202 1 policy scanning:
1. A prudent monetary policy should be flexible, accurate, reasonable and moderate. Improve the regulation mechanism of money supply, and keep the growth rate of broad money and social financing basically matching the growth rate of nominal economy.
2. Continue to give full play to the precise drip irrigation function of structural monetary policy tools and credit policies, and build an institutional mechanism for finance to effectively support the real economy such as small and micro enterprises.
3. Implement major decision-making arrangements for carbon neutrality at the peak of carbon dioxide emissions, and improve the green financial policy framework and incentive mechanism.
4. Accelerate the improvement of the macro-prudential policy framework and bring major financial activities, financial institutions, financial markets and financial infrastructure into macro-prudential management. Strengthen the monitoring and evaluation of systemic financial risks and promote the gradual establishment of a macro-prudential stress testing system.
5. Continue to prevent and resolve financial risks. Strengthen risk investigation and do a good job in risk response. Improve the long-term mechanism for risk prevention and disposal, and compact the main responsibilities of financial institutions and shareholders, the territorial responsibilities of local governments, the regulatory responsibilities of financial regulatory authorities and the responsibilities of lenders of last resort. Improve the construction of deposit insurance system and institutional setup. Strengthen the prudent supervision of the financial activities of Internet platform companies.
6. Deeply participate in global financial governance, strictly prevent and control external financial risks, and steadily expand two-way financial opening.
7. Steadily and prudently promote the internationalization of RMB.
8. Deepen the reform of financial markets and financial institutions. Take the lead in formulating the development plan of the bond market, promote the improvement of the legal system of the bond market, and promote the interconnection of infrastructure. Improve the multi-channel bond default disposal mechanism.
9. Continuously improve foreign exchange management and services. Steadily and orderly promote the opening of capital projects. Support enterprises to use foreign exchange derivatives reasonably and prudently to manage exchange rate risks. Accelerate the improvement of the management framework of "macro-prudence+micro-supervision" in the foreign exchange market.
10, improve financial services and management. Make overall plans to promote the construction of the financial rule of law system. Improve the application and management level of financial technology. Steadily carry out the pilot project of digital RMB.
Policy review:
As in previous years, the top priority of the central bank's annual task is monetary policy, which is set as "flexible, accurate, reasonable and moderate"; Its voice-over is to support sustained economic recovery and high-quality development with moderate monetary growth. The second place is the focus of work, that is, "building an institutional mechanism for finance to effectively support the real economy such as small and micro enterprises". It can be seen that supporting the real economy, especially the development of small and micro enterprises, is still the focus and pain point of 202 1. And "doing a good job in green financial policy design and planning" is also regarded as the next key work of the central bank.
From the perspective of continuously preventing and resolving financial risks, this task appears in different objectives and tasks after "accelerating the improvement of macro-prudential policy framework", which means that the financial risk prevention mechanism is becoming more and more perfect.
Recently, the stock market, bond market and commercial market have fallen simultaneously. The reason for this short-term change lies in the tightening of monetary policy or the emergence of liquidity inflection point. Perhaps it can be inferred that this period is the window of policy adjustment-it needs to return to normal after the crisis has eased; It may just exceed market expectations. Only by being flexible and "not turning sharply" can we understand the tightness of monetary policy.
202 1 is the first year of the tenth five-year plan, but the world situation is still complicated and severe, and the epidemic is still spreading. The central bank should not only support the development of the real economy and stimulate the vitality of market players, but also pay attention to preventing the accumulation of financial risks while maintaining the sustainability of normal monetary policy space. The task is arduous and needs to be balanced in a targeted manner.