CNR Beijing, May 10 (Reporter Niu Meng) According to a report from the Voice of Economy of China Central Radio and Television Station, "Tianxia Finance", the central bank released the "China Monetary Policy Implementation Report for the First Quarter of 2022" on the 9th. The report pointed out that this year Since then, various regions and departments have coordinated epidemic prevention and control and economic and social development, and my country's economic operation has generally achieved a stable start.
In the first quarter, the central bank insisted on maintaining stability and seeking progress while maintaining stability. The prudent monetary policy was flexible and appropriate, and the policy force was appropriately advanced to promote the stability of the macroeconomic market.
So, next, where will monetary policy continue to exert its strength?
The report pointed out that, overall, since this year, monetary policy has taken the initiative to respond, exerting force ahead, enhancing forward-looking, precision, and autonomy, and the quality and efficiency of financial services for the real economy has been continuously improved.
New RMB loans in the first quarter were 8.3 trillion yuan, an increase of 663.6 billion yuan year-on-year. At the end of March, the stock of broad money and social financing increased by 9.7% and 10.6% year-on-year, respectively, up 0.7 and 0.3 percentage points from the end of the previous year.
Financial support for key areas and weak links such as technological innovation, green development, and small and micro enterprises has increased.
The RMB exchange rate floated in both directions and remained basically stable at a reasonable and balanced level.
The chief economist of CITIC Securities clearly stated that in the first quarter, monetary policy has played an important role in stabilizing economic growth.
Mingming said: "From the end of last year to the beginning of this year, the central bank has injected liquidity into the market by cutting RRR and interest rates successively, reducing the financing cost of the real economy. Structural tools are used to increase support for important links in the economy. In addition, considering the impact of the epidemic and the slowdown of the global economy, the central bank has taken the initiative to increase credit growth, and we have seen a relatively obvious recovery in social financing growth. Therefore, in the first quarter, the monetary policy was put forward, and the main goal was to stabilize the economic growth rate. Generally speaking, the effect of monetary policy was relatively obvious."
Recently, the new crown pneumonia epidemic and the Ukraine crisis have led to increased risks and challenges, and the complexity, severity and uncertainty of my country's economic development environment have increased.
At the same time, it should be noted that my country's development has many strategic favorable conditions. The economy has a large size, wide room for maneuver, strong resilience and a super-large market. The fundamentals of long-term improvement have not changed.
The report mentioned that in the next stage, a prudent monetary policy will increase support for the real economy, take the lead in maintaining stability, take the initiative to respond, boost confidence, do a good job of cross-cycle adjustment, insist on not engaging in "flooding", and give full play to the currency. The total amount and structure of policy tools have dual functions, implement various financial policy measures to stabilize enterprises and ensure employment, and focus on supporting small and micro enterprises, difficult industries and vulnerable groups affected by the epidemic.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, analyzed that the coordination of monetary policy volume and structure will help guide financial institutions to increase support for the real economy.
Zhou Maohua said: "The advantages of the total amount and structural tools are obvious. While ensuring the stable growth of the total money supply and the reasonable and sufficient liquidity, it will help guide financial institutions to strengthen the weak links in the real economy, green economy, manufacturing The support of key emerging areas of the industry has improved the transmission efficiency of monetary policy and the quality and efficiency of serving the real economy, which will help stimulate the vitality of micro-subjects, protect market players, stabilize employment, and promote domestic demand.”
It is worth noting that the report mentioned that it is necessary to pay close attention to changes in price trends, support the production and supply of food and energy, and maintain overall price stability.
It is clearly analyzed that monetary policy will cooperate with other policies to jointly help ensure supply and stabilize prices.
"Affected by the geopolitical instability in some regions this year, the pressure of rising international oil prices and other commodity prices is relatively high. Although the current domestic inflation level is relatively stable, we still need to guard against the risk of imported inflation. Therefore, it is still necessary to stabilize inflation, especially the expectation of stabilizing inflation, when monetary policy cooperates with other policies to ensure supply and price stability." Ming Ming said.
The report also requires that we adhere to the bottom line thinking, strengthen the system concept, follow the principle of marketization and rule of law, coordinate the prevention and resolution of major financial risks, and resolutely guard the bottom line of no systemic financial risks.Keywords: