2021 People's Bank of China work conference held
The 2021 People's Bank of China Work Conference will be held on the morning of January 4 in video format.
The meeting is guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studying and implementing the spirit of the Fifth Plenary Session of the Nineteenth Central Committee of the Party and the Central Economic Work Conference, summarizing the main tasks in 2020, analyzing the current situation, and deploying the work in 2021.
People’s Bank of China Governor Yi Gang and Party Secretary Guo Shuqing attended the meeting and delivered speeches.
People’s Bank Party Committee members and vice presidents Chen Yulu, Pan Gongsheng, Fan Yifei, Liu Guiping, and Liu Guoqiang, and Xu Jiaai, party committee members and head of the Disciplinary Inspection and Supervision Team of the Central Commission for Discipline Inspection in the People’s Bank of China, attended the meeting and put forward specific requirements for work in the field .
The meeting pointed out that 2020 is an extraordinary year.
In the face of major tests and challenges, the People’s Bank of China is guided by Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, and resolutely implements the decisions and deployments of the Party Central Committee and the State Council. Under the overall command of the Financial Committee, it faces difficulties, takes the initiative, and implements sound Monetary policy, full support for stabilizing enterprises and ensuring employment, continued efforts to prevent and resolve major financial risks, further deepened financial reform and opening up, earnestly performed the duties of the Office of the Financial Committee, and achieved good results in various tasks.
First, the prudent monetary policy is more flexible and appropriate.
Adhere to the three policy orientations of appropriate aggregate policy, reduce financing costs, and support the real economy, and do a good job in cross-cycle design.
The deposit reserve ratio was lowered three times to provide 1.75 trillion yuan in long-term liquidity.
A total of more than 9 trillion yuan of monetary policy support measures have been introduced.
The forward-looking guidance of interest rate declines will promote the realization of the target of 1.5 trillion yuan in profits from the financial system to the real economy.
Keep the RMB exchange rate basically stable at a reasonable and equilibrium level.
my country has become the world's first major economy to achieve positive growth, and it is also one of the few major economies that implement normal monetary policies.
Second, financial support to stabilize enterprises and ensure employment has achieved the expected results.
Follow economic laws and formulate and implement financial support policies at different levels.
Established 300 billion yuan of special re-loans for anti-epidemic guarantees, 500 billion yuan of re-loans for resumption of work and production re-discount, increased 1 trillion yuan of inclusive re-loans re-discount lines, and introduced inclusive small and micro enterprise loans deferred principal and interest payments Inclusive of credit loans for small and micro enterprises, two monetary policy tools that directly reach the real economy.
Increase credit support for targeted poverty alleviation, manufacturing, and green industries.
Third, the macro-prudential policy framework has been further improved.
Continue to build a macro-prudential policy framework with complete elements.
Establish a countercyclical capital buffer mechanism.
Implement macro-prudential stress testing step by step to improve the systemic risk monitoring, evaluation and early warning system.
Establish and improve a macro-prudential management framework for cross-border capital flows.
Significant progress has been made in the overall supervision of systemically important financial institutions and financial holding companies.
Fourth, important phased results have been achieved in the battle against financial risks.
Adhere to marketization and rule of law unswervingly, and timely adjust the focus and priority of financial risk handling at different stages in accordance with changes in the situation.
In 2018, we focused on rectifying financial chaos in the fields of internet finance and shadow banking, and won a good start to the battle.
In 2019, in conjunction with the China Banking and Insurance Regulatory Commission, we decisively took over Baoshang Bank in accordance with the law and handled some small and medium-sized bank risks in a safe manner.
In 2020, it will take the lead in coordinating the China Banking Regulatory Commission and the China Securities Regulatory Commission to successfully take over the nine core financial institutions under the "Tomorrow Department" to properly respond to the risk of default in the bond market.
After concentrated tackling, the upward trend of systemic financial risks has been effectively contained, and financial de-realization and blind expansion have been fundamentally reversed.
Fifth, strengthen international financial cooperation and orderly expand the high-level opening up of the financial industry.
Strengthen international macro policy coordination under the epidemic, take the initiative to inform important international organizations and major central banks of epidemic developments and preventive measures, and share anti-epidemic experience.
Actively participate in multilateral crisis prevention and relief.
Participate in the formulation of the G20 Debt Mitigation Initiative and fully implement the debt mitigation applications of relevant countries, promote the International Monetary Fund to carry out the universal distribution of special drawing rights (SDR), and support low-income countries to respond to the impact of the epidemic.
Fully participated in the "Regional Comprehensive Economic Partnership Agreement" (RCEP) negotiations on the financial industry, and for the first time included new financial services and financial information transfer into the free trade agreement rules.
Continue to actively promote international green finance cooperation.
Sixth, new progress has been made in financial reform.
The local coordination mechanism of the Office of the Financial Committee has been fully established.
Promote the introduction of two batches of 26 financial reform and opening measures.
The internationalization of the RMB has reached a new level.
The reform and opening up of the foreign exchange sector was further advanced.
The operation and management of foreign exchange reserves have been continuously improved, and the scale of reserves has remained stable.
The corporate credit bond default handling and information disclosure rules are gradually unified, the bond market infrastructure interconnection has continued to advance, and the total scale of foreign holdings of my country’s bonds has reached 3 trillion yuan.
Realize the functions of deposit insurance companies and deposit insurance institutions.
The business classification management of development policy financial institutions continued to advance.
Actively promote the rectification of asset management business during the transition period.
Seventh, new highlights in financial services and management.
According to the needs of epidemic prevention and control, the "green channel" of financial services will be opened in time.
Coordinate the effective performance of important legislative duties in the financial industry.
The comprehensive statistics of the financial industry have been further deepened.
Pilot projects for regional financial reform have been intensified.
Payment supervision and service levels were further improved.
There are over 30,000 domestic legal entity identification code (LEI) holding institutions.
The renminbi cash management and digital renminbi pilot work is progressing steadily.
The quality of treasury services continued to improve.
The credit information system plan is generally completed.
Anti-money laundering supervision has achieved positive results.
Continue to rectify violations of consumer financial information security.
Counselors make suggestions and suggestions to increase efficiency and quality.
Eighth, internal management continued to improve.
Coordinate the prevention and control of the epidemic situation in the People's Bank of China.
Promote the reform of the branch management system.
The level of internal audit supervision, logistics, security, centralized procurement, and service for retired cadres has been continuously improved.
The meeting held that in 2020, the People's Bank of China will adhere to the centralized and unified leadership of the Party Central Committee on financial work and practice the people-centered development thinking.
Under the leadership of political construction, party organizations at all levels have comprehensively strengthened the party’s various constructions, continuously and deeply promoted comprehensive and strict governance of the party, united and led the majority of party members, cadres and employees to ensure the normal operation of the financial system, and faithfully performed the lead of financial management and grasped the overall responsibilities. Having survived major tests, it has effectively demonstrated the effectiveness of party building.
The first is to focus on "two maintenances" and strengthen political construction.
Continue to consolidate and deepen the educational achievements on the theme of "Don't forget the original heart and keep in mind the mission", and deeply create a "model organization that reassures the Party Central Committee and satisfies the people" to create political navigation, ideological soul-building, strong organization, strong discipline, and serve the people Serve "Five Projects".
The second is to face the complex international situation, enhance the awareness and skills of struggle, improve the work plan, calmly respond to and properly handle various risks and challenges, and resolutely safeguard the country’s core interests and financial security.
The third is to conscientiously implement the spirit of the Central Committee’s Comprehensive Rule of Law Conference, and steadily promote the construction of the party’s system and the rule of law in the central bank.
Persist in system building throughout all aspects of the party's construction, and formulate a list of the party committee's main responsibilities for strict governance of the party.
Improve the administrative system and mechanism of the People's Bank of China in accordance with the law, and perform various duties in strict accordance with laws and regulations.
The fourth is to thoroughly implement the party's organizational line in the new era, focus on improving the standardization and standardization of the construction of grassroots party organizations, and promote the extension of strict party governance to the grassroots.
Strengthen the adjustment of the leadership team and the exchange of cadres, select the best and strong leaders, and train and train outstanding young cadres.
The fifth is to persevere in implementing the spirit of the eight central regulations.
Efforts will be made to build conservation-oriented institutions and strictly control expenditure standards.
Continue to solve formalism and bureaucratic issues, improve inspection and assessment methods, and consolidate and deepen the results of the work of reducing burdens at the grassroots level.
Sixth, unswervingly promote the construction of party style and clean government and the fight against corruption.
Discipline inspection and supervision agencies at all levels strengthen political supervision, keep a close eye on the unit leadership, especially the "top leaders" and leading cadres in key positions, and strengthen supervision when they are really tough.
Seriously investigate and deal with all kinds of corruption cases, carry out in-depth warning education, learn from the case, and use the case to promote reform.
The "four forms" of supervision and discipline enforcement are accurately implemented, and the pertinence and effectiveness of supervision and management have been continuously enhanced.
Organize the 18th Central Inspection and the Party Committee of the Headquarters to report on the rectification of problems, carry out "look back" and on-site supervision and inspection.
In addition, the work of the trade union has been continuously improved, the youth theoretical study and promotion project has achieved positive results, the high-quality running of the party school has continued to deepen, and the role of the training school’s cadre education and training position has been effectively played.
On the basis of an in-depth analysis of the current economic and financial situation, the meeting requested that the People’s Bank of China in 2021 should be guided by Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the Fifth Plenary Session of the 19th Central Committee and the Central Economic Work Conference, and adhere to The general tone of the work of seeking progress while maintaining stability, based on the new development stage, implementing the new development concept, taking the promotion of high-quality development as the theme, deepening the supply-side structural reform as the main line, and taking reform and innovation as the fundamental driving force to meet the people’s growing beauty Life needs as the fundamental purpose, take the lead, grasp the key points, keep the bottom line, dare to take responsibility, earnestly fulfill the responsibilities of the Office of the State Council’s Financial Committee, build a modern central bank system, continue to do a good job in the "six stability" and "six guarantees" work, in order to accelerate the construction The new development pattern provides strong and effective financial support.
First, a prudent monetary policy must be flexible, precise, reasonable and appropriate.
Improve the money supply control mechanism and keep the growth rate of broad money and social financing basically matching the growth rate of the nominal economy.
Improve market-based interest rate formation and transmission mechanisms, deepen the reform of loan market quote interest rates, and drive the marketization of deposit interest rates.
Deepen the market-oriented reform of the RMB exchange rate, strengthen macro-prudential management, guide market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The second is to continue to give full play to the role of structural monetary policy tools and the precise drip irrigation of credit policies, and build financial institutions to effectively support small and micro enterprises and other real economies.
Continue to implement inclusive small and micro enterprise loan deferred principal and interest payment and inclusive small and micro enterprise credit loan, two monetary policy tools that directly reach the real economy.
Continue to use the inclusive re-lending and rediscount policy to guide financial institutions to increase support for key areas and weak links of the national economy, such as "agriculture, rural areas, and farmers", technological innovation, small and micro enterprises, and private enterprises.
Take the lead in exerting financial support for small and micro enterprises' policies.
Effectively link poverty alleviation with financial services for rural revitalization.
The third is to implement major decisions and deployments for carbon peak and carbon neutrality, and improve the green financial policy framework and incentive mechanism.
We will do a good job in policy design and planning, guide financial resources to tilt towards green development, enhance the financial system’s ability to manage climate change-related risks, and promote the establishment of a carbon emissions trading market to set a reasonable price for carbon emissions.
Gradually improve the green finance standard system, clarify the regulatory and information disclosure requirements of financial institutions, establish a policy incentive and restraint system, improve green financial products and market systems, and continue to promote international cooperation in green finance.
The fourth is to accelerate the improvement of the macro-prudential policy framework, and incorporate major financial activities, financial institutions, financial markets and financial infrastructure into macro-prudential management.
Strengthen the monitoring and evaluation of systematic financial risks, and step by step to promote the establishment of a macro-prudential stress testing system.
Accelerate the establishment and improvement of a macro-prudential management framework in key areas such as cross-border capital flows.
Improve the regulatory system of financial holding companies.
Fifth, continue to prevent and resolve financial risks.
Strengthen risk investigation and do a good job of risk response.
Improve the long-term mechanism for risk prevention and disposal, and consolidate the main responsibilities of financial institutions and shareholders, the territorial responsibilities of local governments, the regulatory responsibilities of financial regulatory authorities, and the responsibilities of the lender of last resort.
Improve the establishment of the deposit insurance system and institutional settings.
Strengthen the prudential supervision of the financial activities of Internet platform companies.
Resolutely implement the decisions and deployments of the Party Central Committee and the State Council on strengthening anti-monopoly and preventing the disorderly expansion of capital, and coordinating financial development and financial security, and pay close attention to filling the shortcomings of the regulatory system.
Strengthen the supervision of the payment field, personal credit investigation business must be licensed to operate, prohibit excessive marketing of financial products, induce excessive debt, and seriously investigate and deal with violations of the legal rights and interests of financial consumers.
Ensure that financial innovation is developed under the premise of prudential supervision, and the quality and competitiveness of inclusive financial services will rise steadily.
Sixth, we are deeply involved in global financial governance, strictly preventing and controlling external financial risks, and steadily expanding the two-way financial opening.
Properly deal with the debt problems of low-income countries.
Further expand the high-level opening of the financial industry, and promote the full implementation of the pre-access national treatment plus negative list management system.
Deeply participate in global financial governance and earnestly safeguard multilateralism.
Seventh, steadily promote the internationalization of the RMB.
Focus on serving the real economy and follow the trend to promote trade and investment facilitation.
Improve policies and systems related to the use of RMB.
Continue to promote high-quality two-way opening of financial markets.
Promote the sound and coordinated development of domestic and foreign currencies and offshore onshore markets.
Eighth, deepen the reform of financial markets and financial institutions.
Take the lead in formulating the bond market development plan, promote the improvement of the bond market legal system, and promote the interconnection of infrastructure.
Improve the multi-channel bond default resolution mechanism.
Promote the improvement of the bond market's unified law enforcement framework, and increase the investigation and punishment of illegal debt evasion and fraudulent issuance in the bond market.
Implement the long-term real estate mechanism, implement the prudent management system of real estate finance, and improve the financial support housing leasing policy system.
Guide large banks to focus on services, promote small and medium banks to improve corporate governance, and focus on main responsibilities and main businesses.
Ninth is to continuously improve foreign exchange management and services.
Promote the opening of capital projects in a steady and orderly manner.
Support enterprises to use foreign exchange derivatives to manage exchange rate risks in a reasonable and prudent manner.
Accelerate the improvement of the two-in-one management framework of "macro prudence + micro regulation" in the foreign exchange market.
Severely crack down on illegal activities in the foreign exchange field with a "zero tolerance" attitude.
Intensive and efficient operation and management of foreign exchange reserves are maintained, and the scale of foreign exchange reserves is basically stable.
Tenth is to improve the level of financial services and management.
Coordinate and promote the construction of a financial legal system.
Further enhance the influence of the central bank's research work.
Do a solid job in the research and compilation of the key financial content of the "14th Five-Year" National Plan Outline and the "14th Five-Year Plan" for the financial industry.
Solidly promote the comprehensive statistics of the financial industry.
Improve the construction of a modern central bank's financial system.
Deepen the modernization of governance in the payment industry.
Improve the application and management of financial technology.
Properly carry out the digital RMB pilot test.
Promote the high-quality development of the treasury.
Deepen the application of credit information in digital finance and economic governance.
Improve the efficiency of anti-money laundering investigation and monitoring.
Further enhance the standardization and effectiveness of internal management.
The meeting emphasized that to do a good job in 2021, we must persevere in advancing the comprehensive and strict governance of the party, further strengthen political construction and the establishment of a central bank under the rule of law, and implement the tasks deployed by the Party Central Committee and the State Council in a spirit of steady creativity.
First, we must uphold the party's overall leadership over financial work, enhance political awareness, and improve political standing.
We must be good at observing economic and financial issues from a political perspective, be good at finding the most essential connections from complex appearances, always put people's interests in the highest position, and strive to become experts in macro-control and financial management.
The second is to thoroughly study and implement the party's innovative theory, strengthen the study and publicity of the spirit of the Fifth Plenary Session of the 19th Central Committee of the Party, and further promote the creation of a "model organization that allows the Party Central Committee to rest assured and satisfy the people."
The third is to thoroughly study and implement Xi Jinping’s thoughts on the rule of law, and strive to become a model for the central government’s legal governance and administration according to law.
We must cultivate the habit of thinking about the rule of law, and use the rule of law to deepen reforms, promote development, resolve contradictions, and maintain stability.
Adhere to constitutional governance and constitutional administration, actively promote legislative amendments in the financial sector, try to increase the cost of violations, focus on clarification of gray areas, and transparent law enforcement to handle cases.
The fourth is to further implement the main responsibility for strict governance of the party in an all-round way.
Party committees (party groups) at all levels must resolutely implement the main responsibility of administering the party strictly in an all-round way, and members of the team should earnestly perform the "one post with two responsibilities", and work tirelessly to promote the righteousness, discipline, and anti-corruption.
It is necessary to continuously strengthen the construction of work style and take a clear-cut stand against formalism and bureaucracy.
Adhere to no restricted areas, full coverage, and zero tolerance, and resolutely investigate and punish the corruption behind various risks.
Continue to deepen political inspections, focus on the "two maintenances" and focus on the "four implementations", make choices, discounts, and make accommodations for the implementation of the Party Central Committee's decision and deployment, and keep a close eye on and implement precise governance.
The fifth is to do a good job in the training and selection of leading cadres and outstanding talents.
It is necessary to thoroughly implement the party's organizational line in the new era, vigorously discover and select outstanding young cadres, be good at mobilizing the enthusiasm of cadres of all ages, and strengthen the training of international talents.
At the same time, it is necessary to improve the incentive mechanism and attach great importance to the physical and mental health of cadres.
The members of the leadership team of the Foreign Exchange Administration, the responsible comrades of various departments, branches, enterprises and institutions and related units of the People's Bank of China, and the responsible comrades of the discipline inspection and supervision team dispatched to the main venue in Beijing and local branch venues respectively attended the meeting.
Related comrades from the Office of the Central Finance and Economics Commission, the General Office of the State Council, and the National Audit Office were invited to attend the meeting.
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