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Central Bank: Implementing Moderately Loose Monetary Policy To Further Expand Domestic Demand

2008/11/13 10:15:00 32

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The people's Bank of China held the executive meeting of the governor in November 10th to convey the spirit of the November 5th executive meeting of the State Council and the meeting of the leading comrades in charge of the provincial and municipal governments and departments of the State Council in November 10th, and to study and deploy the implementation measures of the people's Bank of China.

The meeting held that in order to respond positively to the adverse effects of the international financial crisis on China, the CPC Central Committee and the State Council promptly formulated ten measures to further expand domestic demand and promote economic growth.

These ten measures are clear, concrete, focused, balanced urban and rural, support development, improve people's livelihood, and benefit the people. They are based on the current and long-term vision. They should not only cope with the international financial crisis, but also promote sustained economic and social development, reflecting the implementation of Scientific Outlook on Development's requirements, reflecting the fundamental interests of the broad masses of the people, and greatly boosting domestic and foreign confidence in China's economic development.

The meeting called for the people's bank system to conscientiously study, fully understand and accurately grasp the spirit of the Central Committee, and further integrate ideas and actions into the central analysis and judgment of the economic situation, unify the decision-making and deployment of the central government, and unify the implementation of the Scientific Outlook on Development's requirements, strengthen confidence and take all factors into consideration, strengthen the monitoring and analysis of economic and financial operations, further study and formulate specific measures for implementing moderately loose monetary policy, and do a good job in various financial services to further expand domestic demand and maintain stable and rapid economic growth.

In accordance with the requirements of "fast, heavy, accurate and real", we should carry out various tasks.

First, ensure adequate liquidity in the financial system and provide liquidity support to financial institutions in a timely manner.

Two, we should keep the reasonable growth of money and credit and increase the support of bank credit to economic growth.

We should abolish restrictions on the credit scale of commercial banks and expand the scale of credit reasonably.

Three is to strengthen window guidance and policy guidance, and strive to optimize the credit structure.

Adhere to the differential treatment, maintain pressure, cooperate with the active fiscal policy, encourage and guide financial institutions to improve financial services, increase innovation, increase credit support for key projects, small and medium enterprises, three rural areas, post disaster reconstruction, student assistance and employment, and increase credit support for technological pformation, merger and reorganization, excess capacity pfer, energy saving and emission reduction, and developing circular economy. At the same time, we will continue to restrict loans to the "two high" industries and poor quality enterprises in overcapacity industries, promote economic structural adjustment and pformation of development mode, encourage and guide financial institutions to expand the scale of export credit, and explore the provision of RMB medium and long-term financing in export credit.

The four is to give full play to the financing function of the bond market.

We should vigorously develop non-financial corporate debt financing instruments such as corporate bonds, corporate bonds, short-term financing bills and medium-term bills, so as to widen the financing channels for enterprises.

We should accelerate the development of interbank bond market, which is dominated by institutional investors, and provide a platform for active fiscal policy and moderately loose monetary policy.

The five is to further improve the financial services of the central bank.

We should further improve the scientificity and accuracy of cash forecast analysis, enhance the forward-looking nature of cash supply, unimpede the payment and settlement channels of treasury funds, improve the efficiency of the treasury funds, expand the scope of government subsidy funds directly funded by the state treasury, such as agriculture related and disaster relief subsidies, and realize the funds needed for livelihood projects, infrastructure, ecological environment construction and post disaster reconstruction from the State Treasury directly to the final payee; actively promote the Treasury to directly handle the social security funds receipts and payments business, improve the efficiency of social security fund collection and socialization, effectively safeguard the fundamental interests of the broad masses of the people, and promote social harmony and stability.