[Related Reports]The Central Bank: A prudent monetary policy in 2022 should be flexible, moderately accurate, and increase financial support in key areas
Original title: The Central Bank clarifies the eight key points of work in 2022
□ A prudent monetary policy needs to be flexible and moderate
□ Accurately increase financial support in key areas
□ Further improve the macro-prudential policy framework and governance mechanism
□ Persist in promoting the prevention and resolution of financial risks
□ Continue to deepen international financial cooperation
□ Continuously deepen financial reforms
□ Further optimize foreign exchange management and services
□ Comprehensively improve the level of financial services and management
◎Reporter Zhang Jones Fan Zimeng ○Editor Huang Lei
The reporter learned on December 27 that the 2022 People’s Bank of China work conference will be held in the form of video on the morning of the same day. The meeting deeply studied and implemented the spirit of the Sixth Plenary Session of the 19th Central Committee of the Party and the Central Economic Work Conference, summarized the main work in 2021, analyzed the current situation, and deployed the work in 2022.
The meeting delineated eight key points of the People’s Bank of China in 2022. Regarding monetary policy, the meeting proposed that a prudent monetary policy should be flexible and appropriate. Comprehensive use of a variety of monetary policy tools to maintain reasonable and abundant liquidity, enhance the stability of the growth of total credit, increase support for the real economy, and maintain the growth rate of money supply and the scale of social financing to basically match the growth rate of the nominal economy. Improve the formation and transmission mechanism of market-based interest rates, promote the steady decline of corporate financing costs, and the financial system to continue to transfer profits to the real economy.
A prudent monetary policy must be flexible and moderate
The meeting requested that the People’s Bank of China in 2022 adhere to the general tone of the work of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, comprehensively deepen financial reform and opening up, adhere to innovation-driven development, and promote high-quality development.
First, a prudent monetary policy must be flexible and appropriate; second, accurately increase financial support in key areas; third, further improve the macro-prudential policy framework and governance mechanism; fourth, continue to promote the prevention and resolution of financial risks; fifth, continue to deepen international financial cooperation; Sixth is to continuously deepen financial reforms; seventh is to further optimize foreign exchange management and services; eight is to comprehensively improve financial services and management levels.
“The monetary policy involved in this meeting basically continued the idea of the Monetary Policy Committee’s fourth quarter 2021 regular meeting.”Everbright BankZhou Maohua, a macro researcher at the Financial Markets Department, said that considering that the economy will face cyclical and structural factors next year, domestic monetary policy needs to coordinate with the total amount and structure. Under the condition of moderate growth in total amount and reasonable abundance of liquidity, through the implementation of structural Tools to accurately support small and micro private enterprises and key emerging areas of the manufacturing industry, stimulate the vitality of micro entities, promote the recovery of domestic demand, and enhance the resilience of economic development.
Accurately increase financial support in key areas
The meeting clarified that it will accurately increase financial support in key areas. Implement the inclusive small and micro loan support tool and the inclusive small and micro enterprise credit loan support plan to continue the conversion work; continue to improve the financial support technology innovation system; correctly understand and grasp the carbon peak and carbon neutrality, and strengthen the overall coordination of green finance work , Orderly progress; continue to improve the ability and level of financial services for rural revitalization.
“Small, medium and micro enterprises, technological innovation, and green development have always been targeted support objects of structural monetary policy, including re-lending and rediscounting, and supporting tools for carbon emission reduction.”CITIC SecuritiesThe deputy director of the institute clearly stated.
Wang Qing, chief macro analyst at Oriental Jincheng, believes that in the first half of next year, incremental funds brought about by marginal easing of monetary policy will be given priority to small and micro enterprises and other key areas. In addition, next year’s structural monetary policy will also play an important role. Among them, the scale of small-scale refinancing may continue to expand, and carbon emission reduction support tools will begin to work hard. It is not ruled out that the possibility of launching targeted support technology innovation policy tools.
Properly implement the real estate financial prudential management system
In terms of promoting the prevention and resolution of financial risks, the meeting clarified that it adheres to the equal emphasis on regulation and development, strengthens the supervision of capital and platform enterprises in accordance with the law, and continues to do a good job in the rectification and reform of leading online financial platforms. The prudential management system of real estate finance will be implemented steadily to better meet the reasonable housing needs of buyers and promote a virtuous circle and healthy development of the real estate industry.
Regarding the supervision of platform companies, Wang Xin, Director of the Research Bureau of the People’s Bank of China, said in November this year that the supervision of platform companies’ financial activities should be strengthened, and all financial activities must be included in financial supervision. All financial businesses must be licensed to eliminate regulatory arbitrage. Strengthen the penetrating supervision of large-scale Internet platform business, enhance the comprehensiveness and transparency of business information disclosure, and safeguard the rights and interests of financial consumers.
In terms of real estate policy,Dongxing SecuritiesAnalyst Lin Jinlu said that the core of the current real estate policy is to maintain the stable and healthy development of the real estate market under the principle of “housing to live without speculation”, focusing on stability and avoiding big ups and downs; real estate credit policy focuses on satisfying real estate companies and buyers In the long term, the reasonable credit demand of the company will help to smoothly resolve risks in related fields.