What has the newly appointed Governor of the Central Bank, Pan Gongsheng, done in the past month? Party Secretary | Pan Gongsheng | President

After 25 days as the new Party Secretary, Pan Gongsheng officially took over as Yi Gang and became the 13th Governor of the People's Bank of China.

According to the decision of the Fourth Meeting of the Standing Committee of the 14th National People's Congress of the People's Republic of China on July 25, 2023, Yi Gang was relieved of his position as Governor of the People's Bank of China; Appoint Pan Gongsheng as the Governor of the People's Bank of China.

On the afternoon of July 1, 2023, the People's Bank of China held a leadership meeting. The relevant officials of the Central Organization Department announced the central decision: Comrade Pan Gongsheng will be appointed as the Secretary of the Party Committee of the People's Bank of China, and Comrade Guo Shuqing will be relieved of his position as Secretary of the Party Committee of the People's Bank of China and Comrade Yi Gang will be removed from his position as Deputy Secretary of the Party Committee of the People's Bank of China.

After this personnel adjustment, the leadership team of the People's Bank of China consists of: Party Secretary and President Pan Gongsheng; The three vice presidents are Liu Guoqiang, Zhang Qingsong, Xuan Changneng, and Qu Jishan, the leader of the disciplinary inspection and supervision team. At present, the information in the leadership column of the central bank's official website has been updated.

Looking back on the past month, what major achievements has Pan Gongsheng made?

Implementing practical measures to stabilize the real estate and foreign exchange markets

One week after taking office, on the evening of July 7th Beijing time, the central bank and other departments announced that most of the prominent problems in the financial business of platform enterprises had been rectified. The focus of the financial management department has shifted from promoting centralized rectification of platform enterprise financial business to normalized supervision. On that day, Ant Group and its subsidiaries were fined 7.123 billion yuan.

On December 26, 2020, Pan Gongsheng, then Vice President of the People's Bank of China, held a meeting with Ant Group and answered questions from reporters about the situation. He pointed out that the financial regulatory authorities will continue to encourage and support fintech enterprises to adhere to innovation while serving the real economy and complying with prudent supervision, and promote fintech to become an important force in promoting domestic and international dual circulation. The policy orientation of future regulation will follow the following principles: firstly, resolutely breaking monopolies, correcting and punishing unfair competition behaviors, and maintaining a fair competition market order. The second is to adhere to the principle that all financial activities must be regulated in accordance with the law and regulations, and that financial businesses must be licensed for operation. We must also adhere to zero tolerance for all types of illegal and irregular behaviors. The third is to adhere to the "two unwavering principles", protect property rights in accordance with the law, promote entrepreneurial spirit, stimulate market vitality and social creativity, and enhance the core competitiveness of China's fintech enterprises globally.

In terms of stabilizing the real estate market, on July 10th, the People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice on extending the policy period related to financial support for the stable and healthy development of the real estate market, extending the application period of the "16 Financial Articles", further alleviating the financial pressure on real estate enterprises, reducing the risk concerns of financial institutions about real estate loans, promoting "guaranteed delivery of properties", and boosting confidence in the real estate market.

Stabilizing exchange rates and implementing practical measures. Recently, the People's Bank of China and the State Administration of Foreign Exchange have decided to increase the macro prudential adjustment parameters for cross-border financing of enterprises and financial institutions from 1.25 to 1.5, and will be implemented on July 20, 2023. In the market's view, this move is conducive to further expanding the utilization of foreign investment and expanding financing channels, facilitating cross-border financing for domestic enterprises and institutions, serving the development of the real economy, and promoting the stable operation of the RMB exchange rate.

Meeting with central bank governors of multiple countries

Within a month of assuming the position of Party Secretary, Pan Gongsheng, as the Secretary of the Central Bank Party Committee and Director of the State Administration of Foreign Exchange, met with the Governor of the Bank of Korea, the Governor of the Bank of Austria, and the US Treasury Secretary Yellen, and exchanged views on economic and financial issues of common concern.

On July 3rd, Pan Gongsheng met with the Governor of the Bank of Korea, Lee Chang yong, and his delegation. Both sides exchanged views on the macroeconomic situation and financial cooperation between China and South Korea.

On July 5th, Pan Gongsheng met with visiting Austrian Central Bank Governor Holzmann. Both sides exchanged views on economic and financial issues of common concern.

On July 7th, Pan Gongsheng met with visiting US Treasury Secretary Yellen and exchanged views on economic and financial issues of common concern. Vice President of the People's Bank of China, Xuan Changneng, attended the meeting.

On July 13th, Pan Gongsheng met with visiting Hong Kong Financial Secretary Chen Maobo to exchange views on economic and financial issues of common concern. Vice President of the People's Bank of China, Xuan Changneng, attended the meeting.

On July 20th, Pan Gongsheng met with a delegation from the Hong Kong Association of Banks led by Yu Weiwen, President of the Hong Kong Monetary Authority. Both sides exchanged views on supporting and consolidating Hong Kong's position as an international financial center, and strengthening financial cooperation between the two regions. Vice President of the People's Bank of China, Xuan Changneng, and Deputy Director of the State Administration of Foreign Exchange, Lu Lei, attended the meeting. Before the meeting, Pan Gongsheng and Yu Weiwen held bilateral talks to exchange views on economic and financial issues of common concern.

On July 23rd, the 12th Central Bank Governors Meeting of China, Japan, and South Korea was held in Yokohama, Japan, marking the first meeting of Central Bank Governors of China, Japan, and South Korea in four years. Bank of Korea President Lee Chang yong presided over the meeting, while Pan Gongsheng and Bank of Japan President Kazuo Ueda attended the meeting to exchange views on the recent economic and financial situation.

On July 24th, Pan Gongsheng attended the 28th Governor's Meeting organized by the Central Bank of East Asia and the Pacific in Yokohama, Japan. The meeting discussed topics such as regional economic and financial situation, sustainable finance, etc.