[People's Daily] Creating a Good Monetary and Financial Environment for High-Quality Development - Current Financial Work Hot Questions and Answers
[People's Daily] Create a good monetary and financial environment for high-quality development - Current hot questions and answers on financial work Release time: 2025-01-02 16:57 Source: People's Daily General Secretary Xi Jinping emphasized that "adhere to the idea of one game of economic and financial chess" and "comprehensively promote high-quality economic and financial development".
"We must implement a moderately loose monetary policy," the recent Central Economic Work Conference said in its plan for next year. "We must give full play to the dual functions of the total amount and structure of monetary policy tools, cut reserve requirements and interest rates in a timely manner, maintain abundant liquidity, and match the scale of social financing and the growth of money supply with the expected targets of economic growth and the overall price level."
This year, monetary policy has been flexible, appropriate, accurate and effective, and counter-cyclical adjustment has been stepped up, creating a suitable monetary and financial environment for the economy to recover. Especially since September, a package of incremental policies has been released intensively, and a series of financial policies have been rapidly effective, adding impetus to the achievement of the main goals and tasks of economic and social development throughout the year.
How is the implementation of the incremental financial policy? How can it cooperate with the stock policy to better support the development of the real economy? How much room is there for the next monetary policy? In response to issues of concern from all walks of life, the reporter conducted an interview.
How has our country's monetary policy been implemented this year?
Monetary policy is flexible, appropriate, accurate and effective, and counter-cyclical adjustment has been significantly increased
Since the beginning of this year, the People's Bank of China has implemented several major monetary policy adjustments. How is the implementation of monetary policy?
Overall, monetary policy is flexible, appropriate, accurate and effective, and counter-cyclical adjustment has increased significantly. The scale of money credit and social financing has increased reasonably, the comprehensive financing cost has been stable and declining, the credit structure has been continuously optimized, and the RMB exchange rate has remained basically stable at a reasonable and balanced level.
Looking at the total amount, the People's Bank of China cut the reserve ratio by 0.5 percentage points in February and September, and released medium and long-term liquidity of about 2 trillion yuan. In July and September, the open market 7-day reverse repurchase operation interest rate was reduced by 10 and 20 basis points respectively. Guide the medium-term lending convenience rate and the loan market quotation rate (LPR) to go down, creating a good monetary and financial environment. At the end of November, our country's RMB loan balance was 254.68 trillion yuan, an increase of 7.7% year-on-year; the stock of social financing was 405.60 trillion yuan, an increase of 7.8% year-on-year.
Looking at the structure, the People's Bank of China established a 500 billion yuan re-loan for scientific and technological innovation and technological transformation, a 300 billion yuan re-loan for affordable housing, and an increase of 100 billion yuan for re-loans to support agriculture and small-sized enterprises. At the end of November, the balance of loans to Technologically Advanced Small and Medium-sized Enterprises was 4.25 trillion yuan, an increase of 13.2% year-on-year; the balance of Pratt & Whitney small and micro loans was 32.21 trillion yuan, an increase of 14.3% year-on-year. The growth rate of these loans was higher than that of various loans in the same period.
Looking at prices, the reform of the loan market's quoted interest rate and the market-oriented adjustment mechanism of deposit interest rates have effectively played out, driving loan interest rates to stabilize and decline. In November, the weighted average interest rate of newly issued corporate loans (local and foreign currencies) was 3.45%, and the interest rate of newly issued personal housing loans (local and foreign currencies) was 3.08%, both down from the previous month and at historically low levels, helping to reduce financing costs and reduce interest burdens.
"The current total financial volume is generally stable, and the stock of social financing has exceeded 400 trillion yuan, which supports the real economy effectively and effectively," said Lou Feipeng, a researcher at Postal Savings Bank of China.
How much room is left for monetary policy next?
Implement a moderately loose monetary policy to promote faster and more capital flows to the real economy
In the first three quarters of this year, while the economy was generally stable and making progress, there were also some new situations and new problems. Social expectations were weak, and effective financing needs were insufficient in the short term. The financial management department has increased the intensity of monetary policy regulation and counter-cyclical adjustment. Especially since late September, in accordance with the deployment of the Party Central Committee, it has made great efforts to reduce the reserve ratio, implemented vigorous interest rate cuts, and created two tools: securities, funds, and insurance company swap facilities and stock repurchase and re-lending for special projects.
Since the implementation of the package of incremental financial policies, the market has responded positively and social expectations have improved significantly. In October, the "scissors gap" between broad money (M2) and narrow money (M1) narrowed, indicating that the economy has stabilized and improved. The interest rate of stock housing loans has been basically adjusted, and the dynamic adjustment mechanism of stock housing loan interest rates has also been officially established.
"Considering that some incremental policies are still being implemented one after another, loan review, credit extension, withdrawal, etc. also need a process, and the effect of future policies will be further transmitted, and financial support for the high-quality development of the real economy will be more powerful and effective," said Dong Ximiao, chief researcher of Zhaolian.
Since the beginning of this year, the policy adjustment has been significant. How much room is left in the future?
"After the implementation of the RRR cut policy, the average deposit reserve ratio of the banking industry is about 6.6%. Compared with the central banks of major economies in the world, there is still some room for this level," said Pan Gongsheng, governor of the People's Bank of China.
Referring to the next policy considerations, Pan Gongsheng said: "Increase the intensity of monetary policy regulation, improve the accuracy of monetary policy regulation, effectively implement the stock policy, and increase the implementation of incremental policies."
The Central Economic Work Conference held recently adjusted the "prudent monetary policy" that has been implemented for 14 consecutive years to "moderately loose monetary policy", sending a positive signal. The relevant responsible comrades of the Central Finance Office said that the major changes in the tone of macro-control are mainly due to the possible deepening of the adverse impact of changes in the current external environment. The domestic economy still faces many challenges. To do a good job in economic work next year, we must face difficulties and take active actions. At the same time, our country also has the conditions and space to increase the intensity of counter-cyclical adjustment, which can provide strong policy support for achieving the goals and tasks of the whole year.
"The implementation of a moderately loose monetary policy will further give full play to the dual functions of the total amount and structure of monetary policy tools, and promote the flow of funds to the real economy faster and more. Cut the reserve requirement and interest rate in a timely manner, maintain abundant liquidity, and match the scale of social financing and the growth of money supply with the expected goals of economic growth and overall price level. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the functions of the central bank's macroprudential and financial stability, innovate financial instruments, and maintain financial marekt stability." The relevant responsible comrade of the Central Finance Office said.
What are the practical measures for financial support for the high-quality development of the real economy?
Work together to break through financing blockages and card points for small and micro enterprises, and increase support for technology-based SMEs
In recent years, the financing of small and micro enterprises has shown a trend of increasing volume, expanding prices and stabilizing prices, but some small and micro enterprises also reflect the existence of financing blockages and card points. Recently, a series of targeted measures have been introduced to cooperate with multiple parties to improve the financing services of small and micro enterprises.
The People's Bank of China has relaxed the criteria for recognizing inclusive small and micro loans from a single household credit of no more than 10 million yuan to no more than 20 million yuan. The State Administration of Financial Supervision has optimized the policy of renewal of loans for small and micro enterprises without principal repayment, expanding the renewal objects from some small and micro enterprises to all small and micro enterprises, and gradually expanding to medium-sized enterprises.
The mechanism is working hard to open up the "last mile" for benefiting enterprises and the people. The State Administration of Financial Supervision and the National Development and Reform Commission have established a financing coordination mechanism to support small and micro enterprises, and established special classes at the district and county levels that are closest to the grassroots and best understand enterprises.
Institutional assistance to optimize the investment and financing environment for the private economy. The Private Economy Promotion Law is being accelerated. The draft implements differentiated supervision on the provision of financial services by Financial Institution Groups to small and micro private economic organizations, allowing for the reasonable setting of non-performing loan tolerance. In addition, the due diligence exemption system for inclusive credit has been further improved, loosening the constraints and reducing the burden for grassroots credit personnel, and creating a positive atmosphere of due diligence exemption and encouraging responsibility.
Together, more financial water has flowed into small and micro enterprises to help every "small business". At the end of November, the balance of inclusive small and micro loans was 32.21 trillion yuan, an increase of 14.3% year-on-year. The weighted average interest rate of new corporate loans (local and foreign currencies) in November was 3.45%.
Science and technology innovation is the core element of developing new quality productive forces. Since the beginning of this year, the construction of a science and technology financial system compatible with science and technology innovation has been accelerated. Relevant departments and institutions have strengthened financial support for major national science and technology tasks and technology-based small and medium-sized enterprises, and improved long-term capital investment. Support policies for early, small, long-term, and hard technology investment.
"Policy tools for financial support enterprises to carry out innovation are becoming increasingly abundant. For example, this year the People's Bank of China established a new 500 billion yuan technology innovation and technological transformation reloan to guide the Financial Institution Group to increase financial support for technology-based small and medium-sized enterprises, technological transformation and equipment renewal projects in key areas," said Zhou Maohua, a macro researcher at the financial marekt department of Everbright Bank.
At the end of October, the balance of loans for technology-based SMEs was 3.17 trillion yuan, an increase of 21% year-on-year. In the first eight months of this year, the technology insurance premium reached 38.80 billion yuan, providing risk protection for scientific and technological activities such as scientific and technological research and development, transformation of achievements and promotion and application of more than 7 trillion yuan.
In the next step to better develop science and technology finance, the Central Economic Work Conference made a plan: "Improve the multi-level financial service system, strengthen patient capital, make greater efforts to attract social capital to participate in venture capital, and cultivate innovative enterprises at the same layer."
How effective is the real estate financial policy?
The market has seen positive changes, and it is expected to continue the trend of stabilizing
According to data from the Ministry of Housing and Urban-Rural Development, the transaction volume of new commercial housing online signed in October increased by 6.7% month-on-month, achieving positive growth for the first time since June last year. The transaction volume of second-hand housing online signed increased by 8.9% year-on-year, achieving a year-on-year increase for 7 consecutive months.
"There are positive changes in the real estate market," said Liu Lin, a researcher at the Macroeconomic Research Institute of the National Development and Reform Commission. Policies and measures such as increasing the investment of "whitelist" loans, lowering interest rates, lowering down payments, buying back existing houses or land, and monetizing and relocating old ones work together from both supply and demand. The policy goal of stabilizing the market is clear and strong.
The meeting of the Political Bureau of the Central Committee of the Communist Party of China held on September 26 proposed to "increase the intensity of loans for'whitelisted 'projects". Since October, the General Administration of Financial Supervision and the Ministry of Housing and Urban-Rural Development have further promoted the expansion and efficiency of "whitelisted" projects. As of November 18, the amount of "whitelisted" project loans approved by commercial banks exceeded 3 trillion yuan.
"The coordination mechanism of various cities has stepped up efforts to repair and solve problem projects, implemented the conditions for loan issuance, and achieved'all-in 'for qualified projects; for'whitelisted' projects, commercial banks should appropriately delegate the approval authority, improve the efficiency of approval and lending, and achieve'all-out loans'; optimize the way of loan funds disbursement, so as to achieve'as soon as possible '," said the responsible comrade of the relevant department of the State Administration of Financial Supervision.
"The expansion and efficiency of'whitelist 'projects will help to further play the role of various supporting policies, promote the completion and delivery of more housing projects, and boost the confidence of all parties. At the same time, it will help to improve the whole process management of real estate development loans of commercial banks, and speed up the construction of a credit management mechanism that is compatible with the new model of real estate development," said Zeng Gang, director and chief expert of the Shanghai Finance and Development Laboratory.
Personal housing loan financial services bring consumers a real sense of gain. The adjustment of the interest rate of the stock mortgage benefits 50 million households, reducing the interest expenditure of the family by about 150 billion yuan per year. Since November 1, the borrowers of the stock mortgage can re-agree the repricing cycle with the bank, and the borrowers of the new mortgage can also choose the repricing cycle independently. During the LPR downward cycle, borrowers can enjoy the "good" of the downward interest rate faster.
Data show that in November, the interest rate of newly issued personal housing loans (local and foreign currency) was 3.08%. "Changes in down payment and interest rates have improved residents' ability to pay for housing purchases." Deng Yusong, director of the Market Economics Research Institute of the Development Research Center of the State Council, said that changes in market sales reflect the market activity level and consumers' willingness to buy, and market expectations have begun to improve.
In addition, the People's Bank of China and other financial management departments instructed the Financial Institution Group to implement the "16 financial" and operational property loan management requirements, extend the application period of relevant policies, launch structural monetary policy tools such as affordable housing refinancing, add 500 billion yuan mortgage supplementary loan quota, support the construction of "three major projects" such as affordable housing, improve the housing rental financial policy system, and promote the construction of a new real estate development model.
The latest data from the State Administration of Financial Supervision shows that in the first three quarters of this year, the banking Financial Institution Group issued new real estate development loans of 2.20 trillion yuan, and the balance at the end of September increased by more than 400 billion yuan compared with the beginning of the year; newly issued mortgage loans, merger and acquisition loans, operating property loans, and housing rental loans totaled 4.80 trillion yuan.
The Central Economic Work Conference made plans for next year's real estate work, emphasizing continued efforts to promote the real estate market to stop falling and return to stability. The relevant responsible comrades of the Central Finance Office believe that the implementation of the deployment needs to focus on three aspects: first, focus on releasing demand, break through the blocking points, and better meet the rigid and improved housing needs of residents; second, focus on improving supply, and control the increment, excellent stock, and quality of commercial housing construction; third, focus on promoting transformation, accelerate the construction of a new model of real estate development, fundamentally solve the shortcomings of the traditional development model, and promote the high-quality development of real estate.
"Overall, the real estate problem in our country is a problem encountered in the process of progress and transformation. With the full implementation of various policies and measures and continued efforts, the market will further stabilize, the industry will accelerate the recovery, the new model of real estate development will be accelerated, and the high-quality development of real estate will be gradually realized." The relevant responsible comrades of the Central Finance Office said.
What progress has been made in promoting high-level financial openness?
Intensify efforts to attract and utilize foreign investment, and the amount of cross-border RMB receipts and payments for goods trade has increased rapidly
Openness is a clear sign of the Chinese path to modernization and an important driving force for the reform and development of the financial industry. The "Decision" of the Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed to promote high-level financial opening up, steadily and solidly promote the internationalization of the RMB, and develop the offshore RMB market.
The relevant person in charge of the Department of International Cooperation of the State Administration of Financial Supervision said that it will continuously improve the pre-entry national treatment plus negative list management model, benchmark the relevant rules in the financial field in international high-standard economic and trade agreements, and increase efforts to attract and utilize foreign capital. Since the beginning of this year, the State Administration of Financial Supervision has actively studied and launched new measures for opening up, such as further relaxing the access conditions for foreign institutions as investors of financial leasing companies. As of the end of September, foreign banks have established 41 foreign-funded legal person banks and 116 foreign bank branches in China, with total assets of 3.90 trillion yuan; overseas insurance institutions have established 67 foreign-funded insurance institutions in China, with total assets of 2.82 trillion yuan.
Continue to optimize the business environment for foreign investors and support foreign institutions in China to participate more fully and deeply in China's financial marekt. Respond to the demands of Foreign Financial Institution Groups, further optimize regulatory rules, and explore moderately differentiated supervision. Encourage foreign banks to better play their linkage advantages with their parent banks and enhance their ability to serve the real economy. Support qualified foreign Financial Institution Groups to participate in financial business pilots.
Renminbi internationalization has been steadily and solidly advanced. The head of the relevant department of the People's Bank of China said that it will improve the RMB internationalization infrastructure, strengthen policy support and performance management for clearing banks, and optimize the layout of RMB clearing banks. So far, 34 RMB clearing banks have been authorized in 32 countries and regions, covering major financial centers around the world.
In addition, focusing on trade and investment facilitation, the People's Bank of China has issued a number of support policies, and the current account, especially the cross-border receipt and payment of RMB for trade in goods, has grown rapidly. From January to October this year, the cross-border receipt and payment of RMB for trade in goods 9.90 trillion yuan, an increase of 15% year-on-year, accounting for 26.6% of the cross-border receipt and payment of domestic and foreign currencies for trade in goods during the same period, an increase of 2.1 percentage points year-on-year.
"We will pay more attention to improving the quality and level of RMB internationalization, further improve the basic institutional arrangements and infrastructure building for the cross-border use of RMB, and better meet the needs of various entities such as RMB transaction settlement, investment and financing, and risk management," said the head of the relevant department of the People's Bank of China.
Strengthen the financial security mechanism under the conditions of opening up, and better coordinate financial openness and security. While actively promoting and protecting foreign investment, the State Administration of Financial Supervision focuses on improving the ability of opening up supervision, strengthening cross-border risk monitoring and analysis and anticipation, closely preventing cross-border risk transmission, formulating risk response plans for foreign-funded Financial Institutions Groups in China, and safeguarding economic and financial security. Continue to guide Chinese banks and insurance institutions to optimize overseas layout, enrich financial products, strengthen compliance operation and risk management, and safeguard the risk bottom line.
The head of the relevant department of the People's Bank of China said that strengthening the financial security mechanism under the conditions of opening up, continuing to strengthen communication and cooperation with international financial organizations and central banks of major economies, actively participating in international financial governance, enhancing openness in expanding international cooperation, and providing a strong driving force and important guarantee for high-quality financial development.
