The central bank's second quarter monetary policy implementation report released new signals
2022-08-11
The central bank's monetary policy implementation report for the second quarter released new signals: we will intensify the implementation of prudent monetary policy, provide more powerful and high-quality support for the real economy, maintain a reasonable and sufficient liquidity, increase credit support for enterprises, make good use of policy oriented development financial tools, focus on supporting infrastructure construction, maintain a reasonable growth in the money supply and social financing scale, Strive to achieve the best results in economic operation. On August 10, the people's Bank of China released the implementation report of China's monetary policy for the second quarter of 2022, releasing a new signal of monetary policy. As for the main policy ideas for the next stage, the report proposes to strengthen the implementation of the prudent monetary policy, give full play to the dual functions of the total amount and structure of monetary policy tools, take the initiative to respond, boost confidence, do a good job in cross cycle adjustment, take into account short-term and long-term economic growth and price stability, internal and external balance, adhere to the principle of not "flooding" and not issuing excessive money, and provide stronger and higher quality support for the real economy. The report clearly stated that we should maintain a reasonable and sufficient liquidity, increase credit support for enterprises, make good use of policy oriented development financial instruments, focus on supporting infrastructure construction, maintain a reasonable growth in the money supply and social financing scale, and strive to achieve the best results in economic operation. Looking to the future, the credit growth will adapt to the process of China's economy from high-speed growth to high-quality development, and more attention will be paid to the stability of the total amount and the optimization of the structure. Deeply study and judge the reporting requirements of the liquidity supply and demand of the banking system, pay close attention to the changes of various uncertain factors at home and abroad, deeply study and judge the liquidity supply and demand of the banking system, improve the forward-looking, flexible and effective operation, stabilize the market expectation and balance the internal and external balance. We will improve the money supply regulation mechanism, continue to ease the three major constraints on bank credit supply, namely liquidity, capital and interest rates, and guide financial institutions to increase credit support for the real economy in accordance with the principles of marketization and prudent operation. Supporting the construction of infrastructure was highlighted. The report made it clear that development policy banks should be guided to implement the new credit line of 800 billion yuan and the new financial instruments of 300 billion yuan, and give strong support to the financing of infrastructure projects. New driving forces such as green investment can provide support for credit growth. The evolution of credit structure is a reflection of economic structural changes. The report points out that analyzing the evolution and trend of the credit structure in recent years, with the marginal slowdown of the urbanization process and the evolution of the long-term trend of real estate, the demand for infrastructure loans and real estate loans with large scale in the past has weakened, while the loan volume of inclusive microenterprises and high-tech manufacturing industries is still relatively small. In addition, the direct financing shows an upward trend, and the credit growth rate may fall in the process of shifting the old and new driving forces and adjusting the financing structure. The report stresses that, however, this is a reflection of the adaptive economy entering the new normal, which does not mean that the strength of financial support for the real economy will be weakened. The growth of money supply and social financing scale will remain basically matched. According to the report, in the medium and long term, China's credit growth will pay more attention to the stability of the total amount and the excellent structure. New driving forces such as green investment and "two new and one heavy" can provide support for credit growth to a certain extent. In addition, credit resources continue to expand to key areas and thin
Edit：Wei Li Bin Responsible editor：Yin Bing
Source：Shanghai Securities News
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