The People's Bank of China's recently released China Financial Stability Report (2023) provides a comprehensive assessment of the soundness of China's financial system in 2022. The report shows that in the face of the complex and volatile international environment and the impact of unexpected factors such as the epidemic, China has successfully coordinated epidemic prevention and control with economic and social development, stepped up macroeconomic regulation and control, and achieved stable economic operation and steady improvement in the quality of development. Gross domestic product (GDP) grew by 30%, the employment situation is generally stable, the balance of payments remains balanced, the RMB exchange rate remains basically stable, and the financial system is generally operating steadily.
The report emphasizes the role of the financial system in implementing the decision-making and deployment of the financial system, and highlights the importance of stabilizing the economy in overcoming difficulties. Financial institutions have played a key role in achieving macroeconomic stability, preventing and controlling financial risks, deepening financial reform and opening up, and improving financial services. These include two comprehensive RRR cuts, increasing the precise guiding role of structural monetary policy tools, and promoting the disposal of non-performing assets.
Looking ahead, the report points out that China's economy has great resilience and potential. The financial system will adhere to the general tone of seeking progress while maintaining stability, implement the new development concept completely, accurately and comprehensively, and accelerate the construction of a new development pattern. In addition, the report mentions the key points of strengthening financial supervision, improving financial services, promoting domestic demand, boosting confidence, and preventing risks, so as to promote the qualitative and effective improvement of the economy and the reasonable growth of the quantity.
In summary, the China Financial Stability Report (2023) shows the results of the steady operation of China's financial system in the past year, and provides a clear direction and strategy for future economic development. This report is of great significance for understanding the current situation and future development trends of China's financial market.