The 2024 central bank work conference was held, and ten key tasks were clarified

The 2024 People's Bank of China Work Conference will be held in Beijing from January 4 to 5. The meeting thoroughly implemented the spirit of the Central Economic Work Conference and the Central Financial Work Conference, summarized the work in 2023, analyzed the current situation, and deployed the work in 2024. Pan Gongsheng, secretary of the party committee and governor of the People's Bank of China, attended and spoke at the meeting. Zhu Hexin, Zhang Qingsong, Xuan Changneng, and Lu Lei, members of the party committee and vice governors of the People's Bank of China, attended the meeting, and Qu Jishan, head of the discipline inspection and supervision group of the Central Discipline Inspection Commission and the State Supervision Commission in the People's Bank of China and member of the party committee, presided over the meeting. Zhou Xiaoying, deputy head of the 18th Circuit Guidance Group of the Central Committee of Theme Education, attended the meeting for guidance.

The meeting pointed out that in 2023, the People's Bank of China will be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously implement the spirit of the 20th National Congress of the Party and the Second Plenary Session of the 20th CPC Central Committee, resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, strengthen counter-cyclical adjustment in a timely manner, effectively prevent and control financial risks, continue to deepen financial reform, continuously expand financial opening, effectively improve financial services, steadily promote institutional reform, comprehensively strengthen party building, and achieve new progress and new results in all work.

First, the prudent monetary policy is precise and powerful. The reserve requirement ratio was lowered twice to maintain reasonable and abundant liquidity, and to promote the moderate and stable pace of monetary and credit aggregates. The two cuts in the policy interest rate have led to a decline in market interest rates such as the loan prime rate, and guided commercial banks to reduce the interest rate on existing first-home loans in an orderly manner. Strengthen targeted support for key areas such as scientific and technological innovation, advanced manufacturing, and green development, guide more funds to flow to weak links such as private small and micro enterprises and rural revitalization, and actively support the steady and healthy development of the real estate market. The foreign exchange market and the RMB exchange rate remained basically stable.

Second, financial risks in key areas should be resolved prudently. Strengthen the monitoring and assessment of financial risks, strengthen the construction of systems and mechanisms, and promote the prudent handling of risks in key regions and key institutions. The debt risk resolution of financial support financing platforms has been progressing in an orderly manner. Strengthen the construction of the financial stability guarantee system, and improve the financial risk prevention, early warning and disposal mechanism.

Third, positive progress has been made in international financial cooperation. Led the establishment of the China-US and China-EU financial working groups. Actively participate in international financial governance, and strengthen dialogue and communication with the International Monetary Fund and central banks. Lead the G20 Working Group on Sustainable Finance.

Fourth, financial reform and opening up have been further deepened. Improve the macro-prudential management system. Promote the construction and high-quality development of the financial market system. The regional financial reform has been promoted with high quality, and the green finance and science and technology innovation finance reform and innovation pilot zones have achieved results. Deepen the high-level opening-up of the financial industry and build a regulatory system that meets the requirements of high-level opening-up.

Fifth, new progress has been made in the internationalization of the renminbi. Further facilitate and promote the use of RMB for cross-border trade and investment. Optimize the international use of RMB and the network of currency cooperation. Promote the pilot project of integrated capital pooling of domestic and foreign currencies. Enhancements to the functions of RMB cross-border receipt and payment, trade finance, and foreign exchange transactions.

Sixth, the level of financial services and management has continued to improve, and institutional reform has been steadily promoted. The Regulations on the Supervision and Administration of Non-bank Payment Institutions were promulgated. Strengthen data sharing in the national financial basic database. Carry out special rectification of refusal to accept RMB cash, and steadily carry out digital RMB pilots. The quality of the basic financial credit information database service has been continuously improved.

Seventh, the comprehensive and strict governance of the party has been further deepened. Take the implementation of the spirit of General Secretary Xi Jinping's important instructions and instructions as the primary political task, and improve the working mechanism of special supervision and "looking back". Strictly implement the system of requesting instructions and reporting to the Party Central Committee. The first batch of theme education was completed with high quality, and the second batch of theme education was vigorously promoted. Continue to deepen the rectification of problems found in central inspections and audits, and carry out special inspections for central inspections and rectifications. Make overall plans for the construction of the cadre team and strengthen the education and training of cadres. Strengthen the role of trade unions and the Communist Youth League in cohesion. Adhere to strict requirements and discipline to fight corruption, and continue to promote the punishment of new types of corruption and hidden corruption.

The meeting stressed that General Secretary Xi Jinping's important speech at the Central Financial Work Conference highlighted the strategic tasks and major measures such as adhering to the road of financial development with Chinese characteristics, promoting high-quality financial development, and building a modern financial power, and made systematic arrangements for doing a good job in financial work in the current and future periods. The People's Bank of China system should conscientiously study and understand Xi and thoroughly implement it. It is necessary to accurately grasp the responsibilities and positioning of the People's Bank of China at the Central Financial Work Conference. We will build a scientific and prudent financial regulation and control system to effectively support stable economic growth and high-quality development. Improve the financial stability guarantee system, and firmly guard the bottom line of preventing systemic financial risks. We will continue to deepen the supply-side structural reform of the financial sector and build a modern financial system that is highly adaptable, competitive and inclusive. Coordinate financial openness and security, and expand high-level financial opening-up in an orderly manner. It is necessary to implement the deployment of the Central Economic Work Conference, adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking down, strengthening counter-cyclical and cross-cyclical adjustment, and constantly consolidating the foundation for stability and improvement. In 2024, we will focus on the following tasks:

The first is to continue to promote the comprehensive and strict governance of the Implement the spirit of General Secretary Xi Jinping's important instructions and instructions to the letter, strengthen supervision and inspection, and timely request instructions and reports. Complete the second batch of thematic education with high quality, and establish a long-term mechanism for consolidating and deepening the achievements of thematic education. Do a solid job in the central inspection and rectification, conscientiously rectify the problems pointed out by the economic responsibility audit, and ensure the quality and effectiveness of the rectification. Focus on functional responsibilities and key minorities to carry out political inspections, and consolidate the main responsibility of Party organizations at all levels to comprehensively and strictly govern the Party. Strengthen the construction of the cadre team, and select and strengthen the leadership groups at all levels. Strengthen the building of trade unions and Communist Youth League organizations. We will unswervingly uphold the right style, discipline and anti-corruption, resolutely implement the spirit of the eight central regulations, and adhere to the strict tone, strict measures, and strict atmosphere for a long time.

Second, the prudent monetary policy is flexible, moderate, precise and effective. We should make comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity, and promote the matching of the scale of social financing and money supply with the expected targets of economic growth and price levels. Pay attention to the balanced allocation of new credit, improve the efficiency of the use of existing funds, further optimize the credit structure, and ensure that the scale of social financing can grow sustainably and rapidly throughout the year. In terms of prices, we will take into account the balance between internal and external, continue to deepen the market-oriented reform of interest rates, and promote the steady and moderate decline of comprehensive social financing costs. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

The third is to focus on the "five major articles" to support key areas and weak links. Implement the action plan to increase efforts to support the financing of science and technology enterprises. Continue to implement carbon reduction support tools. We will continue to give full play to the role of supporting agriculture and small enterprises in re-lending, re-discounting, and supporting the long-term mechanism of inclusive finance with inclusive small and micro loan support tools. We should do a good job in the implementation of 25 measures for financial support for the private economy. Continue to do a good job in financial services for the comprehensive revitalization of rural areas. Continue to implement special re-lending for inclusive pension.

Fourth, we will continue to strengthen the construction of the financial market. We will build a standardized, transparent, open, dynamic and resilient financial market, further optimize the financing structure, market system and product system, and provide higher quality and more efficient financing services for the development of the real economy. Deepen the opening up of the financial market to the outside world and make it easier for foreign investors to participate in China's bond market. Strengthen the construction and management of financial infrastructure.

Fifth, we will steadily promote the prevention and resolution of financial risks in key areas. Guide financial institutions to follow the principles of marketization and rule of law, and rationally use debt restructuring, replacement, and other means to support the resolution of debt risks of financing platforms. Strengthen the monitoring and analysis of the operation of the real estate market. Due to the city's policies, we will accurately implement differentiated housing credit policies, meet the reasonable financing needs of various real estate enterprises, and do a good job in the implementation of various policies such as the "16 Financial Measures" and financial support for the construction of affordable housing, the construction of public infrastructure for "level-emergency and emergency", and the transformation of urban villages. Promote the resolution of risks of small and medium-sized financial institutions, promote the risk disposal of key institutions, improve the early correction mechanism with hard constraints, and strengthen the professional and normalized risk disposal function of deposit insurance. We will continue to strengthen the financial stability guarantee system.

Sixth, we should actively participate in international financial governance, deepen international financial cooperation, and promote high-level opening-up. Relying on platforms such as the G20, the International Monetary Fund and the Bank for International Settlements, we will promote global macro policy coordination. Actively participate in the governance of multilateral development institutions and deepen bilateral practical financial cooperation. Efforts will be made to promote the high-level opening up of the financial industry. Promote the interconnection of domestic and foreign financial infrastructure in an orderly manner. Actively participate in the research and formulation of international trade rules related to the financial industry. Steadily promote the reform and opening up of the foreign exchange field.

Seventh, we will steadily and steadily promote the internationalization of the RMB. We will further improve the policy system to facilitate the cross-border use of RMB, and promote the use of RMB by key enterprises, key sectors and key regions. Optimize the layout of RMB clearing banks, strengthen international currency cooperation, and promote the healthy development of the offshore RMB market. Strengthen the supervision of cross-border RMB business. Intensify the construction and expansion of cross-border payment systems.

Eighth, we will continue to deepen financial reform. We will further improve the macro-prudential policy framework and governance mechanism, continue to optimize the macro-prudential stress testing mechanism, and improve macro-prudential management in key areas. Deepen the reform of financial institutions and promote the construction of a modern financial system with Chinese characteristics. Support the replenishment of the capital of commercial banks, and implement the reform plan for the business classification and subdivision of policy-based development financial institutions.

Nine is to continue to improve the level of financial services and management. Accelerate the advancement of key financial rule of law work. We will continue to do a good job in financial support for regional reform and development. Strengthen investigation and research, and improve the counselor system. Construct a modern financial statistical monitoring mechanism that matches the transformation of economic structure. Efforts will be made to improve the level of payment services for overseas residents in China, continue to promote the optimization of the overseas bank card acceptance environment, improve the convenience of mobile payment, and guide key banks and payment institutions to optimize the account services for mainland residents and overseas people in China. Strengthen cash services and management, solidly carry out special actions to rectify the refusal to accept cash, and increase penalties and announcements. Steadily promote the R&D and application of digital yuan. Promote the integration of information technology systems in an orderly manner. Speed up the construction of the national treasury project. Strengthen credit reporting and anti-money laundering supervision.

Tenth, we will solidly promote institutional reform and business process optimization and reengineering. Implement the branch reform plan, and coordinate and promote business process reengineering, information system upgrading, and system and mechanism adjustment.

The meeting pointed out that the tasks in 2024 are arduous and arduous. The People's Bank of China system should firmly support the "two establishments", resolutely achieve the "two safeguards", take the initiative to overcome difficulties, conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, and make every effort to promote high-quality financial development.

Members of the leading body of the State Administration of Foreign Exchange, principal responsible comrades of various departments, provincial-level branches, and subordinate units of the People's Bank of China, and responsible comrades of discipline inspection and supervision groups stationed in the State Administration attended the meeting. Relevant comrades from the Office of the Central Financial and Economic Commission, the Office of the Central Financial Commission, the General Office of the State Council, and the National Audit Office were invited to attend the meeting.

责编:刘安琪 | 审核:李震 | 监审:万军伟

(Raigen: Ōyuki)