Editor's note: On September 24, the Information Office of the State Council held a press conference, at which Pan Gongsheng, Governor of the People's Bank of China, Li Yunze, Director of the State Administration of Financial Supervision and Administration, and Wu Qing, Chairman of the China Securities Regulatory Commission, jointly introduced the relevant situation of financial support for high-quality economic development. In this regard, on September 27, Liu Jintao, an associate researcher at the Chongyang Institute for Financial Studies of Chinese University, published a commentary article on China.com.
On September 24, the Information Office of the State Council held a press conference, at which Pan Gongsheng, Governor of the People's Bank of China, Li Yunze, Director of the State Financial Supervision Administration, and Wu Qing, Chairman of the China Securities Regulatory Commission, jointly introduced the relevant situation of financial support for high-quality economic development. This is the first time that three "top leaders" of financial management departments have attended the press conference at the same time, reflecting the significant strengthening of China's financial policy coordination and consistency. The monetary policy of the People's Bank of China, the regulatory policy of the State Administration of Financial Supervision and the capital market policy of the China Securities Regulatory Commission work together to form a synergy, and this efficient coordination can avoid the limitations of a single policy, improve policy efficiency, and help support the annual economic growth to achieve the predetermined target.
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From the perspective of policy orientation, the policies proposed at the press conference mainly involve supporting the stability of the capital market, reducing real estate financial risks and resolving local debt risks, releasing a number of positive signals.
First, the prudent monetary policy supports the acceleration of the recovery of the real economy. The People's Bank of China continued to cut the reserve requirement ratio and policy interest rate, sending a signal to enhance market liquidity and reduce corporate financing costs. By guiding the loan market prime rate down and reducing the financing pressure of enterprises, especially manufacturing and technological innovation enterprises, it shows that China's monetary policy will continue to focus on serving the real economy, especially helping those industries and enterprises in the critical period of transformation and upgrading.
The second is to strengthen targeted financial support for key areas and deepen relevant details. The "re-lending for scientific and technological innovation and technological transformation" mentioned at the press conference, as well as financial support for equipment renewal and affordable housing, reflect the policy focus on key and innovative areas. By supporting innovative technologies, equipment modernization, and green projects, the financial system is focusing resources on high-quality development areas with long-term growth potential, thereby promoting the transformation and upgrading of the real economy.
Third, the financial support policies for the real estate market will continue to be optimized. In response to the downward pressure on the current real estate market, the press conference clearly proposed measures such as reducing the interest rate of existing housing loans, unifying the down payment ratio of housing loans, and establishing affordable housing refinancing. These policies will help reduce the burden of housing on residents, promote the destocking of existing housing, stabilize the real estate market, prevent the expansion of financial risks, and promote the stable growth of the overall economy.
The policy signals released by the press conference had an immediate effect on the A-share market. On September 24, the Shanghai Composite Index rose by 4.15%, returned to 2900 points after the opening on the 25th, and rose again on the 26th, the Shanghai Composite Index stood at 3000 points, as of the close, the Shanghai Composite Index rose 3.61%, the Shenzhen Component Index rose 4.44%, and the ChiNext Index rose 4.42%. The series of powerful policies released at this conference have undoubtedly injected strong confidence into the market. In the current context of intensifying global economic uncertainty and domestic economic recovery still facing challenges, the market is more worried about monetary policy and capital markets. The press conference clearly showed that the steady growth policy jointly promoted by the People's Bank of China, the State Financial Regulatory Administration and the China Securities Regulatory Commission can effectively stabilize investors' expectations, enhance their confidence in holding shares, and promote the rapid rise of the stock market.
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●●●According to the policy signals released at the press conference, it is foreseeable that finance will further exert precise support for the real economy in the future.
First, monetary policy will remain accommodative, liquidity will be abundant, and financing costs for businesses and households will fall further. An accommodative monetary policy can further boost consumption and investment, and promote the recovery and growth of the real economy. Monetary policy will also promote structural reforms by enhancing the efficiency of the allocation of financial resources.
Second, the real estate market policy will be more flexible, which will promote the real estate industry to stop falling and stabilize. The press conference clearly put forward a number of real estate financial support policies, including reducing the interest rate of existing housing loans, unifying the down payment ratio, and extending the implementation period of real estate financing policies. The introduction of these policies will inject a stabilizer into the real estate market, which can alleviate the liquidity pressure of real estate enterprises and stabilize market expectations to a certain extent.
Thirdly, corporate financing and market activity will increase. A series of supportive policies for the capital market will help boost market confidence, promote shareholder holdings and share buybacks of listed companies, thereby stabilizing stock prices and improving market activity. In the future, the capital market will play a more important role in supporting the scientific and technological innovation and high-quality development of enterprises.
Finally, the institutional environment of "long-term money and long-term investment" in the capital market will be further improved. At the press conference, special emphasis was placed on encouraging medium and long-term funds to enter the market, including vigorously developing equity public funds, encouraging insurance funds, pensions and other medium and long-term funds to enter the stock market. This kind of "patient capital" has the characteristics of strong stability, long term and high anti-risk ability, which can effectively smooth market fluctuations and provide long-term support for the stock market. Investors' expectations for medium and long-term funds will continue to promote the upward trend of the capital market and the long-term stable and healthy growth of the economy.
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Established on January 19, 2013, Chongyang Institute for Financial Studies of Chinese University of China (Renmin University Chongyang) is the main funding project donated by Chongyang Investment to Chinese University and set up an education fund for operation.
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