Prudent monetary policy is flexible, precise and effective

　　As an important tool for macro-control, since the beginning of this year, the prudent monetary policy has been flexible, precise, reasonable and appropriate, the scale of monetary credit and social financing has increased reasonably, and the overall financing cost has been steadily decreasing.

　　Strengthening of support entities

　　At the end of November, broad money (M2) increased by 8.5% year-on-year. In November, RMB loans increased by 1.27 trillion yuan, and social financing increased by 2.61 trillion yuan, 478.6 billion yuan more than the same period last year.

"The current financial operation is generally stable, and the total financial volume is growing steadily. The growth rate of the money supply and the scale of social financing basically matches the growth rate of the nominal economy." said Ruan Jianhong, Director of the Survey and Statistics Department of the People's Bank of China.

　　Since the beginning of this year, financial support for the real economy has shown the characteristics of volume increase and price decrease.

In September, the weighted average loan interest rate was 5%.

Among them, the weighted average interest rate of general loans was 5.30%, a year-on-year decrease of 0.01%.

The weighted average interest rate of corporate loans was 4.59%, a year-on-year decrease of 0.04 percentage points.

　　Recently, the 1-year LPR was reduced by 5 basis points.

Political commissar Lu, chief economist of Industrial Bank, said that the reduction of LPR can directly lead to the reduction of new loan interest rates. The interest rates of stock loans that need to be repriced next year will also decline simultaneously, which can provide a favorable environment for the financial system to transfer profits to the real economy.

　　Financial institutions have further increased their fee reduction and profitability. During the year, they introduced 12 measures to reduce the handling fees paid by small and micro enterprises and individual industrial and commercial households. Together with measures such as reducing the handling fees for cross-bank cash withdrawals from ATMs, they are expected to become market players and society every year. The public reduced handling fee expenditure by 24 billion yuan.

　　Direct access to small and micro businesses is more accurate

　　Since the beginning of this year, the central bank has continued to increase its support for weak links in the real economy such as small and micro enterprises and manufacturing.

　　In order to guide the precise drip irrigation of funds, small and micro enterprises, private enterprises, "agriculture, rural areas and farmers", poverty alleviation and other key areas and weak links of the national economy, two monetary policy tools that directly reach the real economy have played a good supporting effect.

Since the introduction of the policy in June 2020 to the end of September 2021, banking financial institutions have extended a total of 13.5 trillion yuan in loan principal and interest, and issued a total of 8.6 trillion yuan in inclusive small and micro credit loans.

　　"The flexibility, moderateness and structural characteristics of a prudent monetary policy are more prominent." Tang Jianwei, chief researcher at the Financial Research Center of the Bank of Communications, said that on the one hand, the prudent monetary policy orientation has not changed, while emphasizing "flexibility and moderation". The central bank has recently lowered its RRR. Measures such as refinancing interest rates for supporting agriculture and supporting small businesses are a manifestation of flexibility and moderation; on the other hand, the structural characteristics of monetary policy have not changed, and there is still emphasis on increasing support for small and micro enterprises, technological innovation, and green development.

　　The recent executive meeting of the State Council made it clear that the inclusive small and micro enterprise loan deferred principal and interest support tool will be converted into the inclusive small and micro loan support tool, and the inclusive small and micro credit loan will be included in the management of the re-lending support plan for supporting agriculture and small businesses, etc. .

　　Dong Ximiao, chief researcher of China Merchants Union Finance, said that the inclusive small and micro loan support tools mainly highlight the support for incremental loans. The inclusion of inclusive small and micro credit loans into the management of the agricultural support and small re-lending support plan is mainly to reduce the funding cost of credit loans. , The two methods "equal price and volume", in line with the actual needs of small and micro enterprises, guide banks to continue to increase loans to small and micro enterprises and increase the proportion of credit loans, to help small and micro enterprises get out of the predicament.

　　Continue to maintain a "stable" tone

　　The Central Economic Work Conference emphasized that macroeconomic policies must be sound and effective.

A prudent monetary policy must be flexible and appropriate to maintain reasonable and sufficient liquidity.

　　On December 16, the Governor of the People's Bank of China Yi Gang stated that he would stick to the principle of stability, seek progress while maintaining stability, and implement a prudent monetary policy.

It is necessary to intensify cross-cycle adjustments, make overall considerations for the convergence of this year and the next, maintain reasonable and sufficient liquidity, maintain the growth rate of money supply and social financing scale to basically match the nominal economic growth rate, enhance the stability of total credit growth, and steadily optimize The credit structure will maintain a steady and downward trend in the overall financing costs of enterprises, and enhance the ability to serve the real economy.

　　Regarding the future direction of monetary policy, Wen Bin, chief researcher of China Minsheng Bank, believes that the overall inflation level is expected to be controllable, and the constraints on monetary policy are limited, but there will be more factors that need to be coordinated and balanced during the implementation of the policy.

As the downward pressure on the economy increases, the importance and urgency of steady growth have increased.

Monetary policy will maintain a "stable" tone. However, considering that my country's economy is facing new downward pressure and the Fed's monetary policy is shifting, there will be more unstable and uncertain factors, and monetary policy will be more forward-looking and autonomous.

　　Zhou Maohua, a macro researcher at the Financial Markets Department of Everbright Bank, said that from the perspective of domestic economic performance this year, the recovery of domestic demand has been slow, imbalances still exist, and the path for overseas epidemic prevention and economic recovery is still not clear enough.

Under such circumstances, domestic policies need to appropriately increase domestic demand support to ensure that the economy is operating within a reasonable range.

Monetary policy will continue to be prudent, but more emphasis will be placed on flexibility, moderation and structural optimization, and pre-adjustment and fine-tuning will be made in accordance with changes in the macroeconomic environment.

　　Chen Guojing