完善中央银行制度 “双支柱”调控护航经济行稳致远

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need to improve the central bank system, establish a robust monetary policy framework, and enhance macro-prudential management to support high-quality economic development [1][7]. Monetary Policy Framework - The People's Bank of China (PBOC) aims to create a scientific and robust monetary policy system to achieve a balance among price stability, economic growth, full employment, and international balance of payments [1][2]. - The PBOC will focus on optimizing the mechanism for basic currency issuance and monetary supply control, ensuring reasonable growth in total financial volume [2][3]. - The PBOC will avoid excessive liquidity injection and will utilize tools like reverse repos and Medium-term Lending Facility (MLF) to maintain liquidity based on economic conditions [2][3]. Macro-Prudential Management - A comprehensive macro-prudential management system is essential for preventing systemic financial risks and maintaining financial stability [4][5]. - The PBOC will enhance monitoring and assessment of systemic financial risks, improve risk prevention measures for key institutions and sectors, and expand the macro-prudential management toolbox [4][5]. - The management system will also include a focus on cross-market and cross-institutional risk monitoring and regulation of shadow banking [5]. Monetary Policy Transmission Mechanism - Improving the transmission mechanism of monetary policy is crucial for enhancing financial services to the real economy [6]. - The PBOC will promote interest rate marketization, strengthen the guiding role of policy rates, and optimize the transmission paths from financial institutions to the real economy [6]. - Transparency in monetary policy and effective communication of policy intentions will be key to ensuring market understanding and enhancing the effectiveness of policy implementation [6]. Future Outlook - The "14th Five-Year Plan" provides clear direction for the central bank's priorities over the next five years, with expectations for a stable monetary and financial environment to support high-quality economic development [7].