Macro important news and events:
The general office of the State Council issued the opinions on further releasing consumption potential and promoting sustainable recovery of consumption, and put forward 20 policies and measures in five aspects around the hot issues of concern in the current consumption field. The opinions put forward that focusing on the main body of the insurance market, we should strengthen the rescue of enterprises and promote the financial system to transfer profits to the real economy through various measures such as reducing interest rates and fees. The construction of consumption related infrastructure will be included in the scope of special debt support to bring consumption with investment. Ensure the supply and price of basic consumer goods, and establish and improve the regulation mechanism for the collection, storage and throughput of important commodities. Promote new consumption and orderly guide the standardized development of webcast. Improve the policy of duty-free shops in the city, and plan to build a number of duty-free shops in the city with Chinese characteristics. We will improve the long-term rental housing policy and expand the supply of affordable rental housing. Steadily increase automobile and other bulk consumption. No new automobile purchase restriction measures shall be added in various regions, and the automobile purchase restriction shall be gradually abolished according to local conditions. We will study further reducing import tariffs on high-quality consumer goods that are closely related to people's lives and have strong demand.
As the RMB exchange rate depreciated continuously, the central bank issued important measures. The central bank announced that in order to improve the ability of financial institutions to use foreign exchange funds, it decided to reduce the foreign exchange deposit reserve ratio of financial institutions by 1 percentage point from the current 9% to 8% from May 15. This is the only time the central bank has lowered the foreign exchange reserve ratio, which has been raised before. In 2021, the central bank raised the foreign exchange reserve ratio twice, with a cumulative adjustment of 4 percentage points during the year. Analysts said that since April 19, the RMB exchange rate against the US dollar has been adjusted rapidly and the fluctuation has increased, which constitutes an important background and trigger factor for the central bank to adjust the foreign exchange reserve ratio this time. The subsequent short-term fluctuations of RMB exchange rate will not change the stable operation pattern, and it is expected to continue to maintain two-way fluctuations near a reasonable equilibrium level.
According to people familiar with the matter, the financial management department recently held a symposium on financial support for entity enterprises, which mainly provided rescue guidance to 12 problematic real estate enterprises such as Evergrande. The specific spirit of the meeting included relaxing the compliance requirements of Four certificate incomplete M & A projects of problematic real estate enterprises and projects involving M & A loans to replace land transfer fees; Overdue loans in stock can be extended after credit enhancement; We should give full support to real estate financing, and the funds must be closed management, etc. The guidance requirements for AMC include the acceptance of non-performing real estate loans that have not been included in the financial institutions for the time being, and the creditor's rights formed by the land price before the end of 2021.
The leaders of the State Council stressed that at present, we should attach great importance to the impact of unexpected changes in the situation outside China on China's economy. The new downward pressure is further increased. We not only see the resilience and potential of China's economy, but also face severe challenges. The determined policies and measures should be implemented in the first half of the year, so as to stabilize employment, prices and supply, and effectively stabilize the economic fundamentals. We should shoulder the responsibility of ensuring food and energy security and stabilizing the supply chain of the industrial chain. We will continue to create a market-oriented, legalized and international business environment to further stimulate market vitality and social creativity. Large scale tax rebate, tax reduction and fee reduction are not only the key measures to help enterprises rescue, but also can effectively prevent corruption and rent-seeking. All kinds of market entities should be treated equally, without any discount, and the fair, just and efficient implementation of policies is no less than the policy-making itself to some extent.
The person in charge of the national development and Reform Commission said that the impact of the epidemic on consumption is phased. With the effective control of the epidemic and the gradual emergence of policy effects, the normal economic order will be restored rapidly, consumption will gradually pick up, and the fundamentals of long-term improvement in consumption have not changed. We will make great efforts in "stability", "security" and "new", and strive to promote the sustained recovery of consumption. In the next step, efforts will be made to stabilize the basic consumption market and encourage large-scale consumption such as automobiles and household appliances; Make every effort to ensure the supply of consumer goods and ensure that the circulation of consumer goods is not disorderly; Give full play to the new consumption advantages to meet the needs of epidemic prevention.
