This article**: The people**.
People** December 12, 2023 Edition 07).
Monetary policy is one of the important levers of macroeconomic policy. Since the beginning of this year, the prudent monetary policy has been implemented with precision and continuous efforts, providing a good monetary and financial environment for the overall recovery of China's economy. In this issue, we will focus on the important role of prudent monetary policy in high-quality development, and build consensus and strength to further promote the economic recovery.
Editors Better serve major strategic needs.
Wu Qiuyu. In order to continue to contribute to the goal of "carbon peaking and carbon neutrality", the People's Bank of China decided to continue the implementation of carbon emission reduction support tools at the beginning of this year. As of the end of June this year, financial institutions have been supported to issue more than 750 billion yuan of carbon emission reduction loans, driving annual carbon emission reductions of more than 1500 million tonnes of carbon dioxide equivalent. Serving major national strategies, the financial industry is playing an increasingly important role.
High-quality and sustainable economic growth requires a sound monetary and financial environment. Since the beginning of this year, China's financial system has implemented a prudent monetary policy, focused on major national strategic needs, continuously deepened the structural reform of the financial supply side, and continued to improve the quality and efficiency of financial services. From supporting the high-quality development of the Yangtze River Economic Belt to serving the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, from helping to achieve the "dual carbon" goal to promoting major projects such as transportation and water conservancy, a steady stream of "financial living water" has played an important supporting role. Practice has proved that giving full play to the effectiveness of monetary and credit policies is not only conducive to expanding domestic demand, stabilizing investment and stabilizing investment, but also conducive to promoting high-quality economic development.
The first financial work conference held not long ago proposed: "We must strive to create a good monetary and financial environment, and earnestly strengthen high-quality financial services for major strategies, key areas and weak links." "Guided by major national strategies and major national needs, and strengthening coordination and cooperation with fiscal, industrial and other policies, monetary policy will continue to play a greater role.
The author is a reporter for this newspaper).
Let finance effectively serve the real economy.
Gan Rong. Serving the real economy is the foundation of the financial industry. Since the beginning of this year, China has comprehensively used a variety of monetary policy tools to maintain reasonable and abundant liquidity and better meet the effective financing needs of the real economy.
There are thousands of policies, and the first one is implemented. Jointly carrying out policy publicity activities with relevant departments can not only help enterprises to have a more comprehensive and in-depth understanding of national policies, but also help financial institutions to effectively grasp the needs of enterprises and help enterprises to bail out in a more targeted manner. In our visit and research, we found that science and technology enterprises in the growth stage need a lot of funds from technology research and development to application of achievements and market development, but often lack collateral assets. In this regard, we innovatively launched the "Jiaoxiang Science and Technology Innovation Loan", which takes R&D investment, intellectual property value and other factors as the criteria for approving the loan amount. At present, we have provided more than 4 billion yuan of credit to more than 60 technology-based enterprises. Enterprises of different industries and sizes have different needs for finance at different stages of development, and only by finding out the situation and docking services can we open up the "last mile" of financial "living water" into the real economy.
The seamless connection between banks and enterprises is an important part of the efficient implementation of monetary policy. Innovating financial products, optimizing business processes, strengthening the empowerment of science and technology, and providing more efficient and convenient financing channels will effectively improve the ability and quality of financial services for the real economy.
The author is the general manager of the corporate business department of the Hunan branch of the Bank of Communications).
We will continue to promote financial inclusion.
Qin Tao. It is one of the important directions of China's monetary policy to increase the vitality of small and micro enterprises, introduce "living water" for the development of "three rural", add impetus to entrepreneurship and employment, and accurately serve micro-business entities.
To accurately and effectively implement a prudent monetary policy, it is necessary to strengthen the dual adjustment of the total amount of money and the structure. In terms of total volume, since the beginning of this year, China has lowered the deposit reserve ratio of financial institutions twice, promoted the full rollout of inclusive financial services, and funds continue to flow to "long-tail customers" such as small and micro enterprises with financing needs and new agricultural business entities. As of the end of the third quarter of this year, the balance of inclusive small and micro loans was 2874 trillion yuan, a year-on-year increase of 241%。At the same time, we will continue to play the guiding role of policy interest rates and promote a steady decline in financing costs. In the first three quarters of this year, the average interest rate of new inclusive small and micro enterprise loans nationwide was 48%, down 04 percentage points.
From a structural point of view, China actively uses policy tools such as re-lending and re-discounting to support agriculture and small enterprises, better implement differential interest rate policies, strengthen credit tilt such as inclusive small and micro loans, guide the expansion of inclusive financial service coverage, and help a number of technology-based and green small and micro enterprises to develop and grow. From a practical point of view, it is of great significance to guide the flow of high-quality financial resources and services to weak links to solve the problem of unbalanced and insufficient development.
By making good use of aggregate and structural monetary policy tools, accurately grasping the investment direction of liquidity, earnestly practicing the concept of "finance for the people", and making up for the shortcomings of financial services, we will be able to better meet the needs of the people for a better life with high-quality financial services.
The author is a professor at the School of Economics and Management, Beijing Forestry University).