Heavy! Central Bank's deployment in the second half of the year: Accelerating the development of legal digital currency (full text)

On August 2, the central bank held a working video conference in the second half of 2019. The meeting pointed out that in the second half of the year, we should accelerate the pace of research and development of China's legal digital currency (DC/EP), track and study the development trend of virtual currency at home and abroad, and continue to strengthen Internet financial risk remediation.

The following is the full text of the central bank's video conference for the second half of 2019:

On the morning of August 2, the People's Bank of China held a video conference for the second half of 2019. The main task of the meeting is to convey and implement the important arrangements of the Party Central Committee and the State Council on economic and financial work, summarize the work in the first half of the year, analyze the current domestic and international economic and financial situation, and study and deploy the key tasks in the second half of the year. Yi Gang, president of the People's Bank of China, and Guo Shuqing, secretary of the party committee, attended the meeting and delivered speeches. Chen Yulu, Pan Gongsheng, Fan Yifei, Zhu Hexin, Xu Jiaai and Liu Guoqiang, members of the Party Committee of the People's Bank of China attended the meeting. Chen Yulu presided over the meeting and made a concluding speech.

The meeting held that since 2019, in the face of complex and severe domestic and international economic and financial situations, the People's Banking System has guided Xi Jinping's new era of socialism with Chinese characteristics as a guide to further strengthen the "four consciousnesses" and strengthen "four self-confidences" and resolutely To "two maintenance", resolutely implement the decision-making arrangements of the Party Central Committee and the State Council, further strengthen the party-building of the whole system, comprehensively promote the financial services to the real economy, prevent and resolve financial risks, deepen financial reforms, and continuously expand financial openness. A solid pace has provided a good monetary and financial environment for the sustained and healthy development of the economy and society.

First, the prudent monetary policy has remained tight and moderate, and the pre-adjustment and fine-tuning and counter-cyclical regulation have been strengthened. We will reduce the deposit reserve ratio in a timely manner, improve the “three-grade and two-benefit” deposit reserve policy framework, increase rediscounting, medium-term lending facilities, and standing loan convenience facilities, and flexibly carry out open market operations to maintain a reasonable and sufficient liquidity. At the end of June, M2 increased by 8.5% year-on-year, 0.5 percentage points higher than the same period of the previous year; the balance of social financing scale increased by 10.9%, an increase of 1.1 percentage points from the end of the previous year. The weighted average interest rate of loans for the whole society in June was 5.66%, a year-on-year decrease of 0.28 percentage points. Create and carry out central bank bill swap operations, with perpetual debt as a breakthrough, promote banks to supplement Tier 1 capital through multiple channels, ease capital constraints, and improve lending capacity. Strengthen policy publicity interpretation and communication, and actively guide and stabilize market expectations.

Second, financial support for private small and micro enterprises has continued to increase. We will give full play to the joint efforts of monetary and financial policies, expand the scope of support for inclusive financing of inclusive finance, and relax the assessment criteria for small and micro enterprises. The growth rate of Pratt & Whitney small and micro enterprise loans reached 22.5%, an increase of 7.3 percentage points from the end of the previous year, higher than all loans during the same period. The growth rate is 9.5 percentage points. The loan interest rate of private small and micro enterprises remained low, and the average loan interest rate was 6.82%, down 0.58 percentage points year-on-year. Private small and micro enterprises have difficulty in financing financing.

The third is to prevent and resolve major financial risks and achieve positive results. Adhere to the full compliance with laws and regulations, use deposit insurance funds, set up deposit insurance companies, adopt acquisition and acquisition methods, take the lead in takeover and professionally and efficiently dispose of the serious credit risk of Baoshang Bank, and grasp the degree of prevention of systemic financial risks and moral hazards. Limit the protection of the legitimate rights and interests of depositors and other customers, and resolutely break the rigid redemption, serious market discipline. Safely dispose of some liquidity risks of small and medium-sized financial institutions. Properly respond to input risks and financial market volatility, promote the establishment of a fast disposal mechanism for bond defaults, and steadily promote the risk disposal of some key financial holding groups. The overall financial risk converges and is generally controllable.

Fourth, the reform of the institutional mechanisms in key areas has been further deepened. Continue to promote interest rate marketization reform, improve the central bank interest rate corridor, and actively cultivate the loan market quotation rate (LPR) to further enrich and improve the central bank price-based regulation tools and means. Improve the macro-prudential management framework and promote the supervision of systemically important financial institutions and financial holding companies. Strengthen the coordination of central and local financial supervision, and compact the local responsibility of local financial supervision and risk disposal.

Fifth, the expansion of financial opening up has achieved remarkable results. Banking, securities and insurance industries have significantly liberalized market access, liberalizing foreign-invested corporate credit ratings, credit ratings, bank card clearing and non-bank payment access. China's stock market and bond market were included in major international indexes, pushing “Shanghai Luntong” to the ground, launching international crude oil futures denominated in RMB, making new progress in internationalization of RMB and cross-border use, and increasing financial support for “One Belt, One Road”.

Sixth, the level of financial services and management continued to improve . Continue to track and study key issues of economic and financial issues such as structural reforms on the financial supply side. The comprehensive statistics of the financial industry has been comprehensively promoted, and a complete statistical system for asset management products has been initially established. The approval of the administrative license for corporate bank accounts was completely abolished. Strengthen network security and informationization work coordination, and the payment clearing system runs smoothly. The new version of the renminbi was successfully issued, and rectification of cash and counterfeit currency crimes have achieved new results. Fully realized the electronicization of the second-generation Treasury Information Processing System (TIPS) retreat business. Developed and implemented a financial consumer classification standard. Increase financial precision and poverty alleviation, and improve the level of basic financial services in poverty-stricken areas. China's anti-money laundering and anti-terrorism financing mutual assessment report was reviewed by the Financial Action Task Force (FATF) plenary meeting, and anti-money laundering supervision has made positive progress. Vigorously promote the use of non-credit data to carry out small and micro enterprises and “three rural” credit information services to improve the effective supply of credit information.

The meeting held that since the beginning of this year, the Party Committee of the People's Bank of China and the party organizations at all levels of the whole system have fully played their role in guiding the overall situation, managing the overall situation, and ensuring the implementation of the theme, and have carried out the theme education of “not forgetting the original heart and keeping in mind the mission”. The party committee has taken the lead and systematically In-depth study of Xi Jinping's new era of socialism with Chinese characteristics, in-depth research, inspection of issues, reform and implementation, resolutely implement the party's main responsibility for the party, and unswervingly ensure that the party's line, principles and policies are implemented in the PBC system. To be effective. New achievements have been made in the construction of the cadre system of the People's Bank of China, the construction of the central bank of the rule of law, trade unions and youth work, retired cadre services, and internal management. All branches, enterprises, and related units shall be uniformly deployed according to the head office, closely integrate with the actual situation of the region and the unit, deepen reform, strengthen management, and innovate and develop, be brave in taking responsibility, and actively do a lot of productive work for the local Economic development has provided excellent and efficient financial services and achieved excellent results.

The meeting pointed out that it is of great significance to do a good job in the second half of 2019. The People's Banking System should take the guidance of Xi Jinping's new era of socialism with Chinese characteristics as the guide, comprehensively implement the decision-making and deployment of the Party Central Committee and the State Council, adhere to the party's centralized and unified leadership over financial work, and persist in its stability. In the pursuit of the general tone of work, adhere to the new development concept, adhere to the supply-side structural reform as the main line, adhere to the reform and opening up, closely focus on the "consolidation, enhancement, upgrading, smooth flow" eight-character policy, and make great efforts to "stable employment" We will work hard to stabilize the financial sector, stabilize foreign trade, stabilize foreign investment, stabilize investment, and stabilize expectations. We will further promote structural reforms in the financial supply side and promote sustained and healthy economic and financial development.

The meeting stressed that under the current complicated and grim situation, leading cadres at all levels of the People's Bank of China must strengthen "four self-confidences", establish a global concept, and look at the situation rationally. They must firmly believe that China's development prospects are bright, and that roads must be fully recognized. There are many difficulties. The political leadership of the party’s leadership and the socialist system with Chinese characteristics will be exerted, and the strength will be maintained and the foothold will be established. We must persist in deepening reform, expanding and opening up, and be good at grasping the main contradictions and turning crises into opportunities. It is necessary to vigorously promote the structural reform of the financial supply side, fully promote corporate governance of financial institutions, accelerate the construction of a multi-level capital market system, and vigorously develop inclusive finance. In accordance with the law, we must properly handle the risks of financial institutions, and in accordance with the requirements of the central government, we must reinforce the responsibilities of financial institutions, local governments, and financial regulatory authorities, and insist on handling high-risk financial institutions with more and less bankruptcy, and promote the formation of a prudent and rational financial culture. We must adhere to both quantity and quality. While encouraging the development of specialized and specialized financial institutions, we must pay more attention to structural optimization and quality improvement.

The meeting requested that the following work be done in the second half of the year:

First, adhere to the implementation of a prudent monetary policy, maintain a moderate degree of tightness, and timely pre-adjust and fine-tune. Flexible use of a variety of monetary policy tools, timely and appropriate counter-cyclical adjustment, to maintain a reasonable and sufficient liquidity, to guide the broad money supply and social financing scale growth rate and nominal GDP growth rate.

The second is to strengthen policy coordination and coordination, speed up the transmission mechanism of monetary policy to the real economy, and further stimulate the vitality of the market micro-subject. We will continue to do a good job in improving the financial services of small and micro enterprises, deepen the comprehensive reform of financial services for private and small and micro enterprises, ensure the realization of the increase in the number of loans for small and micro enterprises, expand loan loans, moderately reduce loan costs, and support high-quality private enterprises to expand the scale of bond financing. . We will increase the implementation of financial poverty alleviation and rural revitalization financial service policies, and promote the realization of high quality and sustainable poverty alleviation.

The third is to resolutely fight against the major financial risks. In accordance with the deployment and requirements of the three-year action plan to prevent and resolve major risks, we must conscientiously implement them. Safely dispose of and resolve various risks and hidden dangers, hold the bottom line of systemic financial risks, and protect the legitimate rights and interests of the people. We must prevent risks on the basis of steady growth, adhere to the principle of “opening the front door and blocking the back door”, and encourage small and distinctive financial institutions to conduct business in compliance with laws and regulations while maintaining a high-pressure situation and severely cracking down the situation. It is necessary to insist that the house is used for housing, not for the purpose of speculation, to implement the long-term management mechanism for real estate, and to continue to strengthen the management and control of the real estate market in accordance with the basic principles of “being a policy for the city”.

The fourth is to take the lead in grasping the overall role and further deepen the structural reform of the financial supply side. We will continue to deepen the reform of interest rate marketization and effectively promote the decline in the actual financing costs of enterprises. Improve the macro-prudential management framework and evaluation system. Strengthen the coordination of central and local financial supervision and improve the local financial supervision system. Strengthen the top-level design of the financial industry legislation.

The fifth is to expand financial opening up. Continue to relax market access, steadily promote the opening of RMB capital projects, and promote the expansion of cross-border use of RMB.

The sixth is to continuously improve the level of financial services and management. Solidly do a good job in financial industry comprehensive statistics, payment agency supervision, information network security, new version of RMB issuance, treasury supervision and management, credit information services and personal credit information protection, anti-money laundering supervision, financial consumer rights protection and other aspects of work.

The seventh is to develop financial technology by means of the situation, strengthen tracking and research, and actively meet new challenges. Accelerate the pace of research and development of China's legal digital currency (DC/EP), track and study the development trend of virtual currency at home and abroad, and continue to strengthen Internet financial risk remediation.

Eighth is to continue to strengthen the central bank's policy propaganda interpretation. Respond to social concerns in a timely manner, improve the multi-level expert consultation system, and stabilize and guide market expectations.

The meeting emphasized that the party organizations at all levels of the People's Bank of China should follow the general requirements of the theme of "not forgetting the original heart and remembering the mission", and implement the study and education, investigation and research, inspection and rectification, and promote the party building work to further deepen and ensure the theme education. Achieving tangible results.

First, continue to focus on deep learning, education and research. Party committees at all levels must adhere to the main line of studying and implementing Xi Jinping's new era of socialism with Chinese characteristics, and conscientiously study the principle of original understanding. It is necessary to thoroughly study and implement General Secretary Xi Jinping's important expositions on "not forgetting the original heart, keeping in mind the mission", the important speeches and instructions on the economic and financial fields, organizing special study and discussion, and practically ideological, political, and operational with Xi Jinping. The CCP’s core party center maintains a high degree of consistency. It is necessary to bear in mind the initial intentions and missions of the Chinese Communists. We must focus on the initial heart and mission of the financial field. We must adapt our position and style to our initial heart and mission. We must enable our capabilities to truly assume our mission and must resolutely oppose formalism and bureaucracy.

The second is the real knife inspection problem. Deepen the inspection and analysis work and carry forward the spirit of self-revolution. In accordance with the requirements of the Sixth Meeting of the Financial Committee of the State Council, the party's leadership and professionalism will be combined to enhance five capabilities: the ability of financial services to the real economy, the ability to prevent financial risks, the ability to adapt to internationalization, and the ability to enhance financial innovation. , financial institution governance capabilities.

The third is to seriously implement the requirements for rectification. Party members and cadres should propose effective rectification measures and establish rectification accounts for the list of issues examined. It is necessary to check the reforms, that is, to know and change, to keep an eye on the ones that cannot be solved at one time, and to continue to rectify them. If the problems are not resolved, they will never give up.

The fourth is to promote the comprehensive development of the party from strict governance. Party committees at all levels, especially the main responsible comrades, must strengthen political responsibility and fulfill their main responsibilities. Adhere to democratic centralism, strictly abide by political discipline and political rules, do a good job in the reform and implementation of the discipline inspection and supervision system of the People's Bank of China, dare to be accountable and accountable, promote the full coverage of inspections, and carry out special rectification of employees' abnormal behaviors, and strengthen internal management. And the supervision within the party, conscientiously implement the spirit of the eight central regulations, and continue to vigorously rectify formalism and bureaucracy.

The fifth is to resolutely punish corruption in the financial sector. The whole system should thoroughly implement the spirit of the important speech delivered by General Secretary Xi Jinping at the Third Plenary Session of the 19th Central Commission for Discipline Inspection, profoundly understand the complex and grim situation of the current anti-corruption struggle, earnestly learn the lessons of serious violations of law and discipline in the financial field, and carry out in-depth warning education. For the sake of reference, we will promote reforms, focus on the interests and collusion behind the financial chaos, adhere to the strict words, and combine the characteristics of the industry to continuously increase the fight against corruption.

The meeting demanded that the People's Banking System should change its ideological methods and work style, closely integrate the theme education with the implementation of the important speech and instructions of General Secretary Xi Jinping on financial work, and work closely with the important missions endowed by the Party Central Committee. In combination, it is closely integrated with vigorously promoting revolutionary traditions and fine styles.

The first is to further improve the initiative of serving the overall situation, and strive for practical measures and practical results.

Second, it is keen and decisive to prevent systemic financial risks. Timely and accurate judgment of the degree of financial risk and the channels of infection, comprehensive consideration of the possible impact of risk disposal on the market, grasp the strength and rhythm of the work, and resolutely block the spread of risk.

The third is to implement the financial supervision coordination mechanism. We will promptly establish a local financial supervision coordination mechanism for the Finance Committee Office and promote the establishment of a local financial supervision and risk disposal coordination mechanism.

The fourth is to take the initiative to “follow the first two steps” to do financial services, so that the people feel comfortable and have a sense of gain.

The fifth is to actively act as an illegal financial activity against illegal financial advertisements.

Sixth, learn from the actual experience and learn from international experience. We must emancipate our minds, have an international perspective, and we must proceed from reality and do a good job in investigation and argumentation.

The seventh is to further enhance the concept of the rule of law and the rule of law, and improve the ability to solve problems through the use of the rule of law and the rule of law.

Eight is to encourage cadres to take responsibility and start business. Further improve the assessment and evaluation mechanism for cadres, and dare to use and be good at employing people. Adhere to the combination of strict management and love, and both incentives and constraints. For those cadres who are accountable and outstanding afterwards, those who meet the requirements can continue to use and establish a clear orientation.

The meeting called for the cadres and workers of the People's Bank of China to be more closely united around the Party Central Committee with Comrade Xi Jinping as the core, guided by Xi Jinping's new era of socialism with Chinese characteristics, acting as a responsibilities, and doing a good job in the central bank. Work to meet the 70th anniversary of the founding of the People's Republic of China with outstanding achievements.

Foreign exchange bureau leaders, chief accountant, chief economist, responsible comrades of various departments and bureaus of the People's Bank of China, responsible members of the party committee, patrol team leader, counselor's office, responsible comrades in Beijing, responsible comrades of various foreign agencies, stationed in discipline inspection Group responsible comrades attend the meeting at the main venue. The members of the leading branches of the sub-branch of the People's Bank of China and the main responsible comrades of the departments are responsible for the comrades. The central city branch is responsible for the comrades, and the responsible comrades of the Beijing-based units participate in the meeting. Relevant comrades of the Central Financial and Economic Committee Office, the General Office of the State Council, and the Audit Office of the Financial Audit Bureau were invited to attend the meeting.

Source: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3869429/index.html