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The Monetary Policy Committee of the People's Bank
Published:6/28/2019 4:23:15 PMViews: 243
The monetary policy committee of the People's Bank of China held its 85th regular meeting in Beijing in the second quarter of 2019.
The meeting analyzed the economic and financial situation at home and abroad. The meeting held that China's economy is developing healthily at present, the economic growth remains resilient and the driving force of growth accelerates the transformation. The RMB exchange rate is generally stable and its ability to cope with external shocks is enhanced. Steady monetary policy reflects the requirement of counter-cyclical regulation, the momentum of high-speed growth of macro-leverage has been initially curbed, financial risk prevention and control has been steadily and decisively promoted, and the quality and efficiency of the real economy of financial services have been gradually improved. There have been positive changes in domestic economic and financial restructuring, but there are still some deep-seated problems and prominent contradictions. The international economic and financial situation is complex, and external uncertainties and instability factors are increasing.
The meeting pointed out that we should continue to pay close attention to the profound changes in the international and domestic economic and financial situation, enhance the sense of distress, maintain strategic strength, innovate and improve macro-control, implement counter-cyclical regulation in a timely and appropriate manner, and strengthen macro-policy coordination. Steady monetary policy should be relaxed and moderate. We should keep a good balance between the nominal growth of GDP and the growth of broad money (M2) and social financing. We will continue to deepen the reform of the financial system, improve the regulatory framework of the two pillars of monetary policy and macro-prudential policy, and further open channels for monetary policy transmission. In accordance with the requirements of deepening the structural reform of the financial supply side, we should optimize the financing structure and credit structure, increase support for high-quality development, and enhance the adaptability of the financial system to the supply and demand systems. We should improve the financial services of small and micro enterprises and "agriculture, countryside and farmers", strive to make financial support for private enterprises compatible with their contribution to economic and social development, promote the formation of a triangular framework of mutual support among supply, demand and financial systems, and promote the virtuous circle of the national economy as a whole. We will further expand high-level two-way opening up of finance, improve economic and financial management capabilities and risk prevention and control capabilities under open conditions, and enhance our ability to participate in international financial governance.
The meeting emphasized that under the guidance of Xi Jinping's socialist ideology with Chinese characteristics in the new era, we should conscientiously implement the spirit of the Nineteenth National Congress of the CPC, the Central Economic Work Conference and the Report on Government Work, continue to follow the decision-making arrangements of the CPC Central Committee and the State Council, adhere to the general tone of steady progress, strive to stimulate the vitality of micro-subjects, and further stabilize employment, finance, foreign trade and foreign trade. Capital, stable investment, stable expectations. We should use a variety of monetary policy tools to keep liquidity reasonable and abundant. Deepening the reform of interest rate marketization, maintaining the basic stability of RMB exchange rate at a reasonable and balanced level, and promoting stable and healthy economic development. We should take precautions against and defuse financial risks, prevent and defuse risks in promoting high-quality development, grasp the strength and rhythm of risk disposal, stabilize market expectations, and hold the bottom line of non-occurrence of systemic financial risks.
The meeting was chaired by Yi Gang, President of the People's Bank of China and Chairman of the Monetary Policy Committee. Lian Weiliang, Zou Jiayi, Chen Yulu, Liu Guoqiang, Ningji Zhe, Guo Shuqing, Yi Huiman, Pan Gongsheng, Tian Guoli, Liu Shijin, Liu Wei and Ma Jun attended the meeting. Ding Xuedong asked for leave on official business. The Shenyang Branch, Jinan Branch and Chengdu Branch of the People's Bank of China are responsible for attending the meeting.