Precise implementation of policies to prevent and defuse major risks
□ Our reporter He Langsha Lu Min
"Preparing for danger is the way of the country." In the past five years, General Secretary Xi Jinping has had a deep insight into the complex changes in the external environment and the new situations, new problems, and challenges facing my country's reform, development, and stability, and has placed a prominent position on enhancing the awareness of urgency and preventing and defusing risks and challenges. .
The Party Central Committee with Comrade Xi Jinping at its core coordinated development and security, focused on preventing and defusing major risks, and maintained sustained and healthy economic development and overall social stability.
Keep the bottom line of no systemic risk
The Hebei Provincial Department of Finance recently disclosed that in January this year, with the approval of the State Council, the Ministry of Finance issued a new special debt limit of 15 billion yuan for the province to resolve the risks of local small and medium-sized banks. Loans are used by cities and counties.
This is the second time that Hebei Province has obtained this new quota after completing the issuance of 9.6 billion yuan of special bonds to supplement the capital of small and medium-sized banks in 2021, which has further improved the ability to resist risks in related fields.
To deal with risks and challenges, the focus is on precise policy implementation and targeted efforts.
In the past five years, the Party Central Committee has placed "prevention and resolution of major risks" at the top of the three major battles, and has actively implemented a series of practical measures and achieved remarkable results without avoiding contradictions or covering up problems.
The macro leverage ratio returned to a stable track.
According to the person in charge of the People's Bank of China, since the Fifth National Financial Work Conference, the People's Bank of China has resolutely managed the main currency gate, curbed the rapid rise of the macro leverage ratio, and created policies for the subsequent fight against the epidemic and increased counter-cyclical adjustments. space.
Especially after the situation of epidemic prevention and control is stabilized, the support policies for responding to the epidemic in the early stage have been further optimized, and the macro leverage ratio has returned to a basically stable track.
High-risk institutions were dealt with decisively.
For enterprise groups with high risk and large scale of assets and liabilities, which seriously threaten the stability of the financial system, relevant departments "precisely dismantle bombs".
At the same time, the risks of a group of small and medium-sized financial institutions that have relatively large risk spillovers to the financial system, such as Bank of Jinzhou and Hengfeng Bank, will be properly handled.
Breakthroughs were made in the reform of local small and medium-sized legal person institutions, and Liaoshen Bank, Shanxi Bank, and Sichuan Bank opened smoothly.
The financial order has been comprehensively cleaned up and rectified.
Through the centralized rectification of Internet financial chaos, all P2P online lending platforms have withdrawn from operation.
The hype of virtual currency transactions has been effectively curbed, and the global share of bitcoin transactions in China has dropped from more than 90% to 10%.
Severely crack down on illegal financial activities such as "driving without a license", and carry out special campaigns against illegal fund-raising crimes. Over the past five years, a total of 25,000 illegal fund-raising cases have been investigated and dealt with.
The financial business of Internet platform companies has been fully regulated, and the business cooperation between licensed institutions and Internet platform companies has continued to be standardized, which has strengthened financial anti-monopoly and anti-unfair competition.
Local government debt management has been continuously standardized.
my country has continuously strengthened the standardized management of local government debts, especially hidden debts, and the design of related systems has been gradually improved, opening up a new idea of local government investment and financing management of "opening the front door and blocking the back door".
By insisting on curbing the increase and reducing the stock, strengthening supervision and strict accountability, the local government debt risk is generally controllable, and the hidden debt risk can be mitigated and controlled.
A series of work measures "precise bomb disposal" have effectively prevented and resolved various "black swan" and "grey rhinoceros" incidents, and kept the bottom line of preventing systemic financial risks.
Adhere to overall development and security
On February 28, the official website of the Shanxi Rural Credit Cooperative announced that it had decided to officially launch the restructuring and establishment of the "Shanxi Rural and Commercial United Bank" on the basis of the Shanxi Provincial Association, indicating that the reform of my country's Rural Credit Cooperatives has further advanced.
Rural credit cooperatives and village banks are an important part of my country's financial market. The China Banking and Insurance Regulatory Commission stated that it will stick to the original intention of rural credit services for "agriculture, rural areas and farmers", take improving the overall development capabilities of the rural credit system as the basis for reform, and deepen the reform and improvement of provincial associations. The risk prevention and control capabilities of the rural credit system are the focus, providing strong financial support for rural revitalization and common prosperity.
Since last year, my country's economic and social development has been impacted by multiple unexpected factors at home and abroad. Risk challenges are unprecedented, and economic and financial risks have also presented some new situations and new characteristics.
my country has stepped up the implementation of proactive fiscal policies and prudent monetary policies, resolutely supported the stabilization of the macroeconomic market, continued to improve the level of financial management services, and achieved extremely difficult new results in all aspects of preventing and defusing financial risks.
The reform of small and medium-sized financial institutions to reduce risks was accelerated.
By adopting a series of measures such as establishing a risk disposal mechanism for high-risk institutions and promoting mergers and acquisitions of small and medium-sized institutions, the anti-risk capabilities of small and medium-sized banks will be improved.
In the first half of 2022, the merger and reorganization of 34 small and medium-sized banks has been approved by the regulator.
At the same time, the reform of rural credit cooperatives has taken an important step.
The financing environment of real estate enterprises has been improved to a certain extent.
Last year, focusing on meeting the reasonable financing needs of real estate companies, ensuring the delivery of buildings, protecting people's livelihood, and maintaining stability, the policy of stabilizing the property market represented by the "financial 16 measures" continued to increase, promoting a virtuous circle between real estate and finance.
With the gradual emergence of policy effects, the financing environment of the real estate industry, especially high-quality real estate enterprises, has improved significantly.
my country implements a larger-scale tax rebate and tax reduction policy. Considering that it will bring a certain reduction in local finance and put pressure on local debt, the central finance will arrange to support the grassroots in implementing tax cuts on the basis of maintaining a relatively high increase in normal transfer payments. Fee reduction and transfer payments for key people's livelihood.
In addition, in the allocation of special debt quotas, provinces with strong fiscal strength and low debt risk are favored to avoid further accumulation of risks in high-risk areas.
Preventing and defusing major risks is "demining", not "exploding mines".
The Party Central Committee adheres to the overall planning of development and security, timely analyzes and judges the signs of trend changes in economic and financial operations, actively prevents risks in key areas, and achieves a balance between stable growth and risk prevention.
Improving the quality and efficiency of banks serving the real economy
The report of the 20th National Congress of the Communist Party of China pointed out that many major issues still need to be resolved in order to prevent financial risks.
One of the five major tasks deployed by the Central Economic Work Conference held at the end of last year in 2023 is "effectively preventing and defusing major economic and financial risks."
On February 24 this year, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued the "Opinions on Financial Support for the Development of the Housing Leasing Market" to solicit opinions from all parties, aiming to build a multi-level, multi-subject, and multi-channel real estate financing system for the rental housing industry and enterprises. Provide more extensive, flexible, accurate, professional and mature financing options for projects and projects, and add more weight to maintain the stable and healthy development of the real estate market.
According to the deployment of the Central Economic Work Conference, the People's Bank of China, together with relevant departments, recently proposed a plan to improve the balance sheets of high-quality real estate companies to prevent risks from spreading from problematic real estate companies to high-quality real estate companies.
The "China Monetary Policy Implementation Report for the Fourth Quarter of 2022" issued by the People's Bank of China proposes to insist on stabilizing land prices, housing prices, and expectations, and implement the real estate financial prudential management system in a solid manner, and do a good job in ensuring the delivery of buildings, people's livelihood, and stability. Work, meet the reasonable financing needs of the industry, promote industry restructuring and mergers and acquisitions, improve the asset and liability status of high-quality leading real estate companies, implement policies based on cities to support rigid and improved housing needs, and provide housing financial services for new citizens and young people.
This year, my country will steadily and orderly promote the risk management of small and medium-sized banks, and improve the quality and efficiency of their services to the real economy through deepening reforms.
In terms of preventing and resolving local government debt risks, we will improve the normalized monitoring mechanism in accordance with the requirements of "resolutely curb the increase and resolve the stock", strictly block the "back door" of illegal debt financing, strengthen risk source control, tighten budgetary constraints, and strictly implement local construction. Project review, management and control of new project financing "gates".
(Economic Daily)