The working conference of the people's Bank of China in 2022 was held by video on the morning of December 27. Guided by the thought of socialism with Chinese characteristics in the new era, the meeting deeply studied and implemented the spirit of the Sixth Plenary Session of the 19th CPC Central Committee and the central economic work conference, summarized the main work in 2021, analyzed the current situation and deployed the work in 2022. Yi Gang, President of the people's Bank of China, and Guo Shuqing, Secretary of the Party committee, attended and spoke at the meeting. Chen Yulu, pan Gongsheng, fan Yifei, Liu Guiping and Liu Guoqiang, members of the CPC Committee and vice presidents of the people's Bank of China, and Xu Jiaai, member of the CPC Committee and head of the discipline inspection and supervision team of the Central Commission for Discipline Inspection and the State Supervision Commission in the people's Bank of China, attended the meeting.
The meeting pointed out that in 2021, the people's Bank of China resolutely implemented the decision-making and deployment of the Party Central Committee and the State Council, fully, accurately and comprehensively implemented the new development concept, adhered to the implementation of prudent monetary policy, fully supported enterprise relief, innovated and promoted green development, effectively prevented and controlled financial risks, continued to deepen financial reform and opening up, and achieved good results in all work.
First, the prudent monetary policy is flexible, accurate, reasonable and appropriate. comprehensive use of a variety of monetary policy tools to maintain a reasonable and sufficient total liquidity and a balance between long-term, medium-term and short-term supply and demand. The deposit reserve ratio was lowered twice, releasing a total of about 2.2 trillion yuan of long-term funds. Guide the quoted interest rate of one-year loan market to decline by 5 basis points, and reduce the refinancing interest rate for agriculture and small loans by 0.25 percentage points. Broad money M2 basically matches the growth of social financing scale and economic growth. The RMB exchange rate has remained basically stable at a reasonable and balanced level under complex circumstances.
The second is to further improve the quality and efficiency of financial services in the real economy. increase the amount of small re loans of 300 billion yuan, continue to implement and appropriately extend the two direct monetary policy tools. By the end of November 2021, the balance of Pratt & Whitney small and micro loans was 18.9 trillion yuan, a year-on-year increase of 26.4%. Create carbon emission reduction support tools and set up special refinancing to support clean and efficient utilization of coal. We will strengthen the guidance, supervision and assessment of credit policies for the manufacturing industry. At the end of November, the balance of medium and long-term loans in the manufacturing industry increased by 33.8% year-on-year. Financial support for key areas and major national regional development strategies was further strengthened. Increase 200 billion yuan of refinancing to support coordinated regional development.
Third, new achievements have been made in preventing and resolving financial risks. the risk disposal of key groups and large enterprises was steadily promoted. Promote the continuous pressure drop of high-risk institutions in stock, and the number of high-risk institutions has decreased significantly. We will resolutely promote antitrust and prevent the disorderly expansion of capital, and fully bring all kinds of financial businesses under supervision. The list of China's systemically important banks was officially released, and additional regulatory provisions were implemented. Accept the application for the establishment of financial holding company according to law. Formulate and implement the management measures for the total loss absorption capacity of global systemically important banks. The overall convergence of financial risks, adhering to the marketization and legalization of risk disposal, has enhanced the stability of market expectations.
Fourth, international financial cooperation and opening to the outside world have been actively promoted. carry out international cooperation in green finance in an orderly manner. Take the lead in completing the G20 sustainable finance roadmap, the first sustainable finance framework document of the G20. We will make phased progress in promoting the convergence of China EU green classification standards. Actively participate in multilateral crisis prevention and relief and debt coordination. Fully participate in the entry into force and implementation of the regional comprehensive economic partnership agreement (RCEP).
Fifth, new progress has been made in financial reform. earnestly perform the duties of the office of the financial commission. The early correction of deposit insurance has achieved remarkable results. The pilot of "cross-border financial link" and the "southbound link" of bond link were implemented, and all the three flagship indexes of global bonds were included in China's bonds. The cross-border RMB use policy continued to be optimized. Reform in key areas of foreign exchange was further deepened. Maintain the security of foreign exchange reserve assets and overall stability of the scale.
Sixth, the level of financial services and financial management has been continuously improved. the overall coordination of legislation in the financial industry was further strengthened. The comprehensive statistics of the financial industry have achieved remarkable results. The preparation of the financial development plan for the 14th five year plan was carried out in an orderly manner. Payment services for small and micro enterprises and individual industrial and commercial households were significantly improved. The construction of payment service environment for the Winter Olympics was accelerated. Breakthroughs have been made in the construction of a new generation of information infrastructure. Release a white paper on the progress of digital RMB research and development. The work of electronic tax payment across provinces and other places and electronic bank of postal tax payment were further promoted. The measures for the administration of credit investigation business were issued. Measures for the supervision and administration of anti money laundering and anti terrorist financing of financial institutions were introduced. We will thoroughly implement the measures for the protection of the rights and interests of financial consumers. The work level of counselors, internal audit and supervision, logistics support, security, centralized procurement and retired cadre services has been continuously improved. The reform of affiliated enterprises and institutions was actively deepened.
The meeting held that the people's bank system adheres to the centralized and unified leadership of the Party Central Committee over financial work, supports "two establishment" and "two maintenance". Party committees (Party groups) at all levels resolutely fulfill the main responsibility of comprehensively and strictly administering the party, and effectively promote the high-quality development of Party Construction in the people's bank system. First, strengthen political construction. Fully support and cooperate with the central inspection work, continue to promote the establishment of model organs and strengthen ideological management. second, successfully completed various tasks of party history learning and education. Strengthen the research, study and publicity of red financial history. Carry out the practical activity of "I do practical things for the masses". third, solidly promote the construction of inner-party system and the construction of central bank under the rule of law. The regulations on the responsibility of preventing and punishing statistical fraud were issued, and the regulations on the management of participation in celebrations, forums, seminars and reviews were revised. We will promote the reform of "decentralization, management and service" and strengthen the openness of government affairs. Fourth, thoroughly implement the party's organizational line in the new era. We will vigorously strengthen the construction of leading groups at all levels. Revise and improve the cadre selection and appointment system and methods, strengthen the training and selection of young cadres, and make good use of cadres of all ages. Continuously optimize the functional allocation and institutional setting of the people's Bank of China. fifth, persevere in promoting the construction of Party style and clean government. We will guard against formalism and bureaucracy, further promote the refinement of literature and briefing, and effectively reduce the burden on the grass-roots level. We will resolutely deal with mental problems that violate the eight point provisions of the Central Committee. Sixth, {23456} unswervingly deepen the fight against financial corruption. Strengthen supervision over Party organizations and leading cadres at all levels, especially the "top leaders". We will deepen the pilot reform of the discipline inspection and supervision system of vertical management units. In addition, the trade union cares about and cares for employees and the effectiveness of democratic management of employees is obvious, the confidence and motivation of young people to perform their duties are further condensed, the coverage and effectiveness of Party school education and training are continuously improved, and the role of cadre education and training position of the training college is brought into full play.
The meeting requested that in 2022, the people's Bank of China should take the thought of socialism with Chinese characteristics in the new era as the guidance, fully implement the spirit of the 19th National Congress of the Communist Party of China, all previous plenary sessions of the 19th National Congress of the Communist Party of China and the central economic work conference, adhere to the general tone of seeking progress while maintaining stability, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, and comprehensively deepen financial reform and opening up, Adhere to innovation driven development and promote high-quality development.
First, a prudent monetary policy should be flexible and appropriate. 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 of money supply and social financing scale basically match the growth of economy. We will improve the formation and transmission mechanism of market-oriented interest rates, promote the steady decline of comprehensive financing costs of enterprises, and continue to transfer profits from the financial system to the real economy. We will enhance the flexibility of the RMB exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
second, accurately increase financial support in key areas. implement the continuous transformation of Pratt & Whitney small and micro loan support tool and Pratt & Whitney small and micro enterprise credit loan support plan. We will continue to improve the financial support system for scientific and technological innovation. Correctly understand and grasp the carbon peak and carbon neutralization, and strengthen the overall coordination and orderly promotion of green finance. Continue to improve the ability and level of financial services for Rural Revitalization.
Third, further improve the macro Prudential policy framework and governance mechanism. improve the systematic risk monitoring and evaluation framework and carry out macro Prudential stress test. Steadily and orderly promote the approval of financial holding companies and carry out continuous supervision. Implement additional supervision of systemically important banks.
Fourth, adhere to promoting the prevention and resolution of financial risks. 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. We will steadily implement the prudent management system of real estate finance, better meet the reasonable housing needs of property buyers, and promote the virtuous circle and healthy development of the real estate industry.
Fifth, continue to deepen international financial cooperation. actively promote international cooperation in green finance. We will continue to use the Multilateral Debt coordination mechanism to address the debt problems of low-income countries in a stable manner. We will continue to promote the orderly opening of the financial industry, promote the formation of a higher level of financial opening based on the negative list, and orderly promote capital account convertibility.
Sixth, continuously deepen financial reform. promote the introduction of financial infrastructure supervision measures. We will steadily promote the reform and opening up of the bond market. Further improve the market management system of currency, bills, gold and derivatives. Implement the deposit insurance system. Support relevant departments and local governments to promote the reform of rural credit cooperatives according to local conditions and classification. Steadily improve the internationalization level of RMB. Strengthen support for the construction of RMB offshore center in Hong Kong and promote the healthy development of RMB offshore market.
seventh, further optimize foreign exchange management and services. promote the pilot expansion and quality improvement of trade facilitation. Carry out a high-level pilot opening-up of cross-border trade and investment. We will promote the reform of foreign debt registration and management. Enhance the diversified use of foreign exchange reserves.
Eighth, comprehensively improve the level of financial services and management. comprehensively promote the construction of financial laws and regulations system. Complete the preparation of the financial development plan for the 14th five year plan with high quality. We will continue to promote the pilot work of regional financial reform. We will continue to strengthen comprehensive statistical monitoring and analysis of the financial industry. We will continue to crack down on cross-border gambling, telecommunications network fraud and illegal payment activities. Strengthen the application and management of financial science and technology. We will steadily and orderly promote the pilot research and development of digital RMB. We will promote the Treasury to better serve the people's livelihood. Implement the management measures for credit investigation business. Promote the application of unified registration and publicity system for movable property financing and accounts receivable financing service platform. Promote anti money laundering in specific non-financial industries. Implement the implementation opinions on promoting the high-quality development of Inclusive Finance.
The meeting pointed out that to do a good job in all work in 2022, we must adhere to the centralized and unified leadership of the Party Central Committee over financial work, keep in mind the "two overall situations", keep in mind the "leader of the country", and constantly create a new situation in Party Building and all work. First, take in-depth study, publicity and implementation of the spirit of the Sixth Plenary Session of the 19th CPC Central Committee as a major political task at present and in the future. Second, seriously study and implement the spirit of the central economic work conference. Earnestly shoulder the responsibility of stabilizing the macro economy and take the initiative to launch monetary and financial policies conducive to economic stability. third, solidly rectify the problems fed back by the central inspection. Comprehensive rectification, implementation and reform, real reform and real reform. At the same time, draw inferences from one instance, address both the symptoms and root causes, and establish and improve the long-term mechanism for rectification. Fourth, make solid preparations for the 20th National Congress of the Communist Party of China. According to the unified deployment of the Central Committee, we will do a solid job in the election of Deputies of the people's Bank of China to the 20th CPC National Congress. Fifth, vigorously strengthen the construction of leading groups and cadres. Select the best and strengthen the "top leaders", constantly optimize the team structure and enhance the overall function. Strictly enforce the party's political discipline and rules, seriously the party's political life, and implement the principle of democratic centralism. Pay more attention to the construction of cadre echelons and the training of young cadres, and guide young cadres to go to the grass-roots level and the front line. Sixth, deeply study and implement the spirit of the central talent work conference. We will further promote the reform of the talent evaluation mechanism and continue to build a politically strong, understanding national conditions, grounded, compound and international team of central bank professionals. seventh, strive to enhance the political and organizational functions of Party organizations at all levels. We will improve the organizational system and working mechanism for strengthening the party's leadership, focus on Party building in directly subordinate and relevant units, and ensure that Party organizations play a leading and gatekeeper role. eighth, unswervingly deepen the construction of Party style and clean government and the fight against financial corruption. Continue to adhere to the integrated promotion of not daring to rot, not rot and not wanting to rot. Strengthen the daily supervision of "top leaders" and leading groups at all levels, and resolutely investigate and deal with the corruption behind financial risks.
The meeting stressed that in 2022, the people's Bank of China should be more active, shoulder heavy responsibilities, implement the decisions and arrangements of the Party Central Committee and the State Council with practical actions, and welcome the victory of the 20th National Congress of the party with excellent achievements!
Members of the leading group of the safe, responsible comrades of all departments, branches, enterprises and institutions and relevant units of the people's Bank of China, and responsible comrades of the discipline inspection and supervision team stationed in Beijing attended the meeting at the main venue and local branch venues respectively. Relevant comrades from the Central Organization Department, the office of the central financial and Economic Commission, the general office of the State Council and the National Audit Office attended the meeting on invitation.
(people's Bank of China)
