It's About Financial Support for the Real Economy! Pan Gongsheng, Governor of the People's Bank of China, Presides Over a High-Profile Symposium

According to the People's Bank of China (PBC) website, to implement the decisions and arrangements of the CPC Central Committee and the State Council, promote the effective implementation of a package of monetary and financial policies, and support the sustained economic rebound and improvement, Pan Gongsheng, Governor of the PBC, chaired and addressed a symposium on financial support for the real economy on May 19. Zhou Liang, Deputy Director of the National Financial Regulatory Administration, attended and addressed the meeting. Xuan Changneng and Zou Lan, Deputy Governors of the PBC, also attended the meeting.

The meeting pointed out that the Political Bureau of the CPC Central Committee analyzed and studied the current economic situation at its meeting on April 25, and made important arrangements for the next stage of economic work. The financial system should raise its political awareness, effectively align its thinking and actions with the decisions and arrangements of the CPC Central Committee, focus on stabilizing employment, enterprises, markets, and expectations, and ensure the implementation and transmission of a package of monetary and financial policy measures, so as to address the uncertainties of a rapidly changing external environment with the certainty of high-quality development.

The meeting emphasized the need to implement a moderately accommodative monetary policy to meet the effective financing needs of the real economy and maintain reasonable growth in the total amount of finance. It is necessary to increase support for key areas such as scientific and technological innovation, boosting consumption, private and micro enterprises, and stabilizing foreign trade, make full use of existing and incremental policies, improve the quality and efficiency of financial support for the real economy, and support economic restructuring, transformation and upgrading, and replacing old growth drivers with new ones. Strengthen the implementation and transmission of monetary policy, maintain a fair and orderly market competition, and promote the organic unity of financial services for the real economy and the sustainable development of banks themselves. Promote the international use of the RMB in an orderly manner and improve the convenience of trade, investment, and financing. Coordinate development and security, and resolutely safeguard national financial security.

Relevant department heads from the PBC and the National Financial Regulatory Administration, as well as heads of major banking financial institutions, attended the meeting. Representatives from institutions such as the China Development Bank, Industrial and Commercial Bank of China, Bank of China, China Merchants Bank, China CITIC Bank, and Bank of Beijing shared their work experiences.