Original title: Yi Gang’s heavy speech!The monetary and credit policy emphasizes two major structural aspects and reaffirms a managed floating exchange rate system
oncurrencyPolicy trends, peoplebankPresident Yi Gang has the latest setting!
“Considering that my country’s economy is operating within a reasonable range, near the potential output level, and price trends are generally controllable, the monetary policy must be adapted to the new development stage, adhere to the principle of stability, adhere to the implementation of normal monetary policy, and especially focus on cross-cutting. The cycle of supply and demand balances, and the strength and rhythm of the policy are well grasped.” Yi Gang said.
He is the thirteenth held on the 10thLujiazuiThe above statement was made on the forum.Yi Gang said that the current domesticinterest rateThe overall level is maintained at an appropriate level; it is necessary to continue to improve the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies, to promote internal and external balance, and maintain the basic stability of the RMB exchange rate at a reasonable and equilibrium level.
A moderate emphasis on structural policies
Yi Gang said that under the premise of maintaining a moderate aggregate policy, currencyCreditThe policy will mainly emphasize two major structural aspects. One is to steadily promote the development of green finance, and the other is to adhere to the development of inclusive finance.
“peoplebankActively use structural monetary policy and other tools, and take multiple measures to help the economy’s green transformation and the achievement of carbon peak and carbon neutral goals. “Yi Gang said that it is necessary to improve the green financial standard system and establish a climate and environmental information disclosure system. Promote major domestic businessbankDisclosure of climate change-related information, and research and promote it to market entities such as listed companies. In the future, a unified information disclosure standard will be established.
Yi Gang said that the financial sector should be encouraged to increase financial support for green industries. Research on carbon reduction support tools. Guide financial institutions to guard against climate change risks. The People’s Bank of China has carried out stress tests on climate change risks of financial institutions, and continues to monitor and evaluate the green transformation of financial institutions.
“In recent years, we have continued to increase financial support for small and micro enterprises and individual industrial and commercial households.” Yi Gang said that at present, inclusive small and micro loans have supported more than 36 million small and micro enterprises and individual industrial and commercial households. We will continue to use structural monetary policy tools and leverage the combined efforts of departmental policies to guide banks to increase support for first loans and credit loans under the premise of business sustainability.
At the same time, banks and enterprises are encouraged to strengthen loan risk prevention in accordance with the principles of commercial sustainability. In-depth development of the project to improve the financial service capabilities of small, medium and micro enterprises, strengthen the use of financial technology, promote the loan-on-repayment model, and promote commercial banks to accelerate the formation of a long-term mechanism for dare to lend, willing to lend, capable of lending, and meeting loans.
Our countryCPIThe trend is high and low
Yi Gang also talked about the judgment on price trends. He said that monetary policy should pay attention to the impact of structural changes on prices. The aging of the population will lead to an increase in residents’ precautionary savings and a decrease in consumption propensity, thus having a restraining effect on inflation. The green transition will increase the price trend.
“Under the current technical conditions, fossil energy is cheap and stable on the whole, and clean energy is expensive and unstable. This is the so-called’green premium’, because the cost of fossil energy carbon emissions is basically not reflected.” Yi Gang said, The task of green transformation is to limit carbon emissions and make the cost of carbon emissions explicit.This process is objectiveGo to the meetingThis leads to increased costs related to carbon emissions, which in turn brings pressure to structural price increases.
“Recently, the global crude oil and other commodities prices have risen rapidly. It is a fact that global inflation has risen in the short-term. However, there are huge differences on whether inflation can continue in the long-term.” Yi Gang said that my country insisted on implementing normal monetary policy during the epidemic last year. The overall domestic demand is relatively stable, which is conducive to maintaining the overall stability of prices.
Yi Gang said that considering all factors, my country’s CPI trend this year is low and then high, and the average increase in CPI for the whole year is expected to be less than 2%.Of course, there are uncertainties in the external epidemic situation, economic recovery, macro situation and macro policies, and the pressure of inflation and deflation from all quarters must not be taken lightly.
Our countryGDPThe growth rate may be close to the potential growth rate level
“At present, our country has entered a new stage of development. We have observed that the population structure, resource structure, industrial structure, and regional structure are all undergoing profound adjustments and changes.Long andThe price level has an impact. “Yi Gang said that if we look at the average of last year and this year, we predict that my country’s GDP growth rate will be close to the potential growth rate.
He believes that in the process of shifting from high-speed growth to high-quality development, my country’s economic aggregate base is getting larger and larger, and at the same time, affected by the decline in labor productivity growth and changes in population structure, the potential economic growth rate will slow down to a certain extent.
“The changes in the demographic structure will also have an impact on both sides of the economic supply and demand. Under the trend of population aging, it is difficult to sustain the economic growth model of capital and labor input. The future sustainable growth will mainly depend on the improvement of total factor productivity. Through a series of reform measures to release the potential for economic growth.” Yi Gang said.
(Source: Shanghai Securities News)
(Editor in charge: DF398)
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