China News Client, Beijing, June 18 (Xie Yiguan) How to solve the financing problem of small and medium-sized enterprises? Will there be a large-scale stimulus policy? What do you think of the global economic and financial situation?
On June 18th, at the 12th Lujiazui Forum, the latest speech delivered by the leader of the two parties and the two sessions revealed a lot of important information.
Data map: People's Bank of China. China News Service reporter Zhang Xinglong
Expand the supply of money and promote the financial sector to make profits
Yi Gang, governor of the People's Bank of China, said at the forum that through quantitative monetary policy tools, the total supply will be expanded to focus on solving financing problems. In the first half of the year, from the perspective of monetary policy, a series of strong support measures have been launched.
"Looking forward to the second half of the year, monetary policy will also maintain reasonable and sufficient liquidity. It is expected that the annual RMB loans will increase by nearly 20 trillion yuan, and the increase in social financing will exceed 30 trillion yuan." Yi Gang said.
According to Yi Gang, the market-based interest rate reform will guide the market interest rate to continue to decline, promote the financial sector to make reasonable profits to enterprises, and strive to alleviate the problem of expensive financing. It is expected that the financial system will make profits of 1.5 trillion for enterprises throughout the year; The bank's non-performing loan verification and disposal efforts have resolved the sustainability of financial support for the real economy.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, also said that the bank and government should actively negotiate to determine the rescue plan, especially to make emergency financing succession, and strive to achieve mutual support and close cooperation between finance and finance at multiple levels. Banks should launch more unsecured, low-interest-rate credit products, and governments at all levels should share costs and losses through fiscal discounts and guarantee subsidies.
"Strengthen the role of policy-based finance in counter-cyclical adjustment. This year's policy-banked credit arrangement increased by nearly 1 trillion yuan over last year, the scale of bond issuance will also increase, and the available funds will increase significantly." Guo Shuqing pointed out that in addition, CDB Arranged special relief funds with the Export-Import Bank for a total amount of 100 billion yuan. The newly increased loan scale of more than 100 billion yuan is mainly provided to small and medium-sized banks, especially Internet banks, to ease the financing difficulties of small and micro enterprises.
Data map. China News Agency reporter Tuobo
Refuse flooding, do not engage in deficit monetization and negative interest rates
Guo Shuqing pointed out at the forum that the scale and intensity of fiscal and financial stimulus measures that countries have introduced are unprecedented. In the initial stage, the effect is very large, and the marginal utility is gradually decreasing. 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 emphasized that there is no free lunch in the world. How can so many central banks start printing money? To print money indefinitely? People in the financial industry must understand that there must be a price to pay for short checks.
Guo Shuqing said that what needs to be considered is how to withdraw large-scale stimulus policies in the future. When you enter, everyone is happy, and when you exit, it may be very painful. The "quantitative easing" stimulus policy of 2008 has not yet been fully digested.
Yi Gang also said that the financial support policies during the epidemic response are phased. It is necessary to focus on policy design, incentives and compatibility, prevent moral hazard, and pay attention to the "sequelae" of the policy. The total amount should be moderate, and the timely withdrawal of policy tools should be considered in advance.
Data Map: China Securities Regulatory Commission. China News Agency reporter Zhang Hao
Global high-risk situation may occur in the future
Yi Huiman, chairman of the China Securities Regulatory Commission, said at the forum that as the impact of the epidemic continues to ferment, the global economy may experience a deep recession, high financial risks, and low mobility of factors. How to nurture new opportunities during the crisis, to open up new situations during changes, to maintain the smooth operation of the global financial market, and to promote the recovery of the world economy are challenges that we must face together at present and for some time to come.
"In a special period, there is no economy, no financial market can be alone, and there is no zero-sum game. In the face of crisis and risk challenges, only strengthening cooperation and helping each other is the only way out." Yi Huiman pointed out.
Strengthen cooperation to combat financial fraud of listed companies
Yi Huiman also said that he will further increase supervision and enforcement, maintain zero tolerance for vicious violations such as financial falsification, tighten market discipline, and purify the market environment. Accelerate cooperation with overseas regulatory agencies to jointly combat the financial fraud of listed companies.
"The China Securities Regulatory Commission will actively participate in international financial governance, jointly establish a law enforcement alliance to combat cross-border securities violations and crimes, jointly solve the problem of strengthening the audit supervision cooperation of global listed companies, and jointly safeguard the legitimate rights and interests of investors from various countries." Yi Huiman Said.
Data map: Banking and Insurance Regulatory Commission. Photo by Jia Tianyong, China News Agency reporter
Enrich the financial cooperation between the Mainland and Hong Kong
"Hong Kong, as an international financial center, has unique advantages and rich experience accumulation, and is fully capable of continuing to play a greater role." Guo Shuqing said that at present, Shanghai is working hard to promote the construction of an international financial center, and the interaction between Shanghai and Hong Kong can be further strengthened Exchange and promote each other.
Guo Shuqing said that he will maintain close communication with Hong Kong's 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.
Yi Huiman also pointed out that the China Securities Regulatory Commission will continue to deepen the interconnection of capital markets, further optimize the Shanghai-Hong Kong Stock Connect mechanism, expand the investment scope and target of Shanghai-Shenzhen Stock Connect, and continue to enrich the comprehensive and multi-level practical cooperation between the Mainland and Hong Kong to further improve The Shanghai-London Connect business further expands the interconnection of ETFs, jointly promotes the construction of Shanghai's financial center, and supports the consolidation of Hong Kong's status as an international financial center.
Data map. Photo by Zheng Yingying
Improve Shanghai's financial freedom
"Shanghai has become the best testing ground for innovative financial operation rules and standards." Yi Gang said that Shanghai's construction of an international financial center can go further in terms of free use of RMB and capital account convertibility. Money laundering, anti-terrorist financing, and anti-tax evasion regulatory requirements, as well as the funds required for normal trade and investment, are free to enter and exit.
"Next, the People's Bank of China and the State Administration of Foreign Exchange will study and launch new opening measures, such as expanding the scale of QDLP (qualified domestic limited partner system) and QFLP (qualified overseas limited partner system), and exploring the cross-border investment and financing of private equity investment funds. The management model continues to support Shanghai in attracting more world-class institutions to settle in." Pan Gongsheng, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said.
According to Pan Gongsheng, the People’s Bank of China and the State Administration of Foreign Exchange, together with relevant departments, support Shanghai’s financial laws and regulatory systems, such as the nominal holding of securities and multi-level custody systems, settlement and settlement methods, information disclosure, accounting standards, investor protection, Investigate and deal with financial violations, and try more first. (Finish)