提升金融服务实体经济高质量发展质效 ——访中国人民银行党委书记、行长潘功胜

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy to support key areas such as domestic demand, technological innovation, and small and medium-sized enterprises as part of the "14th Five-Year Plan" [1][2]. Monetary Policy Implementation - The People's Bank of China (PBOC) will implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [2]. - The PBOC plans to maintain ample liquidity and match the growth of social financing and money supply with economic growth and price level expectations, indicating room for further cuts in reserve requirements and interest rates [2]. - Structural monetary policy tools will be optimized to enhance support for major strategies and key areas, with recent policy adjustments already made to improve these tools [2]. Financial Market Stability - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable at a reasonable level [3]. - There will be a focus on strengthening supervision across various markets, including bonds, foreign exchange, and gold, while establishing mechanisms to provide liquidity to non-bank institutions under specific scenarios [3]. Monetary Policy Framework - The PBOC will optimize the monetary policy target system, emphasizing intermediate variables and reducing focus on quantitative targets to enhance the effectiveness of interest rate adjustments [4][5]. - A market-oriented interest rate formation and transmission mechanism will be improved to facilitate the flow of central bank policy rates to market rates [4]. Macro-Prudential Management - The PBOC will enhance monitoring and assessment of systemic financial risks, expanding the scope of macro-prudential management to include new areas such as financial markets and internet finance [7]. - A comprehensive macro-prudential management toolbox will be developed, with a focus on standardization and practical application [7]. Support for Key Areas - The PBOC will increase policy support for expanding domestic demand, enhancing consumption, and supporting technological innovation and small enterprises [8]. - Specific measures include a dedicated 500 billion RMB for consumer and elderly care loans, and an increase in the quota for technology innovation loans from 800 billion RMB to 1.2 trillion RMB [8]. - Additional support for small and medium-sized enterprises includes increasing re-loan quotas and enhancing financing accessibility [8]. International Financial Cooperation - The PBOC will actively engage in global financial governance reforms and international cooperation, promoting a fair and inclusive global financial governance system [10]. - Efforts will include enhancing the internationalization of the RMB and developing a secure and efficient cross-border payment system [10].