Blockbuster news | Central Bank Governor Pan Gongsheng's latest voice is huge!

On October 21st, entrusted by the State Council, Pan Gongsheng, President of the People's Bank of China, delivered a report on financial work by the State Council at the 6th meeting of the Standing Committee of the 14th National People's Congress. He reported on the financial work situation since the fourth quarter of 2022. Regarding the next steps of work, Pan Gongsheng stated that the financial system will implement precise and effective macroeconomic regulation in response to changes in the economic situation, effectively strengthen financial supervision, focus on expanding domestic demand, boosting confidence, and preventing risks, and promote a sustained rebound in economic performance. He specifically proposed the following six key areas: continuing to implement a prudent monetary policy, comprehensively strengthening and improving financial supervision, continuously improving the ability of financial services to the real economy, continuously deepening financial reform and opening up, actively and prudently preventing and resolving financial risks, and focusing on maintaining the stable operation of the financial market.

Key points overview

-A prudent monetary policy is more precise and effective, grasping countercyclical and cross cyclical adjustments, and maintaining a moderate amount of currency and credit, with a steady pace.

-Further promote financial institutions to lower actual loan interest rates, reduce comprehensive financing costs for enterprises and personal consumption credit costs.

-Highlight key areas of financial support, focus on enhancing new growth momentum, and provide stable financing support for consumer demand such as bulk consumption and service consumption; Continuously increasing financial supply in key areas such as advanced manufacturing, strategic emerging industries, and technology-based enterprises.

-Accelerate the legislative work of the Financial Stability Law, promote the revision of key laws and regulations such as the People's Bank of China Law, the Commercial Bank Law, the Banking Supervision and Administration Law, the Insurance Law, the Trust Law, the Negotiable Instruments Law, the Anti Money Laundering Law, and the Foreign Exchange Management Regulations, and promote the regulation of non bank payment institutions, the regulation of supervision and management of insurance fund utilization, the regulation of financial asset management companies, the regulation of supervision and management of listed companies, and the regulation of supervision and management of securities companies Important legislative amendments such as the Regulations on the Management of Corporate Bonds. Research and improve the coordination mechanism for regular revision of laws in the financial field.

-Guided by the principles of marketization and rule of law, guide financial institutions to support and resolve local debt risks in accordance with the law and regulations.

-Guide and stabilize the behavior and expectations of the financial market, take timely measures based on the market situation, prevent risk contagion in the stock market, bond market, and foreign exchange market, and ensure the stable operation of the financial market.

Original link：

https://www.gov.cn/yaowen/liebiao/202310/content_6910821.htm