China's financial system is running smoothly (Sharp Finance)
The "2022 Financial Statistics Report" recently released by the People's Bank of China shows that my country's financial system will operate smoothly in 2022, and finance will provide stronger and higher-quality support for the real economy.
At the press conference held by the State Council Information Office on January 13, Xuan Changneng, deputy governor of the People's Bank of China, said that in 2022, the People's Bank of China will increase the implementation of prudent monetary policies, solidly implement a package of policies to stabilize the economy and follow-up policies, and effectively serve The real economy firmly supports the stabilization of the economic market.
The comprehensive financing cost of the real economy has dropped significantly
The stability of total credit growth has been enhanced - data shows that in 2022, my country's broad money (M2) supply will increase by 11.8% year-on-year, which is 2.8 percentage points higher than the end of the previous year; RMB loans will increase by 21.31 trillion yuan, an increase of 13,600 compared with the previous year The stock of social financing scale increased by 9.6% year-on-year, and the increment of social financing scale was 32.01 trillion yuan, an increase of 668.9 billion yuan over the previous year.
Continuous optimization of the credit structure - In 2022, the People's Bank of China will launch a number of structural monetary policy tools in a timely manner to accurately benefit the distressed groups and key areas and help stabilize the economic market.
According to Xuan Changneng, the balance of medium and long-term loans invested in the manufacturing industry in 2022 will increase by 36.7% year-on-year, which is 25.6 percentage points higher than the growth rate of various loans.
The balance of loans to technology-based SMEs increased by 24.3% year-on-year, 13.2 percentage points higher than the growth rate of various loans.
The balance of "specialized, refined, special and new" corporate loans increased by 24% year-on-year, 12.9 percentage points higher than the growth rate of various loans.
The balance of inclusive small and micro loans increased by 23.8% year-on-year, 12.7 percentage points higher than the growth rate of the balance of various loans.
In addition, the People's Bank of China guided policy-oriented and development-oriented banks to invest 739.9 billion yuan in policy-oriented developmental financial instruments, make good use of 800 billion yuan in new credit lines, and focus on supporting and driving infrastructure construction.
By the end of 2022, the balance of medium and long-term loans invested in the infrastructure sector will increase by 13% year-on-year, which is 1.9 percentage points higher than the growth rate of various loans.
"As of the end of last year, the balance of structural monetary policy tools was about 6.4 trillion yuan, which has played an important role in guiding financial institutions to issue loans reasonably, promoting financial resources to key areas and weak links, maintaining stable growth in monetary and credit aggregates, and stabilizing macroeconomic fundamentals. , Played a positive role." Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said.
The comprehensive financing cost of the real economy has dropped significantly - "my country's loan market quotation rate (LPR) reform dividend continues to be released, and the annual 1-year LPR and 5-year LPR have dropped by 15 basis points and 35 basis points respectively, which will promote the reduction of comprehensive financing for the real economy. cost.” Xuan Changneng said that in 2022, the weighted average interest rate of newly issued corporate loans will be 4.17%, 34 basis points lower than the previous year.
Prudent monetary policy will continue to exert force this year
This year, a prudent monetary policy will focus on better coordinating the combination of expanding domestic demand and supply-side structural reforms.
According to Xuan Changneng, on the one hand, efforts should be made to support the expansion of domestic demand, maintain reasonable and sufficient liquidity, guide financial institutions to follow the principles of marketization and the rule of law, reasonably grasp the intensity and pace of credit extension, make timely efforts, and actively cooperate with fiscal policies and Social policies, increase support for enterprises to stabilize employment and expand employment and key groups to start businesses and employment, increase the income of urban and rural residents through multiple channels, ensure that the total social demand is strongly supported in terms of the total amount, and keep it reasonable and moderate, and do not engage in "flood irrigation" , to balance the relationship between stabilizing growth, stabilizing employment and stabilizing prices.
On the other hand, give full play to the guiding role of structural monetary policy tools, continue to make good use of special refinancing such as carbon emission reduction support tools and technological innovation, support the accelerated construction of a modern industrial system, and implement preferential policies such as inclusive small and micro loan support tools. Strongly support the construction of key infrastructure and major projects such as energy, transportation, and water conservancy, strengthen financial services for rural revitalization, and promote a high-level dynamic balance between effective supply and effective demand.
In order to further boost market confidence, Xuan Changneng said that the People's Bank of China will focus on reducing corporate financing costs and personal consumption costs this year, reduce the debt burden of micro-entities, and increase residents' consumption and corporate investment capabilities; adhere to the "two unwavering ", to guide financial institutions to effectively strengthen and improve financial services, increase support for private small and micro enterprises in the manufacturing and service industries, continue to promote bond financing support tools for private enterprises; encourage bulk consumption such as housing and automobiles; maintain stable real estate financing orderly.
The RMB exchange rate will generally remain stable
Since last year, major developed economies such as the United States, the Eurozone, and the United Kingdom have sharply tightened monetary policies and raised interest rates, which has caused a tightening effect on the global financial system, and emerging market economies are facing pressure to flow out of cross-border funds.
"In general, the monetary policy adjustments of developed economies have limited impact on my country." Xuan Changneng said that my country's macro economy is large in size and strong in resilience. Instead of "flood irrigation", the liquidity should be maintained at a reasonable and sufficient level, and the financial support to the real economy should be solid.
At the same time, the autonomy and stability of my country's financial system have been enhanced, and the RMB exchange rate is expected to be stable. These will help buffer and deal with external risks, especially the spillover effects brought about by interest rate hikes in developed economies.
Xuan Changneng said that the RMB exchange rate trend will be affected by multiple factors such as domestic and foreign economic and financial situations, the balance of payments, and market risk appetite. Under the combined effects of various forces, my country's RMB exchange rate will generally maintain a stable operation.
After years of financial reform and opening up, the depth and breadth of my country's foreign exchange market have been greatly improved, the flexibility of the RMB exchange rate has increased, market expectations have been stable, cross-border capital flows have been orderly, and the balance of payments has been independently balanced. The RMB exchange rate will continue to maintain a basic balance at a reasonable and balanced level. Stablize.
Xu Peiyu