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Yi Gang, Governor of the Central Bank, made a State Council report on financial work at the 37th meeting of the Standing Committee of the 13th National People’s Congress to increase the proportion of direct financing and increase the supply of long-term capital
A few days ago, Yi Gang, Governor of the People’s Bank of China, delivered a State Council report on financial work at the 37th meeting of the Standing Committee of the 13th National People’s Congress. For the next consideration, the report proposes to optimize the financial structure, 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.
The report pointed out that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, various tasks of financial reform, development and stability have been steadily advanced, helping economic and social development to achieve historic achievements. The comprehensive strength of the financial industry has been greatly improved. The total assets of the financial industry have exceeded 400 trillion yuan. Five banks and insurance institutions have become global systemically important financial institutions. The stock market, bond market and insurance market are ranked second in the world. 17 years in the world.
The report also pointed out that important phased results have been achieved in preventing and resolving major financial risks. From 2017 to 2021, the active disposal of non-performing assets in the banking industry exceeded 12 trillion yuan, and the precise disposal of “Tomorrow Department”, “Anbang Department”, HNA Group, Founder The risks of large groups such as groups were smoothly resolved, and the risks of a number of high-risk small and medium-sized financial institutions were stably resolved, and financial risks were generally reduced.
The report introduces the main progress and achievements of financial work in 2022. According to the report, my country’s interest rate level is among the middle in the world and lower among major developing countries, which ensures stable and controllable price trends and effectively promotes stable economic growth. In 2022, financial institutions in the banking, insurance and securities industries will be generally stable, and the stock market and bond market will operate smoothly.
Regarding the consideration of the next step, the report proposes to continue to implement a prudent monetary policy, comprehensively strengthen and improve financial supervision, further increase financial support for the real economy, continuously deepen financial reform and opening up, and actively and prudently prevent and resolve financial risks.
In terms of continuing to implement a prudent monetary policy, the report proposes that for a period of time in the future, my country will have the conditions to maintain a normal monetary policy for as long as possible to maintain the stability of the currency value. In terms of total volume, maintain a reasonable and sufficient liquidity, increase credit support for the real economy, and maintain the growth rate of money supply and social financing scale to basically match the growth rate of the nominal economy.
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.
In terms of comprehensively strengthening and improving financial supervision, the report proposes to further improve the effectiveness of financial supervision, make up for the shortcomings of supervision, and strengthen the management and control of the source of financial risks. In strengthening prudential supervision, all kinds of financial activities will be included in the supervision according to the law, the identification of illegal financial activities will be strengthened, and the behavior of “driving without a license” will be severely cracked down. In terms of regulating and guiding the healthy development of capital in accordance with the law, steadily promote and complete the rectification of the financial business of platform enterprises as soon as possible, and implement normalized supervision, which not only adheres to the “two unswerving”, supports capital to carry out investment and financing activities in accordance with laws and regulations, and resolutely prevents capital disorderly expansion.
The report proposes that we must 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. The next step 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; to support infrastructure and major project construction, 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.
In terms of continuously deepening financial reform and opening to the outside world, the report proposes to optimize the financial structure, 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.
The report proposes to deepen financial market reforms. 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. Promote the orderly interconnection of various infrastructures in the bond market. Actively and steadily develop the futures market, and improve the regulatory system for the derivatives market. Promote the implementation of the overseas listing filing system, and support qualified companies to list overseas. Strengthen the insurance protection function, promote the healthy development of the third pillar pension insurance, and deepen the comprehensive reform of auto insurance.
The report also proposes to expand a high level of financial openness. Under the premise of safety and controllability, further improve the management model of pre-establishment national treatment plus negative list, and improve the convenience of investment in my country’s financial market. 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.
In terms of actively and prudently preventing and resolving financial risks, the report proposes to maintain 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. Firmly maintain the bottom line of no systemic financial risk.
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Responsible editor: Chang Fuqiang