The Shanghai headquarters of the People’s Bank of China held the 2024 Monetary and Credit Work Conference on January 31 to discuss and implement the spirit of the 2024 People’s Bank of China’s Monetary and Credit Work Conference and deploy Shanghai’s monetary and credit work in 2024. The meeting was attended by Sun Hui, deputy director of the Shanghai Headquarters of the People’s Bank of China, who delivered a speech. Additionally, the principals of more than 170 banking financial institutions in the city were in attendance, with 5 institutions making exchange speeches.
The meeting reviewed and summarized Shanghai’s monetary and credit work and its economic and financial operations in 2023. It also analyzed the current situation facing Shanghai’s monetary and credit work and clarified task requirements, emphasizing the need for all banking financial institutions to persist in seeking progress while maintaining stability. They were encouraged to establish and then break, accurately grasp the current situation, and fully implement prudent monetary policies that are flexible, appropriate, precise, and effective.
In terms of specific arrangements for Shanghai’s monetary and credit work in 2024, the meeting outlined six key points. It emphasized the need to maintain reasonable growth in the total amount of money and credit, achieve balanced credit distribution, optimize the credit supply structure, revitalize inefficiently occupied resources, do a good job in real estate finance, and continue to unleash the results of the loan prime rate (LPR) reform.
The meeting called for financial institutions to meet the effective financing needs of the real economy based on Shanghai’s actual conditions and in accordance with the principles of marketization and rule of law. It was highlighted that the overall requirements are to continuously consolidate the foundation for stability and improvement and to provide stronger financial support for promoting high-quality economic development.
These measures aim to enhance the stability and sustainability of total credit growth, create a good monetary and financial environment, support major strategies, key areas, and weak links, improve the efficiency of fund use, and stabilize and decline financing costs for the real economy.
Overall, the 2024 Monetary and Credit Work Conference outlined a comprehensive and strategic plan for Shanghai’s monetary and credit work in the coming year, with a focus on supporting economic development and promoting financial stability.