The regular meeting of the Monetary Policy Committee of the People’s Bank of China for the second quarter of 2021 (the 93rd in total) was held in Beijing on June 25.
The meeting analyzed the economic and financial situation at home and abroad. The meeting held that since this year, my country has coordinated efforts to promote epidemic prevention and control and economic and social development, and vigorously implemented macroeconomic policies, and the overall national economy has continued to stabilize and recover. The prudent monetary policy maintains continuity, stability and sustainability, scientifically manages market expectations, vigorously serves the real economy, and effectively prevents and controls financial risks. The dividends of the interest rate reform of the loan market quotation continued to be released, the transmission efficiency of monetary policy was enhanced, the loan interest rate was stable with a decrease, the RMB exchange rate was expected to be stable, the two-way floating flexibility was enhanced, and the function of a macroeconomic stabilizer was exerted.
The meeting pointed out that, at present, my country’s economy is operating steadily, strengthening and steadily improving, but the domestic and international environment is still complicated and severe. It is necessary to strengthen the research, judgment and analysis of the domestic and international economic situation, strengthen the coordination of international macroeconomic policies, guard against external shocks, concentrate on managing one’s own affairs, do a good job in cross-cycle policy design, and support high-quality economic development. A prudent monetary policy must be flexible, precise, reasonable and appropriate, grasp the timeliness and effectiveness of the policy, maintain a reasonable and sufficient liquidity, keep the money supply and the growth rate of social financing scale basically matched with the nominal economic growth rate, maintain the macro leverage ratio basically stable, and maintain The overall economic situation is generally stable and the resilience of economic development has been enhanced. Further play the leading role of measures such as re-lending, rediscounting and direct monetary policy tools to the real economy, implement the deferred principal and interest payment policy for inclusive small and micro enterprise loans and the extension of the credit loan support plan, and implement comprehensive policies to support coordinated regional development , Intensify efforts to support inclusive finance, and guide financial institutions to increase support for technological innovation, small and micro enterprises, and green development. Deepen the structural reform of the financial supply side, guide the focus of major banks to sink, promote small and medium banks to focus on their main responsibilities and main businesses, enhance the vitality and resilience of the financial market, and improve a modern financial system that is highly adaptable, competitive, and inclusive. Improve the market-based interest rate formation and transmission mechanism, improve the central bank’s policy interest rate system, optimize deposit interest rate supervision, adjust the method of determining the self-regulatory ceiling of deposit interest rates, continue to unleash the potential for the reform of loan market quoted interest rates, and promote further reductions in actual loan interest rates. Deepen the reform of exchange rate marketization, enhance the flexibility of the RMB exchange rate, guide enterprises and financial institutions to adhere to the concept of “risk neutrality”, strengthen anticipation management, promote internal and external balance, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Build a financial system to effectively support the real economy, improve the financial support innovation system, guide financial institutions to increase mid- and long-term loans to manufacturing, and strive to ensure that financial support for private enterprises is compatible with the contribution of private enterprises to economic and social development, and research and establish carbon Emission reduction support tools to improve the green financial system with the goal of promoting carbon peak and carbon neutrality. Promote high-level two-way opening of finance, improve economic and financial management capabilities and prevent and control risks under open conditionsability.
The meeting emphasized that it is necessary to take Xi Jinping’s thoughts on socialism with Chinese characteristics in the new era as the guide, and conscientiously implement the Fifth Plenary Session of the 19th Central Committee of the Party, the Central Economic Work Conference and the “Government The spirit of the “Work Report”, in accordance with the decisions and deployment of the Party Central Committee and the State Council, adhere to the general tone of the work of seeking progress while maintaining stability, taking the lead in stabilizing the word, based on the new development stage, implementing the new development concept, building a new development pattern, and taking the promotion of high-quality development as the theme. To deepen the supply-side structural reform as the main line, adhere to the strategy of expanding domestic demand, consolidate and expand the results of epidemic prevention and control and economic and social development, do a solid job of “six stability”, fully implement the “six guarantees” task, and implement monetary policy flexibly and accurately. To restore the relationship between the economy and prevent risks, keep the economy operating within a reasonable range, promote the economy to achieve a higher level of equilibrium in the recovery, and celebrate the 100th anniversary of the founding of the Communist Party of China with excellent results.
This meeting was presided over by Yi Gang, Governor of the People’s Bank of China and Chairman of the Monetary Policy Committee. Monetary Policy Committee members Ding Xuedong, Lian Weiliang, Chen Yulu, Liu Guoqiang, Ning Ji Zhe, Guo Shuqing, Yi Huiman, Tian Guoli, Liu Shijin and Wang Yiming attended the meeting. Zou Jiayi, Pan Gongsheng, and Cai Fang asked for leave for official business. Responsible comrades of the Nanjing Branch, Wuhan Branch and Xi’an Branch of the People’s Bank of China attended the meeting as nonvoting delegates.