Provide strong and effective financial support for the construction of a new development pattern (authoritative interview · take the first step and see the new atmosphere⑨)
——Interview with Yi Gang, Governor of the People's Bank of China
2021 is a year of special importance in my country's modernization process. To promote high-quality economic development, we need to continue to implement a sound monetary policy.
In 2021, how can a prudent monetary policy be flexible, precise, reasonable and appropriate?
How to provide strong and effective financial support for building a new development pattern?
The reporter interviewed Yi Gang, Governor of the People's Bank of China.
Keep the word steady and maintain the sustainability of the normal monetary policy space
Reporter: To implement the deployment of the Central Economic Work Conference, how will the People's Bank of China implement a sound monetary policy in 2021?
Yi Gang: In 2021, the monetary policy must be stable and maintain the sustainability of the normal monetary policy space.
First, in terms of aggregate, various monetary policy tools are used to maintain reasonable and sufficient liquidity, and the growth rate of broad money (M2) and social financing scale basically matches the nominal economic growth rate.
Second, in terms of structure, give full play to the precise drip irrigation role of monetary policy tools, and increase financial support for key tasks such as technological innovation, small and micro enterprises, and green development.
Third, in terms of reform and opening up, deepen the market-oriented reform of interest rates and exchange rates, consolidate the results of the decline in real interest rates of loans, pay more attention to strengthening expectations management and guidance, enhance the flexibility of the RMB exchange rate, grasp the internal and external balance, and maintain the basics of the RMB exchange rate at a reasonable and balanced level stable.
Reporter: The Central Economic Work Conference put forward the requirement of "maintaining the basic stability of the macro leverage ratio, and properly handling the relationship between economic recovery and risk prevention". In 2021, how will the People's Bank of China balance the recovery of the economy and prevent risks?
Yi Gang: From a macro perspective, we must stabilize the macro leverage ratio.
In 2020, due to the impact of the new crown pneumonia epidemic, the GDP growth rate is relatively low.
my country's macro leverage ratio, that is, the ratio of total debt to GDP, has increased significantly.
Since the third quarter of 2020, the growth rate of the macro leverage ratio has slowed down. In 2021, we can return the macro leverage ratio to a basically stable track.
At the micro level, it is necessary to prudently handle individual institutional risks and risks in key areas, improve financial risk prevention, early warning, disposal, and accountability systems, further consolidate the responsibilities of all parties, complement the shortcomings of the regulatory system, and support the development of the real economy. Pay attention to preventing the accumulation of financial risks.
Strengthen financial institutions to effectively support the real economy
Reporter: In 2021, how will the financial system further enhance the inclusiveness of financial services and better support the development of the real economy, especially small and micro enterprises?
Yi Gang: In 2021, the financial system will further strengthen the financial system to effectively support the real economy. In accordance with the principles of marketization, rule of law, and internationalization, we will improve a highly adaptable, competitive and inclusive modern financial system, and improve incentives. Constraint mechanisms, design and innovate structural monetary policy tools, continue to support the development of the real economy, especially small and micro enterprises.
The first is to continue to implement the Inclusive Small and Micro Enterprise Loan Extension Support Tool and the Inclusive Small and Micro Enterprise Credit Loan Support Program, and the support for the two tools remains unchanged.
At the same time, continue to use the inclusive re-lending and rediscount policy to guide financial institutions to increase their support for the "three rural" and small and micro enterprises.
The second is to continue to carry out commercial banks' financial service capacity improvement projects for small and micro enterprises, support commercial banks to expand loans for agriculture, rural areas and farmers, small and micro enterprises, and manufacturing, encourage banks to comprehensively evaluate the credit risk levels of small and micro enterprises, and reduce their reliance on mortgage guarantees .
The third is to continue to give play to the leading role of private enterprise bond financing support tools, support banks to issue small and micro financial bonds, promote supply chain bills and receivables confirmation, and promote corporate bond issuance financing.
The fourth is to improve the rural financial service system, do a good job in consolidating and expanding the results of poverty alleviation and effectively linking financial services with rural revitalization, and increase credit investment in key agricultural areas such as seed industry development.
Reporter: The Central Economic Work Conference made arrangements to "do a good job in achieving carbon peaks and carbon neutrality". What measures will the financial industry take to serve green development?
Yi Gang: Achieving the goal of carbon peak and carbon neutrality means that my country will undergo profound changes in industrial structure, energy structure, investment structure, and lifestyle.
Serving the strategic deployment of carbon peaking and carbon neutrality is one of the key financial tasks in 2021 and in the future.
Currently, China's green loan balance exceeds 11 trillion yuan, ranking first in the world.
The balance of green bonds exceeds RMB 1 trillion, ranking second in the world.
In the next step, the key is to do a good job in the design and planning of green finance policies, and play the three major functions of finance to support green development.
The first function is resource allocation to guide financial resources to the green development field; the second function is risk management, which enhances the ability of the financial system to manage climate change-related risks; the third function is market pricing, which promotes the construction of carbon emission rights Trading market to form a reasonable price for carbon emission rights.
To achieve these three functions, the five pillars of the green financial system need to be gradually improved: First, the green financial standard system.
The second is the regulatory and information disclosure requirements of financial institutions, and carbon emission information is publicly disclosed to the society.
The third is the policy incentive and restraint system.
The fourth is green financial products and market systems.
Fifth, international cooperation in green finance.
Deepen the reform of interest rate and exchange rate marketization, and promote high-level financial opening up
Reporter: In 2021, what measures will be taken in the reform of interest rate and exchange rate marketization?
Yi Gang: Since 2020, the People's Bank of China has continued to promote market-oriented reform of interest rates and exchange rates.
Continue to unleash the potential of LPR reform. The financial system will give 1.5 trillion yuan in profits to the real economy throughout the year by lowering interest rates, reducing fees, and direct tools.
Improve the RMB exchange rate formation mechanism, and the "counter-cyclical factor" fades out of the central parity model of the RMB exchange rate against the US dollar.
The increased flexibility of the RMB exchange rate has better played the role of an automatic "stabilizer" for the macroeconomic and international balance of payments, and enhanced the autonomy of monetary policy.
In 2021, the People's Bank of China will continue to deepen the LPR reform, further unblock the transmission channel of LPR to loan interest rates, and promote the gradual marketization of deposit interest rates by deepening the LPR reform.
Strengthen the management of deposits on the Internet platform and deposits in other places, maintain the order of the deposit market, and stabilize the cost of bank liabilities.
We will continue to insist that the market play a decisive role in the formation of the RMB exchange rate and optimize the allocation of financial resources.
Adhere to a managed floating exchange rate system.
Pay attention to anticipatory guidance.
Realize the basic stability of the RMB exchange rate at a reasonable and equilibrium level.
Reporter: In the past year, the pace of China's financial market opening to the outside world has not been disrupted by the new crown pneumonia epidemic.
In the next stage, how will the People's Bank of China continue to promote high-level financial opening to the outside world?
Yi Gang: Opening up of the financial industry is an inevitable requirement for building a new development pattern.
The next step to promote the opening of the financial industry will focus on three aspects:
The first is to fully implement the pre-access national treatment and negative list management system, effectively transform the concept of openness, and promote systematic and institutionalized openness.
The second is to further improve various supporting systems in the financial sector, promote the integration of regulatory models and institutional systems with internationally accepted rules, and coordinate the promotion of the opening of the financial industry, the reform of the RMB exchange rate formation mechanism, and the internationalization of the RMB.
The third is to build a regulatory framework and risk prevention and control system compatible with a higher level of openness.
After opening wider to the outside world, corresponding financial supervision must keep up. Supervisory coordination must be strengthened to form a combined force of supervision, improve cross-border capital flow monitoring, improve the professionalism and effectiveness of financial supervision, and maintain financial stability.
Our reporter Wu Qiuyu