Three departments jointly hold a video conference on financial support for the real economy and prevention and resolution of financial risks. Decision making | Support | Economy
On August 18, 2023, the People's Bank of China, the State Administration of Financial Regulation, and the China Securities Regulatory Commission jointly held a video conference to study and implement the central government's decision-making arrangements, study and implement financial support for the development of the real economy, and prevent and resolve financial risks. Pan Gongsheng, Secretary of the Party Committee and President of the People's Bank of China, Xiao Yuanqi, Member of the Party Committee and Deputy Director of the State Administration of Financial Regulation, and Li Chao, Member of the Party Committee and Vice Chairman of the China Securities Regulatory Commission, attended the meeting and delivered speeches. Some key officials from financial institutions introduced their work situation.
The meeting believes that since the beginning of this year, the financial sector has resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, and continued to support the recovery and development of the real economy. From January to July this year, RMB loans were added by 16.1 trillion yuan, an increase of 1.67 trillion yuan year-on-year. The broad money supply, social financing scale, and RMB loan balance maintained rapid growth. The cost of social financing continues to decline, with a corporate loan interest rate of 3.94% from January to July, a year-on-year decrease of 0.35 percentage points. The credit structure continues to optimize, with the growth rate of inclusive small and micro loans, green loans, and medium - and long-term loans in the manufacturing industry all exceeding the growth rate of various loans. Significant results have been achieved in financial support for key areas and weak links.
The meeting pointed out that China's economic recovery is a process of wave like development and tortuous progress. The financial sector should carefully study and understand the spirit of the Central Politburo meeting, continue to implement the precise and powerful requirements of prudent monetary policy, make good use of policy space, find the right direction for development, and continuously promote the continuous improvement of economic operation, the continuous enhancement of endogenous power, the continuous improvement of social expectations, and the continuous resolution of risks and hidden dangers.
The meeting emphasized that financial support for the real economy should be sufficient, with a stable pace, optimal structure, and sustainable prices. Major financial institutions should take the initiative to take action, increase loan disbursement efforts, and state-owned large banks should continue to play a pillar role. We should pay attention to maintaining a stable pace of loan growth, appropriately guide and smooth out credit fluctuations, and enhance the stability of financial support for the real economy. We should pay attention to exploring new credit growth points, vigorously support key areas such as small and medium-sized enterprises, green development, technological innovation, and manufacturing, and actively promote the transformation of urban villages and the construction of public infrastructure for both emergency and emergency use. Adjust and optimize real estate credit policies. We must continue to promote the stable and moderate reduction of financing costs in the real economy, standardize the pricing order of loan interest rates, and comprehensively consider the price relationship between increment, stock, and other financial products. Give full play to the important role of the market-oriented adjustment mechanism for deposit interest rates, enhance the sustainability of financial support for the real economy, and effectively play the positive role of finance in promoting consumption, stabilizing investment, and expanding domestic demand.
The meeting called for the financial sector to conscientiously implement the spirit of the Party Central Committee and the State Council on preventing and resolving risks in key areas, coordinate and coordinate financial support for local debt risk resolution, enrich tools and means for preventing and resolving debt risks, strengthen risk monitoring, evaluation and prevention mechanisms, promote risk disposal in key areas, and firmly hold the bottom line of preventing systemic risks.
Officials from policy and development banks, commercial banks in various countries, joint-stock commercial banks, and China Life Insurance, as well as officials from relevant departments and bureaus of the Central Financial Office and the General Office of the State Council, relevant departments and bureaus of the People's Bank of China, the State Administration for Financial Regulation, the China Securities Regulatory Commission, and institutions at or above the deputy provincial level, as well as officials from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Dealers Association, and Credit Reporting Center, attended the meeting.
