over the end of the previous year. In June, the average lending interest rate for the whole society was 5.66 %, a decrease of 0.28 percentage points. We will create and carry out central bank bill swap operations, take sustainable debt as a breakthrough, promote banks to supplement first-class capital through multiple channels, ease capital constraints, and improve lending capabilities. We will strengthen the interpretation and communication of policy propaganda and actively guide and stabilize market expectations.
Second, financial support for private micro and small enterprises has continued to increase. We will give full play to the concerted efforts of monetary and financial policies, expand the scope of targeted reduction in financial support for inclusive finance, and relax the criteria for assessing loans from small and medium-sized enterprises. The growth rate of loans from inclusive small and medium-sized enterprises reached 22.5 %, 7.3 percentage points higher than the end of the previous year, and 9.5 percentage points higher than the total loan growth rate of the same period. The lending rates of private micro and small enterprises remained generally low, with the average lending rate at 6.82 per cent, down 0.58 percentage points year-on-year. Private micro and small enterprise financing difficulty is expensive to finance obviously alleviate.
Third, positive results have been achieved in preventing and defusing major financial risks. We will adhere to regulations in full compliance with the law, use deposit insurance funds, set up deposit insurance companies, take the approach of taking over acquisitions, take the lead in taking over and deal with serious credit risks of contractors and banks in a professional and efficient manner according to law, and guard against systemic financial and moral risks. To protect the legal rights and interests of depositors and other customers to the maximum, and resolutely break the rigid payment, serious market discipline. We will address liquidity risks of some small and medium-sized financial institutions. We will properly deal with input risks and Jinrongshichang's volatility, establish a mechanism for quick disposal of bond defaults, and ensure that some key financial holding groups are properly disposed of.
Fourth, institutional and institutional reforms in key areas have been further deepened. We will continue to promote market-oriented reform of interest rates, improve the interest rate corridors of central banks, actively cultivate loan market quotation rates(LPRs), and further enrich and improve the central bank's pricing control tools and means. We will improve the framework for macro-prudential management and promote the supervision of systemically important financial institutions and financial holding companies. We will strengthen coordination between central and local financial supervision and regulation, and consolidate local financial supervision and local responsibility for risk management.
Fifth, significant results have been achieved in expanding financial opening to the outside world. The banking, securities and insurance industries have substantially liberalized market access, as well as credit rating, bank card clearing and non-bank payment access for foreign enterprises. The Chinese stock market and bond market have been incorporated into major international indices, pushing for the landing of "Shanghai-Luntong", launching international crude oil futures denominated in renminbi, making new progress in the internationalization and cross-border use of the renminbi, and increasing financial support for the Belt and Road Initiative.
Sixth, the level of financial services and management continued to improve. We will continue to follow up on key economic and financial issues such as structural reforms on the financial supply side. The comprehensive statistics of the financial industry has been comprehensively promoted, and a complete asset management product statistics system has been initially established. The examination and approval of administrative licenses for bank accounts of enterprises was completely cancelled. We will strengthen coordination on network security and information technology, and ensure the smooth operation of payment and settlement systems. The new renminbi was issued smoothly, and new results were achieved in rectifying the refusal to accept cash and cracking down on counterfeit currency crimes. The second-generation Treasury Information Processing System(TIPS) is fully realized. Financial consumer classification standards have been developed and implemented. We will step up efforts to provide targeted financial assistance to the poor and raise the level of basic financial services in poor areas. China's mutual evaluation report on anti-money laundering and the financing of terrorism has been reviewed by the Financial Action Task Force(FATF) in plenary session. We will vigorously promote the exploration and use of non-credit data to carry out credit collection services for small and micro enterprises and agriculture, rural areas and farmers, and improve the effective supply of credit collection.
The meeting held that since the beginning of this year, Party committees of the People's Bank of China and Party organizations at all levels throughout the system have played a full role in guiding the direction, managing the overall situation and ensuring implementation. They have carried out solid education on the theme of "Do not forget your heart and remember your mission", and the Party committees and teams have taken the lead. We will study Xi Jinping's thoughts on socialism with Chinese characteristics in the new era from top to bottom, conduct special research, examine problems, make immediate reforms, resolutely implement the main responsibility of managing the Party and ensure that the Party's line, principles and policies are implemented in the People's Bank of China system and see effective results. New results have been achieved in the building of cadres in the People's Bank of China system, the establishment of a central bank under the rule of law, the work of trade unions and youth, the service of retired cadres, and internal management. The branches, enterprises and institutions and relevant units have done a great deal of productive work in accordance with the unified deployment of the head office and in close conjunction with the actual situation in their respective regions and units, deepening reform, strengthening management, innovating and developing, taking responsibility and actively acting. It has provided high-quality and efficient financial services for local economic development and achieved outstanding results.
The meeting pointed out that it is of great importance to do a good job in the second half of 2019. The People's Bank of China system should be guided by Xi Jinping's thinking of socialism with Chinese characteristics in the new era, fully implement the decision-making and deployment of the CPC Central Committee and the State Council, adhere to the Party's centralized and unified leadership in financial work, and adhere to the overall tone of the steady progress. We will adhere to the new concept of development, take supply-side structural reform as the main line, press ahead with reform and opening up, and stick to the principle of "consolidating, strengthening, upgrading, and unimpeded access". We will make great efforts to ensure the stability of employment, finance, foreign trade, foreign investment, investment and expectations, deepen structural reforms on the financial supply side, and promote sustained and sound economic and financial development.
The meeting stressed that in the current complex and severe situation, leading officials at all levels of the People's Bank of China system should be more committed to the "four self-confidence", establish a holistic concept and view the situation rationally. They should not only firmly believe that China has a bright future in development, but also fully recognize that there are many twists and turns in the road. We will give full play to the leadership of the Party and the political superiority of the socialist system with Chinese characteristics, maintain our strength and stand firm. We must continue to deepen reform and open up to the outside world, and be good at seizing the key contradictions and turning them into critical opportunities. We need to vigorously push forward structural reforms on the financial supply side, press ahead with corporate governance of financial institutions, speed up the construction of a multi-tiered capital market system, and vigorously develop inclusive finance. We need to handle the risks of financial institutions in accordance with the law and regulations, tighten the responsibilities of financial institutions, local governments and financial regulatory authorities in accordance with the requirements of the central government, and deal with the merger and bankruptcy of high-risk financial institutions and promote the formation of a prudent and rational financial culture. We need to place equal emphasis on quantity and quality, and while encouraging the development of specialized and specialized financial institutions, we need to pay more attention to structural optimization and quality improvement.

The meeting called for the following key tasks to be carried out in the second half of the year: First, we should adhere to a prudent monetary policy, maintain a moderate degree of relaxation, and make timely adjustments and fine-tuning. We will use a variety of monetary policy instruments flexibly, make timely and appropriate counter-cyclical adjustments, maintain reasonable and abundant liquidity, and guide the growth of the broad money supply and the scale of social financing to match the growth of nominal GDP. Second, we will strengthen policy coordination and coordination, speed up efforts to clear the transmission mechanism of monetary policy to the real economy, and further stimulate the vitality of market micro-entities. We will continue to improve financial services for small and medium-sized enterprises, deepen the comprehensive reform of financial services for private and small enterprises, ensure that the number of loans granted to small and medium-sized enterprises increases, the number of loans extended and the cost of loans reduced appropriately, and support high-quality private enterprises in expanding bond financing. We will step up efforts to implement policies to alleviate poverty in the financial sector and revitalize rural financial services, so as to promote high-quality and sustainable poverty eradication. Third, we will resolutely fight hard to prevent and defuse major financial risks. In accordance with the deployment and requirements of the three-year action plan for preventing and defusing major risks, we will earnestly implement it. We will address and resolve all kinds of potential risks, keep to the bottom line without systemic financial risks, and protect the legitimate rights and interests of the people to the maximum extent possible. We need to prevent risks on the basis of steady growth, keep the main entrance open and the back door closed, and while maintaining the high pressure and fighting the situation, encourage small and distinctive financial institutions to carry out their business in accordance with the law. We must adhere to the position that the house is used for living, not for frying, implement the long-term management mechanism of real estate, and continue to strengthen the control of the real estate market funds in accordance with the basic principles of "due to the city's policy". Fourth, we will give full play to the overall role of leading efforts to deepen structural reforms on the financial supply side. We will continue to deepen the market-oriented reform of interest rates and effectively reduce the actual cost of financing for enterprises. We will improve the framework and evaluation system for macro-prudential management. We will strengthen coordination between the central and local financial supervision and regulation, and improve the local financial supervision system and mechanisms. We will strengthen the top-level design of legislation in the financial sector. Fifth, we will expand financial opening to the outside world. We will continue to relax market access, steadily promote the opening of RMB capital accounts, and promote the expansion of cross-border use of the renminbi. Sixth, we will continue to improve financial services and management. We will do a solid job in comprehensive statistics on the financial sector, supervision of payment agencies, information security, new RMB issuance, Treasury supervision and administration, credit collection services and personal credit information protection, anti-money laundering supervision, and financial consumption rights and interests protection. Seventh, it is necessary to develop financial science and technology, strengthen follow-up and research, and actively meet new challenges. We will speed up the research and development of the legal digital currency(DC/EP), follow up on the development trends of virtual currencies at home and abroad, and continue to improve the management of financial risks on the Internet. Eighth, we will continue to strengthen the interpretation of central bank policies. We will promptly respond to social concerns, improve the multi-level expert consultation system, and stabilize and guide market expectations.
The meeting emphasized that Party organizations at all levels of the People's Bank of China should follow the general requirements of the theme education of "Do not forget the initial heart and remember the mission." They should study and educate, investigate, examine problems, and rectify and implement them throughout, so as to further deepen the Party's construction work. Ensure that thematic education achieves tangible results. First, we will continue to study, educate and investigate. Party committees at all levels should focus on studying and implementing Xi Jinping's thought of socialism with Chinese characteristics in the new era, and earnestly study the original principle of enlightenment. We should thoroughly study and implement the important statement of General Secretary Xi Jinping on "Keeping your heart in mind and your mission in mind" and the important speeches and directives in the economic and financial fields, and organize special study seminars. Indeed, we maintain a high degree of consistency with the CPC Central Committee, with Comrade Xi Jinping at its core, both ideologically, politically and in actions. We must bear in mind the original heart and mission of the Chinese Communists, focus on the initial heart and mission of the financial sector, adapt our standing position and style of work to the initial heart and mission, make our ability truly capable of carrying out our mission, and resolutely oppose formalism and bureaucracy. The second is the question of real guns. Deepen the examination and analysis work and carry forward the spirit of self-revolution. In accordance with the request of the sixth meeting of the State Council's Financial Committee, we need to combine the leadership and professionalism of the Party to enhance five capabilities: the ability to provide financial services to the real economy, the ability to guard against financial risks, the ability to adapt to internationalization, and the ability to enhance financial innovation. Governance capacity of financial institutions. Third, seriously implement the rectification requirements. Party members and cadres should put forward effective rectification measures and set up rectification ledgers in response to the list of issues examined. To establish Chali's reform, that is, to know and change, we must keep an eye on what can not be solved for a while, and continue to rectify it. The problem will not rest until it is resolved. Fourth, we will promote the development of the Party in a comprehensive and strict manner. Party committees at all levels, especially the leading comrades in charge, should strengthen their political responsibilities and fulfill their principal responsibilities. We will adhere to Democratic centralism, strictly observe political discipline and political rules, implement the reform of the discipline inspection and supervision system of the People's Bank of China, dare to be accountable and accountable, promote high-quality inspection and inspection coverage, earnestly carry out special rectification of employees 'abnormal behavior, and earnestly strengthen internal management and inner-party supervision. We will earnestly implement the spirit of the eight central regulations and continue to vigorously rectify formalism and bureaucracy. Fifth, we will resolutely punish corruption in the financial sector. The whole system should thoroughly implement General Secretary Xi Jinping's important speech at the Third Plenary Session of the 19th Central Commission for Discipline Inspection, deepen understanding of the complex and grave situation in the fight against corruption, earnestly draw lessons from serious cases of violations of discipline and law in the financial sector, and conduct in-depth warning and education to learn from the case. We need to promote reform through cases, focus on the collusion of interests and ties behind the financial turmoil, stick to the strict word, and combine the characteristics of the industry to constantly strengthen the fight against corruption.
The meeting called on the People's Bank of China system to change its way of thinking and working style, to closely integrate thematic education with the spirit of implementing the important speeches and instructions of General Secretary Xi Jinping on financial work, and to better shoulder the major tasks entrusted to it by the CPC Central Committee. It is closely linked with vigorously carrying forward the revolutionary tradition and fine style of work. First, we will further improve the initiative of the overall service situation and strive for real solutions and tangible results. Second, we must be sensitive and decisive in preventing systemic financial risks. Timely and accurate judgment of the degree of financial risk and transmission channels, comprehensive consideration of the potential impact of risk disposal on the market, grasp the strength and rhythm of the work, resolutely block the spread of risk. Third, we will promptly implement the financial regulatory coordination mechanism. We will promptly establish a coordination mechanism for local financial supervision and regulation in the offices of the financial commissions, and promote the establishment of coordination mechanisms for local financial supervision and risk management. Fourth, we should take the initiative to "take the first two steps" to do a good job in financial services, so that the people feel comfortable and have a sense of gain. Fifth, we will actively combat illegal financial activities such as financial advertising. Sixth, we should learn from international experience. We must not only emancipate our minds and have an international perspective, but also proceed from reality and do a good job of investigation and argumentation. Seventh, we will further enhance the concept and thinking of the rule of law and improve our ability to use it and solve problems in a law-based manner. Eighth, encourage cadres to be brave and take charge of business. We will further improve the assessment and evaluation mechanism for cadres, and dare to use and be good at employing people. Adhere to the combination of strict supervision and love, pay equal attention to incentives and constraints, and continue to use qualified cadres who are accountable and have outstanding performance afterwards, and establish a clear officer orientation.
The meeting called on the cadres and staff of the People's Bank of China system to unite more closely around the Party Central Committee, with Comrade Xi Jinping at its core, and to take guidance from Xi Jinping's thought of socialism with Chinese characteristics in the new era. Meet the 70th anniversary of the founding of the People's Republic of China with excellent results.
Members of the leadership team of the Foreign Exchange Bureau, chief accountant, chief economist, comrades in charge of various departments of the People's Bank of China and Party committees, heads of inspection teams, counselors, comrades in Beijing units, and comrades in charge of various overseas agencies. The inspection and inspection team is responsible for comrades attending the meeting at the main venue. The leading members and departments of the branches and above of the sub-provincial centers of the People's Bank of China are mainly responsible for the comrades. The sub-branch of the city center is mainly responsible for the comrades, and the Beijing and other units are responsible for the comrades attending the meeting at the overflow meeting. Office of the Central Financial and Economic Commission, State Council

Members of the leadership team of the Foreign Exchange Bureau, chief accountant, chief economist, comrades in charge of various departments of the People's Bank of China and Party committees, heads of inspection teams, counselors, comrades in Beijing units, and comrades in charge of various overseas agencies. The inspection and inspection team is responsible for comrades attending the meeting at the main venue. The leading members and departments of the branches and above of the sub-provincial centers of the People's Bank of China are mainly responsible for the comrades. The sub-branch of the city center is mainly responsible for the comrades, and the Beijing and other units are responsible for the comrades attending the meeting at the overflow meeting. The relevant comrades of the Central Financial and Economic Commission Office, the General Office of the State Council, and the Audit Office Financial Audit Bureau were invited to attend the meeting.

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People's Bank of China: Persisting in the Sound Monetary Policy