Sino-Singapore Online, June 18 (Gao Zhimiao, Zhou Zhuoao) The 12th Lujiazui Forum (2020) opened in Shanghai on the 18th. Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of the Banking Insurance Regulatory Commission of China, connected via video Keynote speech.
Guo Shuqing introduced that from January to May this year, RMB loans for the real economy have increased by more than 10 trillion yuan (RMB, the same below), an increase of more than 2 trillion yuan over the same period last year. As of the end of May, the balance of broad money supply (M2) increased by 11.1% year-on-year, and the stock of social financing scale increased by 12.5% year-on-year. The financial market and financial institution system have shown great resilience and endurance.
In the field of macroeconomic policy, the international community should strengthen communication and coordination, form synergies as much as possible, increase positive effects, and reduce adverse effects. Large economies should actively consider the spillover effects of their own policies and consciously balance internal and external influences, Guo Shuqing pointed out.
Guo Shuqing bluntly stated that the scale and intensity of fiscal stimulus measures already issued by various countries are unprecedented. Many countries and regions are still planning to introduce new stimulus measures. It is recommended that you think twice and reserve some policy space for the future. China cherishes the conventional monetary and fiscal policies very much. We will not engage in flooding, nor will we engage in deficit monetization and negative interest rates.
Guo Shuqing said that in the next step, the financial management department will continue to focus on stabilizing employment insurance companies and accelerate the return of the national economy to a normal cycle: first, to further encourage banks and governments to strengthen cooperation; second, to strengthen the role of policy finance in counter-cyclical adjustment The third is to better play the unique anti-risk role of insurance; the fourth is to support the capital market to play a broader and more active role; the fifth is to use a variety of financial instruments to open up and repair the global supply chain.
Guo Shuqing emphasized that in the financial field, China will, as always, unswervingly deepen reforms and expand opening up. Efforts should be made to create a market-oriented, rule-of-law and international business environment, and to improve supporting laws and regulations and the construction of financial infrastructure. Encourage Chinese and foreign institutions to cooperate in product design, equity investment, corporate governance, and personnel training to increase the depth of foreign investment in the Chinese market.
It will support regional financial reform and opening up, especially the Shanghai Free Trade Pilot Zone. As an international financial center, Hong Kong has unique advantages and rich experience accumulation, and is fully capable of continuing to play a greater role, Guo Shuqing said.
Shanghai is working hard to promote the construction of an international financial center, and Shanghai and Hong Kong can further strengthen interactive exchanges and promote each other. Guo Shuqing said that he will maintain close communication with the Hong Kong financial management department to create more favorable conditions for further consolidating the status of Hong Kong's international financial center and deepening financial cooperation between the two places. (Finish)