Guo Shuqing, party committee secretary of the people's Bank of China and chairman of the Banking and Insurance Regulatory Commission, said in an interview with reporters that the impact of the escalation of Sino-US economic and trade frictions on China's financial market is limited, and that with the advance of structural reform on the financial supply side, If the financial industry increases its support for the real economy, the resilience of China's economy will be further enhanced.
Guo Shuqing said: in the more than a year since the economic and trade frictions between China and the United States occurred, although China's financial market once fluctuated, the market mentality has returned to stability and is no longer blindly panicked.
Guo Shuqing, party committee secretary of the people's Bank of China and chairman of the Banking and Insurance Regulatory Commission: after more than a year, everyone has seen that the problem is not so serious, and the actual impact on the economy is very limited. Our economy is stable and improving, structural adjustment is going on as usual, and the transformation of new and old kinetic energy continues to move forward. There is no panic in the financial markets, and there is no panic among ordinary people. Whether it is the stock market or the foreign exchange market, I believe the impact will be smaller.
CCTV reporter Wang Lei: in May this year, the offshore RMB exchange rate against the US dollar fell by more than 3%. What do you think is the main reason?
Guo Shuqing: the main reason is that the US Government unilaterally announced the introduction of tariffs, resulting in instability in the financial market, and then people feel that China's exports to the United States will be affected, world trade, and the world economy will be affected. Therefore, there is a trend of decline in the RMB, which is entirely the result of the role of the market. We have never deliberately devalued the renminbi to deal with trade conflicts.
Guo Shuqing said that the short-term fluctuation of the RMB exchange rate is normal, in the long run, China's economic fundamentals determine that the RMB can not continue to depreciate, speculation against the RMB is bound to suffer huge losses. China is still the biggest engine of world economic growth, with good market space and growth potential. At present, China's economic fundamentals are improving as a whole, which provides the most important support for the stability of the financial market. In addition, China's macro leverage ratio remains stable, shadow banking and other high-risk factors are being resolved.
Guo Shuqing: financial risks are generally controllable. High-risk assets have been reduced by 12 trillion in two years, and the risk in this area has been effectively controlled, it should be said that from the divergence of the past to convergence. We deal with the risk is more active to deal with it, not to wait for the crisis to break out, out of control, you go to the rescue.
At the same time, the ability of the financial sector to support the real economy is also growing. The latest data show that in the first four months of this year, loans from China's financial institutions increased by 7.01 trillion yuan, an increase of 1.08 trillion yuan over the same period last year. The growth rates of loans invested in scientific research and technology, information software and residential services were 40%, 17.32% and 15.05% respectively, significantly exceeding the average growth rate of loans.
Guo Shuqing: to further reform and improve the financial institution system, it is necessary to develop more small and medium-sized banks, investment funds, and equity funds to support private enterprises and small and micro enterprises. We also need to carry out the reform of the market system. Our more prominent focus this year is to speed up the development of direct financing and the capital market, so that our capital market has a stronger financing ability to support the development of the national economy.
Guo Shuqing said that the 12 new measures for opening up the banking and insurance industry announced earlier this month are being pushed forward in an all-round way.
Guo Shuqing: we will continue to open up the banking and insurance industries as always. In the future, our foreign investment will not only be 51%, 61%, 71%, 81% or even 100%, but we can also set up institutions. We hope that more foreign institutions, especially well-performing and world-famous institutional investors, will come to invest in China.
Guo Shuqing said: there is still a lot of room for China's financial industry to open up, and in the future China will promote the full implementation of the management system of pre-entry national treatment and negative list, and treat domestic and foreign financial institutions equally and fairly.
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