New Appointments!Lu Lei was appointed deputy governor of the central bank

Mondo Finance Updated on 2024-01-31

On December 26, according to the Ministry of Human Resources and Social Security, state workers were appointed and dismissed. Lu Lei was appointed deputy governor of the People's Bank of China.

According to public information, Lu Lei was born in November 1970, has a postgraduate degree, a doctorate in economics, and is currently a member of the Party Committee and deputy governor of the People's Bank of China. Prior to his appointment as Deputy Governor of the People's Bank of China, Lu Lei served as a member of the Party Leadership Group and Deputy Director General of the State Administration of Foreign Exchange. Prior to that, Lu Lei worked for the People's Bank of China for many years.

A number of interviewees who have been in contact with Lu Lei in their work told reporters that Lu Lei has strong work ability, quick thinking, and profound academic skills, and is quite appreciated.

On the same day, ** appointed and dismissed state workers. Liu Guoqiang was removed from the post of deputy governor of the People's Bank of China. At present, the People's Bank of China is the leader of the bank with "one principal and four deputies", and there is also a leader of the discipline inspection and supervision team of the National Commission for Discipline Inspection and the State Supervision Commission in the central bank.

Lu Lei: Actively revitalize the financial resources that are inefficiently occupied.

Since the beginning of this year, Lu Lei has spoken in public many times, covering topics such as monetary policy, digital currency, and macroeconomic control.

On December 13, Lu Lei said at the 2023-2024 China Economic Annual Conference held at the China Center for International Economic Exchanges that the scale of China's monetary and credit stock is already very large, and it is necessary to deeply understand the connotation and role of revitalizing incremental funds, and give full play to the role of idle and inefficient stock funds. Second, with the transformation of the economic structure and the return of finance to its origins, the direction of credit investment will be adjusted accordingly.

Lu Lei pointed out that the credit of real estate and local financing platforms, which used to be more expensive, may decline, while the increment and proportion of loans in key areas such as scientific and technological innovation, manufacturing, green development, and inclusive small and micro enterprises are increasing significantly. At the same time, the proportion of direct financing will also increase in the future, which will have a benign substitution effect on loans, and the quality and efficiency of credit services for the real economy are bound to improve significantly.

Lu Lei also said that in the next stage, it is necessary to actively revitalize the financial resources that are occupied by inefficiency and improve the efficiency of capital use. Every year, 80% of all loans in China need to be re-invested. By improving the efficiency of allocation, the effective revitalization of these stocks and the new annual increment can effectively support economic growth.

On October 12, for central bank digital currency, Lu Lei emphasized at the 2023 China (Beijing) Digital Finance Forum that the programmability of central bank digital currency provides innovation space for enriching the central bank's monetary policy tools, but this is also a common challenge faced by the world's leading banks. We need to always keep an eye on risk, especially non-traditional risks, i.e. the new challenges that technological innovation brings to the financial industry. The application of digital technology in the financial field may make the financial industry face problems such as information trust, privacy protection, data gap and financial exclusion, and high-frequency intelligent trading may be correlated with financial market fluctuations, which is also worthy of attention and research.

On March 29, talking about macroeconomic policy regulation and control, Lu Lei pointed out at the Boao Forum for Asia 2023 Annual Conference that in order to balance stability, financial stability and economic growth, we should pay attention to liquidity. Because liquidity is continuous, open market operations can be adjusted according to the liquidity faced by the entire financial system, so that it is possible to observe whether the entire financial system has non-epidemic problems, but "by no means the first bank can solve all the problems".

Editor-in-charge: Yang Yucheng.

Proofreading: Wang Wei.

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