On August 22, the People’s Bank of China held a symposium on monetary and credit situation analysis of some financial institutions. The meeting pointed out that my country’s economy continues to recover and develop, but there are still slight fluctuations. We are currently at the most arduous point of economic stabilization, and we must consolidate the foundation for economic recovery and development with a sense of urgency that cannot wait.
The meeting demanded that the financial system should further improve its political position, fully implement the requirements that the epidemic must be prevented, the economy must be stabilized, and development must be safe, and the economy must operate within a reasonable range.
Regarding how to promote the current and next stage of money and credit work, the meeting clarified the main tasks of large state-owned banks and policy development banks, the key areas of credit issuance, as well as coordinating credit growth and preventing financial risks.
The meeting emphasized that major financial institutions, especially large state-owned banks, should strengthen macro thinking, give full play to their leading and supporting roles, and maintain the stability of the growth of total loans. Policy-oriented development banks should make good use of policy-oriented development financial tools, and increase their efforts in key areas such as network infrastructure construction, industrial upgrading infrastructure construction, urban infrastructure construction, agricultural and rural infrastructure construction, and national security infrastructure construction. The support of the project will form a physical workload as soon as possible, and promote loan issuance.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, believes that by making good use of policy-based development financial tools, more social funds can be leveraged to strengthen the guarantee of project construction, promote the implementation of projects as soon as possible to form a physical workload, and play the key role of effective investment in stabilizing growth.
The meeting called for more loans to the real economy, and further credit support for small and micro enterprises, green development, technological innovation and other fields; to ensure the reasonable financing needs of real estate; financial support.
Zeng Gang, director of the Shanghai Finance and Development Laboratory, said that credit should support key areas and weak links in the real economy. On the one hand, support key areas related to the national economy and people’s livelihood, such as inclusive finance, small and micro enterprises, etc.; on the other hand, support strategic priorities related to the country’s long-term development, such as green development, technological innovation, etc.
“Judging from recent data, the real estate market is at a critical stage of stabilization and recovery. Ensuring reasonable financing needs for real estate and supporting the return of the real estate market to normal means that the short-term liquidity pressure in the real estate market is expected to gradually ease and the financing environment is expected to improve.” Zhou Maohua said.
In terms of platform economy, Zhou Maohua believes that the domestic platform economy has entered a new stage of standardized development. By increasing financial support for key areas of the platform economy, it is conducive to further promoting the healthy development of the platform economy, giving play to the driving role of the platform economy in the fields of employment and consumption, and helping the development of the digital economy.
The meeting proposed to adhere to the principles of marketization and the rule of law, and coordinate the relationship between the steady growth of credit and the prevention of financial risks.
Zeng Gang said that while increasing the intensity of credit issuance, it is still necessary to pay attention to the effectiveness and rationality of credit issuance, and cannot “swarm it”. Financial institutions should adhere to the principles of marketization and the rule of law, and reasonably increase credit support to entities on the premise of meeting the requirements of prudence. (Reporter Zhang Jones)Return to Sohu, see more
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