Central Bank: Accurately and effectively implement prudent monetary policy and increase the intensity of implementation of policies that have been introduced

It is necessary to intensify the implementation of monetary policies that have been introduced. Maintain reasonable and sufficient liquidity, guide reasonable growth and balanced release of credit, and keep the scale of social financing and money supply in line with the expected goals of economic growth and price levels.

According to PO news from the People's Bank of China on December 28, the Monetary Policy Committee recently held its regular meeting for the fourth quarter of 2023. The meeting pointed out that prudent monetary policy must be flexible, appropriate, precise and effective. What is different from the third quarter regular meeting is that this meeting changed the statement of monetary policy from "precise and effective" to "precise and effective" to implement the latest requirements of the Central Economic Work Conference.

"The current external environment is becoming more complex and severe. International economic, trade and investment are slowing down, inflation is declining from high levels, and interest rates in developed countries remain high. China's economy is picking up, with stronger momentum, and high-quality development is solidly advanced. However, it still faces insufficient effective demand, Weak social expectations and other challenges." The meeting pointed out that we should seek progress while maintaining stability, promote stability by promoting stability, increase macro-policy control efforts, and continuously consolidate the foundation for stability and improvement. We will implement prudent monetary policies accurately and effectively, pay more attention to counter-cyclical and inter-cyclical adjustments, better utilize the dual functions of monetary policy tools in terms of total volume and structure, and strive to expand domestic demand, boost confidence, and promote a virtuous economic cycle.

The meeting held that it is necessary to intensify the implementation of the monetary policies that have been introduced. Maintain reasonable and sufficient liquidity, guide reasonable credit growth and balanced release, and keep the scale of social financing and money supply in line with the expected goals of economic growth and price levels. Strengthen the guiding role of government investment and policy incentives, increase the multiplier effect, and effectively stimulate more private investment. Promote price recovery from low levels and keep prices at reasonable levels.

Regarding interest rates, the meeting made it clear that the formation and transmission mechanism of market-based interest rates should be improved, the guiding role of the central bank's policy interest rates should be brought into play, the effectiveness of the loan market quotation rate reform and the market-based adjustment mechanism of deposit interest rates should be released, and the cost of corporate financing and residents' credit should be steadily reduced. Actively revitalize financial resources that are inefficiently occupied and improve the efficiency of fund use.

Regarding the exchange rate, the meeting proposed to deepen the market-oriented reform of the exchange rate, guide enterprises and financial institutions to adhere to the concept of "risk neutrality", implement comprehensive policies, correct deviations, stabilize expectations, resolutely correct procyclical behavior, resolutely prevent the risk of exchange rate overshooting, and prevent Form unilateral consensus expectations and strengthen them, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

The meeting pointed out that it is necessary to deepen the structural reform of the financial supply side and build a system and mechanism for finance to effectively support the real economy. Guide large banks to lower their service focus, promote small and medium-sized banks to focus on their main responsibilities and main businesses, support banks in replenishing capital, and jointly maintain the stable development of the financial market. We will do a good job in the "five major articles" of technology finance, green finance, inclusive finance, pension finance, and digital finance, implement the existing structural monetary policy tools, implement the re-lending and rediscount quotas, and continue to increase support for inclusive finance and green finance. Transformation, technological innovation, digital economy, infrastructure construction and other support efforts, and comprehensive policies to support coordinated regional development.

The meeting pointed out that the action plan for increasing efforts to support the financing of technology-based enterprises should be implemented, financial institutions should be guided to increase medium- and long-term loans to the manufacturing industry, and support should be accelerated to build a modern industrial system. Adhere to the "two unwavering principles" and continue to provide financial services that support the development and growth of the private economy. Improve the green financial system with the goal of promoting carbon peaking and carbon neutrality. Optimize consumer financial services in the fields of bulk consumer goods and social services, and continue to increase financial support for enterprises to stabilize and expand jobs and for key groups to start businesses and find employment.

In terms of real estate, the meeting emphasized that differentiated housing credit policies should be implemented accurately based on city policies to better support rigid and improved housing needs, meet the reasonable financing needs of real estate companies of different ownerships equally, and promote the stable and healthy development of the real estate market. We will increase financial support for the construction of affordable housing, the construction of "both leisure and emergency" public infrastructure, and the renovation of urban villages, and promote the acceleration of the construction of a new model of real estate development. Implement financial policies and measures to promote the healthy development of the platform economy. Effectively promote high-level two-way opening up of finance, and improve economic and financial management capabilities and risk prevention and control capabilities under opening conditions.

The meeting emphasized the need to organically combine the implementation of the strategy of expanding domestic demand with the deepening of supply-side structural reforms, further strengthen inter-departmental policy coordination, strengthen policy coordination, give full play to the effectiveness of monetary and credit policies, and take into account both internal and external balance. Effectively enhance economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the positive economic recovery, and continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth.

The meeting pointed out that in response to a series of major issues and challenges facing the world today, we advocate an equal and orderly world multipolarity and an inclusive and inclusive economic globalization. An equal and orderly multipolar world means adhering to the equality of all countries, big and small, opposing hegemonism and power politics, and effectively promoting the democratization of international relations. To ensure that the multipolarization process is overall stable and constructive, we must jointly abide by the purposes and principles of the United Nations Charter, jointly adhere to the universally recognized basic norms of international relations, and practice true multilateralism. Economic globalization that benefits all and is inclusive is to comply with the common requirements of all countries, especially developing countries, and to solve the problem of imbalanced development between and within countries caused by the global allocation of resources. We must resolutely oppose anti-globalization and pan-security, oppose all forms of unilateralism and protectionism, firmly promote trade and investment liberalization and facilitation, solve structural problems that hinder the healthy development of the world economy, and promote economic globalization in the direction of Develop in a more open, inclusive, inclusive and balanced direction.

The meeting requested that at present and in the future, foreign affairs work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially Xi Jinping Thought on Diplomacy, and should be aligned with the goals and tasks of Chinese-style modernization and adhere to self-confidence, independence, openness and inclusiveness, fairness and justice, and win-win cooperation. Guidelines and principles, focusing on the main line of promoting the construction of a community with a shared future for mankind, advancing with the times, strengthening strategic deployment, deepening and improving diplomatic layout, highlighting problem orientation, using systematic thinking, clarifying diplomatic strategic tasks in a more three-dimensional and comprehensive manner, and taking a more proactive approach With a sense of historical responsibility and a more dynamic creative spirit, we will create a new situation in major-country diplomacy with Chinese characteristics.

The meeting pointed out that maintaining integrity and innovation in diplomacy is an inevitable requirement to create a new situation in major-country diplomacy with Chinese characteristics on the new journey and to better support Chinese-style modernization. It is necessary to strengthen the ideological and theoretical arming, deepen the reform of systems and mechanisms, promote the construction of diplomatic teams, and continuously enhance the scientific nature, predictability, initiative and creativity of foreign work.

The meeting emphasized that we must unswervingly insist that diplomatic power lies with the Party Central Committee, consciously adhere to the centralized and unified leadership of the Party Central Committee, and further strengthen the system and mechanism of the Party's leadership in external work. All regions and departments must keep the overall situation in mind, coordinate and cooperate, and implement the Party Central Committee's decisions and arrangements on external work to the letter.

Wang Yi made a concluding speech. Responsible comrades from the Central Cultural and Publicity Department, the International Liaison Department of the Central Committee, the Ministry of Commerce, the Joint Staff Department of the Central Military Commission, Yunnan Province and representatives of the Permanent Mission to the United Nations made exchange speeches.

Members of the Political Bureau of the CPC Central Committee, members of the Secretariat of the CPC Central Committee, relevant leading comrades of the Standing Committee of the National People's Congress, State Councilors, President of the Supreme People's Court, Chief Prosecutor of the Supreme People's Procuratorate, and relevant leading comrades of the National Committee of the Chinese People's Political Consultative Conference attended the meeting.

Member of the Central Foreign Affairs Commission, principal responsible comrades of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning, Xinjiang Production and Construction Corps, relevant departments of the central and state agencies, relevant people's organizations, relevant departments of the Central Military Commission, some financial institutions under the central government, and ambassadors abroad , Ambassadorial Consul General, representatives to international organizations, etc. attended the meeting.