Zhongxin Finance, April 22. According to the website of the People's Bank of China, on the evening of April 21, 2022, the 45th International Monetary and Financial Committee (IMFC) meeting was mainly held offline and supplemented by online. Topics such as the global policy agenda and current global economic challenges were discussed.
Yi Gang, Governor of the People's Bank of China, and Chen Yulu, Deputy Governor of the People's Bank of China, attended the meeting.
The meeting believes that the global economy continues to recover, but it has slowed down due to the impact of the epidemic.
The Russian-Ukrainian conflict and its fallout will exacerbate current challenges, including rising energy and food prices, exacerbating inflationary pressures, further disruption of supply chains, and increased volatility in financial markets and capital flows.
Debt, food security, social injustice, etc. may exacerbate social pressures, and issues such as climate change are becoming more pressing.
The meeting emphasized reducing the impact of rising energy and food prices, ensuring equitable availability of vaccines and treatments, accelerating the reduction of greenhouse gas emissions, and promoting digital transformation, so as to jointly achieve a more resilient, sustainable and inclusive global economy.
The meeting welcomed the establishment of the IMF's Resilience and Sustainability Trust (RST), which lays the groundwork for Special Drawing Rights (SDR) on-lending.
The meeting supported the IMF to strengthen cooperation with other international organizations and conduct further research on issues such as climate change, digitalization and the international monetary system.
All parties pledged to complete the 16th General Quota Review and IMF governance reform on time.
President Yi Gang introduced China's economic situation and monetary policy, saying that
the primary goal of China's monetary policy is to stabilize prices and employment
.
Stabilizing prices is inseparable from the support of monetary policy and the stability of the real economy.
In terms of monetary policy, the People's Bank of China has
always maintained that the growth rate of money supply and social financing scale basically matches the nominal economic growth rate
, and the market interest rate remains within a reasonable range.
In the real economy, grain production and energy supply are very important to price stability this year, and China has basically achieved self-sufficiency in grain production.
Financial services attach great importance to agricultural production and the production and import of important energy sources such as coal, oil and natural gas.
As long as food production and energy supply are ensured, prices will stabilize within a reasonable range.
President Yi Gang said that micro, small and medium-sized enterprises are the main body of "stabilizing employment" and undertake 80% of the employment of the entire society.
The People's Bank of China has introduced a number of measures to stabilize enterprises and ensure employment.
In order to increase support for small, medium and micro enterprises and "agriculture, rural areas and farmers", the People's Bank of China recently cut the RRR by 0.25 percentage points across the board, and an additional 0.25 percentage points for some city commercial banks and rural commercial banks.
The People's Bank of China will continue to increase its support for inclusive finance for micro, small and medium-sized enterprises, and effectively help them maintain employment stability.
In response to the debt issue of low-income countries that is widely concerned by the international community, Yi Gang said that
China is willing to work with all parties to implement the common framework for G20 debt disposal on a case-by-case basis
, and will participate in the Zambia Creditors Committee to actively coordinate with all parties on debt restructuring issues. .
Creditors should strengthen the coordination of debt issues based on the principle of "joint action and fair burden".
The private sector should participate in debt restructuring on a comparable basis, and multilateral development agencies should also play a role in debt resolution.
Solving the debt problem requires comprehensive consideration of debt disposal and new financing to meet the future development needs of low-income countries.
China will support the IMF's Poverty Reduction and Growth Trust (PRGT) and RST by on-lending part of the newly allocated SDR, which will focus on low-income countries, especially African countries
.
The International Monetary Fund is an international financial institution based on quotas, and China expects the 16th General Review of Quotas of the International Monetary Fund to be completed as scheduled.
Adhering to multilateralism is particularly important at present, and China has always been a supporter and practitioner of multilateralism.
China's financial industry will continue to open up with high quality and maintain close cooperation with all parties.
(Finish)