[Report from the press conference of the State Council Information Office]

The word "stable" will support the continued economic recovery

——The relevant person in charge of the People's Bank of China explained the trend of monetary policy in detail

　　Guangming Daily reporter Wen Yuan

　　Facing the complicated situation at home and abroad in 2020, the People's Bank of China has flexibly grasped the intensity, rhythm and focus of monetary policy control, and created a stable and suitable monetary and financial environment for epidemic prevention and control and the "six stability" and "six guarantees".

At the press conference of the Information Office of the State Council held on January 15, Chen Yulu, deputy governor of the People's Bank of China, gave detailed explanations on the financial statistics for 2020.

　　Financial statistics are the "transcripts" of the financial system.

Chen Yulu said that my country's main financial indicators will operate in line with expectations in 2020, and the financial system will operate smoothly.

Mainly manifested in:

　　First, the growth of money and credit basically achieved the annual target.

At the end of 2020, broad money supply (M2) increased by 10.1% year-on-year, 1.4 percentage points higher than the end of the previous year; RMB loans accumulatively increased by 19.6 trillion yuan, an increase of 2.8 trillion yuan from the previous year; the stock of social financing increased by 13.3 year-on-year %, 2.6 percentage points higher than the end of the previous year.

Looking at the whole year, the People's Bank of China has provided 1.75 trillion yuan of long-term liquidity for the real economy by reducing the deposit reserve ratio three times.

The People's Bank of China has introduced a total of more than 9 trillion yuan of monetary policy support measures, ensuring the policy goal of "a moderate amount of money and reasonable and sufficient liquidity".

　　The second is the optimization of the credit structure. Manufacturing enterprises and small, medium and micro enterprises continue to make loans, and finance has increased its precise support for key areas of the real economy.

In 2020, the balance of medium and long-term loans to the manufacturing industry will grow by 35.2%, 20.3 percentage points higher than the previous year, and the growth rate has increased for 14 consecutive months.

Inclusive small and micro loans increased by 30.3%, 7.2 percentage points higher than the previous year.

At the same time, the effects of real estate control policies have been gradually released, and the growth rate of real estate loan balances has fallen for 29 consecutive months.

　　The third is to continue to deepen the structural reform of the financial supply side, and the financing cost of the real economy has dropped significantly.

At the end of 2020, the weighted average interest rate of corporate loans nationwide was 4.61%, a decrease of 0.51 percentage points from the end of the previous year, which was the lowest level since statistics in 2015.

At the same time, the financial system did everything possible to reduce corporate financing costs and successfully achieved the goal of giving 1.5 trillion yuan in profits to the real economy.

　　Fourth, financial support for the "three tough battles" has achieved remarkable results.

In 2020, important phased results have been achieved in the battle to prevent and resolve financial risks.

All P2P platforms have been "cleared", various high-risk financial institutions have been dealt with in an orderly manner, the scale of shadow banking has been reduced, the risks of asset management products have significantly converged, and the nesting of inter-bank relationships has continued to decrease.

At the same time, the People's Bank of China resolutely supports the fight against targeted poverty alleviation. In the past five years, targeted poverty alleviation loans for the poor and industries have exceeded 6.5 trillion yuan, benefiting more than 90 million people in poverty and helping poor counties to get rid of their hats.

　　In 2020, facing the severe impact of the epidemic, the People's Bank of China continued to implement a prudent monetary policy and did not adopt unconventional monetary policy measures such as quantitative easing.

Chen Yulu said that in 2021, a prudent monetary policy will be more flexible, precise, reasonable and appropriate, and continue to maintain the necessary support for economic recovery.

The People’s Bank of China will adhere to the word “stable” and not make a sharp turn. According to the stage characteristics of epidemic prevention and control and economic and social development, the People’s Bank of China will flexibly grasp the intensity, rhythm and focus of monetary policy, and maintain the same growth rate of money supply and social financing scale. The economic growth rate is basically matched, with moderate currency growth to support sustained economic recovery and high-quality development.

　　At the end of 2020, the People’s Bank of China’s exchange rate against the US dollar appreciated by 6.9% from the end of the previous year.

Sun Guofeng, Director of the Monetary Policy Department of the People's Bank of China, said that on the whole, the RMB exchange rate remained basically stable at a reasonable and equilibrium level last year, which is consistent with my country's foreign trade and economic fundamentals.

In the future, the RMB exchange rate will rise and fall, and two-way floating will become the norm, and it will remain basically stable at a reasonable and balanced level.

He pointed out that China is the only major economy in the world to achieve positive economic growth in 2020, and it is also one of the few major economies that implement normal monetary policies. It has driven the recovery of the global economy and is also conducive to the normalization of other major economies in the future. Process.

　　In 2020, the People's Bank of China will firmly support the financing and stable development of small and micro enterprises. In the whole year, the banking industry has accumulatively extended the deferred repayment of 7.3 trillion yuan in loans and issued a total of 3.9 trillion inclusive small and micro credit loans, an increase of 1.6 trillion yuan over the same period last year. yuan.

“Last year, the financing of small and micro enterprises achieved significant effects of'increased volume, reduced prices, and expanded coverage.' In the future, the People’s Bank of China will continue to make good use of structural monetary policy tools and precise drip irrigation credit policies to increase financial support for the development of small and micro businesses. Support." Chen Yulu said.

　　"Guangming Daily" (version 03 on January 16, 2021)