What are the latest voices of Guo Shuqing, Yi Gang, Yi Huiman, and Pan Gongsheng?

　　Chinanews.com, November 21st (China-Singapore Finance and Economics Gong Hongyu Ge Cheng) "Pay close attention to the difficulties and challenges facing the real estate industry", "encourage financial institutions to develop commercial pension financial products that match the name and reality and operate safely", "bank financial management The overall risk of product net value fluctuations is controllable"...

　　On November 21, Guo Shuqing, Yi Gang, Yi Huiman, Pan Gongsheng, etc. made a major speech at the 2022 Financial Street Forum Annual Conference on hot topics such as real estate, foreign exchange, personal pensions, and residents' financial management.

Data map: Sales staff introduce real estate to customers.

Keeping an eye on the

　　Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, said at the meeting that in the recent period, overseas media have continued to hype China's "real estate crisis" and "decline of the construction industry". In fact, my country is still at the peak of urbanization and the start of rural revitalization At this stage, the investment in fixed assets of the whole society has great potential for growth.

　　"The real estate industry is related to many upstream and downstream industries, and its virtuous circle is of great significance to the healthy development of the economy." Yi Gang, governor of the People's Bank of China, pointed out at the forum.

　　Yi Gang said that the current real estate market has undergone some adjustments. We have cooperated with relevant departments and local governments to make good use of the policy toolbox of "one city, one policy" and reduce the interest rate and down payment ratio of personal housing loans to support rigid and improved housing demand.

Recently, the "second arrow" to support private enterprises issuing bonds has been expanded to provide risk sharing for private enterprises issuing bonds, and private real estate companies are also within the scope of support.

　　Yi Huiman, chairman of the China Securities Regulatory Commission, said that at present, we must pay close attention to the difficulties and challenges facing the real estate industry, support the implementation of plans to improve the balance sheets of high-quality real estate companies, continue to support the reasonable bond financing needs of real estate companies, and support real estate companies to carry out mergers and acquisitions and supporting facilities Financing, supporting enterprises with a certain proportion of real estate-related businesses to carry out equity financing.

　　"We will adhere to the central government's guidelines and policies on the development of the real estate market, adhere to the principles of marketization and rule of law, combine the near and far, and treat both symptoms and root causes, so as to promote the healthy and sustainable development of China's real estate market." Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange Pan Gongsheng said so.

China's foreign exchange market continues to grow in resilience

　　Since the beginning of this year, "high inflation" and "tight currency" have caused violent shocks in the international financial market.

The U.S. dollar has strengthened rapidly. Since the beginning of the year, the U.S. dollar index has appreciated by nearly 20% to more than 114, hitting a 20-year high.

　　Pan Gongsheng pointed out that China's foreign exchange market has shown new characteristics and its resilience has been continuously enhanced.

Compared with the previous two periods of U.S. dollar appreciation, the RMB exchange rate has become less sensitive to fluctuations in the U.S. dollar index since 2021.

From a global perspective, compared with major developed and emerging market currencies, the depreciation of the RMB is at an average level.

Although there were fluctuations in cross-border capital flows, they were generally stable and orderly.

　　"The renminbi has depreciated against the U.S. dollar this year, but the depreciation rate is smaller than other major currencies, maintaining the basic stability of the renminbi's currency value and purchasing power." Yi Gang also mentioned.

　　In Pan Gongsheng's view, looking forward,

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On the one hand, market institutions predict that the momentum of dollar appreciation will weaken, and the strong appreciation cycle may be coming to an end.

On the other hand, the long-term sound fundamentals of China's economy will not change.

Further optimize the "Twenty Measures" for epidemic prevention and control to improve the scientificity and precision of prevention and control, and coordinate epidemic prevention and control with economic and social development more efficiently; the implementation of a number of policies and measures to stabilize economic growth in the early stage will also further release China's economic growth kinetic energy.

　　In terms of cross-border capital flows, Yi Huiman said that in opening up to the outside world, we will coordinate opening up and security, strengthen risk monitoring and monitoring of cross-border capital, and strive to be "clearly visible and manageable."

Data map.

Photo by Liu Yanghe, China News Service

Monetary policy is relatively strong in supporting the macro economy

　　Pan Gongsheng said that from the perspective of the long-term historical cycle, the global macro environment may change from "great moderation" to "high volatility".

　　Pan Gongsheng said that from the 1980s to 2019, the global macro environment was characterized by low inflation and low volatility, which can be regarded as the "Great Moderation Era".

But this trend has turned in 2021.

After the epidemic, the large-scale stimulus policies of major developed countries have boosted demand, but supply chain disturbances, tight labor markets, and international geopolitical conflicts have restricted supply recovery, and inflation in major developed countries has been far higher than the policy target.

The volatility of economic data in major developed countries has risen sharply, and the global macro environment may enter an "era of high volatility".

　　Focusing on China, Guo Shuqing pointed out that the inflation rate in the United States and Europe has hit the highest in 40 years, and the monetary policy has suddenly shifted from extreme easing to radical interest rate hikes. The combination of repeated new crown epidemics, geopolitical conflicts and other problems has greatly increased the difficulty and difficulty of world economic recovery. Uncertainty.

China has unique institutional advantages. It has the most complete industrial system and the broadest unified market in the world. Its economy has strong resilience, great potential, and large room for maneuver. Its long-term fundamentals are the most solid.

　　Yi Gang said that my country's monetary policy has relatively strong support for the macro economy.

From the perspective of the effect of economic operation, it is more appropriate to grasp the strength of my country's macroeconomic policies.

It has not only strongly supported the stability of the overall macroeconomic situation, but also maintained the basic stability of the price situation in the context of global high inflation, and also took into account the internal and external balance.

In addition, while increasing support for the real economy, the balance sheet of the People's Bank of China has remained relatively stable in recent years.

The overall risk of fluctuations in the net value of bank wealth management products is controllable

　　Guo Shuqing said that recently, as the market is optimistic about the prospects for economic recovery, bond yields have risen, which has caused fluctuations in the net value of some banks' wealth management products. This is a manifestation of the market's own adjustment, and the overall risk is completely controllable.

　　Guo Shuqing said that the financial products that individual investors can choose are becoming more and more diverse, and the risks they face are becoming more and more complex.

Under the conditions of a market economy, high returns are bound to be accompanied by high risks, and the

Banking and insurance institutions should provide services to public welfare organizations at more favorable prices

　　"Public welfare and charity are the sunniest and most noble undertakings in the world. They must not be operated in the dark, let alone any behaviors that seek personal gain in violation of regulations. The principles of fairness, justice, and openness must be strictly implemented to realize the transparent operation of the entire charity management process and ensure that all Donated assets are used for public welfare in a standardized and efficient manner.” Guo Shuqing said.

　　"The development of public welfare and charity is of great significance to enhancing the investment and financing capabilities of the social field and promoting common prosperity." Guo Shuqing said that the financial system should strive to make new and greater contributions to public welfare and charity.

It is suggested that banking and insurance institutions should provide financial services such as financing, settlement, and risk protection for public welfare organizations and charitable activities at more favorable prices.

Encourage financial institutions to develop commercial pension financial products that match the name and reality

　　"Specific pension savings products have been piloted in five cities. Not long ago, the "Personal Pension Implementation Measures" was officially released, and relevant supporting policies were introduced one after another. Personal pensions have entered the stage of substantive implementation." Guo Shuqing said that the third pillar of standardized development For endowment insurance, the most important thing is to encourage financial institutions to develop commercial endowment financial products that match the name and reality and operate safely.

By optimizing the allocation of large categories of assets, the establishment of income smoothing funds and risk reserve funds provides matching pension financial products for groups with different risk preferences and tolerance.

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