China News Service, Beijing, August 9th. On the 9th, People’s Bank of China Governor Yi Gang said in an interview that there were many bright spots in China’s macro financial data in the first half of the year, indicating that the prudent monetary policy has been effectively implemented. As the new crown pneumonia epidemic has been effectively controlled in China, the Chinese economy has achieved the first recovery in the world. In general, the characteristics of China's economic potential and resilience have not changed. China's economic growth will continue to recover in the second half of the year, and it is expected to achieve positive growth throughout the year.
When talking about the financial performance in the first half of the year, Yi Gang said that from the perspective of macroeconomic aggregates, various financial indicators were significantly higher than last year. At the end of June, broad money (M2) increased by 11.1% year-on-year; the scale of social financing increased by 12.8% year-on-year; new loans in the first half of the year were 12.1 trillion yuan (RMB, the same below), an increase of 2.4 trillion yuan year-on-year.
In terms of prices, the central bank has focused on guiding the downward trend of interest rates in major markets this year.
Yi Gang said that the guidance of monetary policy has led to a downward trend in overall market interest rates, which has led to a significant reduction in corporate financing costs. In June, the weighted average interest rate for bond repurchase was 1.89%, a decrease of 0.21 percentage points from the end of the previous year; the 10-year treasury bond yield was 2.82%, a decrease of 0.32 percentage points from the end of the previous year; inclusive finance, small and micro enterprises, and private enterprises The loan interest rates of enterprises and manufacturing industries have dropped to record lows. In particular, the loan interest rate of inclusive finance is currently around 5%, a drop of 0.8 percentage points from last year.
The decline in interest rates has strongly supported the real economy, and the structure of loans has been significantly optimized. Market players supported by inclusive small and micro loans have increased significantly. At the end of June, there were nearly 30 million market entities with credit, and more than 23 million with loan balances. These were mainly small and micro enterprises and individual businesses.
Regarding China's current macroeconomic situation, Yi Gang judges from two aspects: on the one hand, various industries have recovered relatively quickly; on the other hand, demand has gradually recovered, investment has rebounded significantly, consumption has continued to recover, and exports have clearly improved. While the economy is recovering, price levels have also remained stable.
"We are also very concerned about some outstanding issues affecting the current economic recovery, such as the pressure to stabilize enterprises and ensure employment, and the recovery of small, medium and micro enterprises and individual industrial and commercial households still face some difficulties." Yi Gang said.
Yi Gang said that in the second half of the year, the People's Bank of China will focus on the following aspects:
First of all, the monetary policy should be more flexible, appropriate, and precise, and the policies that have been introduced to stabilize enterprises and ensure employment should be effectively implemented. Comprehensive use of multiple monetary policy tools to guide the broad money supply and social financing scale growth rate significantly higher than last year, while paying attention to grasp the rhythm, optimize the structure, and promote the reasonable growth of inclusive small and micro enterprise loans and long-term manufacturing loans.
In terms of preventing and resolving financial risks, it is necessary to hold the bottom line of risks, go all out to push the three-year battle to end on schedule, accelerate the completion of the shortcomings of the financial risk management system, improve the emergency response mechanism for major financial risks, and turn it into a normalized one. Risk prevention and control and risk disposal.
In addition, we will continue to deepen the reform of financial systems and mechanisms, promote the implementation of financial reform measures that have already been introduced, and support local governments to resolve regional financial risks, do what they can, and deepen the market-oriented reform of rural financial institutions.
In addition, continue to do a good job in financial management and financial services, make overall plans for financial poverty alleviation, and deepen pilot projects for green finance, inclusive finance, and technological finance innovation. (Finish)