China News Service, May 12 (Xinhua) According to the central bank's website, the person in charge of the Central Bank's Statistics Department responded to the reporter's questions about the financial statistics in April. Although the macro leverage ratio in the first quarter rebounded significantly, it was only staged. The counter-cyclical policy supports the embodiment of the real economy's resumption of production and production. At present, the macro leverage ratio should be allowed to rise in stages.
Data map: People's Bank of China. China News Agency reporter Zhang Xinglong photo
The person in charge said that since 2017, China's macro leverage ratio has generally remained stable, and it has also achieved a net decline in 2018. It only rose by about 5.7 percentage points in 2019, which is much lower than the average annual growth rate of 10 percentage points from 2008 to 2016. Initially achieve the goal of stable leverage. In the first quarter of this year, affected by the impact of the epidemic, China's macro leverage ratio increased significantly.
It should be noted that the rebound of the macro leverage ratio in the first quarter is a reflection of the countercyclical policies supporting the resumption of production and production in the real economy. Under the premise of normalization of epidemic prevention and control, the formulation of counter-cyclical policies should make overall consideration for epidemic prevention and control and economic and social development, put better support for the recovery of the real economy in a more prominent position, and at the same time, do a good job in financial risk prevention and control. In this process, the current macro-leverage ratio should be allowed to increase in stages, and credit support for the real economy should be expanded. This is mainly to effectively promote the resumption of production and production, which actually maintains a reasonable level of macro-leverage ratio for the future. Created conditions.
The person in charge pointed out that although the macro leverage ratio rebounded significantly in the first quarter, it was only phased. In particular, the counter-cyclical policy has supported the real economy to resume work and achieved remarkable results, the efficiency of transmission to the real economy has been significantly improved, and the production order has been speeded up. The People's Bank's survey of 10,000 physical enterprises across the country showed that industrial production was basically repaired at the end of April, the service industry operating rate continued to rise, 97.5% of the enterprises had resumed production, and more than half of the industrial enterprises' equipment utilization rate reached or exceeded the previous year The second quarter average.