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Pan Gongsheng, Governor of the Central Bank: my country's financial system is generally stable and orderly in resolving financial risks in key areas

2024-08-17

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Preventing and defusing financial risks, especially preventing systemic financial risks, is a fundamental task of financial work and an eternal theme of financial work. At present, how healthy is my country's financial system? What new progress has been made in defusing risks in key areas? In this regard, CCTV reporters interviewed Pan Gongsheng, Secretary of the Party Committee and Governor of the People's Bank of China.

Orderly resolve financial risks in key areas

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:At present, my country's financial system is generally sound. The People's Bank of China will conscientiously implement the arrangements of the Third Plenary Session of the 20th CPC Central Committee and firmly maintain the bottom line of preventing systemic financial risks.

How to keep the bottom line? Pan Gongsheng introduced,At the macro level, we must maintain a dynamic balance between economic growth, economic structural adjustment and financial risk prevention.At the same time,Effectively improve the effectiveness of financial supervision, strengthen regulatory coordination, form a joint regulatory force, and bring all types of financial activities under supervision in accordance with the law.

Pan Gongsheng also focused on introducing the latest situation of orderly resolution of risks in three key areas: local government debt, real estate, and small and medium-sized banks.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:In dissolvingFinancing platform debt riskIn this regard, important progress has been made. The number of financing platforms and the level of existing debts have continued to decline. Most of the matured debts of financing platforms have been continued, restructured and replaced, and the financing cost burden has been significantly reduced compared with before.Financial support for real estate risksIn terms of resolving the crisis, we have adopted comprehensive measures from both the supply and demand sides, lowered the down payment ratio and mortgage loan interest rate for several times, established affordable housing refinancing to support the acquisition of existing commercial housing, and accelerated the construction of a new model for real estate development.Risks of small and medium-sized financial institutionsOn the one hand, the number of high-risk small and medium-sized banks has been reduced by nearly half from its peak.

Pan Gongsheng also introduced that the People's Bank of China will promote the acceleration of relevant legislation on financial stability, advance the construction of a financial stability guarantee system, strengthen the guarantee of risk management resources, effectively safeguard financial security, and effectively prevent systemic financial risks.

Do a good job in the "five major articles" of finance

The Third Plenary Session of the 20th CPC Central Committee proposed to "actively develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and strengthen high-quality financial services for major strategies, key areas, and weak links."

In this regard, Pan Gongsheng stated that doing a good job in the "five major articles" of finance is an important focus of financial services for the high-quality development of the real economy.

Pan Gongsheng said that in recent years, with the continuous increase in financial support, my country's inclusive small and micro loans, green loans, medium- and long-term loans for high-tech manufacturing, and loans for technology-based small and medium-sized enterprises have all grown at an average annual rate of about 20% to 30% in the past five years, significantly higher than the average growth rate of all loans.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:The availability of financing has been significantly improved.Financing costs are at historical lowsAt the same time, my country's online finance and mobile finance have developed rapidly, playing an important role in improving transaction efficiency, reducing transaction costs, and enhancing the inclusiveness of finance, becoming one of the highlights of my country's financial development.

Data shows that at present, the number of inclusive credit accounts for small and micro enterprises in my country exceeds 60 million, covering about one-third of business entities; the loan approval rate for technology-based small and medium-sized enterprises is close to 50%. In June, the weighted average interest rate of newly issued loans to private enterprises was less than 4%.

Pan Gongsheng said that in the next step, the People's Bank of China will strengthen its coordination and cooperation with industry management departments such as industry and information technology, science and technology, and environmental protection to further enhance the intensity, sustainability, and professional level of financial support, strengthen top-level policy design, strengthen positive incentives, enhance the service capabilities of financial institutions, broaden financing channels, and guide financial institutions to do a good job in the "five major articles" of finance.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:The People's Bank of China will focus on key areas and weak links such as major national science and technology projects and small and medium-sized technology companies, give full play to the role of re-lending for scientific and technological innovation and technological transformation, and work with relevant departments to cultivate a financial market ecology that supports scientific and technological innovation, improve the venture capital "fundraising, investment, management, and exit" mechanism, guide financial capital to invest early, invest in small and long-term investments, and invest in hard technology to meet the financing needs of technology-based companies at different stages of their life cycle, continuously improve the ability, intensity and level of financial support for scientific and technological innovation, and provide strong financial support for achieving high-level scientific and technological self-reliance.

Promote high-level financial opening up from five aspects

The Third Plenary Session of the 20th CPC Central Committee proposed promoting high-level financial opening-up, steadily and prudently advancing the internationalization of the RMB, and developing the RMB offshore market.

Financial openness is an inevitable requirement for building a financial powerhouse. How will the People's Bank of China implement it specifically?

Pan Gongsheng introduced that the People's Bank of China will adhere to the market-oriented, rule of law and internationalization orientation, enhance the transparency, stability and predictability of financial opening-up policies, continue to promote high-level financial opening-up, and focus on doing well in five aspects.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:First,Deepen institutional opening-up in the financial sector, orderly promote the high-level opening of the financial services industry and financial markets.Steadily, prudently and solidly promote the internationalization of the RMBWe will continue to improve cross-border RMB policies based on market-driven and independent choices.

At the same time, the People's Bank of China will also support the construction of Shanghai International Financial Center, give full play to the role of Shanghai Regional Center of the International Monetary Fund, and enhance the exchange and coordination of macroeconomic policies among countries in the Asia-Pacific region.Offshore RMBbusiness hub function, and consolidate and enhance Hong Kong’s status as an international financial centre.

In addition, the People's Bank of China willCreate a more friendly and inclusive business environment. Coordinate and promote the reform of cross-border RMB and foreign exchange management, and enhance the level of cross-border trade and investment and financing facilitation. Continuously improve the level of payment services.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:The work of promoting payment convenience for foreigners in China has achieved remarkable results. Foreigners in China can flexibly choose a variety of payment methods such as bank cards, cash, and mobile payments. We will continue to do a good job in related work and provide foreigners in China with better quality, more efficient and convenient payment services.

Pan Gongsheng introduced that the People's Bank of China will continue to rely on the G20, the International Monetary Fund, the Bank for International Settlements and other platforms to deeply participate in international financial governance, promote global macroeconomic and financial policy coordination, implement the consensus reached by the leaders of China and the United States in the San Francisco meeting, and take the lead in the work of the China-US and China-EU financial working groups.

Pan Gongsheng, Party Committee Secretary and Governor of the People's Bank of China:The development experience of China's financial market shows that expanding opening-up is a powerful driving force and important guarantee for high-quality financial development, and a key measure to enhance the ability to serve the real economy and international competitiveness. We will unswervingly do a good job in all aspects of financial opening-up.

The latest data shows thatAs of the end of July, foreign investors heldBonds4.5 trillion yuan, a record high.