sharon sanders
Editor-in-Chief & President
The People's Bank of China: Implement a package of policies to stabilize the economy and follow-up policies
At the regular briefing on policies of the State Council held by the State Council Information Office, the relevant persons in charge of the People's Bank of China, the Ministry of Finance, the Ministry of Commerce, and the National Development and Reform Commission introduced the successive policies and measures of the package of policies to stabilize the economy. Liu Guoqiang, deputy governor of the People's Bank of China, said that in accordance with the decisions and deployments of the CPC Central Committee and the State Council, the People's Bank of China is racing against time to implement a package of policies to stabilize the economy and follow-up policies, consolidate the foundation for economic recovery and development, strengthen development momentum, and strive for the best results.
The first is to enhance the stability of total credit growth. On the basis of the new 800 billion yuan credit line for policy development banks and the 300 billion yuan policy development financial instrument line, an additional financial instrument line of more than 300 billion yuan, and the scale can be expanded according to actual needs. Increase support for infrastructure construction and major projects, and include the renovation of old communities and provincial expressways into the support areas. Guide financial institutions to expand medium and long-term loans, encourage financial institutions to issue special financial bonds for "agriculture, rural areas and farmers" and small and micro enterprises, and expand the sources of loanable funds.
The second is to promote the reduction of corporate financing costs. In January and August, the open market operation and the medium-term lending facility (MLF) winning bid rate dropped by 20 basis points twice, driving the 1-year loan market quoted rate (LPR) down by 0.15 percentage points, and the 5-year loan market quoted interest rate. Down 0.35 percentage points. In the next step, it is necessary to further play the guiding role of the loan market quotation interest rate and the role of the market-oriented adjustment mechanism of deposit interest rates, and guide financial institutions to transmit the effect of the decline in deposit interest rates to the loan side, so as to reduce the cost of corporate financing and personal credit.
The third is to highlight key areas, weak links and support for industries affected by the epidemic. Make good use of re-loans to support agriculture and small businesses, and implement support tools to support clean and efficient use of coal, technological innovation, inclusive pensions, special re-loans for transportation and logistics, inclusive small and micro loans, and carbon emission reduction tools. Continue to implement deferred repayment of principal and interest for loans to small and micro enterprises, individual industrial and commercial households, truck drivers, and personal housing and consumer loans affected by the epidemic. Guarantee the reasonable financing needs of real estate, and reasonably support rigid and improved housing needs. Increase financial support for key areas of the platform economy in compliance with laws and regulations, and promote the healthy and sustainable development of the platform economy.
In the next stage, the People's Bank of China will implement a prudent monetary policy, strengthen the foundation for economic recovery and development, and will not flood the future or overdraw the future.
zhttps://www.xhby.net/index/202209/t20220905_7685812.shtml
2022/09/05 17:38
At the regular briefing on policies of the State Council held by the State Council Information Office, the relevant persons in charge of the People's Bank of China, the Ministry of Finance, the Ministry of Commerce, and the National Development and Reform Commission introduced the successive policies and measures of the package of policies to stabilize the economy. Liu Guoqiang, deputy governor of the People's Bank of China, said that in accordance with the decisions and deployments of the CPC Central Committee and the State Council, the People's Bank of China is racing against time to implement a package of policies to stabilize the economy and follow-up policies, consolidate the foundation for economic recovery and development, strengthen development momentum, and strive for the best results.
The first is to enhance the stability of total credit growth. On the basis of the new 800 billion yuan credit line for policy development banks and the 300 billion yuan policy development financial instrument line, an additional financial instrument line of more than 300 billion yuan, and the scale can be expanded according to actual needs. Increase support for infrastructure construction and major projects, and include the renovation of old communities and provincial expressways into the support areas. Guide financial institutions to expand medium and long-term loans, encourage financial institutions to issue special financial bonds for "agriculture, rural areas and farmers" and small and micro enterprises, and expand the sources of loanable funds.
The second is to promote the reduction of corporate financing costs. In January and August, the open market operation and the medium-term lending facility (MLF) winning bid rate dropped by 20 basis points twice, driving the 1-year loan market quoted rate (LPR) down by 0.15 percentage points, and the 5-year loan market quoted interest rate. Down 0.35 percentage points. In the next step, it is necessary to further play the guiding role of the loan market quotation interest rate and the role of the market-oriented adjustment mechanism of deposit interest rates, and guide financial institutions to transmit the effect of the decline in deposit interest rates to the loan side, so as to reduce the cost of corporate financing and personal credit.
The third is to highlight key areas, weak links and support for industries affected by the epidemic. Make good use of re-loans to support agriculture and small businesses, and implement support tools to support clean and efficient use of coal, technological innovation, inclusive pensions, special re-loans for transportation and logistics, inclusive small and micro loans, and carbon emission reduction tools. Continue to implement deferred repayment of principal and interest for loans to small and micro enterprises, individual industrial and commercial households, truck drivers, and personal housing and consumer loans affected by the epidemic. Guarantee the reasonable financing needs of real estate, and reasonably support rigid and improved housing needs. Increase financial support for key areas of the platform economy in compliance with laws and regulations, and promote the healthy and sustainable development of the platform economy.
In the next stage, the People's Bank of China will implement a prudent monetary policy, strengthen the foundation for economic recovery and development, and will not flood the future or overdraw the future.
zhttps://www.xhby.net/index/202209/t20220905_7685812.shtml