Actively respond to the effectiveness of monetary policy
Under the premise of preventing and controlling risks, financial institutions should increase credit issuance, improve the efficiency of financial services, and support market players to overcome difficulties and rejuvenate.
At the same time, relevant departments should introduce targeted policies and measures to provide more "real money" to maintain the stability of the capital market.
On March 16, the Financial Stability and Development Committee of the State Council held a special meeting to study the current economic situation and capital market issues.
The meeting sent a strong signal to maintain the long-term healthy development of the economy and maintain the stable development of the capital market.
Subsequently, relevant departments held meetings one after another to implement the deployment.
In the next step, we should continue to take effective measures to maintain policy strength and promote the stability of the financial market and macro economy.
At present, the international situation is complex and changeable, and there are still many unstable and uncertain factors.
International geopolitical conflicts intensified, financial markets fluctuated, and commodity prices rose.
In the past period of time, the domestic capital market has shown a unilateral decline, which has attracted people's attention.
Under such circumstances, the Financial Committee of the State Council convened a meeting in a timely manner to respond to the hotspots and key issues of concern to the market, such as monetary policy, real estate, China concept stocks, platform economy, etc. The clear signal will help boost market confidence, stabilize market expectations, maintain overall economic and financial stability, and create a more suitable monetary and financial environment for high-quality economic development.
The meeting of the Financial Committee of the State Council demanded that the economy in the first quarter should be effectively stimulated, monetary policy should be proactively responded, and new loans should maintain moderate growth.
In the early morning of March 17, the United States announced a 25 basis point hike in interest rates.
In the next step, my country's monetary policy should continue to adhere to the principle of "self-centeredness", be more proactive and enterprising, and use various monetary policy tools such as RRR cuts and interest rate cuts in a timely manner, and make precise efforts at the front.
At the same time, it is necessary to use more structural monetary policy tools to increase support for key areas and weak links such as technological innovation, small and micro enterprises, green development, and rural revitalization.
Of course, it is necessary to further unblock the monetary policy transmission mechanism and increase the positive incentives for financial institutions, so that liquidity can be injected into the real economy more efficiently and accurately.
Under the premise of preventing and controlling risks, financial institutions should increase credit issuance, improve the efficiency of financial services, and support market players to overcome difficulties and rejuvenate.
In particular, key support should be given to industries, small and micro enterprises, and individual industrial and commercial households that have been greatly affected by the epidemic.
In February, the medium- and long-term loans of Chinese households decreased year-on-year, reflecting that the real estate market is still relatively sluggish, and residents' willingness to purchase houses is not high.
For a period of time in the future, real estate financial policies should be further adjusted and optimized to meet the normal financing needs of real estate companies and the reasonable housing consumption needs of housing consumers.
We will implement differentiated housing credit policies, adhere to “policies tailored to each city” and “one policy for each city”, and reasonably manage credit issuance to better meet the needs of self-occupied and improved housing purchases.
Further explore new development models of real estate, adhere to both rental and purchase, promote the construction of affordable housing, and accelerate the development of the long-term rental market.
Financial institutions should take this opportunity to speed up innovation of products and services, optimize the structure of real estate finance business, and increase support and services for the housing rental market.
my country's capital market is closely related to the development of the real economy, closely related to the vital interests of hundreds of millions of ordinary investors, and is related to financial and social stability.
The Finance Committee of the State Council has made clear requirements to maintain the stability of the capital market, which is very targeted.
Maintaining the stable development of the capital market is not only the responsibility of the financial management department, but also a systematic project.
Therefore, the State Council Financial Committee meeting emphasized that policies that have a significant impact on the capital market should be coordinated with the financial management department in advance. Only in this way can we prevent the "combination fallacy" caused by "individual rationality" and maintain policy stability and consistency.
In the next step, relevant departments should introduce more targeted policies and measures, and provide more "real money" to maintain the stability of the capital market and support the healthy development of the capital market.
At the same time, it is necessary to introduce more long-term funds and institutional investors, optimize the investor structure, and continue to enhance the stability of the capital market.
In addition, further strengthen investor education, comprehensively and correctly view capital market fluctuations, enhance risk prevention awareness and ability, and stabilize market expectations and confidence.
(The author is the chief researcher of China Merchants Union Finance)
Dong Ximiao