According to the data recently released by the central bank, China's main financial indicators will continue to maintain strong growth in 2021 on the basis of the high base in 2020, the financial system will operate smoothly, and the financial support to the real economy will be stable. Among them, the annual enterprise loan interest rate in 2021 was 4.61%, the lowest level in more than 40 years of reform and opening up. At the press conference of the State Council Information Office held on January 18, Liu Guoqiang, vice president of the people's Bank of China, said that in 2022, the prudent monetary policy will be flexible and appropriate, strengthen cross cycle regulation, give full play to the dual functions of the total amount and structure of monetary policy tools, be more proactive and enterprising, and focus on moving forward, Guide financial institutions to increase support for the real economy, especially small and micro enterprises, scientific and technological innovation and green development, stabilize the macro-economic market, and create a suitable monetary and financial environment to promote high-quality economic development. Strong growth in major financial indicators According to Liu Guoqiang, RMB loans increased by 19.95 trillion yuan in 2021, an increase of 315 billion yuan year-on-year. At the end of 2021, the broad money supply m2 and social financing scale increased by 9.0% and 10.3% respectively year-on-year, basically matching the economic growth of the same name. From the two-year average, the growth rates of M2 and social financing scale were 9.5% and 11.8% respectively, which basically matched and slightly higher than the average nominal economic growth in 2020 and 2021. It is worth noting that the enterprise loan interest rate in 2021 was 4.61%, 0.1 percentage points lower than that in 2020 and 0.69 percentage points lower than that in 2019, the lowest level in more than 40 years of reform and opening up. "The monetary policy in 2021 reflects the requirements of flexibility, accuracy, rationality and moderation, and further improves its foresight, stability, pertinence, effectiveness and autonomy. China's main financial indicators continue to maintain strong growth on the basis of the high base in 2020, the financial system operates stably, and the financial support to the real economy is stable." Liu Guoqiang said. Structurally, financial support for key areas has also been increasing. At the end of 2021, the balance of medium and long-term loans in the manufacturing industry increased by 31.8% year-on-year, 20.2 percentage points higher than the growth rate of various loans. At the end of 2021, the balance of Pratt & Whitney small and micro loans increased by 27.3% year-on-year, and the number of Pratt & Whitney small and micro credit households exceeded 44 million. The weighted average interest rate of new Pratt & Whitney small and micro enterprise loans issued in November was 4.98%, down 0.1 percentage point from December 2020. In addition, according to Ruan Jianhong, director of the investigation and Statistics Department of the people's Bank of China, from the actual investment situation, the support of financial institutions for medium and long-term funds in key areas is still relatively stable. Specifically: first, medium and long-term loans in the manufacturing industry maintained rapid growth. Second, the growth rate of medium - and long-term industrial loans has increased significantly. Third, medium - and long-term loans for infrastructure grew steadily and rapidly. Fourth, medium and long-term loans in the service industry excluding the real estate industry still maintain a rapid growth level. Zou LAN, director of the financial market department of the people's Bank of China, said that with the joint efforts of all parties, recent real estate sales, land purchase and financing have gradually returned to normal, and market expectations have improved steadily. From the data, at the end of 2021, the balance of national real estate loans was 52.2 trillion yuan, a year-on-year increase of 7.9%, 0.3 percentage points higher than that at the end of September. Among them, real estate loans increased by 773.4 billion yuan in the fourth quarter, an increase of 2020 billion yuan year-on-year, and 157.8 billion yuan more than that in the third quarter. The monetary policy toolbox should be opened wider The central economic work conference held not long ago proposed that the economic work in 2022 should be stable, seek progress while maintaining stability, and make appropriate policy efforts. So how will monetary policy reflect "progress" under the tone of "stability" in 2022? In this regard, Liu Guoqiang said that the current key goal is stability and the policy requirement is force. "First, we should make sufficient efforts to expand the monetary policy toolbox to maintain the stability of the total amount and avoid credit collapse; second, we should make precise efforts to make it broad and subtle. The financial sector should not only welcome customers, but also take the initiative to find projects, make effective additions and optimize the economic structure according to the requirements of the new development concept; third, we should make efforts forward. Although it is now At the beginning of the year, but the time of one year is very short, and the plan of one year is spring. Therefore, we should hurry up to do things, look forward to operation, walk in front of the market curve, and respond to the general concerns of the market in time without delay. " Liu Guoqiang said. Specifically, one is to maintain stable growth of the total. We will make comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity, enhance the stability of the growth of total credit, and keep the growth of money supply and social financing scale basically matching the economic growth. Second, promote steady structural optimization. Innovate and make good use of structural monetary policy tools, do a good job in "addition", and continue to increase credit support for small and micro enterprises, scientific and technological innovation and green development. Third, promote the steady decline of enterprise financing costs, continue to give full play to the effectiveness of LPR reform, earnestly maintain the competitive order of the deposit market and stabilize the cost of bank liabilities. The data show that China's macro leverage ratio was 272.5% in 2021, 7.7 percentage points lower than that at the end of 2020, which is also the decline of China's macro leverage ratio for five consecutive quarters. Liu Guoqiang said that the macro leverage ratio is expected to remain basically stable in 2022. At present, the macro leverage ratio continues to decline, creating space for the future financial system to increase support for small and micro enterprises, scientific and technological innovation and green development. The macro leverage ratio decreased in the five quarters, creating space for future monetary policy. The lower the leverage, the greater the space. The adjustment space of deposit accuracy rate becomes smaller, but there is still space In 2021, the people's Bank of China comprehensively reduced the reserve requirement by 0.5 percentage points in July and December respectively, releasing 2.2 trillion yuan of long-term funds. On January 17, 2022, the people's Bank of China increased liquidity investment, promoted 7-day open market operation and reduced the bid winning interest rate of 1-year medium-term lending facilities by 10 basis points. The market is also very concerned about whether the central bank will continue to promote the reduction of reserve requirements and interest rates. Liu Guoqiang said that after the RRR reduction, the current average deposit reserve ratio of financial institutions is 8.4%, which is not high compared with other developing economies or the deposit reserve ratio in China's history. The space for further adjustment of the deposit reserve ratio in the next step becomes smaller. "The adjustment space has become smaller, but there is still a certain space. The central bank can use it according to the economic and financial operation and the needs of macro-control." Liu Guoqiang said. Will the LPR to be released this week be reduced accordingly? In this regard, sun Guofeng, director of the Monetary Policy Department of the people's Bank of China, said that when LPR quotation banks make quotations, they comprehensively consider their own capital cost, risk premium, market supply and demand and other factors. LPR will timely and fully reflect the changes of market interest rates, guide the decline of enterprise loan interest rates, and effectively promote the reduction of enterprise comprehensive financing costs. It is worth noting that the monetary policy of major developed economies has begun to adjust recently, and the market also has strong expectations for the Fed's interest rate increase and table contraction. In this regard, sun Guofeng said that China's macro-economy has a large volume and strong resilience. Since coping with the epidemic, China has adhered to the implementation of normal monetary policy without flood irrigation. Instead, it has done a good job in cross cycle design, maintained reasonable and abundant liquidity, strengthened financial support for the real economy, enhanced the autonomy and stability of the financial system, and expected a stable RMB exchange rate, All these help mitigate and deal with external risks. Generally speaking, the policy adjustment of developed economies has limited impact on China. "In the next step, the people's Bank of China will adhere to the principle of stability and focus on China, grasp the strength and rhythm of prudent monetary policy according to the domestic situation, enhance the flexibility of RMB exchange rate, give full play to the functions of exchange rate regulation, macroeconomic and automatic balance of payments stabilizer, guide market players to establish the concept of risk neutrality, strengthen the macro Prudential Management of cross-border capital flows, strengthen expectation management and ensure Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and actively and steadily respond to the adjustment of monetary policies in developed economies. " Sun Guofeng said. (outlook new era)