How can macro policies work in response to multiple challenges—— Observation from 2022 Financial Street Forum Annual Meeting

2022-11-23

In the face of complicated domestic and international situations, the task of high-quality development of financial services is arduous. How can macro policies cope with risk challenges? How to keep the bottom line without systemic financial risks? The annual meeting of 2022 Financial Street Forum released a lot of information. "At present, global development is facing many new challenges and uncertainties, and international financial risks are increasing." At the 2022 Financial Street Forum annual meeting held here, Vice President of the People's Bank of China Xuan Changneng mentioned some aspects of the current policy that need to be focused on: the epidemic has led to a significant increase in the debt of multinational governments, high global leverage, and financial markets are vulnerable to emotional, macro policy and other factors... In the face of multiple shocks and risk challenges, China has intensified the adjustment of macro policies, promptly and decisively launched a package of policies to stabilize the economy, and made a series of arrangements to stabilize the economy. "Since this year, the structural monetary policy has played an important role in expanding effective investment by increasing the credit lines of policy oriented and development oriented banks, establishing policy oriented and development oriented financial instruments and other measures, and releasing policy effectiveness in a short period of time." Wang Weidong, Vice President of the National Development Bank, said that the fiscal and monetary industrial policies have been effectively coordinated, forming policy synergy, and wielding the policy "combination punch". In the next stage, we should further increase financial support for the real economy and improve our economy's resilience to multiple shocks. The data shows that in October, the loans of Chinese enterprises (institutions) increased by 462.6 billion yuan, a year-on-year increase of 152.5 billion yuan. Among them, medium and long-term loans increased by 462.3 billion yuan. While the credit support was strengthened, the implementation of various measures to stabilize the economy was accelerated, and the development resilience continued to be demonstrated. "The fundamentals of long-term economic development have not changed, and the trend of China's economy towards high-quality development is sustainable." Fu Linghui, a spokesman for the National Bureau of Statistics, said that while the economy has gradually stabilized and recovered, economic restructuring has progressed steadily, and new drivers of development have grown rapidly. In October, the added value of industries above designated size nationwide increased by 5% year on year, 0.2 percentage points faster than that in the third quarter; The added value of high-tech manufacturing increased by 10.6% year-on-year, 1.3 percentage points faster than that of last month; Automobile manufacturing, computer communication and other electronic equipment manufacturing maintained rapid growth. How to consolidate the foundation of economic recovery in the next stage? Fu Linghui believes that in order to stabilize economic development next year, in addition to the expansion of the total amount, there must be structural optimization, and structural changes may form new growth points. Green industries and new driving forces are expected to become important engines supporting China's economic development in the future. "To promote the implementation of these macro policies, financial institutions will play an important supporting role." Mu Yuge, head of Societe Generale Group in China, believes that more funds will enter the field of green buildings in the future, and China can consider strengthening relevant policies. At the same time, increasing investment in coping with aging can also provide more support for China's economic growth. "China's development has entered a period of coexistence of strategic opportunities and risks and challenges." Xuan Changneng said that the current task of high-quality development of financial services is arduous, financial reform and development are faced with a series of new topics and challenges, and many major issues need to be solved to prevent financial risks. In recent years, China has been building long-term financial stability

Edit:wangwenting    Responsible editor:xiaomai

Source:xinhuanet

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