pan gongsheng, governor of the central bank: use market-oriented methods to accelerate the destocking of existing commercial housing
2024-09-24
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china finance network, september 24th. today, the state council information office held a press conference. pan gongsheng, governor of the people's bank of china, attended the press conference and said that since the beginning of this year, the people's bank of china has adhered to the fundamental purpose of financial services for the real economy, adhered to a supportive monetary policy stance and policy orientation, and implemented three relatively major monetary policy adjustments in february, may and july.
in terms of the total amount of monetary policy, we will comprehensively use a variety of monetary policy tools, such as lowering the reserve requirement ratio, reducing the policy interest rate, and guiding the loan market benchmark interest rate downward, to create a good monetary and financial environment.
in terms of the structure of monetary policy, we will focus on the key links of high-quality development, establish refinancing for technological innovation and technological transformation, and increase financial support for technological innovation and equipment upgrading and transformation. we will reduce the down payment ratio and mortgage loan interest rate, lower the provident fund loan interest rate, and establish refinancing for affordable housing, so as to accelerate the destocking of existing commodity housing in a market-oriented way.
in terms of monetary policy transmission, we have promoted the reform of the quarterly value-added accounting method for the financial industry, changing it from the previous extrapolation method based mainly on the growth rate of deposits and loans to the income method. we have rectified and standardized manual interest payments and idle capital circulation, revitalized existing inefficient financial resources, improved the effectiveness of capital use, and enhanced the efficiency of monetary policy transmission.
on the exchange rate, we will uphold the decisive role of the market in exchange rate formation, maintain exchange rate flexibility, strengthen expectation guidance, and maintain the basic stability of the rmb exchange rate at a reasonable equilibrium level.
pan gongsheng pointed out that the effectiveness of monetary policy has continued to emerge. at the end of august, the scale of social financing increased by 8.1% year-on-year, and rmb loans increased by 8.5% year-on-year, which was about 4 percentage points higher than the nominal gdp growth rate. the financing cost was also at a historical low.
"in accordance with the central government's decision and deployment, in order to further support the stable growth of the economy, the people's bank of china will firmly adhere to a supportive monetary policy stance, increase the intensity of monetary policy regulation, and improve the precision of monetary policy regulation, so as to create a good monetary and financial environment for stable economic growth and high-quality development." pan gongsheng said.
