Central bank: continue to steadily promote research and development of legal digital currency in 2020

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 Central bank: continue to steadily promote research and development of legal digital currency in 2020


First, the targeted effectiveness of monetary policy was further improved. In response to the increasing downward pressure on the economy, monetary policy highlights counter cyclical adjustment, reducing the deposit reserve ratio of financial institutions three times; creating central bank bill swap tools, supporting banks to issue perpetual bonds to supplement capital, and improving the ability of bank loan delivery; flexibly using various monetary policy tools such as medium-term loan facility, standing loan facility and open market operation to maintain the flow of the banking system Reasonable and sufficient. The annual growth rate of M2 and social financing scale basically matched the nominal growth rate of GDP. At the same time, we should pay attention to the reform of monetary policy transmission, reform and improve the formation mechanism of loan market quotation rate (LPR), break the implicit lower limit of loan interest rate, and try our best to reduce the financing cost of enterprises. We will further enhance the flexibility of the RMB exchange rate and maintain its basic stability at a reasonable and balanced level.

Third, financial support to the real economy has been increasing. We will promote financial institutions to support key areas, major projects and major projects under construction, and promote high-quality development of the manufacturing industry. Financial targeted poverty alleviation achieved remarkable results. The financial services of Rural Revitalization continued to improve, and the two rights mortgage loan pilot was effectively connected. We will further ease the financing difficulties of small and micro private enterprises, continue to promote the formation of several lifting policy synergy, innovate the use of a variety of monetary policy tools, give full play to the role of private enterprise bond financing support tools, increase the financing support of accounts receivable of small and micro enterprises, and innovate and improve the credit service of small and micro enterprises. With the joint efforts of all parties, the financing of small and micro enterprises shows a good trend of increase in quantity, increase in scope and decrease in price, which exceeds the policy target of over 30% increase in small and micro enterprise loans of large state-owned commercial banks and 1% decrease in comprehensive cost of small and micro enterprise credit in 2019.

Fourth, financial reform and opening up have been deepened. More than 30 opening measures have been announced in a centralized manner, and it is clear that the time for canceling the proportion of foreign shares in securities, funds, futures and personal insurance will be advanced to 2020. The investment quota limit of qualified foreign investors will be completely cancelled. Foreign institutions are allowed to carry out bond underwriting and rating businesses in the inter-bank market. 12 measures were introduced to further promote cross-border trade and investment facilitation. The restrictions of the pilot countries and regions for RMB qualified foreign institutional investors shall be cancelled. Increase the amount of RMB remittance for Macao individuals. We will expand the number of institutions participating in the RMB cross-border payment system. We will promote infrastructure connectivity in the bond market. We will actively do a good job in financial support for Hainan pilot Free Trade Zone, free trade port, Guangdong Hong Kong Macao Bay area, Yangtze River Delta high-quality integrated development and other regional financial reforms. International and regional financial cooperation continued to deepen. We will play the role of the G20 platform, strengthen coordination of international macroeconomic and financial policies, and safeguard multilateral rules and institutions. We will promote the implementation of the second one belt and one way Summit on international cooperation.

Fifth, the level of financial services and management has been continuously improved. We will earnestly perform the important legislative duties of coordinating the financial industry and improve the level of administration in accordance with the law. The comprehensive statistical work of the financial industry has progressed smoothly, and the financial basic data center has been established as scheduled. The research level of fundamental major issues of the central bank has steadily improved. The construction of modern central banks financial governance and the construction of central banks balance sheet health mechanism have been deepened. The administrative license for enterprises to open bank accounts shall be completely cancelled. The mobile payment convenience project is developing in depth. Complete the centralized deposit of the full amount of customer provisions of Payment institutions. The financial science and technology development plan was released, the pilot application of financial science and technology was carried out, and the number of Lei codes was significantly increased. Successfully issued RMB 2019 and commemorative coins for the 70th anniversary of the founding of new China. The research and development of legal digital currency is progressing smoothly. Further standardize the management of large amount cash. Optimize the Treasury return process to ensure the implementation of tax reduction policy dividends in small and micro enterprises. The Interim Measures for the administration of credit rating industry were promulgated, and the unified registration and inquiry of chattel guarantee were carried out in Beijing and Shanghai, which greatly promoted the ranking of Chinas state-owned business environment in the world. Chinas mutual assessment report on anti money laundering and anti terrorist financing was reviewed at the plenary session of the financial action task force. We will establish a coordination mechanism for the protection of financial consumer rights and interests, and further standardize financial marketing and publicity activities. New achievements have been made in the work of internal audit, counselor research, security, retired cadre service and logistics support.

The peoples Bank of Chinas Shanghai headquarters, branches, enterprises and institutions directly under the peoples Bank of China and relevant units have taken on solid work, implemented various policies on financial services for the real economy, continuously improved the effect of financial management and financial services, practically maintained the financial stability of the jurisdiction, and effectively supported the work of the head office and the development of the local financial industry.

The meeting pointed out that in 2019, the peoples Bank of China achieved remarkable results in comprehensively and strictly governing the party, and the Party style and conduct of the whole system continued to improve. One is to strengthen the partys political construction around the practice of two safeguards. We must adhere to the Four Consciousnesses of the party committees and enhance the four self-confidence. We must firmly carry out the implementation of the spirit of general secretary Xi Jinpings instructions. We will continue to study and educate political disciplines and rules, conscientiously implement democratic centralism, and strictly implement the system of asking for instructions and reporting on major issues. Conscientiously implement the responsibility system of ideological work and enhance the spirit and consciousness of struggle. Second, we have further strengthened our ideals and beliefs through the solid development of the theme education of never forget our original intention and keep our mission in mind. The whole system of Party organizations and Party members and cadres further deepened their understanding of the partys initial mission, deepened the understanding of Xi Jinpings essence of socialism with Chinese characteristics in the new era, fully recognized the remarkable advantages of the socialist system with Chinese characteristics and the state governance system, and further enhanced the four confidence. Third, the initiative of taking on responsibilities has been significantly enhanced. The whole system consciously implements the new mission given by the Party Central Committee, better plays the role of overall coordination of financial management, takes the lead in grasping the overall situation, earnestly shoulders the legal responsibility of preventing and resolving systemic financial risks, maintaining financial stability, speeds up the improvement of the macro Prudential policy framework, and makes up for the shortcomings of the system. The fourth is to solve the problem of serving the people. The Party committee adheres to the people-centered development idea and takes the lead in solving difficult problems by serving the people. In planning work, we should firmly grasp the new development concept to promote development and focus on solving various unbalanced and inadequate problems. Fifth, the internal system construction and organization construction have been continuously improved. We have vigorously promoted the standardized development of Party Construction in all levels of the whole system, formulated and promulgated the guiding opinions of the peoples Bank of China on strengthening political construction, the reporting system for requesting instructions on major issues, the great supervision mechanism, and the inspection work methods. We will improve the assessment and evaluation methods for the selection and appointment of cadres, and improve the political ability and leadership level of leading cadres. Sixth, the construction of style of work has seen new results. We will continue to promote the special rectification of formalism and bureaucracy, and carry out solid warning education. We will strictly implement the spirit of the eight regulations of the Central Committee and the ten prohibitions of the peoples Bank of China on discipline and discipline. Seventh, supervision and accountability and the fight against corruption were further strengthened. Party committees at all levels take a clear stand to support the dispatch of discipline inspection and supervision teams and discipline inspection commissions at all levels to perform their duties in accordance with the law and regulations, and to coordinate and effectively implement the two responsibilities of comprehensively and strictly governing the party. We will resolutely crack down on corrupt practices in the financial sector and strive to be ahead of others and set an example.

Regarding the work in 2020, the meeting requested that the peoples bank system should be guided by Xi Jinpings socialist ideology with Chinese characteristics in the new era, fully implement the spirit of the partys the fourth Plenary Session of the 19th CPC Central Committee and central economic work conference, closely integrate the objectives and tasks of building a well-off society in an all-round way and plan for 13th Five-Year, adhere to the general keynote of steady progress, adhere to the new development concept, and adhere to the supply side. Taking structural reform as the main line, we will implement sound monetary policy, resolutely win the battle to prevent and resolve major financial risks, deepen financial reform and opening up, comprehensively carry out the six stability work, comprehensively promote stable growth, promote reform, adjust structure, benefit the peoples livelihood, prevent risks and ensure stability, and create a good monetary and financial environment for high-quality economic development.

First, we should maintain a sound monetary policy that is flexible and appropriate. We will strengthen counter cyclical regulation, maintain reasonable and sufficient liquidity, and promote the growth of monetary credit and social financing to keep pace with economic development. We will continue to deepen the market-oriented reform of interest rates and improve the transmission mechanism of quoted interest rates in the loan market. We will continue to promote banks to replenish capital through multiple channels, including issuing perpetual bonds. We will continue to play the decisive role of the market in the formation of the exchange rate and keep the RMB exchange rate basically stable at a reasonable and balanced level.

Second, we will resolutely win the battle to prevent and resolve major financial risks. Clarify the responsibility boundary of each party, compact the responsibilities of each party, compact the main responsibility of financial institutions, the responsibility of local government for risk disposal and the first responsibility for stability maintenance, the supervision responsibility of financial regulatory authorities and the responsibility of the peoples Bank of Chinas lender of last resort, and resolutely prevent moral risks. Establish and improve the recovery and disposal mechanism, loss sharing mechanism and incentive and restraint mechanism of financial institutions. Highlight the key points, and continue to handle the risk of key financial institutions in accordance with laws and regulations. We will continue to carry out special rectification of Internet financial risks, basically resolve Internet financial stock risks, and establish and improve a long-term regulatory mechanism. We will accelerate the establishment of a long-term management mechanism for real estate finance. Further play the role of deposit insurance institutions in risk management. Accelerate the establishment of local coordination mechanism of the financial committee office.

Third, we will focus on alleviating the financing difficulty and high cost of small and micro enterprises, and intensify the supply side structural reform of financial support. We will improve the evaluation and incentive mechanism for small and micro enterprises loans, implement the credit due diligence exemption system, and create a policy environment in which people dare to lend and are willing to lend. We will promote the joint efforts of multiple departments, make good use of policy tools such as targeted reduction of standards, re loan rediscount, macro Prudential assessment and credit management, and effectively promote the improvement of small and micro enterprise financing. We will increase credit support for key areas and weak links. We will focus on the areas with deep poverty, improve the mechanism for financial support industries to drive poverty alleviation, and help win targeted poverty alleviation battles.

Fourth, accelerate the improvement of the macro Prudential management framework. Prepare macro Prudential policy guidelines. Build a macro Prudential stress test system. We will accelerate the establishment and improvement of a macro Prudential management mechanism for cross-border capital flows that integrates local and foreign currencies. We will gradually expand the coverage of macro prudential policies. To organize and implement the evaluation of systemically important banks and promote the promulgation of the supervision and management measures for financial holding companies.

Fifth, we will continue to deepen financial reform and opening up. We will deepen reform of financial markets and institutions. We will actively develop the bond market and continue to promote the interconnection of bond market infrastructure. Strengthen the overall supervision and construction planning of financial infrastructure. We will deepen the reform of small and medium-sized banks and rural credit cooperatives, and further improve the governance structure of policy banks. Actively and steadily promote the internationalization of RMB. We will deepen reform of the foreign exchange management system, and support pilot free trade zones and free trade ports to take the lead in the reform of foreign exchange management. We will improve the macro Prudential + micro regulatory two in one management framework for cross-border capital flows.

Sixthly, we will strengthen the R & D and application of financial science and technology. We will implement the financial science and technology development plan, establish and improve the basic rules and regulations system for financial science and technology supervision, and do a good job in the pilot work of financial science and technology innovation supervision. We will continue to steadily advance research and development of legal digital currencies. We will further expand the application of Lei in China.

Further improve the internal management level of financial management, internal audit, security, retired cadre work, logistics support, etc. We will further strengthen the security for counselors to perform their duties.

The meeting stressed that in order to do all the work in 2020, we must adhere to the partys centralized and unified leadership in financial work, firmly establish the Four Consciousnesses, constantly enhance the four self-confidence, resolutely achieve the two maintenance, and consistently maintain a high level of consistency with the party Central Committee with Comrade Xi Jinping as the core, so as to provide a strong political guarantee for the fulfilment of all responsibilities. First, we must always put the political construction in a more prominent position, implement the important instructions of general secretary Xi Jinping and the Party Central Committees decision making as a major political task, explore and build a modern central bank system, further deepen the structural reform of the financial supply side, resolutely fight hard to prevent and resolve major financial risks, and strive to run in the systemic financial wind. In front of the insurance. Adhere to the administration according to law and build a central bank under the rule of law. Strive to be at the forefront of the pilot establishment of the model organ that makes the central government at ease and the people satisfied. Second, we need to consolidate and expand the achievements of thematic education, set up a rectification standing book around the problems found in the inspection of thematic education, and catch them to the end. Third, we should continue to strengthen the peoples Bank of Chinas understanding of the first is the political organ, strengthen the political construction of the leading group, select and strengthen the leading groups at all levels, find and select outstanding young cadres, do a good job in the work of the Communist Youth League and youth, and enhance the ability of the cadre team to meet the development needs of the modern central bank. Fourth, we should further improve our ideological methods and work style, adhere to the ideological line of seeking truth from facts, arm our minds with the partys innovative theory, and do a good job in ideological work. We should resolutely put an end to all kinds of formalism and bureaucracy, earnestly improve working methods, actively serve the people, enterprises and institutions, and maintain closer contact and communication with local governments and departments. Fifthly, we need to make greater efforts to comprehensively and strictly govern the party and resolutely implement the two responsibilities. We must take the management of the party and the governance of the party as the most fundamental responsibility, and stand up to it. We must dare to take charge of it, and strictly take care of it. We should dare to show our swords and constantly increase the anti-corruption efforts in the financial field. We should deepen the treatment of both the symptoms and the symptoms, make good use of the four forms, and promote the combination of the two. Efforts should be made to strengthen warning education and ideological education, and serious lessons should be learned from major corruption cases. We should continue to improve the inspection mechanism, unswervingly deepen political inspection, and further promote discipline inspection and supervision, internal and external inspection, audit and special inspection to form a long-term supervision mechanism.

The meeting stressed that the task of financial work in 2020 is arduous, with great responsibility and glorious mission. The peoples Bank System cadres and workers should unite more closely around the Party Central Committee with Comrade Xi Jinping as the core, keep firmly in mind the initial intention and mission of financial work, carry out the two maintenance with practical actions, constantly improve their style of work, enhance their confidence in victory, take the initiative to take the initiative and take the heavy responsibilities to ensure that the various arrangements for financial work carried out by the CPC Central Committee and the State Council are in place. Make greater contribution to the decisive victory of building a moderately prosperous society in an all-round way!

Members of the leading group of the safe, chief accountant, chief economist, members of the leading group of the Shanghai headquarters of the peoples Bank of China, principal comrades in charge of the branches above the sub branch of the sub provincial city center, principal comrades of the departments and bureaus of the head office, departments of the Party committee and departments of the Shanghai headquarters, principal comrades assigned to the discipline inspection and supervision group, counselors of the peoples Bank of China, group leaders of the inspection group, enterprises and institutions, and counterparts The main responsible comrades of the relevant units and agencies stationed abroad attended the meeting. Relevant comrades from the Organization Department of the Central Committee of Finance and economics, the general office of the State Council and the audit office were invited to attend the meeting.

(source: central bank website)

(Editor: Zeng Jingjiao)