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Strive to serve the real economy and stabilize the economic market

Date: 2022-07-15
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Xinhua News Agency, Beijing, July 13th: Strive to serve the real economy and stabilize the economic market-the relevant person in charge of the central bank explains the financial data of the first half of the year in detail.

Since the beginning of this year, China's financial aggregate has grown steadily, and its support for the real economy has been further strengthened. What areas will the new credit focus on in the first half of the year? How effective is the implementation of structural monetary policy tools? How does finance support economic stability in the second half of the year? At the press conference held by the State Council Office on the 13th, the relevant person in charge of the People's Bank of China analyzed the financial data of the first half of the year in detail and responded to hot issues.

Support for the real economy has been further strengthened.

Since the beginning of this year, affected by unexpected factors such as epidemic situation and Russia-Ukraine conflict, China's economy is facing certain downward pressure. Ruan Jianhong, director of the Survey and Statistics Department of the People's Bank of China, introduced at the press conference that in the first half of the year, the People's Bank of China stepped up the implementation of prudent monetary policy, gave full play to the dual functions of monetary policy tools in terms of total amount and structure, took the initiative to respond, and worked hard to serve the real economy and stabilize the economic market.

Data show that RMB loans increased by 13.68 trillion yuan in the first half of the year, an increase of 919.2 billion yuan over the same period of the previous year; The scale of new social financing was 21 trillion yuan, an increase of 3.2 trillion yuan over the same period of last year.

Ruan Jianhong introduced that in the first half of the year, the People's Bank of China lowered the deposit reserve ratio of financial institutions by 0.25 percentage points, turned over the balance profit of 900 billion yuan, rationally increased the liquidity supply, and the credit support of financial institutions to the real economy continued to increase. In the first half of the year, RMB loans of enterprises and institutions increased by 11.4 trillion yuan, an increase of 3.03 trillion yuan over the same period of last year.

At the end of June, the broad money supply (M2) increased by 11.4% year-on-year, 2.8 percentage points higher than the same period of the previous year. In the first half of the year, RMB deposits increased by 18.82 trillion yuan, an increase of 4.77 trillion yuan over the same period of last year.

In Ruan Jianhong's view, at present, RMB deposits have increased more and more, and the M2 growth rate is higher, which is mainly due to the financial system's efforts to serve the real economy and the corresponding increase in derivative currencies. In addition, this year's monetary policy and fiscal policy cooperated with each other, and the progress of fiscal expenditure accelerated, which also promoted the growth rate of M2.

In addition, in the first half of the year, the comprehensive financing cost of enterprises decreased steadily. In June, the interest rate of new corporate loans was 4.16%, which was 34 basis points lower than the same period of last year.

Guide capital flow to key areas and weak links.

Since the beginning of this year, the People's Bank of China has launched a number of structural monetary policy tools, constantly strengthening its support for key areas and weak links of the national economy.

The data shows that at the end of June, the balance of medium and long-term loans invested in manufacturing industry in China increased by 29.7% year-on-year, 18.5 percentage points higher than the growth rate of various loans; The balance of Pratt & Whitney micro-loans increased by 23.8% year-on-year, 12.6 percentage points higher than the growth rate of various loans. Up to now, the special refinancing for clean and efficient utilization of coal has supported banks to provide low-cost loans of 43.9 billion yuan to enterprises.

Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said that structural monetary policy tools are conducive to encouraging financial institutions to optimize their credit structure and achieve the effect of accurately tilting funds to inclusive finance, green development, scientific and technological innovation and other fields. This year's new tools, such as scientific and technological innovation refinancing, special refinancing for inclusive pension and special refinancing for transportation and logistics, will be issued quarterly, and will be applied for for the first time in July. At present, the People's Bank of China is promoting related work in an orderly manner.

Infrastructure investment is an important means to stabilize macro-economy. Zou Lan introduced that the People's Bank of China has increased the credit line of development policy banks in June, and increased the loan support for long-term useful and short-term feasible infrastructure construction projects. Recently, the People's Bank of China also supported the National Development Bank and the Agricultural Development Bank of China to set up financial instruments, with a total scale of 300 billion yuan, to solve the problems of difficulty in securing capital for major projects.

'With the support of financial instruments, we can quickly and accurately get through the blocking point caused by the failure of capital, promote the project to start as soon as possible, form a physical workload as soon as possible, and help stabilize the macroeconomic market.' Zou Lan said that after the capital is fully in place, the early 800 billion yuan of policy and development medium-and long-term credit funds can be followed up in time, and commercial bank loans and social capital can be incited to follow up quickly.

 

There is sufficient policy space and tool reserve to meet the challenges.

In recent years, China has been adhering to the normal monetary policy. Zou Lan said that this has left sufficient policy space and tool reserves to cope with unexpected new challenges and changes.

'Since the beginning of this year, the risks and challenges faced by China's economic development have obviously increased, but the fundamentals of China's economic improvement have not changed.' Ruan Jianhong said that since the epidemic, the growth rate of China's macro leverage ratio has been significantly lower than that of other major economies, and relatively little new debt has supported the rapid economic recovery. As the domestic epidemic prevention and control situation continues to improve, a package of policies and measures to stabilize the economy have come into effect, and China's economy has shown a recovery momentum, which creates conditions for maintaining a reasonable macro leverage ratio in the future.

In the face of the complicated international and domestic economic and financial situation, Sun Tianqi, director of the Financial Stability Bureau of the People's Bank of China, said that the financial management department must keep a high degree of vigilance against all kinds of financial risks, further improve the advance of preventing and resolving financial risks, and firmly hold the bottom line of not having systemic financial risks.

He introduced that at present, China's financial risks are convergent and generally controllable, and 99% of banking assets are within the safe boundary. The financial sector will continue to reduce the number of high-risk financial institutions, and strive to reduce the number of high-risk financial institutions nationwide to less than 200 by the end of the 14th Five-Year Plan.

Zou Lan introduced that in the second half of the year, the People's Bank of China will continue to implement a prudent monetary policy, speed up the implementation of established policies and measures, implement various structural monetary policy tools introduced earlier, enhance the ability of financial services to the real economy, and help stabilize the economic market, stabilize employment and protect people's livelihood.


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