Zhongxin Finance, March 31. According to the news on the central bank's website on the evening of the 30th, the regular meeting of the Monetary Policy Committee of the People's Bank of China in the first quarter of 2022 (the 96th in total) was recently held in Beijing.
The meeting pointed out that it is necessary to intensify the implementation of prudent monetary policy.
The meeting pointed out that the current overseas epidemic continues, geopolitical conflicts escalate, the external environment becomes more complex, severe and uncertain, the frequency of domestic epidemics has increased, and economic development is facing triple pressures of shrinking demand, supply shocks, and weakening expectations.
It is necessary to maintain stability and seek progress while maintaining stability, strengthen cross-cyclical and counter-cyclical adjustment, increase the implementation of prudent monetary policy, enhance forward-looking, precision, and autonomy, and give full play to the dual functions of monetary policy tools in terms of volume and structure. Actively respond, boost confidence, provide stronger support for the real economy, and stabilize the macroeconomic market.
We will further unblock the monetary policy transmission mechanism, maintain reasonably sufficient liquidity, enhance the stability of the growth of total credit, keep the growth rate of money supply and social financing scale basically in line with the nominal economic growth rate, and keep the macro leverage ratio basically stable.
Structural monetary policy tools should be actively "added", make precise efforts, make good use of inclusive small and micro loan support tools, increase re-lending to support agriculture and small businesses, implement carbon emission reduction support tools and support the clean and efficient use of coal. Loans, comprehensively implement policies to support coordinated regional development, and guide financial institutions to increase support for small and micro enterprises, technological innovation, and green development.
Deepen the structural reform of the financial supply side, guide the service focus of large banks to sink, promote small and medium-sized banks to focus on their main responsibilities and main businesses, support banks to replenish capital, jointly maintain the stable development of the financial market, and improve the highly adaptable, competitive, and inclusive modern financial system.
Improve the market-oriented interest rate formation and transmission mechanism, optimize the central bank's policy interest rate system, strengthen the supervision of deposit interest rates, focus on stabilizing the cost of bank liabilities, give full play to the efficiency of the reform of interest rates quoted in the loan market, and promote the reduction of comprehensive financing costs for enterprises.
Deepen the market-oriented reform of the exchange rate, enhance the flexibility of the RMB exchange rate, guide enterprises and financial institutions to adhere to the concept of "risk neutrality", strengthen the management of expectations, maintain a balance between internal and external equilibrium, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Build a financial system and mechanism to effectively support the real economy, improve the financial support innovation system, guide financial institutions to increase medium and long-term loans for the manufacturing industry, and strive to make the financial support for private enterprises commensurate with the contribution of private enterprises to economic and social development, so as to promote the realization of The goal of carbon peaking and carbon neutrality is to improve the green financial system.
Safeguard the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development and virtuous circle of the real estate market.
Promote high-level two-way financial opening, and improve economic and financial management capabilities and risk prevention and control capabilities under open conditions.
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