Xinhua News Agency, Beijing, November 22 (Reporters Liu Yulong, Dong Daoyong, Yan Peng) On the 21st, experts from domestic and foreign financial management departments, financial institutions and academic circles held in-depth discussions on topics such as how to increase macro-policy regulation, solidly stabilize the economy, and better respond to multiple shocks at the 2022 Financial Street Forum Annual Meeting, which released a positive signal to promote the economic development of and financial cooperation.
The picture shows the 2022 Financial Street Forum Annual Meeting
Practical Monetary Policy Timely Increased Implementation
People's Bank of China Governor Yi Gang said that since this year, the People's Bank of China comprehensively used a variety of monetary policy tools , reducing the reserve requirement ratio by 0.25 percentage points, guiding the loan market quotation rate (LPR) to decrease, reducing the comprehensive financing cost of the real economy. my country's broad currency M2, social financing scale and RMB loans have all maintained rapid growth.
"From the economic operation effect, it is more appropriate to grasp the strength of macroeconomic . It not only strongly supports the overall stability of macroeconomic , but also maintains the basic stability of the price situation under the background of global high inflation, and also takes into account the balance between internal and external." Yi Gang said that in the third quarter, my country's GDP increased by 3.9% year-on-year, and the national consumer price index (CPI) rose by 2.1% year-on-year in October.
Yi Gang said that the People's Bank of China cooperates with relevant departments and local governments to make good use of the policy toolbox ", one city, one policy ", reduce the interest rate and down payment ratio of personal housing loans, and support rigid and improved housing demand. The People's Bank of China also issued a special loan of 200 billion yuan to "guaranteed payment" to expand the "second arrow" to support private enterprises in bond issuance .
"In the next step, the People's Bank of China will focus on building a modern central bank system, implementing the prudent monetary policy of , serving the real economy, preventing and controlling financial risks, and deepening financial reforms." Yi Gang said.
Encourage financial institutions to develop commercial pension that matches the name and reality and operates safely financial products
Party Committee Secretary of the People's Bank of China and Chairman of the China Banking and Insurance Regulatory Commission said that the development of a multi-level and multi-pillar pension insurance system is an important measure to improve supply in the social field.
According to Guo Shuqing, as of the end of 2021, my country's first pillar of basic pension insurance covered 1.029 billion people, and the surplus of fund was 6.4 trillion yuan. The second pillar enterprise annuity and occupational annuity cover more than 70 million employees and accumulates funds of 4.4 trillion yuan. In terms of the third pillar, insurance products that truly have pension attributes are currently increasing rapidly, accumulating pension responsibility reserves of more than 5 trillion yuan for the people.
It is reported that in the past year, the number of insured persons has exceeded 250,000 in the exclusive commercial pension insurance pilot. 49 products have been issued for elderly care financial management, with a total scale of 100 billion yuan. Specific pension savings products have been piloted in 5 cities.
Guo Shuqing said that the most important thing to standardize the development of the third pillar of pension insurance is to encourage financial institutions to develop commercial pension financial products that match the name and reality and operate safely. By optimizing the allocation of major asset classes, setting up income smoothing funds and risk preparation funds, providing matching pension financial products for groups with different risk preferences and affordability.
Construction Chinese characteristics modern capital market
"Focusing on the expectations and concerns of all parties, we need to make more in-depth and systematic thinking on the basic connotation, implementation paths, and key tasks of the modern capital market with Chinese characteristics." China Securities Regulatory Commission Chairman Yi Huiman focused on the three issues of listed companies structure and valuation, investment culture of the capital market, and investor structure.
"The structure of listed companies with multiple ownership economies coexisting, covering all major industries and developing together with large, medium and small enterprises is not only a major feature of my country's capital market, but also a major advantage." Yi Huiman said that the valuation directly reflects the market's recognition of listed companies.On the one hand, listed companies, especially state-owned listed companies, must "practice their internal skills", strengthen professional and strategic integration, and enhance core competitiveness; on the other hand, we must further strengthen public corporate awareness and actively strengthen investor relations management , so that the market can better understand the intrinsic value of the company.
When talking about the investment culture issues in the capital market, Yi Huiman said that A-share market domestic investors hold more than 95% of stakes in . Institutions must have independent professional judgment and research capabilities when doing investments, and improve the corporate governance, incentive constraints, risk control and supervision system.
"We must be clear-headed that the number of individual investors exceeds 200 million, which is the largest market situation in my country's capital market." Yi Huiman emphasized that while continuing to develop and strengthen institutional investment power, we must pay more attention to the protection of the legitimate rights and interests of small and medium-sized investors.
my country's foreign exchange market resilience is enhanced. Coordinate open development and security
Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange said that since this year, the international financial market, including the foreign exchange market, has experienced severe fluctuations, and the Chinese foreign exchange market has shown good resilience.
Pan Gongsheng introduced that compared with the previous two periods of appreciation of the US dollar, the sensitivity of RMB exchange rate to fluctuations in the US dollar index since 2021 has been reduced. From a global perspective, compared with the major developed economies, and emerging market currencies, the depreciation of the RMB is at an average level. Although cross-border capital flows fluctuate, they are generally stable and orderly.
"We will continue to coordinate financial opening and security, and make every effort to build a foreign exchange management system that adapts to high-level opening up to the outside world, deepen the reform and opening up of the foreign exchange field, improve the facilitation of cross-border trade and investment and financing, and maintain the stable operation of the foreign exchange market and the national economic and financial security." Pan Gongsheng said.
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