China-Singapore Jingwei Client, January 29 (Wang Yongle) With the holding of the 2021 work meeting of the China Securities Regulatory Commission, all the work arrangements for the "one bank and two meetings" for 2021 have been announced.
Judging by the meeting time, on January 4, the 2021 People's Bank of China Work Conference took the lead.
On January 26, the 2021 China Banking and Insurance Regulatory Commission's working meeting was held.
On January 28, the 2021 China Securities Regulatory Commission System Work Conference was held.
What are the important work arrangements of the People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission in the first year of the "14th Five-Year Plan" and what financial signals have they released?
Central Bank: Prudent monetary policy is flexible, precise, reasonable and appropriate
New latitude and longitude in the data map
Regarding work in 2021, the central bank meeting requires that we adhere to the general keynote of seeking progress while maintaining stability, base ourselves on the new development stage, implement new development concepts, promote high-quality development as the theme, deepen supply-side structural reforms as the main line, and reform and innovation as the main line. The fundamental motivation is to meet the people’s ever-increasing needs for a better life as the fundamental goal, keep the word at the head, grasp the key points, keep the bottom line, dare to take responsibility, earnestly fulfill the responsibilities of the Office of the Financial Committee of the State Council, build a modern central bank system, and continue to do a good job in the “six stability” The "six guarantees" work provides powerful and effective financial support for accelerating the construction of a new development pattern.
In terms of monetary policy, the central bank requires that a prudent monetary policy be flexible, precise, reasonable and appropriate.
It is necessary to improve the money supply control mechanism and keep the growth rate of broad money and social financing basically matching the growth rate of the nominal economy.
Improve market-based interest rate formation and transmission mechanisms, deepen the reform of loan market quote interest rates, and drive the marketization of deposit interest rates.
Deepen the market-oriented reform of the RMB exchange rate, strengthen macro-prudential management, guide market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The central bank emphasized that it will continue to give full play to the role of structural monetary policy tools and the precise drip irrigation of credit policies, and build financial institutions to effectively support small and micro enterprises and other real economies.
Continue to implement inclusive small and micro enterprise loan deferred principal and interest payment and inclusive small and micro enterprise credit loan, two monetary policy tools that directly reach the real economy.
Continue to use the inclusive re-lending and rediscount policy to guide financial institutions to increase support for key areas and weak links of the national economy, such as "agriculture, rural areas, and farmers", technological innovation, small and micro enterprises, and private enterprises.
Take the lead in exerting financial support for small and micro enterprises' policies.
Effectively link poverty alleviation with financial services for rural revitalization.
In terms of preventing and dissolving financial risks, the central bank stated that it will strengthen risk investigation and deal with risks.
Improve the long-term mechanism for risk prevention and disposal, and consolidate the main responsibilities of financial institutions and shareholders, the territorial responsibilities of local governments, the regulatory responsibilities of financial regulatory authorities and the responsibilities of the lender of last resort.
Improve the establishment of the deposit insurance system and institutional settings.
Strengthen the prudential supervision of financial activities of Internet platform companies.
Resolutely implement the decisions and deployments of the Party Central Committee and the State Council on strengthening anti-monopoly and preventing the disorderly expansion of capital, and coordinating financial development and financial security, and pay close attention to filling the shortcomings of the regulatory system.
Strengthen the supervision of the payment field, personal credit investigation business must be licensed to operate, prohibit excessive marketing of financial products, induce excessive debt, and severely investigate and deal with violations of the lawful rights and interests of financial consumers.
Ensure that financial innovation is developed under the premise of prudential supervision, and the quality and competitiveness of inclusive financial services will rise steadily.
In addition, the central bank also stated that it will strictly prevent and control external financial risks.
Properly deal with the debt problems of low-income countries.
Further expand the high-level opening of the financial industry, and promote the full implementation of the pre-access national treatment plus negative list management system.
Deeply participate in global financial governance and earnestly safeguard multilateralism.
China Banking and Insurance Regulatory Commission: Make every effort to maintain economic and financial security and social and political stability
2021 is the beginning of the new journey of building a modern socialist country in an all-round way and the beginning of the "14th Five-Year Plan".
The work meeting of the China Banking and Insurance Regulatory Commission emphasized the need to maintain economic and financial security and social and political stability.
The China Banking Regulatory Commission pointed out that it is necessary to further enhance the overall efficiency of financial services.
Maintain the necessary support for economic recovery.
Strengthen financial support for small, medium and micro enterprises, and continue to increase initial loans, renewal loans, credit loans, and medium and long-term loans.
Strengthen financial support in the field of people's livelihood.
Promote the development of pension, health, liability, and catastrophe insurance.
Protect the legitimate rights and interests of consumers.
In terms of preventing and dissolving financial risks, the macro leverage ratio must be basically stable.
Strictly implement the real estate loan concentration management system and key real estate enterprise financing management regulations.
Continue to deal with non-performing assets.
Accelerate the disposal of high-risk institutions.
Improve the handling mechanism for major case risks and major risk events.
Increase efforts to crack down on illegal finance and "unlicensed driving".
Actively prevent the impact of external risks.
Regarding the supervision of financial activities on Internet platforms, financial activities shall be fully included in the supervision in accordance with the law, and similar businesses and entities shall be treated equally.
Strengthen the cooperation between bancassurance institutions and Internet platforms in financial
The China Banking Regulatory Commission also stated that it is necessary to vigorously regulate and rectify key businesses.
Continue to rectify shadow banking, and attack new forms and variants of high-risk shadow banking business.
Intensify supervision of institutions that do not adequately dispose of assets in wealth management.
Thoroughly rectify the chaos in the insurance market.
Vigorously rectify financial products that do not match the name and reality.
Work with relevant departments to deepen bond market reforms.
China Securities Regulatory Commission: Introduced supporting systems such as fraudulent issuance of shares and ordering repurchase
The CSRC emphasized that the CSRC system should deepen the reform and opening up of the capital market, steadily increase the proportion of direct financing, and focus on improving the governance capabilities of the capital market.
The China Securities Regulatory Commission holds the 2021 system work conference. Picture source: China Securities Regulatory Commission website
The 2021 work conference of the China Securities Regulatory Commission mentioned six major tasks: one is to organically integrate the party’s leadership advantage with the law of capital market development; the second is to solidly advance the comprehensive deepening of capital market reform and opening up; and the third is to strive to maintain the capital market in a complex environment. Steady development momentum, the fourth is to fully implement the "zero tolerance" law enforcement concept and crackdown actions, the fifth is to resolutely win the protracted battle to prevent and resolve major financial risks, and the sixth is to accelerate the deep integration of technology and business.
Among them, the fourth task requires further crackdown on illegal securities activities in accordance with the law, the establishment of a cross-ministerial coordination work group, intensified crackdowns on fraudulent issuance, financial fraud, market manipulation and other vicious violations of laws and regulations, and responsibilities to relevant institutions and individuals Hold it to the end.
Implement the new Securities Law and the Criminal Law Amendment (11), coordinate the revision of the criminal prosecution standards for securities and futures crime cases, and introduce supporting systems such as ordering repurchase by fraudulent issuance of stocks.
Promote the legislation of the futures law, and accelerate the formulation of administrative reconciliation measures and regulations on the supervision of listed companies.
Strictly strengthen the daily supervision of various market entities such as listed companies and intermediaries in accordance with the law, and optimize the market ecology.
In addition, in maintaining the steady development of the capital market, the China Securities Regulatory Commission requires the implementation of the concept of "non-intervention" and the improvement of the endogenous market stability mechanism.
On the one hand, we will make greater efforts to promote reforms on the investment side, increase the supply of equity fund products and innovation in services, promote the implementation of the personal pension investment public fund policy as soon as possible, and optimize the environment for medium and long-term funds to enter the market.
On the other hand, strengthen the follow-up and judgment of the macro situation, pay close attention to changes in market liquidity, closely monitor the level of capital leverage, dynamically improve response policies, strictly prevent cross-market and cross-border cross-border and import risks, and effectively maintain the stable operation of the market.
In terms of preventing and resolving major financial risks, the China Securities Regulatory Commission mentioned that the risk of bond default should be resolved steadily, the bond market’s basic system and the rule of law should be increased, the market-based mechanism for dealing with bond defaults should be optimized, unified law enforcement should be strengthened, and “debt evasion” and other violations should be strictly investigated and dealt with. Irregularities.
Accelerate the batch disposal of “pseudo private equity” and other related risks, strictly implement the minimum linear requirements for private equity funds, establish a risk prevention and disposal mechanism for inter-ministerial linkage and central-local collaboration, and accelerate the introduction of private equity regulations.
Strengthen the consistency of on- and off-market supervision and consolidate and deepen the effectiveness of stock pledge risk disposal.
In conjunction with relevant departments, various financial activities will be fully incorporated into supervision in accordance with the law to eliminate the supervision vacuum.
(Zhongxin Jingwei APP)
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