Shanghai Securities News
10-30 08:41
The first is to continue to implement a prudent monetary policy; the second is to comprehensively strengthen and improve financial supervision; the third is to further strengthen financial support for the real economy; the fourth is to continuously deepen financial reform and opening to the outside world; and the fifth is to actively and prudently prevent and resolve financial risks.
According to the news released by the National People’s Congress on October 29, on October 28, the State Council’s report on financial work was submitted to the Thirty-Seventh Meeting of the Standing Committee of the Thirteenth National People’s Congress for deliberation. Entrusted by the State Council, Yi Gang, Governor of the People’s Bank of China, made a report on the financial work.
Regarding the consideration of the next step, Yi Gang said in his report that he should study, understand and implement the spirit of the 20th National Congress of the Communist Party of China well, adhere to the strong leadership of the party in financial work, and fully implement the political and people-oriented nature of financial work. Improve professionalism, take the deepening of the financial supply-side structural reform as the main line, adhere to the general principle of seeking progress while maintaining stability, fully, accurately and fully implement the new development concept, fully implement the central inspection and rectification requirements, coordinate development and safety, and firmly Firmly adhere to the bottom line of no systemic financial risks, unswervingly follow the path of financial development with Chinese characteristics, and achieve high-quality financial development.
In this regard,Yi Gang started from five aspects: first, continue to implement a prudent monetary policy; second, comprehensively strengthen and improve financial supervision; third, further increase financial support for the real economy; fourth, continue to deepen financial reform and opening to the outside world; Actively and prudently prevent and defuse financial risks.
Quick Facts:
——For a period of time in the future, my country has the conditions to maintain a normal monetary policy for as long as possible to maintain the stability of the currency value.
——Maintain reasonable and sufficient liquidity, increase credit support for the real economy, keep the growth rate of money supply and social financing scale basically in line with the nominal economic growth rate, dredge the monetary policy transmission mechanism, and enhance the stability of credit growth.
——Further push financial institutions to lower the actual loan interest rate, and reduce the cost of comprehensive financing for enterprises and personal consumption credit.
——Strengthen the management of expectations, enhance the flexibility of the RMB exchange rate, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
—— Steadily advance and complete the rectification of the financial business of platform enterprises as soon as possible, implement normalized supervision, not only adhere to the “two unswerving”, support capital to carry out investment and financing activities in accordance with laws and regulations, and resolutely prevent the disorderly expansion of capital.
——Encouraging banking financial institutions to increase credit lending in a reasonable manner, and effectively leverage the advantages of insurance funds.
——Research and promote the introduction of laws and regulations and industry supporting policies related to digital RMB.
—— Improve the stability of financial institutions, increase the write-off of non-performing assets, and strengthen capital replenishment.
——Increase the proportion of direct financing, increase the supply of long-term capital, and meet the diversified and differentiated financing needs of enterprises of different types and life cycles.
——Adhere to the policy of “establishing a system, non-intervention, and zero tolerance”, strengthen the construction of the basic system of the capital market, fully implement the registration system for stock issuance in a timely manner, further improve the quality of listed companies, strengthen various medium and long-term investment forces, and strengthen investor protection.
——Promote the implementation of the overseas listing filing system, and support qualified companies to go public overseas.
——Keep real estate financing in a stable and orderly manner, meet rigid and improved housing needs, support the delivery of buildings, stabilize people’s livelihood, and promote the establishment of a new model of real estate development.
—— Give full play to the role of the deposit insurance risk disposal operation platform, consolidate the resource guarantee system, form the correct expectation that “good people get good rewards and bad people get bad rewards”, and establish a long-term mechanism for maintaining financial stability.
“my country has the conditions to maintain a normal monetary policy for as long as possible”
“For a period of time in the future, my country has the conditions to maintain a normal monetary policy for as long as possible to maintain the stability of the currency value.” Yi Gang said.
He said that in terms of total liquidity, maintain a reasonable and sufficient liquidity, increase credit support for the real economy, keep the growth rate of money supply and social financing scale basically matching the nominal economic growth rate, dredge the monetary policy transmission mechanism, and enhance credit growth. It will help realize the comprehensive effect of expanding investment, creating employment, and promoting consumption, and stabilize the macroeconomic market.
In terms of price, we will continue to deepen the reform of interest rate marketization, give full play to the efficiency of the reform of interest rate quoted in the loan market, and further promote financial institutions to reduce the actual loan interest rate, and reduce the cost of comprehensive financing for enterprises and personal consumption credit. We will strengthen the management of expectations, increase the flexibility of the RMB exchange rate, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Structurally, continue to support the development of “agriculture, rural areas and farmers” and small and micro enterprises, continue to make good use of structural monetary policy tools, highlight key areas of financial support, make good use of carbon emission reduction support tools, and support clean and efficient use of coal, technological innovation, and inclusive elderly care. , transportation and logistics, equipment renovation and other special re-loans.
Comprehensively strengthen and improve financial supervision
In his report, Yi Gang said that the effectiveness of financial supervision will be further improved, the shortcomings of supervision will be made up, and the management and control of the source of financial risks will be strengthened.
Among them, in terms of strengthening prudential supervision, the report stated that adhere to the main responsibility of supervision and the main business, ensure the access of financial institutions, strengthen the penetrating verification of shareholder qualifications and equity relationships and the supervision of shareholder behavior, and resolutely correct illegal affiliated transactions to prevent major incidents. Shareholder manipulation and insider control. All kinds of financial activities shall be brought under supervision in accordance with the law, the identification of illegal financial activities shall be strengthened, and the behavior of “driving without a license” shall be severely cracked down.
Focusing on regulating and guiding the healthy development of capital in accordance with the law, the report stated that the rectification of the financial business of platform enterprises should be steadily promoted and completed as soon as possible, and the normalized supervision should be implemented. Prevent the disorderly expansion of capital.
The report also stated that the construction of the financial rule of law should be strengthened. We will press ahead with the introduction of the Financial Stability Law, and speed up the revision of important basic laws such as the People’s Bank Law, the Commercial Bank Law, the Insurance Law, the Trust Law, the Negotiable Instrument Law, and the Anti-Money Laundering Law.
Further increase financial support for the real economy
“Adhere to the purpose and origin of financial services for the real economy, continue to increase support for the real economy, and keep the economy operating within a reasonable range.” Yi Gang said,One is to meet the effective financing needs of the real economy. Banking financial institutions shall be encouraged to rationally increase credit issuance and effectively leverage the advantages of insurance funds. Guide financial institutions to stimulate and release new demand through highly adaptable financial product and service innovation.
The second is to improve financial services for weak links. Establish and improve the long-term mechanism for financial services for small and micro enterprises who dare to lend, willing to lend, can borrow, and will lend, and promote the improvement of supporting mechanisms such as loan guarantees, due diligence exemption, non-performing write-offs, and capital occupation. Implement various financial relief policies, make good use of financial technology, strengthen inclusive financial services such as small and micro enterprises and “agriculture, rural areas and farmers”, and further improve the level of financial services for new citizens.
The third is to strengthen financial support for economic transformation and upgrading. Guide more funds to invest in advanced manufacturing and strategic emerging industries, and better serve key core technology research enterprises and “specialized, special and new” enterprises. Innovate green financial products and services.
Fourth, support the construction of infrastructure and major projects. Make good use of policy-based development financial tools, and support major project capital as soon as possible. Steadily expand the scope of REITs pilot projects and promote the revitalization of existing assets.
Fifth, strengthen the construction of financial infrastructure. Research and promote the introduction of laws and regulations and industry supporting policies related to digital renminbi. Continue to promote the construction of “Information Information Communication” for small and micro enterprises, and strengthen the protection of personal information in accordance with the law.
Continuously deepening financial reform and opening to the outside world
In his report, Yi Gang said that to accelerate the construction of a new development pattern and move towards a stage of high-quality development, it is necessary to further deepen the structural reform of the financial supply side, and to support the transformation of the economic development mode and the optimization of the economic structure.
The report specifically proposes that, first, optimize the financial structure. Improve the stability of financial institutions, increase the write-off of non-performing assets, and strengthen capital replenishment. Supervise and urge small and medium-sized financial institutions to return to their origins and main businesses, advance the reform and reorganization of small and medium-sized banks in an orderly manner, and actively and steadily advance the reform of rural credit cooperatives. Promote the digital transformation of the financial industry.
“Increase the proportion of direct financing, increase the supply of long-term capital, and meet the diversified and differentiated financing needs of enterprises of different types and different life cycles.” Yi Gang said.
The second is to deepen financial market reform. Adhere to the principle of “system establishment, non-intervention, and zero tolerance”, strengthen the construction of the basic system of the capital market, fully implement the stock issuance registration system in due course, further improve the quality of listed companies, strengthen various medium and long-term investment forces, and strengthen investor protection.
Yi Gang said that the orderly interconnection of various infrastructures in the bond market should be promoted. Actively and steadily develop the futures market, and improve the regulatory system for the derivatives market.
The report also proposes to promote the implementation of the overseas listing filing system and support the overseas listing of eligible companies. Strengthen the insurance protection function, promote the healthy development of the third pillar pension insurance, and deepen the comprehensive reform of auto insurance.
The third is to expand high-level financial opening up. Under the premise of safety and controllability, further improve the management model of pre-establishment national treatment plus negative list, improve the investment convenience of my country’s financial market, build a regulatory system that meets the requirements of high-level financial opening, and improve the “going out” of financial institutions. Management level and global competitiveness. Promote the internationalization of the RMB in an orderly manner. Adhere to the principle of multilateralism and actively participate in international financial cooperation and governance.
Actively and prudently prevent and resolve financial risks
“Finance is an industry that manages risks, and preventing and defusing financial risks is the eternal theme of financial work.” Yi Gang said that it is necessary to further prevent and defuse financial risks with a sense of responsibility of “always rest assured”.
The report proposes the following measures: strengthen risk monitoring, assessment and early warning, speed up the disposal of non-performing assets, support small and medium-sized banks to replenish capital through multiple channels, prudently defuse the risks of small and medium-sized financial institutions, and prevent the debt risks of large enterprises.
Maintain a stable and orderly real estate financing, meet rigid and improved housing needs, support the delivery of buildings, stabilize people’s livelihood, and promote the establishment of a new model of real estate development.
Strictly crack down on illegal financial activities, and continue to do a good job in the disposal of existing P2P online lending risks.
Adhere to the principle of marketization and rule of law, consolidate the responsibilities of financial institutions and shareholders, financial management departments and local governments, improve the major risk disposal mechanism for which the main leaders of the local party and government are responsible, give full play to the role of the deposit insurance risk disposal operation platform, and consolidate resources A security system should be established to form a correct expectation that “good people will be rewarded well and bad people will be rewarded badly”, and establish a long-term mechanism for maintaining financial stability.
For cross-industry, cross-regional and cross-border risks, strengthen regulatory coordination and upper and lower linkages, and firmly maintain the bottom line of no systemic financial risks.
Source of this article: Shanghai Securities News, original title: “This report of the State Council releases important information! Concerning monetary policy, RMB exchange rate, capital market, real estate financing”
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