How to balance steady growth and risk prevention?

At present, the basic trend of macro-economic continuity and stability is advancing. In the financial field, we should actively implement a sound and neutral monetary policy. The liquidity of the market is reasonably abundant on the whole. The flexibility of RMB exchange rate has been strengthened and maintained basically stable. Structural de-leveraging has been steadily promoted. The blind expansion of some institutions in the early stage has obviously converged.

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It should be noted that China's economy is still at a critical stage of the transformation of old and new kinetic energy. We must deal with the balance between stable growth and risk prevention, focus on further deepening the structural reform on the supply side, and form a triangular support framework between the implementation of a robust neutral monetary policy, strengthening the vitality of micro-subjects and giving full play to the functions of the capital market, so as to promote the virtuous circle of the national economy as a whole.

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In order to adjust monetary policy properly, we need to take full account of many factors, such as international environment, domestic situation, liquidity stability and risk prevention and control. In this process, it is very important to emphasize gradual adjustment rather than jumping change. In fact, through gradual adjustment, the current stable and neutral monetary policy in China fully takes into account the domestic and foreign environment, fully highlighting the maintenance of basic liquidity stability and the prevention and control of financial risks.

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On November 9, the Central Bank issued the Third Quarter of 2018 China's Monetary Policy Implementation Report. The report shows that since 2018, the growth rate of M2 in the broad sense of money supply has remained above 8%, the M2 balance at the end of September increased by 8.3%, the RMB loan balance increased by 13.2%, 13.1 trillion yuan, 200 million yuan more than that at the beginning of the year, and the stock of social financing scale increased by 87.82 billion yuan more than that in the whole year of 2017. An increase of 10.6% over the same period.


The liquidity of the banking system is reasonable and abundant, the liquidity structure of commercial banks and financial markets is optimized, and the interest rate center of the money market goes down as a whole. Steady neutral monetary policy has achieved good results. In the next stage, we should continue to implement a sound and neutral monetary policy, avoid flooding, pay attention to directional regulation and control, properly control the total gate of money supply, guide the rational growth of money credit and social financing scale, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.


In order to enhance the vitality of microcosmic subjects, it is necessary to provide suitable monetary policy and financial market environment for enterprises to develop. Influenced by the complex and changeable economic situation at home and abroad, some private enterprises and small and micro enterprises have been facing difficulties in operation and financing since this year, and some enterprises are facing a relatively tight financial situation. In order to increase the medium and long-term funds of financial institutions to support small and micro enterprises and other real economies, the central bank implemented four directional downgrades in January, April, July and October this year, releasing about 2.3 trillion yuan of net funds to the market.


At the same time, the central bank has also taken various measures to reduce the financing cost of private enterprises, urge financial institutions to reduce and exempt service charges, optimize service processes, and differentiate the target of reducing loan interest rates. By the end of the third quarter, the average interest rate of 18 major commercial banks to small and micro enterprises was 6.23%, which was about 0.7 percentage points lower than that of the first quarter. The average interest rate of urban commercial banks and rural small and medium-sized financial institutions was 0.28 and 0.85 percentage points lower respectively. The average interest rate of Internet banks such as Weizhong Bank to small and micro enterprises was 1 percentage point lower.


More and more enterprises are improving their capital position. Relevant departments have issued many policies to support the financing of private and small and micro enterprises. The key is how to put these policies in place. This requires the relevant departments to further dredge the transmission mechanism of monetary and credit policies, give full play to the policy of "several uplift", mobilize the enthusiasm of commercial banks, layers of compact responsibility, establish long-term financing mechanism arrangements, and open the "last mile" of policy transmission.


Guided by the Information Service Administration of the State Internet Information Office, the Institute of Quantitative Economy and Technological Economy of the Chinese Academy of Social Sciences and the China Internet Development Foundation jointly sponsored the "China Financial Information Service Development Summit Forum 2018" hosted by China Economic Network. Economic Daily - China Economic Network Zhenhongnan / Photograph


Give full play to the function of capital market hub, capital market has a high degree of relevance, has a great impact on market expectations, and plays a key role in stabilizing economy, finance and expectations. It should be noted that as an important part of the financial market, capital market has been plagued by market chaos because of many participants and imperfect system construction. However, under the logic of strict supervision, market chaos is being hit hard, and market ecology is remolding and purifying.


In order to curb the risk from the root and consolidate the stable operation foundation of A shares, we should constantly fill in the regulatory shortcomings and improve the institutional arrangements while tackling the market chaos. To revise the management measures for major assets reorganization of listed companies, improve the rules for suspension and reinstatement of listed companies, improve the reduction system, and promulgate measures for investor appropriateness. The Securities Regulatory Commission has launched a series of major reform measures to consolidate the foundation of the stable operation of the capital market.


Of course, there is still a gap between the capital market and the requirement of "complete financing function, solid basic system, effective market supervision and full protection of investors'rights and interests". Capital market is the channel to serve the real economy and the window to open to the outside world. It is of far-reaching significance and great responsibility to do well in the reform of capital market and give full play to the pivotal function of capital market. At present and in the future, efforts should be made to implement various policies and measures in order to maintain the stability of financial markets and boost the steady development of the economy.


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