Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of the Banking and Insurance Regulatory Commission, said that monetary policy should be more favorable to private enterprises
2023-01-09
Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of the Banking and Insurance Regulatory Commission, said in an interview with Xinhua News Agency a few days ago that the key to rapid economic recovery and high-quality development is to maximize the current total income into consumption and investment. The monetary policy has increased the preference for private enterprises, maintained the effective growth of total credit, and promoted the reduction of comprehensive financing costs. The Central Economic Work Conference on Promoting the Reduction of Comprehensive Financing Costs proposed to "promote the overall improvement of economic operation and achieve effective improvement in quality and reasonable growth in quantity". In this regard, Guo Shuqing introduced that the financial sector will implement it from six aspects. First, financial policies should actively cooperate with fiscal and social policies, increase the income of low - and middle-income groups and groups greatly affected by the epidemic through multiple channels, and improve consumption capacity. Second, we should focus on meeting the needs of new citizens, develop more marketable financial products, and encourage the consumption of housing, automobiles and other bulk commodities. Third, we should strengthen comprehensive financial support for service consumption around key areas such as education, culture, sports and entertainment. Fourth, continue to ensure investment and financing of energy, transportation, water conservancy and other infrastructure, and integrate more financial resources to support urban renewal and rural revitalization. Fifth, we should innovate and use a variety of financing tools, promote the improvement of investment and financing mechanisms in the social field, and speed up the repair of weaknesses in the social field. Sixth, focus on emerging economies and developing countries, continue to optimize import and export trade financial services such as settlement, financing and insurance, and consolidate and expand new competitive advantages in foreign trade. In terms of supporting the private economy, Guo Shuqing said that the monetary policy should increase the tilt towards private enterprises, maintain the effective growth of the total amount of credit, and promote the reduction of comprehensive financing costs. Promote the healthy development of Internet platform enterprises. According to him, by the end of 2022, the loan balance of inclusive small and micro enterprises had exceeded 23 trillion yuan, with an average annual growth rate of about 25% in the past five years, and the loan interest rate was also declining. In the future, the financial business of platform enterprises will be subject to regular supervision, and platform enterprises will be encouraged to operate in compliance with regulations, so as to play a significant role in leading development, creating employment and international competition. Strive to promote the normal circulation of real estate and finance. Talking about how to deal with the risk challenges in the financial field, Guo Shuqing said that, in the next step, he would strive to promote the normal circulation of real estate and finance, actively and steadily promote the risk disposal of small and medium-sized financial institutions, proactively deal with the rebound risk of non-performing assets, actively cooperate in resolving the hidden debt risk of local governments, and bring all kinds of financial activities under supervision according to law. As for the real estate industry, he said that he would implement the "Sixteen Financial Measures", take the delivery of buildings as the starting point, and focus on improving the balance sheet of high-quality leading real estate enterprises to promote the steady and healthy development of the real estate industry and gradually promote the transition of the real estate industry to a new development model. At the same time, all kinds of financial activities will be brought under supervision according to law. We should be in charge of both "illegal driving with license" and "driving without license". It is strictly forbidden to promise fixed return or expected rate of return for asset management products. Guo Shuqing said that he would also deepen the reform of the financial system. For example, efforts should be made to build a modern central bank system, maintain the stability of the currency value, promote economic growth and ensure the healthy and sustainable balance sheet of the central bank. We will further accelerate the development of direct financing and deepen the reform of the stock issuance registration system. Continuously promote the insurance industry
Edit：wangwenting Responsible editor：xiaomai
Source：china.cn
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