Weigh! Is China Following The Global Interest Rate Cut? Yesterday, The Central Bank Made A Speech.

Will China cut interest rates? When will the digital currency be launched? Will tax cuts be expanded? Is there a guarantee for pension payments? In celebrating the first news conference of the 70th anniversary news center of new China, Ning Jizhe, deputy director of the national development and Reform Commission and director of the National Bureau of Statistics , Liu Kun, Minister of Finance , Yi Gang, governor of the people's Bank of China Answered the most recent concerns in the market!

Seven key points:

1., China's monetary policy remains firm. It is not eager to make big cuts or quantitative easing measures.

2. there is no timetable for the launch of digital money.

3., we must strictly resolve the financial risks in accordance with the law of marketization and rule by law.

4. advance the new quota of next year's special bonds ahead of schedule.

5., eliminate vehicle consumption restrictions.

6., the pension payment is guaranteed, and the national pension insurance should be implemented as soon as possible.

Yi Gang: China's monetary policy remains firm.

Yesterday morning, at a press conference to celebrate the 70th anniversary event of the founding of new China, a reporter asked: Europe, the United States and so on once again started to cut interest rates. In this context, will China's monetary policy orientation be adjusted? Yi Gang, President of the people's Bank of China, said China's monetary policy must be steady and steady. 。 Yi Gang said that as a large economy, China's monetary policy is mainly to serve the domestic economy, taking into account the domestic economic situation and price trend to pre adjust and fine tune. At present, China's economy is in a reasonable range, and prices are in a moderate range. The structural problems encountered in transformation and upgrading are mainly solved by structural reforms on the supply side.

Yi Gang, governor of the people's Bank of China Based on a comprehensive analysis of China's domestic situation and international background, we believe that China's monetary policy should be steady and steady. In order to stabilize the current situation, we should strengthen the counter cyclical adjustment, maintain the growth rate of the broad money M2 and the scale of social financing and the growth rate of nominal GDP in general. At the same time, we must also take into account the long-term efforts to increase structural adjustment and make great efforts to clear up the transmission mechanism of monetary policy, reduce the financing cost of enterprises and promote the development of high quality economy in a way of reform.

Yi Gang stressed, "we are not in a hurry to do some bigger interest rate cuts and quantitative easing policies, as some other central banks have done."

Yi Gang: there is no timetable for the launch of digital currency.

A large number of Internet news sources said that the central bank issued the digital currency to land within 80 days, and will initially issue four institutions, Alibaba, Tencent and UnionPay seven institutions. Yi Gang stressed at the press conference that there is no timetable for the launch of digital currency, and there will be a series of research, testing, pilot, evaluation and risk prevention. In particular, if digital money is used across borders, there are a series of regulatory requirements, such as anti money laundering, anti-terrorism financing, anti tax havens and "know your customers". Yi Gang said that the people's Bank of China began to study digital currency in 2014, and has made positive progress. It combines the central bank's digital currency and electronic payment tools, called digital money and electronic payment package.

For the purpose of digital money and electronic payment in the future, Yi Gang said that the goal is to replace a part of M0, that is to say, instead of a part of cash, it is not to replace M1 or broad currency M2. The future framework of digital currency is a two-tier operation system of central banks and commercial banks, which does not change the present monetary delivery path and system, and fully mobilizes the enthusiasm of the market. It will adhere to centralized management, do not set up a technical line in research and development, and can compete fairly in the market. It can not only consider block chain technology, but also adopt new technologies evolved on the basis of existing electronic payment, fully mobilize the enthusiasm and creativity of the market, and set up a mechanism compatible with market organizations.

Yi Gang: using marketization and rule by law

Strictly resolve financial risks in accordance with the law

For some city commercial banks, there are some risks in postponing the annual report. Yi Gang said that the three year battle against financial risks is being carried out. This year is second years. The second year is a tough task. We need to resolve many financial risks. Overall, some small and medium banks' annual reports have been postponed, and now these annual reports are coming out gradually, and different ways are adopted to resolve these risks.

In the past few years, some banks have been expanding blindly, and doing inter regional and inter provincial business operations have made the focus of their services run outside the area and run to some high-risk projects. Yi Gang emphasizes that the general principle is In view of the present risks, we must use the methods of marketization and legalization to resolve them in strict accordance with the law. 。 Marketization and rule of law mean that the first organization should be responsible. At the same time, large creditors should have some ability to identify risks, and also require local governments to take responsibility. Regulators and the people's Bank of China should also be responsible for resolving risks. In this process, we should pay attention to protecting the rights and interests of ordinary depositors, and pay special attention to protecting the rights and interests of ordinary financial managers.

Ning Ji zhe: early next year special bonds issued new quota

Ning Ji Zhe, director of the National Bureau of statistics, said that efforts should be made to expand effective investment. This is an important measure to promote "six stability" and keep the economy running smoothly. We should promote investment in this year's budget, other government investment, enterprises and private investment, and local special bonds to accelerate the use of short board, adjust the structure and expand domestic demand. Early next year's special bonds should be issued in a new quota, focusing on transportation, energy, environmental protection, livelihood services, logistics, municipal infrastructure and Industrial Park infrastructures, so as to ensure early results.

Ning Ji zhe: breaking the restriction of automobile consumption

Ning Ji zhe said that efforts should be made to promote consumption, improve quality and expand capacity. This is an effective measure to boost the economy and improve people's livelihood by killing two birds with one stone.

We should promote the upgrading of consumption and actively promote the replacement of automobiles, household appliances and electronic consumer goods. To eliminate the restriction of automobile consumption, Guangzhou, Shenzhen and other cities have already relaxed or cancelled the purchase restriction regulations. Xi'an, Kunming, Guiyang and other cities are also considering, followed by some conditional areas will follow up.

Liu Kun: guaranteed pension payment

National endowment insurance as soon as possible

Liu Kun, Minister of finance, said that the operation of China's endowment insurance fund is generally stable and the pension payment is guaranteed. Influenced by the aggravation of the aging of population and the imbalance of population flow, coupled with the fact that previous funds can not be dispensed between provinces, there are some provinces that have great pressure on the balance of funds.

In this regard, the financial sector from four aspects to promote the pension insurance system towards a more equitable and more sustainable direction.

• The first is "mentioning". In order to further balance the burden of inter regional funds, we need to increase the proportion of central government regulation to 3.5%, and the annual adjustment scale will reach 630 billion yuan in the central and western regions and the old industrial provinces in 2019.

• The two is "zoned". We should comprehensively shift some state-owned capital to enrich the social security fund. At present, 53 central enterprises and 14 central financial institutions have been transferred to the central level, and the scale has been transferred to 860 billion yuan. The preparatory work has been carried out at the local level. We will take active measures to promote the smooth progress of the national transfer work.

• The three is "bu". We should increase the subsidy for the basic old-age insurance fund.

• The four is "change". We should deepen institutional reform. On the basis of provincial overall planning, we should speed up the overall progress of the national endowment insurance, improve the restraint mechanism of paying more for the old age insurance and paying more incentives, and establish a sound adjustment mechanism for the basic pension, so as to continuously promote the reform of the pension insurance field. We will further improve the basic old-age insurance for urban workers and the basic old-age insurance system for urban and rural residents, so as to ensure the nationwide co-ordination of endowment insurance as soon as possible, so as to ensure that hundreds of millions of people are well placed.