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Yi Gang: promoting Foreign Exchange Policy in Financial Street

Translation 10:18:34AM May 30, 2019 Source:Sina Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: Yi Gang said that in terms of the energy level of financial management and the scale of the assets of financial institutions, it is in the first echelon of the world. In the next step, the people's Bank of China will support the Financial Street Forum to give full play to its brand advantages. We will continue to make the voice of the financial management center of a big country to the world, support the gathering of high-end financial factor resources in the Financial Street, promote support for the development and pilot of the financial industry, land on the Financial Street, and promote foreign investment and foreign exchange policies to take the lead in the Financial Street. We will continue to attract international elements, support foreign financial institutions to expand their business, guide professional international cooperation, and support the construction of Beijing Financial Science and Technology Innovation demonstration Park.

The following is a transcript of the speech:

Dear Mayor Chen Jining, colleagues, friends, good morning, everyone! It is a great pleasure to attend this year's Financial Street Forum.

General Secretary Xi Jinping attaches great importance to deepening financial supply-side structural reform and high-quality development, which is the theme of our forum today. Today, I would like to express my views on deepening financial supply-side reform and alleviating the financing problems of private and small and micro enterprises. This is the first part of the first part.

The second question, I would like to support Beijing's high-quality development of the financial industry, this is the second half of the forum.

I would like to express my views on these two aspects for members' reference.

First, we should deepen financial supply-side structural reform and effectively solve the financing problems of private and small and micro enterprises. The problem that the financing of private and small and micro enterprises is difficult and expensive is fundamentally the supply of finance, which is not suitable for the needs of economic transformation and high-quality development, and is the concrete embodiment of the contradiction between financial supply and demand. To solve the problem of credit support and direct financing for private enterprises and small and micro enterprises is the most important task for us now.

In recent years, the people's Bank of China has attached great importance to supporting the development of private and small and micro enterprises, forming a joint policy in the form of several Taiwan, through the policy of three arrows of design, credit, bonds and stock financing. We will do everything possible to increase the financial support for private enterprises and small and micro enterprises, promote private enterprises and small and micro enterprises to solve the problems of difficult and expensive financing, and reduce the cost of financing.

First, the use of inclusive finance to reduce the standard, to support private and small and micro enterprises. We reduced our reserves by another 1% in January and introduced a relatively low reserve framework for county financial institutions on May 15. On May 15, we reduced their reserves from 11% to 8% against more than 1,000 rural commercial banks. Statutory deposit reserve ratio dropped 3%, down 3%. We are going to pass the first time on May 15 and the second time on June 17. On the third time on July 15, the money was put in place three times, thus releasing 300 billion yuan (6.91460.00010.00%) and 100 billion each time for three months. This can enable more than 1000 county agricultural and commercial banks to evenly use this batch of incremental money, mainly for the issuance of loans to small and micro and private enterprises.

Second, through targeted medium-term lending facilities, financing for small and micro enterprises also enjoy relatively low interest rates. Since the beginning of this year, we have made two targeted medium-term lending facilities, the balance is more than 520 billion, at the same time we re-loan, re-discount are relatively strong.

At the same time, we have also made great efforts in issuing bonds by private enterprises since last year. Last October, we created a bond financing support tool for private enterprises, which is actually equivalent to an CDS,. Is to guarantee the credit of private enterprises to issue bonds. So far, we have issued 87 instruments, worth nearly 40 billion yuan. However, this is what we have done directly. Because the number of credit bonds of private enterprises indirectly issued by the policy is several times that of the 40 billion yuan I said just now, the driving effect is still very large.

Overall, a series of policies to support the development of private enterprises and small and micro enterprises have achieved positive results. As of April this year, the balance of loans for small and micro enterprises was 10 trillion, an increase of 20 percent over the same period last year. The growth rate is 5% higher than at the end of last year, and more than 23 million small and micro enterprises are supported.

Judging from the situation in Beijing, the balance of loans for small and micro enterprises this year was 330 billion yuan, an increase of 40 percent over the same period last year, 29 percent higher than the average growth rate of loans, and the number of households of small and micro enterprises was 136000, an increase of 14.1 percent over the beginning of the year. In the next step, the people's Bank of China will actively cooperate with relevant departments and make joint efforts to ensure that the loan balance of large state-owned banks and small and micro enterprises will increase by more than 30% this year compared with the same period last year, and that the comprehensive financing cost of small and micro enterprises will be reduced by 1%. In this process, we will deepen the cooperation of the Beijing Municipal Party Committee and Municipal Government to jointly create a good financial environment for the healthy development of private and small and micro enterprises.

This is the first question I'm going to talk about.

The second issue is to support Beijing in speeding up financial reform and opening up and developing a high-quality financial industry. Since last year, the people's Bank of China and other financial institutions have actively implemented the financial opening-up measures announced by General Secretary Xi Jinping at the Boao Forum in Hainan in April last year. So far, apart from individual projects, these measures have been basically implemented. In addition, the people's Bank of China has successively introduced access conditions in the areas of open credit information, rating and payment, granted national treatment to foreign investors, and made substantial and breakthrough progress in entering China's market. The two-way opening of the bond market has made steady progress, and international capital has continued to flow into China.

In recent years, the development environment of Beijing's financial industry has been continuously improved, and the international influence, attractiveness, and competitiveness of finance have been significantly enhanced. The next step is that the people's Bank of China will, as always, support Beijing in developing a high-quality financial industry. We will support the policy of reform and opening up of the national financial industry in Beijing, and support the construction of the financial street to strengthen the function of the national financial management center.

First, we should continue to support Beijing in developing a high-quality financial industry.

In recent years, Beijing has developed very fast in green finance and science, technology and finance. First of all, in terms of green finance, the balance of green credit in Beijing last year was more than 670 billion, accounting for 9.5% of the total credit. Beijing has also issued 84 green bonds, worth $122.5 billion, making it a leader in the country.

In terms of financial technology, Mayor Chen also mentioned just now that Beijing has unique advantages. We are talking about several of the hottest areas of financial technology, such as artificial intelligence, such as big data, and cloud computing. For example, the blockchain, such as regulatory technology, financial technology, and regulatory technology, Beijing is in the lead. Enterprises in Beijing and Zhongguancun are leading the way in this respect throughout the country and even all over the world. We also believe that Beijing will continue to take the lead in financial technology, in a leading position.

Second, we continue to support the landing of the national policy of reform and opening up of the financial sector in Beijing.

Over the past few years, we have actively supported a number of rating agencies, as well as a number of internationally advanced financial institutions landing in Beijing. There are conference ratings, the British-funded Yi Bo Rui letter, the development of foreign credit and liquidation rating agencies in Beijing, the cancellation of the permission for bank accounts of enterprises in Beijing, and the optimization of the financial environment in Beijing. We will carry out pilot policies on capital account income settlement and payment facilitation and foreign debt facilitation in Zhongguancun, actively support Beijing's pilot cross-border RMB business, and Beijing will take the lead in realizing unified registration and inquiry of movable property guarantee throughout the country. It has improved the convenience of enterprises' access to credit. In the next step, the people's Bank of China will continue to deepen the reform and opening up of the financial industry, support the pilot policy of capital account facilitation, and land policies such as cross-border RMB payment and liquidation in Beijing.

Third, we should increase support for the functional construction of the National Financial Management Center of the Financial Street.

Financial Street brings together the administrative and regulatory departments of our national financial policy and monetary policy, as well as the headquarters of a large number of financial institutions. In recent years, the function of the National Financial Management Center of Financial Street is becoming more and more perfect. It has become a national financial management center which integrates decision-making, supervision, standard-setting, asset management, payment liquidation, information exchange, international cooperation and so on. In the area of financial management, it has also become a very popular place for the whole country and even the whole world in terms of initiative, initiative and international exchanges, and it is a place where everyone is willing to come to the meeting.

In terms of the energy level of financial management and the scale of the assets of financial institutions, it is in the first echelon in the world. Next, the people's Bank of China will support the Financial Street Forum to give full play to its brand advantages and constantly send out the voice of a big financial management center to the world. We will support the gathering of high-end financial element resources in the Financial Street, promote support for the development and pilot projects of the financial industry, land on the Financial Street, and promote foreign investment and foreign exchange policies to take the lead in the Financial Street, so as to continuously attract international elements. We will support foreign-funded financial institutions in expanding their business, guide professional international cooperation, and support the construction of the Beijing Financial Science and Technology Innovation demonstration Park.

As Mayor Chen said just now, Beijing has gathered a large number of financial institutions and financial talents, has the conditions to implement the country's major measures of opening up to the outside world in the field of finance, and strengthen cooperation and exchanges with the international financial center. Thanks to Beijing for its long-term strong support for the work of the people's Bank of China, the people's Bank of China will, as always, support Beijing's financial work. Mayor Chen's speech just now has made arrangements for the next step of Beijing's financial work, and I fully agree with it and will fully support it. I wish this Financial Street Forum a complete success. Thank you!

Key Words:  Yi Gang  Foreign Exchange  Finance  Reform 

Yi Gang: promoting Foreign Exchange Policy in Financial Street

Translation 10:18:34AM May 30, 2019 Source:Sina Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: Yi Gang said that in terms of the energy level of financial management and the scale of the assets of financial institutions, it is in the first echelon of the world. In the next step, the people's Bank of China will support the Financial Street Forum to give full play to its brand advantages. We will continue to make the voice of the financial management center of a big country to the world, support the gathering of high-end financial factor resources in the Financial Street, promote support for the development and pilot of the financial industry, land on the Financial Street, and promote foreign investment and foreign exchange policies to take the lead in the Financial Street. We will continue to attract international elements, support foreign financial institutions to expand their business, guide professional international cooperation, and support the construction of Beijing Financial Science and Technology Innovation demonstration Park.

The following is a transcript of the speech:

Dear Mayor Chen Jining, colleagues, friends, good morning, everyone! It is a great pleasure to attend this year's Financial Street Forum.

General Secretary Xi Jinping attaches great importance to deepening financial supply-side structural reform and high-quality development, which is the theme of our forum today. Today, I would like to express my views on deepening financial supply-side reform and alleviating the financing problems of private and small and micro enterprises. This is the first part of the first part.

The second question, I would like to support Beijing's high-quality development of the financial industry, this is the second half of the forum.

I would like to express my views on these two aspects for members' reference.

First, we should deepen financial supply-side structural reform and effectively solve the financing problems of private and small and micro enterprises. The problem that the financing of private and small and micro enterprises is difficult and expensive is fundamentally the supply of finance, which is not suitable for the needs of economic transformation and high-quality development, and is the concrete embodiment of the contradiction between financial supply and demand. To solve the problem of credit support and direct financing for private enterprises and small and micro enterprises is the most important task for us now.

In recent years, the people's Bank of China has attached great importance to supporting the development of private and small and micro enterprises, forming a joint policy in the form of several Taiwan, through the policy of three arrows of design, credit, bonds and stock financing. We will do everything possible to increase the financial support for private enterprises and small and micro enterprises, promote private enterprises and small and micro enterprises to solve the problems of difficult and expensive financing, and reduce the cost of financing.

First, the use of inclusive finance to reduce the standard, to support private and small and micro enterprises. We reduced our reserves by another 1% in January and introduced a relatively low reserve framework for county financial institutions on May 15. On May 15, we reduced their reserves from 11% to 8% against more than 1,000 rural commercial banks. Statutory deposit reserve ratio dropped 3%, down 3%. We are going to pass the first time on May 15 and the second time on June 17. On the third time on July 15, the money was put in place three times, thus releasing 300 billion yuan (6.91460.00010.00%) and 100 billion each time for three months. This can enable more than 1000 county agricultural and commercial banks to evenly use this batch of incremental money, mainly for the issuance of loans to small and micro and private enterprises.

Second, through targeted medium-term lending facilities, financing for small and micro enterprises also enjoy relatively low interest rates. Since the beginning of this year, we have made two targeted medium-term lending facilities, the balance is more than 520 billion, at the same time we re-loan, re-discount are relatively strong.

At the same time, we have also made great efforts in issuing bonds by private enterprises since last year. Last October, we created a bond financing support tool for private enterprises, which is actually equivalent to an CDS,. Is to guarantee the credit of private enterprises to issue bonds. So far, we have issued 87 instruments, worth nearly 40 billion yuan. However, this is what we have done directly. Because the number of credit bonds of private enterprises indirectly issued by the policy is several times that of the 40 billion yuan I said just now, the driving effect is still very large.

Overall, a series of policies to support the development of private enterprises and small and micro enterprises have achieved positive results. As of April this year, the balance of loans for small and micro enterprises was 10 trillion, an increase of 20 percent over the same period last year. The growth rate is 5% higher than at the end of last year, and more than 23 million small and micro enterprises are supported.

Judging from the situation in Beijing, the balance of loans for small and micro enterprises this year was 330 billion yuan, an increase of 40 percent over the same period last year, 29 percent higher than the average growth rate of loans, and the number of households of small and micro enterprises was 136000, an increase of 14.1 percent over the beginning of the year. In the next step, the people's Bank of China will actively cooperate with relevant departments and make joint efforts to ensure that the loan balance of large state-owned banks and small and micro enterprises will increase by more than 30% this year compared with the same period last year, and that the comprehensive financing cost of small and micro enterprises will be reduced by 1%. In this process, we will deepen the cooperation of the Beijing Municipal Party Committee and Municipal Government to jointly create a good financial environment for the healthy development of private and small and micro enterprises.

This is the first question I'm going to talk about.

The second issue is to support Beijing in speeding up financial reform and opening up and developing a high-quality financial industry. Since last year, the people's Bank of China and other financial institutions have actively implemented the financial opening-up measures announced by General Secretary Xi Jinping at the Boao Forum in Hainan in April last year. So far, apart from individual projects, these measures have been basically implemented. In addition, the people's Bank of China has successively introduced access conditions in the areas of open credit information, rating and payment, granted national treatment to foreign investors, and made substantial and breakthrough progress in entering China's market. The two-way opening of the bond market has made steady progress, and international capital has continued to flow into China.

In recent years, the development environment of Beijing's financial industry has been continuously improved, and the international influence, attractiveness, and competitiveness of finance have been significantly enhanced. The next step is that the people's Bank of China will, as always, support Beijing in developing a high-quality financial industry. We will support the policy of reform and opening up of the national financial industry in Beijing, and support the construction of the financial street to strengthen the function of the national financial management center.

First, we should continue to support Beijing in developing a high-quality financial industry.

In recent years, Beijing has developed very fast in green finance and science, technology and finance. First of all, in terms of green finance, the balance of green credit in Beijing last year was more than 670 billion, accounting for 9.5% of the total credit. Beijing has also issued 84 green bonds, worth $122.5 billion, making it a leader in the country.

In terms of financial technology, Mayor Chen also mentioned just now that Beijing has unique advantages. We are talking about several of the hottest areas of financial technology, such as artificial intelligence, such as big data, and cloud computing. For example, the blockchain, such as regulatory technology, financial technology, and regulatory technology, Beijing is in the lead. Enterprises in Beijing and Zhongguancun are leading the way in this respect throughout the country and even all over the world. We also believe that Beijing will continue to take the lead in financial technology, in a leading position.

Second, we continue to support the landing of the national policy of reform and opening up of the financial sector in Beijing.

Over the past few years, we have actively supported a number of rating agencies, as well as a number of internationally advanced financial institutions landing in Beijing. There are conference ratings, the British-funded Yi Bo Rui letter, the development of foreign credit and liquidation rating agencies in Beijing, the cancellation of the permission for bank accounts of enterprises in Beijing, and the optimization of the financial environment in Beijing. We will carry out pilot policies on capital account income settlement and payment facilitation and foreign debt facilitation in Zhongguancun, actively support Beijing's pilot cross-border RMB business, and Beijing will take the lead in realizing unified registration and inquiry of movable property guarantee throughout the country. It has improved the convenience of enterprises' access to credit. In the next step, the people's Bank of China will continue to deepen the reform and opening up of the financial industry, support the pilot policy of capital account facilitation, and land policies such as cross-border RMB payment and liquidation in Beijing.

Third, we should increase support for the functional construction of the National Financial Management Center of the Financial Street.

Financial Street brings together the administrative and regulatory departments of our national financial policy and monetary policy, as well as the headquarters of a large number of financial institutions. In recent years, the function of the National Financial Management Center of Financial Street is becoming more and more perfect. It has become a national financial management center which integrates decision-making, supervision, standard-setting, asset management, payment liquidation, information exchange, international cooperation and so on. In the area of financial management, it has also become a very popular place for the whole country and even the whole world in terms of initiative, initiative and international exchanges, and it is a place where everyone is willing to come to the meeting.

In terms of the energy level of financial management and the scale of the assets of financial institutions, it is in the first echelon in the world. Next, the people's Bank of China will support the Financial Street Forum to give full play to its brand advantages and constantly send out the voice of a big financial management center to the world. We will support the gathering of high-end financial element resources in the Financial Street, promote support for the development and pilot projects of the financial industry, land on the Financial Street, and promote foreign investment and foreign exchange policies to take the lead in the Financial Street, so as to continuously attract international elements. We will support foreign-funded financial institutions in expanding their business, guide professional international cooperation, and support the construction of the Beijing Financial Science and Technology Innovation demonstration Park.

As Mayor Chen said just now, Beijing has gathered a large number of financial institutions and financial talents, has the conditions to implement the country's major measures of opening up to the outside world in the field of finance, and strengthen cooperation and exchanges with the international financial center. Thanks to Beijing for its long-term strong support for the work of the people's Bank of China, the people's Bank of China will, as always, support Beijing's financial work. Mayor Chen's speech just now has made arrangements for the next step of Beijing's financial work, and I fully agree with it and will fully support it. I wish this Financial Street Forum a complete success. Thank you!

Key Words:  Yi Gang  Foreign Exchange  Finance  Reform