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The People's Bank of China made clear its priorities for the Home > English > News > Company information >
2020-09-16 12:57
Beijing, Aug. 3 (Xinhua) -- Wu Yu The People's Bank of China (PBOC), the country's central bank, on Wednesday laid out priorities for the second half of the year, focusing on stabilizing enterprises and ensuring employment, preventing and defusing major financial risks, speeding up financial reform and opening up, and promoting sound economic and financial development.
The People's Bank of China (PBOC) said in a work video conference for the second half of 2020 that monetary policy should be more flexible, appropriate and precise, and that policies to stabilize enterprises and ensure employment should be implemented effectively. We used a combination of monetary policy tools to guide the growth of the broad money supply and the scale of social financing significantly higher than last year, and promoted substantial growth in loans to small and micro businesses that benefit all and medium - and long-term loans to manufacturing industries. We will focus on implementing the 1 trillion yuan re-lending and rediscount policy and the two direct tools to support as many small and micro businesses as possible that have been hit by the epidemic. We will ensure that periodic inspections, assessments, and acceptance checks are carried out, significantly reduce financing costs for enterprises, and effectively enable the financial system to transfer profits to enterprises.
In terms of preventing and defusing major financial risks, the meeting called for the end of the three-year battle as scheduled and the transition to regular risk prevention, control and disposal. We will move faster to strengthen weak links in the financial risk management system. We will hold all parties responsible for the formation and handling of major financial risks.
The meeting made it clear that we will unswervingly promote the steady and orderly opening of the financial sector in the second half of the year. We will continue to implement the financial liberalization measures we have announced. We will actively yet prudently promote the internationalization of the RMB and its convertibility under capital accounts, and unify the bond market and foreign exchange management policies. We will continue to deepen institutional reform in the financial sector. We will support local governments in deepening market-oriented reform of rural financial institutions with the goal of defusing regional financial risks. We will promote capital replenishment of small and medium-sized Banks, with the focus on increasing their support for issuing capital replenishment bonds.
In addition, the pboc said it will continue to do a good job in financial management and financial services in the second half of the year. We will coordinate financial poverty alleviation at the final stage. We carefully drafted the 14th Five-Year Plan for financial reform and development. We will deepen trials of green finance, inclusive finance, and scientific innovation and financial innovation. We will accelerate the improvement of the regulatory framework for fintech. We will promote credit information connectivity. We will actively yet prudently promote the development of legal tender.