SMM News: on the morning of August 2, the people's Bank of China held a working videoconference in the second half of 2019. The main task of the meeting is to convey and implement the important arrangements of the CPC Central Committee and the State Council on economic and financial work, sum up the work in the first half of the year, analyze the current domestic and international economic and financial situation, and study and plan the key work in the second half of the year. Yi Gang, governor of the people's Bank of China, and Guo Shuqing, secretary of the party committee, attended the meeting and delivered speeches. Chen Yulu, Pan Gongsheng, Fan Yifei, Zhu Hexin, Xu Jiayi, and Liu Guoqiang, members of the party committee of the people's Bank of China, attended the meeting. Chen Yulu presided over the meeting and made a concluding speech.
The meeting held that since 2019, in the face of the complex and severe economic and financial situation at home and abroad, the people's Bank of China system has further strengthened the "four consciousness" and strengthened the "four self-confidence" under the guidance of Xi Jinping's thought on socialism with Chinese characteristics in the new era. Resolutely achieve the "two maintenance", resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, and further strengthen party building throughout the system. We have made solid strides in promoting the real economy of financial services, preventing and resolving financial risks, deepening financial reform, and constantly expanding financial opening up, thus providing a good monetary and financial environment for the sustained and healthy development of the economy and society as a whole.
First, prudent monetary policy should be kept loose and tight, and pre-adjustment and fine-tuning and counter-cyclical regulation and control should be strengthened. Timely reduce the deposit reserve ratio, improve the "three grades and two advantages" deposit reserve policy framework, increase rediscount, medium-term lending facilities and standing lending facilities, flexibly carry out open market operations, and maintain reasonable and abundant liquidity. At the end of June, M2 increased by 8.5 percent over the same period last year, 0.5 percentage points higher than the same period last year, and the balance of social financing increased by 10.9 percent, 1.1 percentage points higher than at the end of last year. In June, the weighted average interest rate of loans for the whole society was 5.66%, down 0.28 percentage points from the same period last year. We will create and carry out central bank bill swap operations, take sustainable bonds as a breakthrough, promote banks to replenish tier one capital through multiple channels, ease capital constraints, and improve lending capacity. We will strengthen policy publicity, interpretation and communication, and actively guide and stabilize market expectations.
Second, financial support for private small and micro enterprises continues to increase. We will give full play to the joint efforts of monetary and financial policies, expand the scope of support for the targeted reduction of inclusive finance, and relax the assessment standards for loans for small and micro enterprises. The loan growth rate for small and micro enterprises reached 22.5 percent, 7.3 percentage points higher than at the end of last year, and 9.5 percentage points higher than the growth rate of all loans in the same period. The loan interest rate of private small and micro enterprises remained low as a whole, with the average loan interest rate of 6.82%, down 0.58 percentage points from the same period last year. The financing difficulty of private small and micro enterprises has been alleviated obviously.
Third, positive results have been achieved in preventing and resolving major financial risks. Adhere to comprehensive compliance with the regulations, the use of deposit insurance funds, the establishment of deposit insurance companies, take the lead in taking over decisively and in accordance with the law professional and efficient disposal of serious credit risks of contractor banks, grasp the degree of prevention of systemic financial risks and moral hazard, maximize the protection of the legitimate rights and interests of depositors and other customers, and resolutely break the rigid payment, strict market discipline. We will handle and resolve the liquidity risks of some small and medium-sized financial institutions in a prudent manner. We will properly deal with import risks and fluctuations in financial markets, promote the establishment of a rapid mechanism for dealing with bond defaults, and steadily promote the risk disposal of some key financial holding groups. The overall convergence of financial risks is generally controllable.
Fourth, the reform of the system and mechanism in key areas has been further deepened. We will continue to promote the market-oriented reform of interest rates, improve the interest rate corridor of the central bank, and actively cultivate the quoted interest rate (LPR), in the loan market to further enrich and improve the price-based control tools and means of the central bank. We will improve the macro-prudential management framework and promote the supervision of systemically important financial institutions and financial holding companies. We will strengthen coordination between central and local financial supervision and control, and consolidate the territorial responsibility for local financial supervision and risk disposal.
Fifth, remarkable achievements have been made in opening up finance to the outside world. The banking, securities and insurance industries have greatly liberalized market access, liberalized credit information, credit rating, bank card clearing and non-bank payment access for foreign-funded enterprises. China's stock and bond markets have been included in major international indices, pushing for the landing of the Shanghai Stock Connect and the introduction of international crude oil futures denominated in renminbi. New progress has been made in the internationalization and cross-border use of the renminbi, and financial support for the construction of "Belt and Road Initiative" has been intensified.
Sixth, the level of financial services and management has continued to improve. We will continue to follow up and study hot economic and financial issues such as financial supply-side structural reform. The comprehensive statistics of the financial industry has been promoted in an all-round way, and a complete statistical system of asset management products has been initially established. The examination and approval of administrative license for enterprise bank account shall be cancelled completely. We will strengthen the coordination of network security and information work, and the payment and clearing system will run smoothly. The new edition of RMB has been issued smoothly, and new achievements have been made in refusing to accept cash and cracking down on crimes of counterfeit currency. The electronic withdrawal business of the second generation treasury information processing system (TIPS) has been realized in an all-round way. The classification standard of financial consumer complaints has been formulated and implemented. We will step up efforts to help the poor with financial precision and improve the level of basic financial services in poor areas. The report of the Mutual Assessment of Anti-money laundering and Anti-terrorist financing in China has been considered by the (FATF) plenary session of the Financial Action Task Force, and positive progress has been made in the supervision of anti-money laundering. We will vigorously promote the exploration and use of non-credit data to carry out credit services for small and micro enterprises and "agriculture, rural areas and farmers", so as to improve the effective supply of credit information.
The meeting held that since the beginning of this year, the party committees of the people's Bank of China and party organizations at all levels throughout the system have given full play to their role in guiding the direction, managing the overall situation, and ensuring implementation, and carried out solid education on the theme of "not forgetting the original ideals and aspirations and keeping the mission in mind." the leading group of the party committee took the lead in systematically and thoroughly studying Xi Jinping's thought on socialism with Chinese characteristics in the new era, carried out in-depth special investigations and investigations, examined problems, set up reform, and resolutely implemented the responsibility of managing the main body of the party. We will unswervingly ensure that the Party's line, principles and policies are implemented and effective in the people's Bank of China system. New achievements have been made in the building of the contingent of cadres in the people's banking system, the central bank under the rule of law, trade unions and youth work, the service of retired cadres, and internal management. In accordance with the unified arrangements of the head office, all branches, enterprises, institutions, and relevant units, closely combined with the reality of their respective regions and units, deepen reform, strengthen management, innovate and develop, have the courage to take responsibility, and actively act, and have done a lot of fruitful work. It has provided high-quality and efficient financial services for local economic development and achieved excellent results.
The meeting pointed out that it is of great significance to do a good job in the second half of 2019, and that the people's Bank of China system should, under the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, comprehensively implement the decision-making arrangements of the party Central Committee and the State Council, adhere to the party's centralized and unified leadership over financial work, adhere to the general tone of seeking progress in stability, adhere to the new concept of development, take supply-side structural reform as the main line, and persist in promoting reform and opening up. Closely centering on the eight-character policy of "consolidation, enhancement, promotion, and smooth flow," we will make great efforts to do a good job of "stabilizing employment, finance, foreign trade, foreign investment, and expectations." we will further push forward the structural reform on the financial supply side and promote the sustained and healthy development of the economy and finance.
The meeting stressed: under the current complex and severe situation, leading cadres at all levels in the people's Bank of China should strengthen their "four self-confidence," establish the concept of the overall situation, treat the situation rationally, and firmly believe in the bright future of China's development. at the same time, we should fully realize the twists and turns and difficulties of the road, give full play to the political advantages of the party's leadership and the socialist system with Chinese characteristics, maintain our firm strength, and gain a firm foothold. We must persist in deepening reform and opening up unswervingly, and be good at seizing principal contradictions to turn crises into opportunities. We should vigorously promote structural reform on the financial supply side, make every effort to promote corporate governance of financial institutions, speed up the construction of a multi-level capital market system, and vigorously develop inclusive finance. It is necessary to handle the risks of financial institutions in accordance with regulations in accordance with the law, consolidate the responsibilities of financial institutions, local governments, and financial regulatory departments in accordance with the requirements of the central authorities, persist in dealing with more mergers and fewer bankruptcy of high-risk financial institutions, and promote the formation of a prudent and rational financial culture. We should attach equal importance to quantity and quality, and while encouraging the development of specialized and characteristic financial institutions, we should pay more attention to structural optimization and the improvement of quality and efficiency.
The meeting called for the following tasks to be done well in the second half of the year: first, we should persist in implementing a prudent monetary policy, maintain a moderate degree of tightness, and adjust and fine-tune in a timely manner. Flexible use of a variety of monetary policy tools, timely and appropriate counter-cyclical adjustment, maintain reasonable and abundant liquidity, guide the broad money supply and social financing scale growth rate to match the nominal GDP growth rate. The second is to strengthen policy coordination and cooperation, speed up the dredging of the transmission mechanism of monetary policy to the real economy, and further stimulate the vitality of the micro main body of the market. We will unswervingly do a good job in improving the financial services of small and micro enterprises, deepen the comprehensive reform of financial services for private and small and micro enterprises, and ensure that the number of loans for small and micro enterprises is increased, the number of loans is expanded, and the cost of loans is moderately reduced. We will support high-quality private enterprises to expand the scale of bond financing. We will step up the implementation of policies on financial poverty alleviation and rural revitalization of financial services, and promote the achievement of high-quality and sustainable poverty alleviation. Third, we will resolutely fight a battle to prevent and defuse major financial risks. In accordance with the arrangements and requirements of the three-year action plan for preventing and resolving major risks, we should conscientiously implement them. We will handle and resolve all kinds of risks in a prudent manner, guard against the bottom line of systemic financial risks, and maximize the protection of the legitimate rights and interests of the broad masses of the people. It is necessary to guard against risks on the basis of steady growth, persist in "opening the main door and blocking the back door," and while maintaining a high-pressure situation and cracking down on the situation, we should encourage small and characteristic financial institutions to carry out business in accordance with the law. It is necessary to adhere to the orientation that the house is used to live, not to speculate, to implement the long-term management mechanism of real estate, and to continuously strengthen the control of funds in the real estate market in accordance with the basic principle of "implementing policies from the city." Fourth, give full play to the overall role of taking the lead and further deepen the structural reform of the financial supply side. We will continue to deepen the market-oriented reform of interest rates and effectively reduce the actual financing costs of enterprises. We will improve the macro-prudential management framework and evaluation system. We will strengthen the coordination of central and local financial supervision and improve the local financial supervision system and mechanism. We will strengthen the top-level design of legislation in the financial industry. Fifth, we will expand the opening up of finance to the outside world. We will continue to relax market access, steadily promote the opening of the RMB capital account, and expand the cross-border use of the RMB. Sixth, we will continue to improve the level of financial services and management. We will do a good job in comprehensive statistics of the financial industry, supervision of payment institutions, information network security, issuance of the new version of RMB, supervision and management of the state treasury, credit information services and personal credit information protection, anti-money laundering supervision, protection of financial consumption rights and interests, and so on. Seventh, it is necessary to take advantage of the situation to guide the development of financial science and technology, strengthen follow-up and research, and actively meet new challenges. We will speed up the research and development of China's legal digital currency (DC/EP), track and study the development trend of virtual currency at home and abroad, and continue to strengthen the regulation of Internet financial risks. Eighth, we will continue to strengthen the propaganda and interpretation of the central bank's policies. Respond to social concerns in a timely manner, improve the multi-level expert consultation system, stabilize and guide market expectations.
The meeting stressed that party organizations at all levels of the people's Bank of China should, in accordance with the general requirements of the theme education of "not forgetting the original ideals and aspirations, and keeping the mission in mind," run through study and education, investigation and research, examination of problems, and rectification and reform, promote the further deepening of party building work, and ensure that thematic education achieves tangible results. First, we should continue to pay close attention to study, education, investigation and research. Party committees at all levels should adhere to the main line of focusing on the study and implementation of Xi Jinping's thought on socialism with Chinese characteristics in the new era, and conscientiously learn the principle of understanding the original works. It is necessary to thoroughly study and implement General Secretary Xi Jinping's important exposition on "not forgetting the original ideals and aspirations, and keeping the mission in mind," and the spirit of the important speeches and instructions in the economic and financial fields, and organize and carry out thematic study and discussion, and earnestly maintain a high degree of consistency with the Party Central Committee with Comrade Xi Jinping as the core in ideology, politics, and action. We must bear in mind the original intention and mission of the Chinese Communists, focus on the original intention and mission in the financial field, adapt the position and work style to the original intention and mission, make the ability truly able to undertake the mission, and resolutely oppose formalism and bureaucracy. Second, the real knife really examines the problem. Deepen the examination and analysis work and carry forward the spirit of self-revolution. In accordance with the requirements of the sixth meeting of the Financial Committee of the State Council, we should combine the leadership and professionalism of the Party and enhance five abilities: the ability to serve the real economy, the ability to prevent and defuse financial risks, the ability to adapt to internationalization, and the ability to enhance financial innovation and governance of financial institutions. Third, we should conscientiously implement the requirements for rectification and reform. In view of the list of problems examined, party members and cadres should put forward effective rectification and reform measures and set up rectification and reform accounts. It is necessary to set up investigations and make reforms, that is, to know and change them, to keep an eye on the urgent matters that cannot be solved for a while, and to continue to rectify them, and we will never stop until the problems are solved. Fourth, we will promote the development of strict administration of the Party in an all-round way. Party committees at all levels, especially the main responsible comrades, should strengthen their political responsibility and fulfill their main responsibilities. We will adhere to democratic centralism, strictly abide by political discipline and political rules, do a good job in the implementation of the reform of the discipline inspection and supervision system of the people's Bank of China, dare to be accountable, be good at accountability, and promote full coverage of inspection and inspection of high quality. We will conscientiously carry out special rectification of abnormal behavior of employees, earnestly strengthen internal management and inner-party supervision, conscientiously implement the spirit of the eight regulations of the Central Committee, and continue to vigorously crack down on formalism and bureaucracy. Fifth, we will resolutely punish corruption in the financial sector. The whole system should thoroughly implement the spirit of General Secretary Xi Jinping's important speech at the third Plenary session of the 19th Central Commission for discipline Inspection, have a profound understanding of the complex and severe situation in the current struggle against corruption, conscientiously learn lessons from serious violations of discipline and law in the financial field, and carry out warning education in depth. We should take the case as a mirror, promote reform with the case, focus on the collusion of interests and ties behind the financial chaos, adhere to the strict character, and combine the characteristics of the industry. We will continue to step up the fight against corruption.
The meeting demanded that the people's Bank of China system change its ideological methods and work style, closely integrate thematic education with the implementation of General Secretary Xi Jinping's important speech on financial work and the spirit of instructions and instructions, and better shoulder the major missions and tasks entrusted by the CPC Central Committee, and vigorously carry forward the revolutionary tradition and fine work style. First, we should further improve the initiative to serve the overall situation, strive for practical measures and see actual results. Second, keen and decisive prevention of systemic financial risks. Timely and accurately judge the degree of financial risk and contagion channels, comprehensively consider the impact of risk disposal on the market, grasp the strength and rhythm of the work, and resolutely block the spread of risk. Third, we should step up the implementation of the coordination mechanism for financial supervision. We will step up the establishment of a coordination mechanism for local financial supervision in the Office of the Finance Committee, and promote the establishment of a coordination mechanism for local financial supervision and risk disposal. Fourth, take the initiative to "take the first two steps" to do a good job in financial services, so that the people feel comfortable and have a sense of achievement. Fifth, we should actively crack down on illegal financial activities such as illegal financial advertising. Sixth, study and learn from international experience from reality. We should not only emancipate our minds and have an international perspective, but also proceed from reality and do a good job of investigation and demonstration. Seventh, we should further strengthen the concept of the rule of law and the thinking of the rule of law, and improve the ability to use the thinking of the rule of law and the way of the rule of law to solve problems. Eighth, we should encourage cadres to take responsibility and start their own businesses. We will further improve the mechanism for assessing and evaluating cadres, dare to employ people, and are good at employing people. Adhere to the combination of strict management and love, pay equal attention to incentives and constraints, to be accountable, after the outstanding performance of cadres, in line with the conditions can continue to use, establish a distinct officer guidance.
The meeting called on cadres and workers of the people's Bank of China system to unite more closely around the party Central Committee with Comrade Xi Jinping as the core, take Xi Jinping's thought of socialism with Chinese characteristics in the new era as the guide, take responsibility, perform their duties, creatively do all the work of the Central Bank, and greet the 70th anniversary of the founding of the people's Republic of China with outstanding achievements.
Members of the leading body of the safe, chief accountants, chief economists, responsible comrades of all departments and bureaus of the people's Bank of China, heads of inspection groups, counsellors of counselors' offices, responsible comrades of units in Beijing, principal responsible comrades of various institutions stationed abroad, and responsible comrades of the discipline Inspection Monitoring team shall be stationed at the main venue to attend the meeting. The leading group members and the main responsible comrades of the branches above the branch of the deputy provincial central branch of the people's Bank of China, the main responsible comrades of the central branch of the prefecture, and the responsible comrades of the units outside Beijing attended the meeting at the branch venue. Relevant comrades of the Office of the Central Financial and Economic Commission, the General Office of the State Council, and the first Bureau of Financial Audit of the Audit Office were invited to attend the meeting.
"Click to sign up for this summit
"Click to sign up for this summit
Scan QR code and apply to join SMM metal exchange group, please indicate company + name + main business