In the second half of the year, financial policy supports the real economy cannot weaken

A few days ago, the People's Bank of China held a working conference in the second half of 2022 (hereinafter referred to as the "Working Conference") to summarize the work in the first half of the year, analyze the current economic and financial situation, and deploy key work in the second half of the year. The People's Bank of China is the department of the Office of the State Council's Financial Stability Development Commission and is in a hub in the financial management department. Therefore, the policy priorities and specific measures transmitted by the People's Bank of China in the second half of the year are worthy of attention, and it has a great role in doing a good job in doing financial work in the second half of the year.

The work conference summarized the results of the seven aspects of the first half of the year, namely: the stable monetary policy implementation has been further increased, and effective financial support for the key areas of the economic market has been stable. The reform of the financial system and mechanism has continued to deepen, the financial international cooperation has been promoted in depth, and the quality and efficiency of financial services and financial management have improved. It should be said that since the beginning of this year, in the face of the complicated economic and financial situation at home and abroad, under the guidance of the financial management department, the financial system has taken the initiative to deal with it, and resolutely supports the stability of the economic market, strengthens the prevention and control of financial risks, and continues to deepen financial reform. , Continuously improved financial services and achieved new progress and results. From the perspective of social financing scale and financial statistics in the first half of this year, the first half of the year of social financing and RMB loans reached a new high, and currency supply has grown rapidly. Both the total and the structure are comprehensive than expected. This shows that policy and measures for financial support to serve the real economy are playing an active role, the market's effective financing demand is significantly restored, and the economy is gradually recovering.

But at the same time, we must see that there are still many factors that are unstable and uncertain at home and abroad, and the rate of social demand recovery is still slow. There are still great challenges for the comprehensive recovery of the macroeconomic economy. According to the data released by the National Bureau of Statistics, the manufacturing procurement manager index (PMI) in July was 49.0%, a decrease of 1.2 percentage points from the last month, which was below the critical point; %And 52.5%, a decrease of 0.9 and 1.6 percentage points from last month. From the perspective of the residential department, in the first half of the year, household deposits increased by 10.33 trillion yuan, an increase of 2.88 trillion yuan year -on -year. This shows that residents' willingness to savings is still stronger, and investment and consumption demand needs to be improved. Generally speaking, the level of economic prosperity in my country has fallen, and the foundation of restoration needs to be stable.

Therefore, in the second half of the year, the goal of better economic growth is facing difficult challenges. Overall, we should continue to implement a package of stable growth, employment, and stable prices, take more practical and effective measures, coordinate the relationship between the prevention and control of the epidemic and economic development, and reduce the prevention and control of the epidemic. Excessive impact; macro policies must continue to make full efforts, strengthen policy synergy, reduce synthesis fallacy, more effectively solve difficulties in market entities, enhance market confidence, stabilize market expectations, and promote steady recovery of the real economy.

According to the deployment of work conferences, combined with the new situation and new problems that occur in the macroeconomic operation, we must focus on the three aspects of specific work in the second half of the year.

The first is to actively and effectively expand overall social needs. On July 28, the Political Bureau of the Central Committee of the Communist Party of China emphasized that macro policies should actively act in expanding demand. From the perspective of short -term factors, the insufficient social demand is mainly caused by the impact caused by the epidemic of new crown pneumonia. The fiscal policy should be more active, active, and use the special debt quota to expand infrastructure investment, stabilize investment and total demand. The monetary policy must adhere to the "master of me", accurately develop, continue to increase the adverse cycle, cross -cycle adjustment, continue to implement the restriction rate and restore interest rates, increase the support of industries and enterprises that have a greater impact on the epidemic, and stabilize the employment of residents. Increase residents 'income and enhance residents' willingness and consumption capacity. At the same time, improve the consumption environment of residents, develop consumer finance, cultivate high -end consumption growth points, expand the consumption of durable consumer goods such as cars, and continuously drive residents' consumption to expand domestic demand.

The second is to improve the stability of the industrial chain supply chain. At present, the global economic downturn has accelerated, and its high inflation is inevitable, which will inevitably have a greater impact on international trade demand, stable global supply chain, and large -scale commodity prices. In particular, some countries take restrictions, and some high value -added components and equipment have a shortage of supply or price increase, which affects the stability of my country's industrial chain supply chain to a certain extent. Therefore, it is necessary to improve the stability of the industrial chain supply chain and international competitiveness. From a financial perspective, the focus is on strengthening financial support manufacturing and improving manufacturing financial services. Therefore, it is necessary to innovate the way of thinking, improve the working mechanism, optimize the allocation of resources, and better support the stability of the manufacturing recovery and the industrial chain supply chain. In particular, we must strengthen financial services for advanced manufacturing, strategic emerging industries, and "specialized new" SMEs.

The third is to securely resolve financial risks in key areas. Recently, a few villages and towns in Henan, Anhui and other places have experienced withdrawal, which reflects the risk gathering of some small and medium -sized bank institutions from one side. Therefore, the reform of small and medium -sized banks should be accelerated, and urban commercial banks, agricultural credit institutions, and village banks with small scale and difficulty in operating difficulties should be accelerated and reorganized by accelerating mergers and reorganizations to promote the reform of institutional mechanisms and enhance risk resistance. More differentiated measures should be taken, and multiple measures should be taken together to comprehensively use various methods such as cash collection, independent nuclear sales, non -performing asset transfer, and securitization of non -performing assets to support small and medium banks to increase the speed of non -performing asset processing. The adjustment of real estate financial policy can also be increased to better meet the financing demand for real estate enterprises and the consumption of residential housing, such as continuing to reduce the down payment ratio, cancel the "recognition of housing and recognize loans", and reduce loan interest rates. It should be emphasized that there must be a sober understanding of the current economic and financial situation, and it should be comprehensively regarded as possible trends and difficulties in the future. Do not be complacent because of the emergence of the signs of recovery. Do not take it lightly because of the improvement of data. From a financial perspective, monetary policy should still maintain support for market mobility and maintain smooth and moderate growth of monetary credit. In short, in the face of complex and changeable internal and external situations, finance can only strengthen the service of real economy support services and cannot weaken.

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