Prudent monetary policy precisely supports entities

　　In 2022, the implementation of a prudent monetary policy will be strengthened to maintain continuity, stability, and sustainability, the efficiency of policy transmission will be improved, and the quality and efficiency of financial support for the real economy will be further improved.

Data show that at the end of November, the balance of broad money was 264.7 trillion yuan, a year-on-year increase of 12.4%.

In the first 11 months, the cumulative increase in social financing scale was 30.49 trillion yuan, 1.51 trillion yuan more than the same period of the previous year; the cumulative increase in RMB loans was 19.91 trillion yuan, an increase of 1.09 trillion yuan year-on-year.

Improve the quality and efficiency of serving the real economy

　　Since the beginning of this year, the monetary policy has focused on stability and progress while maintaining stability. According to the changes in the macro situation, we have made efforts in advance, and comprehensively used various monetary policy tools such as RRR cuts, medium-term lending facilities, refinancing, rediscounting, and open market operations. Liquidity will be invested in such ways as balance profits to maintain reasonable and sufficient liquidity, which will strongly support the stabilization of the macroeconomic market.

　　Credit support to the real economy has been strengthened.

In the first 11 months of this year, the increase in social financing scale was 1.51 trillion yuan more than the same period of the previous year.

During the same period, RMB loans increased by 1.09 trillion yuan year-on-year.

Both the increase in RMB loans and the increase in the scale of social financing have increased significantly, providing a suitable monetary and financial environment for stabilizing the macroeconomic market and maintaining economic operation within a reasonable range.

　　The quality and effectiveness of financial support to the real economy is not only reflected in the total volume, but also the financing cost of the real economy has hit a new low since statistics are available.

Since the beginning of this year, my country has continued to deepen the market-oriented reform of interest rates, and played an important role in the efficiency of loan market quotation rate (LPR) reform and the market-oriented adjustment mechanism of deposit interest rates.

In mid-September, some national banks voluntarily lowered their deposit rates, driving other banks to follow suit. Many of them also adjusted their listed deposit rates for the first time since October 2015.

　　The data shows that in September, LPRs with a period of one year and a period of more than five years were 3.65% and 4.30%, respectively, a decrease of 0.15 and 0.35 percentage points from December last year.

The weighted average interest rate of loans was 4.34%, a year-on-year decrease of 0.66 percentage points.

Among them, the weighted average interest rate of general loans was 4.65%, a year-on-year decrease of 0.65 percentage points.

The weighted average interest rate of corporate loans was 4%, a year-on-year decrease of 0.59 percentage points.

The overall decline in RMB loan interest rates shows that financial support for the real economy has further strengthened.

Vigorously promote the construction of major projects

　　Investment in infrastructure construction is an important means of stabilizing the macroeconomy.

Since the beginning of this year, the monetary policy has made precise efforts to increase support for key areas such as major projects.

　　Financial management departments create special re-loans, increase the amount of development-oriented and policy-oriented financial instruments, relevant departments implement a list system and establish project progress tracking ledgers, and financial institutions increase resource allocation and services for infrastructure and major project construction, effectively promoting The construction of major projects has achieved remarkable results.

　　In order to solve problems such as the difficulty in obtaining capital for major projects, the People's Bank of China supported the China Development Bank and the Agricultural Development Bank of China in setting up financial instruments in June this year, with a total scale of 300 billion yuan to supplement the capital of major projects including new infrastructure. Fund, or as a bridge for the capital of special debt projects.

In August, the executive meeting of the State Council proposed that on the basis of the first batch of 300 billion yuan of financial instruments already allocated to the project, an additional amount of more than 300 billion yuan would be added, and the Export-Import Bank of China would be added as a financial tool to support banks.

　　According to the latest data released by the People's Bank of China, as of the end of October, a total of 740 billion yuan has been invested in two batches of financial instruments, effectively supplementing the capital of a number of major projects in the fields of transportation, energy, water conservancy, municipal administration, and industrial upgrading infrastructure.

　　Judging from the effect of landing, infrastructure investment in the first three quarters of this year increased by 8.6% year-on-year, significantly higher than the 0.4% of last year.

The People's Bank of China stated in the third-quarter monetary policy implementation report that it will cooperate with the supervision of project construction and strengthen factor guarantees, accelerate the arrival of other capital funds, promote financial instruments to accelerate the payment and use of funds, support the follow-up of project supporting financing, and promote more effective investment The implementation will be accelerated during the year to consolidate the economic recovery and upward momentum.

Structural tools exert precise force

　　This year, structural financial instruments such as re-loans for agriculture and small businesses, rediscounts, and mortgage supplementary loans have continued to make efforts, guiding financial institutions to increase support for key areas of the national economy, weak links, and coordinated regional development.

　　The People's Bank of China continued to use inclusive small and micro loan support tools to continue to support the development of small and micro enterprises.

Since the second quarter of this year, the People's Bank of China has provided incentive funds based on 2% of the increase in the balance of inclusive small and micro loans of local corporate financial institutions, operating on a quarterly basis, and encouraging the continuous increase of inclusive small and micro loans.

Since the implementation of the tool, the People's Bank of China has provided a total of 21.3 billion yuan in incentive funds to support local corporate financial institutions to increase inclusive small and micro loans totaling 1,294.7 billion yuan.

　　In order to support the economic transition to a green and low-carbon economy, the People's Bank of China implemented carbon emission reduction support tools and special refinancing to support the clean and efficient use of coal.

Since the implementation of the two tools, the People's Bank of China has disbursed a total of 246.9 billion yuan and 57.8 billion yuan respectively.

At the same time, the People's Bank of China has accelerated the implementation of special re-loans for technological innovation, inclusive pensions, and transportation and logistics.

In the third quarter, the People's Bank of China issued 80 billion yuan, 400 million yuan, and 10.3 billion yuan of re-loan funds to relevant financial institutions through the above-mentioned three tools, and increased the re-loan amount for technological innovation by 200 billion yuan in October, further increasing the amount of re-loan funds for financial institutions. The support of technological innovation enterprises.

　　In addition, the People's Bank of China has also set up a special re-loan for equipment renovation with an amount of more than 200 billion yuan to support financial institutions in providing loans for equipment renovation and renovation in manufacturing, social services, small, medium and micro enterprises, and individual industrial and commercial households.

　　For the next stage of monetary policy, the Central Economic Work Conference requires that a prudent monetary policy should be precise and powerful.

Dong Ximiao, chief researcher of China Merchants Union Finance, said that the monetary policy will focus on two aspects: "precision" and "forcefulness".

"Precise" means highlighting the role of structural monetary policy tools, increasing targeted "blood transfusion" in key areas and weak links, and implementing precise drip irrigation.

Guide financial institutions to develop science and technology innovation finance and green finance, increase support for key areas such as technological innovation and green development; increase precision drip irrigation for weak links such as small and micro enterprises and individual industrial and commercial households.

"Powerful" should provide financial institutions with long-term stable low-cost funds, and continue to send a clear signal to the market to stabilize growth and expand domestic demand.

At the same time, it is also necessary to strengthen the overall coordination of macroeconomic policies, realize the synergy and comprehensive implementation of monetary policy, fiscal policy and industrial policy, vigorously boost market confidence, and stimulate effective financing demand.

　　Wen Bin, chief economist of China Minsheng Bank, believes that "precise" is mainly reflected in "increasing support for small and micro enterprises, technological innovation, green development" and other fields, and "powerful" means that the central bank will cut interest rates through timely and moderate cuts In other ways, the growth rate of broad money supply and social financing scale basically match the nominal economic growth rate, and moderately increase the leverage ratio.

It is expected that the Fed’s interest rate hike will peak next year, and the risk-free interest rate spread between China and the United States will narrow. At the same time, imported inflation pressure will not be strong, prices will be generally moderate, and the constraints of monetary policy easing will be greatly weakened.

(Economic Daily Chen Guojing)