Do a good job in "seeking progress while maintaining stability" and how finance can exert

Issuing time:2023-06-21 11:26

Persisting in pursuing progress while maintaining stability is the valuable experience that the financial industry has gained in helping my country achieve decisive success in building a moderately prosperous society in all respects and continuously improve the quality and efficiency of serving the real economy. It is also the general tone for the financial system to continue to adhere to in the next step.

However, although the emphasis has been placed on “stability first and progress amidst stability” in the past few years, this is by no means set in stone. Under this general tone, there are new and changing monetary policies every year based on the characteristics of economic and financial work. Focusing on the relevant work in 2022, the People's Bank of China has made it clear that it must exert sufficient efforts, precise efforts and forward-looking efforts.

Sufficient efforts are to maintain stable growth in the total amount and keep the growth rate of money supply and social financing basically matching the nominal economic growth rate. Currently, the economy is facing triple pressures of shrinking demand, supply shocks, and weakening expectations. Before the downward pressure on the economy is fundamentally relieved, more policies that are conducive to stabilization must be introduced. Therefore, the People's Bank of China has repeatedly emphasized in many recent meetings that it is necessary to comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity, enhance the stability of total credit growth, and increase support for the real economy. This meeting will further It is a clear-cut proposal to open the monetary policy toolbox wider to maintain overall stability and avoid credit collapse. Of course, in order for the above policies to better benefit the real economy, in addition to the policies issued by the People's Bank of China, it also depends on the implementation. Therefore, the "stabilizing" policy is also accompanied by deepening reforms to better leverage the effectiveness of the loan market quotation rate (LPR) reform and improve the market. The formation and transmission mechanism of optimized interest rates will still be an important aspect in promoting the steady and steady decline of comprehensive financing costs for enterprises and the financial system to continue to provide benefits to the real economy.

Accurate efforts focus on steady structural optimization. To do a good job in financial work, we cannot spread "pepper noodles" widely, but must make precise efforts to better support areas and weak links in accordance with the requirements of the new development concept. At present, the macro leverage ratio continues to decline, which creates space for the future financial system to increase support for small and micro enterprises, technological innovation, and green development. In fact, the People's Bank of China has recently implemented many measures to promote the implementation of structural policies. In accordance with the deployment of the Economic Work Conference, the People's Bank of China has further increased inter-cyclical adjustments, done a good job in linking policies across years, actively used structural monetary policy tools to do "addition", implemented the continuous conversion of two direct tools, and issued the first batch of carbon reduction funds. platoon support tool funding. These measures will not only help stabilize the total amount of credit and optimize the credit structure, but also help to achieve a smooth start in 2022 across cycles. They will continue to guide financial institutions in a market-oriented manner to provide effective support and better optimize the economic structure.

Being proactive means that policies must be forward-looking. According to the 2021 economic data released by the National Bureau of Statistics, my country's gross domestic product (GDP) has exceeded one hundred billion yuan for the second consecutive year, with a year-on-year growth of 8.1% and an average growth of 5.1% in the two years. Among the world's major economies, Stand out among the others. However, we must also face up to the multiple pressures faced by my country's economic development. At the end of last year, economic growth slowed slightly, the consumption index declined, and difficulties and challenges in various aspects increased significantly. To this end, monetary policy must stay ahead of the market curve and respond to the market’s general concerns in a timely manner. In order to increase the supply of liquidity, offset the impact of short-term factors such as the peak of the tax period in January, accelerated issuance of government bonds, and cash injection before the Spring Festival in advance, and maintain reasonable and sufficient liquidity, the People's Bank of China launched a 700 billion yuan one-year mid-term loan on January 17. Lending facility operations and 100 billion yuan 7-day open market reverse repurchase operations. At the same time, the medium-term lending facility and open market reverse repurchase winning bid rates were pushed down by 10 basis points. This is a reflection of the forward-looking regulation of the policy.

The more challenging the moment, the more confident and calm we must be. In the past year, my country's economic development and epidemic prevention and control have maintained its global status. This is where our confidence and confidence lie, and it is also an important foundation for the future efforts to promote the high-quality development of China's economy. Currently, financial management departments have released clear policy signals. The financial system must organically combine stabilizing growth, adjusting structure, and promoting reforms to provide more powerful, more precise, and better support for the real economy, strive to stimulate the vitality of various market entities, and bring high-quality development to a new level.

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