The People's Bank of China: Monetary policy in the second half of the year should be more flexible, moderate, and precise
China News Service, Beijing, August 3 (Reporter Wei Xi) The People's Bank of China held a video conference on the second half of 2020 on the 3rd. The meeting required that in the second half of the year, we must adhere to a moderate and reasonable growth in total volume, focus on stabilizing enterprises to ensure employment, prevent and resolve major financial risks, accelerate the deepening of financial reform and opening up, and promote the healthy development of the economy and finance.
First, the monetary policy should be more flexible, appropriate, and precise, and the policies that have been introduced to stabilize enterprises to ensure employment are effectively implemented. Comprehensive use of multiple monetary policy tools to guide the growth of broad money supply and social financing is significantly higher than last year, and at the same time pay attention to grasp the rhythm, optimize the structure, and promote the substantial growth of inclusive small and micro enterprise loans and long-term manufacturing loans. Focus on the implementation of the 1 trillion yuan re-loan and rediscount policy and two direct tools, which should be extended as much as possible to include as many small and micro enterprises as possible affected by the epidemic into the scope of support.
The second is to maintain the bottom line and continue to fight for the three-year battle to prevent and resolve major financial risks. Among them, it is proposed to accelerate the completion of shortcomings in the financial risk handling system and improve the emergency response mechanism for major financial risks.
The third is to unswervingly promote the steady and orderly opening of the financial industry. Continue to implement the announced financial opening measures. Promote the full implementation of the pre-access national treatment plus negative list system. Actively and steadily promote the internationalization of the renminbi and the convertibility of capital accounts, and unify the foreign exchange management policies for the opening of the bond market.
Fourth, continue to deepen the reform of the financial sector's system and mechanism. Among them, it is emphasized that supporting local governments with the goal of resolving regional financial risks, doing what they can, and deepening the market-oriented reform of rural financial institutions.
Fifth, make overall plans for financial poverty alleviation in the final stage. Carefully organize and draft the "14th Five-Year" financial reform and development plan. Actively and steadily promote the research and development of legal digital currency. (Finish)