Central Bank: Insist on stabilizing housing prices and maintaining the continuity of real estate financial policies.

The Report on the Implementation of Monetary Policy in China in the Third Quarter of 20021released on the website of Bank of China on June 5438+09 mentioned that we should persist in not using real estate as a short-term means to stimulate the economy, maintain the stability of land price, house price and expectations, maintain the continuity, consistency and stability of real estate financial policies, implement a prudent management system of real estate finance, and increase financial support for housing leasing. The report points out that China is a super-large economy with strong resilience. The fundamentals of long-term economic improvement have not changed, and the characteristics of huge development potential and broad room for manoeuvre are obvious, and the market players are full of vitality. Since the beginning of this year, China has scientifically coordinated epidemic prevention and control and economic and social development, and the economy has maintained a good development trend. The main macro indicators are generally in a reasonable range. In the first three quarters, GDP increased by 9.8% year-on-year, with an average of 5.2% in two years.

In the third quarter, China's economy maintained an upward trend, and its development resilience continued to show. GDP grew by 4.9% year-on-year, with an average growth of 4.9% in two years. In the third quarter, the agricultural production situation was good, industrial production maintained growth, and the benefits increased rapidly; With the adjustment and optimization of economic structure, the proportion of added value of manufacturing industry increases, the contribution rate of final consumption to economic growth increases, and the energy consumption per unit GDP decreases; Exports maintained rapid growth and the trade structure continued to improve; The employment situation is generally stable, and people's livelihood security is strong and effective, which has laid a good foundation for achieving the goal of economic and social development throughout the year. The prudent monetary policy has maintained continuity, stability and sustainability, scientifically managed market expectations, worked hard to serve the real economy, effectively prevented and controlled financial risks, and maintained the basic stability of macro leverage ratio. The RMB exchange rate is expected to be stable, and the flexibility of two-way floating is enhanced, which has played the role of an automatic stabilizer for regulating macroeconomics and international payments.

The report pointed out that it should also be noted that the unprecedented great changes in the world and the global spread of the COVID-19 epidemic are intertwined, and the external environment is becoming increasingly complex and severe. The recovery and development of domestic economy are restricted by some phased, structural and cyclical factors, making it more difficult to keep the economy running smoothly. There are still uncertainties in the evolution of the global epidemic, and cases of vaccinated people infected with mutated viruses have appeared in many countries. The recovery of the world economy has slowed down. The International Monetary Fund (IMF) and the Organization for Economic Cooperation (OECD) recently lowered their global economic growth forecasts for 20021year by 0. 1 percentage point to 5.9% and 5.7% respectively. Inflation in major developed economies has risen, the Federal Reserve has started the process of reducing bond purchases, global cross-border capital flows and exchange rate fluctuations have increased, and the risk of financial market valuation adjustment has increased. Domestic economic operation is facing challenges such as the spread of epidemic and high commodity prices. At present, the risks in the real estate market are generally controllable, and the overall situation of the healthy development of the real estate market will not change. Generally speaking, we should not only strengthen our confidence, but also face up to difficulties, combine reform and regulation, short-term and long-term, internal balance and external balance, concentrate on our own affairs and strive to achieve high-quality development.

The report also pointed out that inflationary pressures are generally controllable. In the third quarter of 20021,the supply and demand in the consumer market were basically stable, and the continuous decline in pork prices drove the CPI increase to fall below 1%. In June 5438+ 10, CPI increased by 1.5% year-on-year. It is expected that CPI will rise moderately in the fourth quarter, and the overall operation will remain stable in a reasonable range. At the same time, due to the rising commodity prices, the rising prices of some products in high energy-consuming industries and the low base, the PPI increase continues to expand and may remain high in the short term. Looking into the future, there are still uncertainties about the international epidemic situation, but considering that China is a major producer in the world with strong economic self-sufficiency, it is conducive to coping with the impact of rising international commodity prices and rising overseas inflation. Generally speaking, China's total supply and total demand are basically stable, and the implementation of normal monetary policy by the central bank is conducive to the long-term stability of price trends.

Regarding the main policy ideas for the next stage, the report points out that the People's Bank of China will deepen the structural reform of the supply side, accelerate the construction of a new development pattern, build a modern central banking system, improve the framework of modern monetary policy, and promote high-quality development. Strengthen the analysis of marginal changes in the domestic and international economic situation, coordinate the convergence of macro policies this year and next, persist in giving more prominence to serving the real economy, maintain the stability of monetary policy, stabilize market expectations, and strive to accomplish the main objectives and tasks of economic development this year. The report pointed out that a prudent monetary policy should be flexible, accurate, reasonable and moderate, with me as the main factor, keeping the word steady, grasping the strength and rhythm of the policy, handling the relationship between economic development and risk prevention, making cross-cycle adjustment, maintaining overall economic stability and enhancing the resilience of economic development. We will improve the regulation mechanism of money supply, maintain reasonable and abundant liquidity, enhance the stability of total credit growth, keep the growth rate of money supply and social financing basically match the growth rate of nominal economy, and keep the macro leverage ratio basically stable. Closely track and judge the price trend, stabilize social expectations, and strive to maintain the overall stability of the price level. Give full play to the role of structural monetary policy tools, make good use of the newly increased refinancing quota of 300 billion yuan, support small and micro enterprises and individual industrial and commercial households to increase loans, implement two extensions of monetary policy tools directly facing the real economy, make good use of the refinancing quota of 200 billion yuan to support regional coordinated development, implement carbon emission reduction support tools, set up special refinancing loans of 200 billion yuan to support clean and efficient utilization of coal, and guide financial institutions to increase their support for key areas and weak links such as small and medium-sized enterprises and green development. We will improve the formation and transmission mechanism of market-oriented interest rates, continue to release the reform efficiency of quoted interest rates in the loan market, optimize the supervision of deposit interest rates, and promote the steady decline of comprehensive financing costs for small and micro enterprises. Deepen the reform of exchange rate marketization, enhance the flexibility of RMB exchange rate, strengthen the expected management, improve the macro-prudential management of cross-border financing, guide enterprises and financial institutions to adhere to the concept of "risk neutrality" and maintain the basic stability of RMB exchange rate at a reasonable and balanced level. Adhere to the bottom line thinking, strengthen the system concept, follow the principles of marketization and rule of law, and make overall plans to prevent and resolve major financial risks.

First, maintain a reasonable growth in the scale of money, credit and social financing. Strengthen the monitoring and analysis of the internal and external market environment and various uncertain factors, deeply study the market liquidity supply and demand situation, do a good job of inter-cycle adjustment of liquidity, and comprehensively use various monetary policy tools such as medium-term lending convenience, open market operation, refinancing rediscount, etc., to further improve the predictability, flexibility and effectiveness of monetary policy operation, maintain reasonable and sufficient liquidity, and guide market interest rates to fluctuate around the policy interest rate center. We will improve the regulation mechanism of money supply, form a long-term mechanism for the central bank to regulate the liquidity, capital and interest rate constraints created by bank money, enhance the stability of total credit growth, and keep the growth rate of money supply and social financing basically matching the nominal economic growth rate. Improve the sustainable capital replenishment mechanism, replenish the capital of commercial banks through multiple channels, increase support for small and medium-sized banks to issue perpetual bonds and other capital replenishment tools, and enhance the ability of banks to serve the real economy and prevent and resolve financial risks.

Second, continue to implement and give full play to the traction and driving role of structural monetary policy tools. Maintain refinancing and rediscount policy stability, and continue to provide inclusive and sustained financial support to agriculture-related, small and micro enterprises and private enterprises. Continue to implement the extension of two monetary policy tools directly facing the real economy. Adhere to financial support for small and micro enterprises, and give full play to the important role of small and micro enterprises in stabilizing enterprises and ensuring employment. Implement carbon emission reduction support tools, guide financial institutions to provide preferential interest rate financing for key projects with significant carbon emission reduction effects, give play to the policy demonstration effect, encourage social funds to invest more in green and low-carbon fields, and help achieve the peak carbon dioxide emission and carbon neutrality goals. Give full play to the role of special refinancing to support clean and efficient utilization of coal, strive to improve the level of clean and efficient utilization of coal, and ensure national energy security.

The third is to build an institutional mechanism for finance to effectively support the real economy. Strengthen the implementation of micro-credit loan support policies, vigorously promote the loan repayment model, strengthen the financial service capacity building of small and medium-sized enterprises, and promote the formation of a long-term mechanism that dares to lend, is willing to lend, can lend and will lend. We will implement financial support to consolidate and expand poverty alleviation achievements and comprehensively promote rural revitalization, strengthen assessment and incentives, and increase support for key areas of rural revitalization such as seed industry development and new agricultural business entities, as well as key areas such as national rural revitalization counties. Cooperate with relevant departments to do a good job of carbon neutrality at the peak of carbon dioxide emission in an orderly manner, and encourage financial institutions to reasonably meet the financing needs of coal-fired power enterprises for emergency power generation on the basis of legal compliance and controllable risks. Innovate the use of products such as sustainable development-linked bonds and carbon-neutral bonds, and give play to the role of finance in supporting energy security and supply and green and low-carbon transformation. Unswervingly adhere to the position that houses are used for living, not for speculation, insist on not using real estate as a short-term means to stimulate the economy, insist on stabilizing land prices, housing prices and expectations, maintain the continuity, consistency and stability of real estate financial policies, implement a prudent management system for real estate finance, increase financial support for housing leasing, and cooperate with relevant departments and local governments to maintain the stable and healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers.

The fourth is to deepen the market-oriented reform of interest rates and exchange rates and smooth the transmission channels of monetary policy. Improve the formation and transmission mechanism of market-oriented interest rates, improve the policy interest rate system of the central bank, and guide the market interest rate to fluctuate around the policy interest rate. Continue to release the potential of LPR reform, give full play to the role of LPR reform in optimizing resource allocation, promote financial institutions to allocate more financial resources to small and micro enterprises in a market-oriented way, enhance the competitiveness of small and micro enterprises' credit market, and promote the steady decline of comprehensive financing costs of small and micro enterprises. Supervise the implementation of regulatory measures to optimize deposit interest rates, keep the cost of bank liabilities basically stable, and continue to promote the financial system to make profits to the real economy. We will steadily deepen the market-oriented reform of the exchange rate, improve the managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, enhance the flexibility of the RMB exchange rate, and give play to the functions of exchange rate adjustment macro-economy and international balance of payments automatic stabilizer. Strengthen expectation management and maintain the basic stability of RMB exchange rate at a reasonable and balanced level. Develop the foreign exchange market, guide enterprises and financial institutions to establish the concept of "risk neutrality", guide financial institutions to actively provide exchange rate hedging services for small and medium-sized enterprises based on the principle of real needs and risk neutrality, reduce the exchange rate hedging cost of small and medium-sized enterprises, strengthen their own foreign exchange business risk management, and maintain the stable and healthy development of the foreign exchange market. We will continue to steadily and prudently promote the internationalization of RMB, deepen foreign monetary cooperation and develop the offshore RMB market. Carry out high-level cross-border trade and investment pilot projects, improve the level of cross-border trade and investment facilitation of RMB, and steadily promote the convertibility of RMB capital projects.

Fifth, pay equal attention to preventing risks and promoting development, and continue to promote the high-quality development of the bond market. Further improve the legal system of the bond market, strengthen the information disclosure requirements, and strengthen the supervision of intermediaries. Improve the multi-level market system of efficient Unicom and cultivate a diversified team of qualified investors. Increase support for major national strategies, industries and regions, and improve the quality and efficiency of the bond market in serving the real economy. Steadily push forward the opening up of the bond market to a higher level. Timely prevention and resolution of bond market risks, in accordance with the principles of marketization and rule of law, compact the responsibilities of all parties, continuously implement the construction results of default disposal mechanism, optimize the unified law enforcement mechanism, and severely crack down on illegal acts in the bond market.

Sixth, establish a modern financial enterprise system with China characteristics, and constantly improve the corporate governance of financial enterprises. Insist on strengthening corporate governance as the core, deepen the reform of large commercial banks, and establish a modern financial enterprise system with China characteristics. Guide large banks to sink their service focus, promote small and medium-sized banks to focus on their main businesses, enhance the vitality and resilience of financial markets, and improve the modern financial system with high adaptability, competitiveness and inclusiveness. We will continue to promote the reform of development-oriented and policy-oriented financial institutions, compact the main responsibilities of institutions, promote the reform of stock business step by step, realize classified business management and separate accounting, improve transparency in an orderly manner, strengthen capital constraints, strengthen risk management, improve incentive mechanisms, and give full play to the important role of development-oriented and policy-oriented financial institutions in serving the real economy and national strategy.

Seventh, adhere to the bottom line thinking, strengthen the system concept, follow the principles of marketization and rule of law, and make overall plans to prevent and resolve major financial risks. Consolidate the foundation of financial stability and resolve financial risks with high-quality economic development. We will do our best to resolve the stock risks, resolutely curb the rebound of various risks, and prevent secondary financial risks from being triggered in the process of dealing with risks in other fields. Further play the role of market-oriented disposal platform for deposit insurance, explore various ways of marketization and rule of law, and support small and medium-sized banks to resolve risks and replenish capital. Improve the financial risk accountability mechanism and seriously investigate the responsibility for major financial risks. Implement the local party and government responsibilities, compact the responsibilities of all parties, smooth the mechanism, clarify the responsibilities, and form a joint force to effectively prevent moral hazard. Strengthen the supervision of systemically important banks, promote banks to meet additional regulatory indicators on time, formulate recovery plans and disposal proposals, implement prudential supervision requirements such as information submission, and promptly give risk warnings. Handle the relationship between steady growth and risk prevention, and firmly hold the bottom line that systemic financial risks do not occur. (Zhongxin Jingwei APP)