Central Bank: Insist not to make flood irrigation

Date: 2021-08-25
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Guo Shuqing, secretary of the Party Committee of the People's Bank of China (PBC), presided over a meeting of the Party Committee of the People's Bank of China (PBC) on The afternoon of August 20. Yi Gang, governor and deputy Secretary of the Party Committee of the People's Bank of China, and other party members attended the meeting.

The meeting agreed that common prosperity is the essential requirement of socialism and an important feature of Chinese-style modernization. Since the 18th CPC National Congress, the CPC Central Committee has placed greater importance on gradually realizing common prosperity for all. Promoting common prosperity through high-quality development, as stated at the 10th Meeting of the Financial and Economic Commission of the CPC Central Committee, is an important strategic arrangement for our Party to put into practice the people-centered development philosophy, address the problems of unbalanced and inadequate development, and better meet the people's growing needs for a better life. At the same time, against the backdrop of important initial achievements in the battle against and defusing major financial risks, the 10th Meeting of the Financial and Economic Commission of the CPC Central Committee made important arrangements for the next step of preventing and defusing major financial risks, which provided fundamental guidance for us to do our financial work well under the new circumstances and ensure overall economic and financial stability.

Meeting requirements, the system of the people's bank of each unit should adhere to xi jinping, the new era of socialism with Chinese characteristics as guidance, earnestly study and implement xi general secretary at the tenth central committee meeting of the important speech spirit, further enhance the political stance, strengthen the consciousness of 'four', 'four confidence', 'two maintenance', Unity of the thought and action to the central committee with comrade xi as the core to promote common prosperity and financial stability on the major decision deployment of development, adhere to seek improvement in stability work always tone, keep the stability of macro policy, provide strong financial support to promote the common prosperity, systemic financial risk does not occur firmly hold the bottom line.

First, to promote common prosperity as the starting point and focus of financial work. We will use a variety of monetary policy tools to avoid indiscriminate use, maintain reasonably ample liquidity, guide appropriate growth in loans, keep the growth of money supply and financing in line with nominal economic growth, and keep the macro leverage ratio basically stable. We will continue to make the financial sector more capable of serving the real economy, continue to do a solid job in supporting small, medium and micro businesses, and guide financial institutions to increase support for small and micro businesses, agriculture, rural areas and farmers, manufacturing, green development and other key areas and weak links. We need to make financial support for regional development more balanced and industrial development more coordinated, promote the healthy development of all types of capital, and resolutely prevent disorderly expansion of capital. We will continue to do a good job in the revitalization of financial services and financial assistance to rural areas, strengthen the financial infrastructure and financial service system in rural areas, and promote common prosperity for farmers and rural areas.

Second, we will coordinate efforts to prevent and defuse major financial risks. We must keep to the bottom line, follow the principle of market and law, and make no effort to prevent and defuse financial risks of all kinds. We need to consolidate the foundation for financial stability, strike a balance between maintaining steady growth and preventing risks, consolidate the momentum of economic recovery, and defuse systemic financial risks with high-quality economic development. We will closely monitor and investigate risks in key areas, and put in place a system of accountability for major financial risks and notification of financial risks. We need to further clarify the responsibilities of regulatory authorities, administrative authorities, local governments, financial institutions and enterprises, and create a smooth mechanism, clear responsibilities, division of labor and cooperation, so as to reduce the number of high-risk institutions in key provinces. We should further strengthen policy research reserves, strengthen financial rule of law and infrastructure development, and speed up the formulation of the Financial Stability Law.

Third, we will deepen efforts to comprehensively govern the Party with strict discipline. Party committees (Leading Party members' groups) at all levels should shoulder their responsibilities, continue to improve the quality of Party building work, seriously conduct intraparty political activities, and strengthen political education and guidance. We will continue to improve the quality of the implementation of the two responsibilities, and promote the implementation of all tasks for comprehensively exercising strict Party self-governance. To strictly implement the system, pass forward, pay attention to prevention, timely investigation of abnormal personnel. To promote integrated and punishing financial corruption prevention and control financial risks, to hunt down the corruption behind the financial risks, improve the supervisory ability of the financial system of cadres, to participate in the 'hunt' and willing to be 'hunting' disciplinary violations, found together, investigate together, merciless, build a loyal and clean of cadres.

The people's Bank of The People's Bank of China's departments, the party committee departments and departments in charge of the discipline inspection and supervision dispatched to the meeting.

(Source: Central Bank website)

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