Since the beginning of this year, the prudent monetary policy has been flexible and appropriate, and the quality and efficiency of financial services for the real economy have been continuously improved.
At present, the complexity, severity and uncertainty of my country's economic development environment are on the rise, and stabilizing growth, employment, and prices are facing new challenges.
How effective is the implementation of prudent monetary policy?
To achieve the expected goal of economic and social development throughout the year, how should monetary policy be better?
Chen Yulu, deputy governor of the People's Bank of China, said in an interview with a reporter from the People's Daily that the People's Bank of China has deployed ahead of schedule, exerted its efforts ahead, and stepped up the implementation of a prudent monetary policy, which has strongly supported the stabilization of the macroeconomic market.
The first is to cut the reserve ratio in a forward-looking manner, maintain a reasonable and sufficient liquidity in terms of total volume, maintain sufficient support for the real economy, increase the long-term stable funding sources of financial institutions, and increase liquidity.
The second is to continue to guide the interest rate in the loan market to decline and improve the transmission efficiency of monetary policy.
The third is to actively make good use of the structural monetary policy, focusing on supporting the manufacturing industry, the service industry affected by the epidemic, and small and micro enterprises to reduce the burden and provide relief.
A few days ago, the People's Bank of China has converted two monetary policy tools that directly reach the real economy into market-oriented policy tools to support small and micro enterprises.
Recently, the People's Bank of China has launched three major special re-loans, including a 200 billion yuan re-loan for technological innovation, a 40 billion yuan special re-loan for inclusive pensions, an increase of 100 billion yuan in re-loan quotas to support the development and use of coal and the enhancement of energy storage, and an increase of 100 billion yuan. Greater support for key areas and weak links.
Fourth, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
In particular, it should be pointed out that this year the People's Bank of China has handed over over 1 trillion yuan of surplus profits in accordance with the law, which has directly enhanced the financial resources available to the government and effectively guaranteed the intensity of fiscal expenditures.
The profits turned over by the central bank will sink to the grassroots level and go directly to market players after fiscal expenditures.
Chen Yulu introduced that in the next stage, the People's Bank of China will, in accordance with the requirements of preventing the epidemic, stabilizing the economy, and ensuring safety in development, put stable growth in a more prominent position, better play the role of monetary policy, and increase its support for entities. Economic support, stabilizing market expectations, stabilizing market players, stabilizing prices, stabilizing employment, striving to achieve the annual economic and social development goals, and keeping the economy operating within a reasonable range.
The first is to launch 100 billion yuan of re-loans as soon as possible to support corporate financing such as logistics and warehousing, strengthen assistance to freight operators, and provide stronger financial support for coordinating epidemic prevention and control and economic and social development.
The second is to increase support for banks, especially small and medium-sized banks, to issue perpetual bonds, support the improvement of bank capital levels, and enhance bank credit issuance capabilities.
The third is to promote financial institutions to continue to reduce fees, benefit enterprises and the people, give better play to the role of government financing guarantees, and use market-based and law-based methods to promote financial institutions to reasonably transfer profits to the real economy.