Keep the economy close to potential output.
The report pointed out that the comprehensive use of medium-term lending facilities, open market operations, refinancing, rediscounting and other monetary policy tools to meet the reasonable short-,medium-and long-term liquidity needs of financial institutions is accurate and effective, which not only maintains a reasonable and sufficient liquidity, but also does not engage in "flooding". Improve the long-term mechanism of the central bank to regulate the liquidity, capital and interest rate constraints created by the bank's money, supply the money to the general gate, and keep the economy near the potential output. Guide the market interest rate to fluctuate around the open market operating interest rate and the medium-term lending convenience interest rate.
The report emphasizes the precise drip irrigation function of monetary policy tools such as refinancing, rediscounting and direct access to the real economy. On the one hand, we will steadily adjust and continue the emergency policies issued in the special period, and continue to implement two monetary policy tools that directly reach the real economy, namely, the extension of principal and interest of loans for small and micro enterprises and the universal support plan for small and micro enterprises in enterprise credit loans. On the other hand, we should innovate and improve the structural monetary policy tool system, accurately design the incentive compatibility mechanism, guide financial institutions to increase their support for related fields according to the new development concept, continue to use inclusive refinancing and rediscount policy, and increase financial support for technological innovation, small and micro enterprises and green development.
Ensure that financial innovation develops under prudent supervision.
In terms of risk prevention, the report proposes to improve the system of financial risk prevention, early warning, disposal and accountability. Maintain financial security, improve the financial risk prevention, early warning and disposal system and accountability system, pay close attention to filling the shortcomings of the regulatory system, and resolutely hold the bottom line that systemic financial risks do not occur. To ensure the development of financial innovation under the premise of prudent supervision, inclusive finance's service quality and competitiveness have been steadily improved. Carry out stress tests on full coverage of the banking system, support banks, especially small and medium-sized banks, to replenish capital and improve governance through multiple channels, and enhance the stability and sustainable operation ability of financial institutions. Increase the provision and write-off of non-performing loan losses, improve the construction of deposit insurance system and institutional setup, steadily push forward various risk resolution tasks, do a good job in ending the stock risk resolution, further clarify and compact the responsibilities of all parties, and form a joint force of risk management. Resolutely curb the rebound of various risks and resolutely prevent local risks from developing into systematic risks and regional risks from evolving into national risks.
In terms of strengthening deposit management, the report stated that the benchmark deposit interest rate, as the "ballast stone" of the interest rate system, should be retained for a long time.
It is not appropriate to rely on consumer finance to expand consumption.
According to the report, recent attention has been paid to the rising leverage ratio of China residents. The increase of leverage ratio of Chinese residents mainly comes from the increase of mortgage, consumer loan and credit card overdraft, but some of them are actually operating loans of individual industrial and commercial households, which should be objectively identified and reasonably evaluated. At the same time, we should be highly alert to the overdraft effect and potential risks of the excessive rise of residents' leverage ratio, and we should not rely on consumer finance to expand consumption.
The report pointed out that the debt risk of China's residential sector is generally controllable, but the macro space is not large. Under the background of insisting on "housing and not speculating" and strengthening the supervision of consumer finance, the growth rate of residents' debt has slowed down from more than 20% in previous years to about 15% at present, and the increase rate of residents' leverage ratio has also slowed down. However, it should be noted that the leverage ratio of China's residential sector has been rising continuously since 20 1 1, and the increase rate has exceeded 3 1 percentage point from the end of 201to the first half of 2020. The space for residents' debt to continue to expand is very limited, and the related risks are worthy of attention.