Zhou Xiaochuan: Risks Of Inflation And Asset Price Bubbles Will Rise Significantly.

According to the official website of the people's Bank of China, governor of the central bank Zhou Xiao Sichuan In today's opening speech at the "macro Prudential policy: Asia Perspective high-level seminar", the domestic credit continued expansion momentum is still strong, cross-border capital flows contain potential risks, excessive liquidity, Inflation The macro risks such as asset price bubbles and cyclical non-performing loans will increase significantly, and asset quality and resistance of financial industry will increase significantly. risk Ability is facing severe test.

Zhou Xiaochuan pointed out that at present, China's financial system is still facing the arduous task of preventing systemic risks. On the one hand, the economic structure is irrational, and there are deep-seated contradictions of unbalanced development, uncoordinated and unsustainable development. It has put forward higher requirements for the scientificity and rationality of macroeconomic policies. The domestic credit expansion continues to be strong, and cross-border capital flows involve potential risks. Excessive liquidity, inflation, asset price bubbles and cyclical non-performing loans will increase significantly, and the asset quality and risk tolerance capabilities of the financial sector are facing severe tests.

On the other hand, in recent years, cross industry, cross market institutions and cross financial products have developed rapidly, and financial holding companies with complex organizational structure and diversified business have been growing. China's national conditions determine that the stability of the financial system is more direct and close to the macroeconomic policy. The bank credit has a very high proportion in the whole social financing. There is a great relationship between the credit fluctuation and the economic cycle change and systemic financial risk. Therefore, the establishment of the counter cyclical credit and loan control mechanism is the focus of China's efforts to strengthen the macro Prudential policy.

Zhou Xiaochuan said that this requires the people's Bank of China as the Department responsible for macroeconomic regulation and control and maintaining financial stability in our country. From the perspective of preventing systemic risks, we should establish an anti cyclical control mechanism to enhance the elasticity of macroeconomic regulation and control. At the same time, we should strengthen the supervision of systemically important financial institutions, make up for the regulatory vacuum and shortage, and prevent and control potential systemic risks.