Original title:[Taking a good first step to see the new weather]The word “stable” is to guard the people’s “money bag”
Editor’s note: Voice of China authoritative interview series report “Take a good first step to see the new weather”, broadcasted on January 10, “Stable” and keep the people’s money bags. Interviewee: Yi Gang, Governor of the People’s Bank of China. 2021-01-10 Full text of news and newspaper abstracts >>>
CCTV, Beijing, January 10 (Reporter Chai Hua) According to the “News and Newspaper Digest” of China’s Voice of China Central Radio and Television, the recent Central Economic Work Conference pointed out that the macro policy in 2021 should maintain continuity and Stability and sustainability, maintaining the necessary support for economic recovery. Yi Gang, governor of the People’s Bank of China, said that this year’s monetary policy should be “stabilized” and maintain the sustainability of the normal monetary policy space.
Yi Gang: In terms of total amount, we comprehensively use various monetary policy tools to maintain reasonable and ample liquidity, and maintain the broad money M2 and the scale of social financing. Their growth rate basically matches the nominal economic growth rate. In terms of structure, it is mainly to play the role of precise drip irrigation as a monetary policy tool, and increase financial support to key areas such as technological innovation, small and micro enterprises, and green financial development. In terms of reform and opening up, we must deepen the market-oriented reform of interest rates and exchange rates, consolidate our current trend of declining loan interest rates, pay more attention to strengthening expectations management and guidance, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Affected by the new crown pneumonia epidemic, my country’s macro leverage ratio has risen in stages in the first half of 2020. The Central Economic Work Conference pointed out that it is necessary to maintain the basic stability of the macro leverage ratio and handle the relationship between economic recovery and risk prevention. In Yi Gang’s view, this needs to be done separately from the macro and micro levels:
Yi Gang: We must stabilize the macro leverage ratio. Since the third quarter of last year, the growth rate of the macro leverage ratio has slowed down. This year we are fully confident that the macro leverage ratio will return to a basically stable track. At the micro level, we must securely place individual institutional risks and risks in key areas. It is necessary to improve the system of financial risk prevention, early warning, and accountability systems.
In addition, for the first time, the Central Economic Work Conference listed “doing a good job in carbon peaking and carbon neutrality” as one of the key tasks this year. Yi Gang pointed out that serving the strategic deployment of carbon peaking and carbon neutrality is the focus of financial work this year and in the future.
Yi Gang: The next step is for us to do a good job in the design and planning of green finance policies, and play the three major functions of finance to support green development. The allocation of resources is tilted towards the field of green development. It is necessary to strengthen the financial system’s ability to manage climate change-related risks, and to establish a reasonable price for carbon emission rights by promoting the construction of a trading market for carbon emission rights.Return to Sohu to see more
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