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The meeting of the financial committee put forward
Published:4/10/2020 3:15:01 PMViews: 79
At the 25th meeting of the financial stability and Development Commission of the State Council (hereinafter referred to as "the financial commission") held on April 7, it put forward a 15 word working policy - "stabilizing expectations, expanding the total amount, focusing on classification, renewing the period and creating tools".
Novel coronavirus pneumonia is the fifteen word working principle. Wang Jingwen, a macro analyst at the Research Institute of China Minsheng Bank, believes that stable expectations, that is, stable market expectations, under the impact of the epidemic, confidence is more important than gold; to expand the total amount, that is, to maintain a reasonable and sufficient liquidity through monetary policy tools such as open market operation, targeted reduction of standards, and standing loan facilities; to grasp by classification, that is, according to the different positioning and roles of small and medium-sized financial institutions, to Give different responsibilities and tasks; renew period, that is, allow banks to give a certain buffer period to help some enterprises and individuals overcome difficulties in capital turnover; create tools, that is, give a large amount of credit support in the fields of anti epidemic insurance, return to work and resumption of production through special re loan rediscount policy, reducing the interest rate of excess deposit reserve, etc.
Under the guidance of the "15 word" work policy, all relevant departments have taken a series of powerful measures to expand the low-cost financing channels of enterprises, provide differentiated financial services for regions, industries and enterprises greatly affected by the epidemic, effectively prevent and control the epidemic, support the resumption of work and production, and maintain the overall situation of stable economic development.
Wen bin, chief researcher of China Minsheng Bank, said that with the gradual improvement of the domestic epidemic prevention and control trend, the resumption of work and production was carried out in an orderly manner, and positive signals appeared in economic activities. In March, China's manufacturing PMI rose to 52% from 35.7% in February, indicating that the economic boom began to recover. However, we should also be aware that the spread of the overseas epidemic is accelerating, foreign demand is shrinking rapidly, uncertainties in economic development are increasing, and the majority of small and medium-sized micro enterprises are still facing greater pressure of survival and operation.
The meeting of the Financial Committee stressed that in the next stage, the financial committee should continue to follow the decision-making and deployment of the Party Central Committee and the State Council, strengthen the implementation of policies, and firmly promote the restoration of the order of economic and social development. Among the five specific tasks, including "guiding credit resources to support more small and medium-sized micro enterprises and private enterprises that are greatly impacted by the epidemic".
The reporter of the Financial Times noted that in the face of the impact of the epidemic on small and medium-sized enterprises, the people's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Foreign Exchange Bureau actively responded to the new challenges brought by the change of the epidemic, and supported the expansion of domestic demand, the restoration of production and the protection of employment. "We have introduced a series of measures to provide precise financial services for epidemic prevention and control, resumption of production and real economic development." Liu Guoqiang, vice president of the people's Bank of China, introduced these measures at the press conference of the joint defense and joint control mechanism of the State Council on April 3, including maintaining reasonable and sufficient liquidity, providing precise support for re loan rediscount, guiding the downward trend of loan interest rate, and giving full play to the joint efforts of the financial system.