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on september 5, the state council information office held a series of press conferences on "promoting high-quality development". lu lei, deputy governor of the people's bank of china, li hongyan, deputy director of the state administration of foreign exchange, zou lan, director of the monetary policy department of the people's bank of china, peng lifeng, director of the credit market department of the people's bank of china, and xiao sheng, director of the capital project management department of the state administration of foreign exchange, attended the press conference and answered questions about the central bank's monetary policy orientation, room for interest rate and reserve requirement ratio cuts, improvement of the monetary framework, financial support for science and technology enterprises, high-level opening up of the foreign exchange market, and international balance of payments operations.

lu lei: focus on total volume, interest rate and structure

continue to adhere to supportive monetary policy

speaking of this year's monetary policy, lu lei, deputy governor of the people's bank of china, said that since the beginning of this year, the prudent monetary policy has been flexible, moderate, precise and effective, especially strengthening counter-cyclical regulation, which has strongly supported the economic recovery and high-quality development.

in terms of policy implementation, lu lei said that the aggregate monetary policy continued to exert its strength. at the beginning of the year, monetary policy took the lead in exerting its strength, focusing on stabilizing expectations and strengthening confidence. the people's bank of china lowered the reserve requirement ratio by 0.5 percentage points at one time, lowered the re-loan and re-discount rates for supporting agriculture and small businesses by 0.25 percentage points, reduced the funding costs of banks, and guided the loan market quotation rate (lpr) of more than 5 years to drop by 0.25 percentage points, focusing on supporting the macro-economy to get off to a good start.

after the third plenary session of the 20th cpc central committee, the people's bank of china improved the market-oriented interest rate regulation mechanism, explicitly and further lowered the policy interest rate, and lowered the interest rate of the 7-day reverse repurchase operation in the open market by 0.1 percentage point, which led to a 0.1 percentage point drop in the 1-year and 5-year lprs, supporting the exploration of effective demand and consolidating and strengthening the momentum of economic recovery. at the same time, it also guided major banks to lower deposit rates to maintain the ability of banks to sustainably serve the real economy.

in terms of the effect of policy implementation, lu lei said that the people's bank of china has set up 500 billion yuan of re-loans for technological innovation and technological transformation for science and technology finance, which has effectively expanded effective investment. it has also introduced a powerful combination of real estate financial support policies to support the stable and healthy development of the real estate market.

lu lei said that the growth rate of total financial volume remained within a reasonable range. at the end of july, the stock of social financing scale increased by 8.2% year-on-year, and the balance of various rmb loans increased by 8.7% year-on-year, both of which were higher than the nominal economic growth rate. the social financing cost also declined steadily. in july, the weighted average interest rate of newly issued corporate loans was 3.65%, and the interest rate of newly issued personal housing loans was 3.4%, down 22 and 68 basis points year-on-year respectively. the loan structure continued to optimize. at the end of july, inclusive small and micro loans increased by 17% year-on-year, medium and long-term loans in the manufacturing industry increased by 16.9% year-on-year, and loans to "specialized, refined and innovative" enterprises increased by 15% year-on-year. these three data were all higher than the year-on-year growth rate of loan balances.

regarding the next policy orientation, lu lei said that the people's bank of china will continue to adhere to a supportive monetary policy, accelerate the implementation of the policy measures that have been issued, and more effectively support the high-quality development of the economy. it will focus on the total amount, interest rate and structure.

in terms of total volume, we will use a variety of monetary policy tools to maintain a reasonable level of liquidity, guide banks to enhance the stability and sustainability of loan growth, and keep the scale of social financing and money supply in line with the expected targets of economic growth and price levels. in terms of interest rates, we will give full play to the driving role of the recent downward trend of policy interest rates and loan market benchmark interest rates, so as to promote a steady decline in corporate financing and resident credit costs. in terms of structure, we will increase the implementation of existing tools and promote the implementation of newly established tools, mainly to improve the efficiency of fund use and increase high-quality financial services for major strategies, key areas and weak links.

li hongyan: further expand cross-border trade and investment high-level open pilot

talking about the depth and breadth of the foreign exchange market, li hongyan, deputy director of the state administration of foreign exchange, mentioned that currently, there are more than 40 tradable currencies in china's foreign exchange market, and the trading varieties have also covered the international mainstream foreign exchange products. in the first seven months of this year, the total transaction volume of china's foreign exchange market was close to 23 trillion us dollars, an increase of 8.7% year-on-year; during the same period, more than 20,000 merchants handled exchange rate hedging for the first time, helping more companies to use foreign exchange derivatives to better manage exchange rate risks.

"in recent years, my country's foreign exchange reserves have remained above 3 trillion us dollars, ranking first in the world for 19 consecutive years, making positive contributions to stabilizing market confidence and serving the development of the real economy," said li hongyan.

regarding improving the high-level opening-up system and mechanism, li hongyan said that the focus should be on three aspects: first, we should adhere to serving the real economy and strengthen the supply of foreign exchange facilitation policies. we should promote innovation in foreign exchange supervision, adapt to the trend of digitalization and greening of trade, and promote the development of new trade formats and models such as cross-border e-commerce and overseas warehouses.

second, we must persist in promoting reform through opening up, and steadily expand high-level institutional opening up in the foreign exchange field. we will further expand the pilot program of high-level opening up of cross-border trade and investment, and promote the pilot implementation of innovative foreign exchange management policies in key areas such as the pilot free trade zones, hainan free trade port, and the guangdong-hong kong-macao greater bay area. we will support the construction of international financial centers in shanghai and hong kong, and support the high-quality joint construction of the "belt and road".

third, we must adhere to the benign interaction between high-quality development and high-level security, maintain the stability of the foreign exchange market and the national economic and financial security. we must improve the management of foreign exchange reserves with chinese characteristics and ensure the safety, liquidity, and value preservation and appreciation of reserve assets.

talking about the new changes in china's international balance of payments, li hongyan said that there are several main characteristics: the current account surplus is reasonably balanced, cross-border investment is more active, the international balance of payments is autonomously balanced, and foreign exchange reserves are firmly ranked first in the world.

li hongyan also said that the state administration of foreign exchange will strengthen macro-prudential management and expectation guidance, and foreign exchange market transactions will remain rational and orderly. the state administration of foreign exchange will work with relevant departments to crack down on illegal and irregular foreign exchange activities and maintain a healthy order in the foreign exchange market. steadily and prudently promote the reform of bank foreign exchange business development, promote the reengineering of bank foreign exchange business processes, build a full-process business development framework of prior due diligence, differentiated review during the process, and post-monitoring reporting, and gradually improve a more open and safer foreign exchange management mechanism.

zou lan: continuously enriching the monetary policy toolbox

there is still some room for the statutory deposit reserve rate

regarding the room for monetary policy interest rate cuts and reserve requirement ratio cuts in the future, zou lan, director of the monetary policy department of the people's bank of china, said that policy adjustments such as reserve requirement ratio cuts and interest rate cuts still need to observe economic trends.

among them, the statutory deposit reserve ratio is a tool for supplying long-term liquidity. in comparison, the 7-day reverse repo and medium-term lending facility are tools for responding to short-term and medium-term liquidity fluctuations. this year, the government bond trading tool has been added. the goal of using these tools in combination is to maintain a reasonable level of liquidity in the banking system. the policy effect of the reserve ratio cut at the beginning of the year is still continuing to show. at present, the average statutory deposit reserve ratio of financial institutions is about 7%, which still has some room.

in terms of interest rates, the people's bank of china has continued to promote a steady decline in the overall social financing costs. since the beginning of this year, the loan market benchmark rates for one year and five years or more have decreased by 0.1 and 0.35 percentage points respectively, driving the average loan interest rate to continue to decline.

zou lan said that the prudent monetary policy has created a good monetary and financial environment for economic recovery and development. in terms of total volume, monetary credit has grown reasonably, and the growth rate of social financing scale and rmb loans is higher than the growth rate of nominal gdp; in terms of structure, support for key areas and weak links has been strengthened, and the credit structure has been continuously optimized; in terms of price, the cost of corporate financing and household credit has declined.

regarding how the central bank will further improve the monetary framework in the next stage, zou lan said that the central bank will further optimize and improve the monetary policy framework with chinese characteristics in light of changes in economic and financial developments and a prudent assessment of the effectiveness of monetary policy implementation.

first, we need to consider optimizing the intermediate variables of monetary policy regulation. the central bank will gradually reduce its focus on quantitative targets, and use them more as observational, reference, and anticipatory indicators, and pay more attention to the role of price-based regulatory tools such as interest rates. at the same time, in light of changes in the situation, we will study and improve the statistical caliber of money supply to make monetary statistics more in line with actual conditions.

secondly, we need to reform the interest rate regulation mechanism. at present, the central bank has made it clear that the 7-day open market repo operation rate is the main policy rate, diluting the policy rate color of the medium-term lending facility rate, and changing the 7-day reverse repo from the original interest rate bidding to a fixed interest rate and quantity bidding, which fully meets the bidding needs of primary dealers. the interest rate is no longer the result of the winning bid, but is determined by the central bank according to the needs of implementing monetary policy; the quantity is no longer a means for the central bank to regulate liquidity, but is jointly determined by primary dealers based on the policy interest rate and their market judgment, which is conducive to enhancing the initiative of institutions in managing liquidity.

in the future, we will further improve the market-oriented interest rate regulation mechanism. appropriately narrow the width of the interest rate corridor to better guide the market interest rate to operate smoothly around the policy interest rate. at the same time, in terms of interest rate transmission, we will focus on improving the quality of loan market benchmark interest rate quotations, enhance the independent pricing ability of financial institutions, more truly reflect the loan market interest rate, and promote the smooth transmission of market interest rates from short to long periods. in order to avoid affecting the transmission of the policy interest rate to the loan market benchmark interest rate, the operation time of the monthly medium-term lending facility will, in principle, be arranged after the loan market benchmark interest rate quotation is released, and the price will be determined by the bidding results of the bidding institutions.

in addition, the monetary policy toolbox should be continuously enriched. the central bank has started treasury bond trading since august this year, and issued the first "treasury bond trading business announcement" at the end of the month. in august, the central bank bought short and sold long, with a net purchase of treasury bonds of 100 billion yuan. the central bank's purchase and sale of treasury bonds is mainly positioned in the basic currency injection and liquidity management. it can be bought or sold, and through flexible combination with other tools, the scientificity and accuracy of short-, medium- and long-term liquidity management can be improved. at the same time, the central bank will also combine the macro situation and policy regulation needs, innovate and implement structural monetary policy tools, and continuously improve the efficiency of monetary policy.

finally, we need to further smooth the transmission of monetary policy. there are two stages in monetary policy transmission: one is the transmission from the central bank to the financial market. by strengthening policy communication and expectation guidance, improving the transparency of monetary policy, and enhancing the independent and rational pricing capabilities of financial institutions, we can further improve the quality and efficiency of financial services; the other is the transmission from the financial market to the real economy. we need to focus on unblocking the transmission bottlenecks, strengthen the coordination of monetary policy with fiscal, industrial, and regulatory policies, promote supply and demand balance, support the focus of economic policies to shift more to the areas of benefiting people's livelihood and promoting consumption, improve the transmission effect on real economic variables such as consumption and investment, and enhance the focus of financial services.

peng lifeng: focus on increasing three "proportions" to support technology companies

create special financial bonds for technological innovation

peng lifeng, director of the credit market department of the people's bank of china, said that they will anchor the goal of building a strong country in science and technology, build a science and technology financial system that is compatible with scientific and technological innovation, and guide financial capital to invest early, invest in small, invest in the long term, and invest in hard technology.

"we know that technology-based enterprises are divided into different stages, such as seed stage, start-up stage, growth stage and mature stage, and the demand for financial services at different stages is also different. while providing full life cycle financial services, we focus more on the needs of technology-based smes in the start-up and growth stages, which is a weak link in our country's science and technology financial services." peng lifeng said.

he said that the structural reform of the financial supply side will be deepened, with a focus on improving three "proportions": the first proportion is to increase the proportion of direct financing in social financing, further enrich the financing products of the capital market, create special financial bonds for scientific and technological innovation, and at the same time, enhance the incentives and transformation of the financial system to form "patient capital"; the second proportion is to increase the proportion of early and small investments in equity financing, implement a number of policy measures to promote high-quality development of venture capital, improve the "fund raising, investment, management and exit" mechanism for venture capital, and increase the convenience of foreign investment and venture capital in china; the third proportion is to increase the proportion of scientific and technological innovation loans in various loans, make good use of re-loans for scientific and technological innovation and technological transformation, establish a science and technology financial service assessment and evaluation mechanism, guide financial institutions to enhance their risk assessment capabilities for technology-based enterprises, and enrich financial products that adapt to the characteristics of the high-tech field.

xiao sheng: four aspects to help high-level opening of capital projects

qdii quota of us$2.27 billion has been issued in the first half of the year

xiao sheng, director of the capital account management department of the state administration of foreign exchange, said that the next step of high-level opening of capital accounts will focus on four aspects:

first, we should scientifically grasp the timing, scale and effectiveness of capital account opening. we should make overall plans and orderly promote foreign exchange management reforms in various fields such as direct investment, cross-border financing and cross-border securities investment. at the same time, we should focus on the system integration of reforms and continue to promote the integrated promotion of pilot policies for cross-border investment and financing facilitation. in the first eight months of this year, the high-level pilot of cross-border investment and financing has benefited more than 1,400 enterprises and served the high-quality development of the real economy.

secondly, deepen the reform of foreign exchange management of capital projects from point to surface. promote and improve the integrated management of foreign currency and rmb overseas loans, and support enterprises to "go out" and "bring in" in an orderly manner. steadily promote the upgrading and expansion of multinational companies' fund pool business, further improve the operational efficiency of multinational companies' cross-border funds, and help the development of headquarters economy. at the same time, work with relevant departments to steadily expand the opening of financial markets, improve the management of funds for direct overseas listings of domestic enterprises, optimize the qualified foreign investor system, and orderly promote the development of qualified domestic institutional investors (qdii). in the first half of this year, a total of us$2.27 billion of qdii quotas have been issued.

thirdly, support the opening-up and development of key regions. institutional opening-up will serve the national regional development strategy. for example, support multinational companies to set up global or regional treasury centers in shanghai, support the guangdong-hong kong-macao greater bay area to take the lead in piloting various innovative policies, and steadily advance the construction of hainan free trade port, hengqin and qianhai cooperation zone. at the same time, precise service will be provided to regional and industrial development. on the basis of the early implementation of the shenzhen hetao "science and technology exchange" and qianhai "hong kong enterprise loan" pilot projects, further support will be provided for the facilitation of cross-border investment and financing and the use of funds exchange.

finally, the state administration of foreign exchange will build and improve a full-process, full-cycle, and full-chain capital account opening and risk prevention and control system in accordance with the deployment requirements of "achieving high-quality development and high-level security and benign interaction", and firmly hold the bottom line of preventing systemic financial risks.