According to the central bank’s website, the working meeting of the people’s Bank of China in 2022 was held in the form of video on December 27. The meeting deployed work in many fields such as monetary policy, RMB exchange rate, real estate, green finance and digital RMB.
The meeting called for the comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity; Strengthen the supervision of capital and platform enterprises according to law, and continue to do a good job in the rectification of online financial platforms; Steadily and orderly promote the approval of financial holding companies and carry out continuous supervision.
increase support for the real economy
The meeting stressed that a prudent monetary policy should be flexible and appropriate. We will make comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity, enhance the stability of the growth of total credit, increase support for the real economy, and keep the growth rate of money supply and social financing scale basically matching that of the real economy.
The recent fourth quarter meeting of the monetary policy committee of the people’s Bank of China stressed that prudent monetary policy should be flexible and appropriate, enhance foresight, accuracy and autonomy, give full play to the dual functions of the total amount and structure of monetary policy tools, be more proactive and promising, increase support for the real economy and maintain reasonable and abundant liquidity, We will strengthen the stability of the growth of total credit, keep the growth of money supply and social financing scale basically match the economic growth, keep the macro leverage ratio basically stable, enhance the resilience of economic development and stabilize the macro-economic market.
Zhou Maohua, a financial market analyst, said that considering the dual impact of cyclical and structural factors on the economy next year, China’s monetary regulation needs the cooperation of total amount and structural tools. Under the condition of moderate growth of total volume and reasonable and sufficient liquidity, we should implement structural tools to accurately support key areas such as small and micro private enterprises, stimulate the vitality of micro entities, promote the recovery of domestic demand and enhance the resilience of economic development.
strengthen the supervision of capital and platform enterprises according to law
The meeting requested that we continue to do a good job in risk disposal and resolution of key institutions in a stable and orderly manner in accordance with the principles of stabilizing the overall situation, overall coordination, classified policy implementation and accurate bomb removal, and give full play to the role of deposit insurance system and industry guarantee fund in risk disposal. Adhere to both standardization and development, strengthen the supervision of capital and platform enterprises according to law, and continue to do a good job in the rectification of online financial platforms.
Wang Xin, director of the Research Bureau of the people’s Bank of China, recently said to strengthen and improve the financial supervision of platform enterprises. To meet the needs of the development of digital economy, strive to follow the principles of marketization and rule of law, and comprehensively clean up and rectify illegal financial activities on the Internet; Strengthen the supervision of financial activities of platform enterprises, clearly require all their financial activities to be included in financial supervision, and all financial businesses must be licensed to eliminate regulatory arbitrage.
“Strengthen the penetrating supervision of large Internet platform businesses, enhance the comprehensiveness and transparency of business information disclosure, and safeguard the rights and interests of financial consumers.” Wang Xin said.
steadily and orderly promote financial holding companies
approve and carry out continuous supervision
The meeting called for further improving the macro Prudential policy framework and governance mechanism. We will improve the framework for systematic risk monitoring and assessment and carry out macro Prudential stress tests. Steadily and orderly promote the approval of financial holding companies and carry out continuous supervision. Implement additional supervision of systemically important banks.
Since the implementation of the financial holding measures, CITIC Group, Everbright Group and Beijing Financial Holding have applied for the establishment of financial holding companies respectively.
Industry experts said that the central bank’s strict access and strengthened supervision will promote the standardized operation of financial holding companies, help prevent the accumulation of potential risks, reduce the operating costs of financial holding companies, optimize the allocation of resources, provide consumers with rich and cost-effective financial services, and enhance the ability to serve the real economy.
Some market participants said that the establishment of financial holding company is mainly to optimize resource allocation, give play to synergy, reduce operating costs, enrich financial services, meet the diversified needs of various customers, and also help to improve business robustness, consumer stickiness and market competitiveness.
steadily implement real estate finance
Prudential Management System
Recently, the central bank has repeatedly mentioned real estate work. The meeting called for the steady implementation of the prudent management system of real estate finance, better meet the reasonable housing needs of buyers, and promote the virtuous circle and healthy development of the real estate industry.
“Since the second half of this year, China’s real estate market has been disturbed by some factors. The financial management department has taken timely measures to promote the return of the real estate market to normalcy. At present, results have been achieved, but there is a process for the return of real estate to normalcy. The people’s Bank of China will release warmth again this time and will continue to promote the return of real estate to normalcy.” Zhou Maohua said.
Huang Wentao, chief economist of China Securities Co.Ltd(601066) securities, said that fine-tuning the real estate policy, providing a financing window for high-quality real estate enterprises, providing financing support for guaranteed delivery projects, and providing financing assistance for the purchase needs of residents with first suite and reasonable replacement are all important directions for the development of credit easing policy.
(China Securities Journal)
