Chen said that in recent years, overseas epidemics have spread, international financial market turmoil has intensified, and the risk of global economic downturn has increased. In this context, the world situation has brought new challenges to China's economic development.
At the press conference, the leaders of the two sessions also responded to hot issues such as RMB exchange rate, prices, A shares and real estate.
It is still too early to conclude that the world has entered a financial and economic crisis.
Chen, deputy governor of the People's Bank of China, said that recently, the international epidemic has spread and the international financial market has become more turbulent. Indeed, we see that the stock markets in Europe, America and many emerging market economies have fallen by about 30% on average. This situation has also attracted great attention from the international community.
It is still too early to conclude that the world has entered a financial crisis.
International financial crisis usually has three basic characteristics: first, whether there is a continuous panic decline across markets in the international financial market. The second is whether a large number of financial institutions, especially systemically important financial institutions, have closed down. The third is to see if the global real economy has been seriously damaged. At present, in view of the intensification of international financial market turmoil, many countries have successively introduced some countermeasures, and the effect of these measures remains to be seen.
The overall price situation will gradually ease.
Chen said that the overall price situation will gradually ease, and it is expected that there will be a gradual downward trend in the second, third and fourth quarters.
The actual financing cost of enterprises in China decreased.
Recently, many international central banks are cutting interest rates. Will the Bank of China follow suit?
As far as China's situation is concerned, Chen pointed out that there were more than 5,000 key enterprises that had previously issued special refinancing loans of 300 billion yuan, with loans of more than 200 billion yuan, and the actual financing cost was only about 2.27%.
At the same time, the People's Bank of China also actively guides the downward trend of market interest rates.
The interest rate of corporate loans has fallen sharply. At present, the general loan interest rate is 5.49%, which is 0.6 1 percentage point lower than that before LPR reform. For the next stage of monetary policy, Chen pointed out that monetary policy is mainly to grasp the strength, rhythm and focus in stages and always maintain a reasonable and sufficient liquidity; Give full play to the unique role of structural monetary policy; Give full play to the role of policy finance and make good use of the special policy bank credit line of 350 billion yuan; Increase support for small and medium-sized banks to replenish capital and issue financial bonds; Continue to promote LPR reform.
It is predicted that the exchange rate of RMB against the US dollar will still fluctuate around 1:7 in the future.
Chen said that recently, affected by the international epidemic, the international foreign exchange market fluctuated greatly. Despite some fluctuations, the RMB exchange rate has remained basically stable at a reasonable and balanced level.
In the future, the exchange rate of RMB against the US dollar is expected to fluctuate around 1:7, with ups and downs, and continue to float in both directions.
The foreign exchange market is running smoothly and the exchange rate is expected to be stable. Xuan Changneng, deputy director of the State Administration of Foreign Exchange, also said that there is no basis for the RMB to depreciate sharply.
The risk of A shares is relatively low.
Li Chao, vice chairman of the China Securities Regulatory Commission, said that fluctuations in the international financial market have an inevitable impact on China's financial market. There are two direct impacts: on the one hand, it has an impact on the psychology of domestic investors, on the other hand, it has a limited impact on the liquidity of funds.
The overall valuation of A shares is relatively low, the investment value appears and the market liquidity is abundant.
Li Chao also said that the reform and opening up of the capital market will not be affected by the epidemic. At present, the CSRC has conducted research and demonstration on the reform of GEM, and solicited opinions within a certain range. He introduced that the GEM reform will focus on the main line of registration system reform, and at the same time make reform arrangements in basic systems such as issuance, listing, information disclosure, trading and delisting. At present, related work is progressing in an orderly manner.
Resolutely implement the requirement of not speculating in a house.
Liang Zhou, vice chairman of the China Banking Regulatory Commission, said at the press conference of the State Council Office on the 22 nd
The CBRC will resolutely implement the requirement of not speculating in real estate, promote the stable and healthy development of the real estate market, and cooperate with local governments to properly handle the problem of local hidden debts.
He said that in the future, the CBRC will actively support insurance companies to follow the principle of marketization, carry out investment operations in accordance with laws and regulations, support insurance companies to carry out long-term and steady value investment, and deepen the market-oriented reform of insurance funds. Under the principle of prudential supervision, insurance companies will be given more autonomy. Insurance companies with high solvency adequacy ratio and good asset-liability matching are allowed to appropriately increase the investment ratio of equity assets on the basis of good risk control.