On May 12, the Propaganda Department of the CPC Central Committee held a press conference on the construction and reform of economic and ecological civilization. At the meeting, the media asked: the 19th National Congress of the Communist Party of China took preventing and resolving major risks as one of the three key battles. How is the progress in preventing and resolving major financial risks? What will be done next?
Chen Yulu, vice president of the people's Bank of China, photographed by reporter Zhou Zhe
In this regard, Chen Yulu, vice president of the people's Bank of China, said that the Party Central Committee attaches great importance to the prevention and resolution of major financial risks. The people's Bank of China, together with relevant departments and local governments, has made every effort to do a good job in the prevention and resolution of financial risks in accordance with the basic principles of "stabilizing the overall situation, overall coordination, classified measures and accurate bomb removal" determined by the Party Central Committee. After concentrated tackling, the risk points accumulated for a long time in China's financial system have been effectively handled, and the financial risks are generally convergent and controllable. There are several important signs:
First, the financial system has strongly supported the stability of the overall macroeconomic situation. Focusing on the goal of "stable growth, stable prices, stable employment and stable balance of payments", we adhered to the implementation of a prudent monetary policy, scientifically grasped the strength of the implementation of monetary policy, innovated and launched a number of structural monetary policy tools, gave full play to the decisive role of the market in the formation of RMB exchange rate, maintained the basic stability of the scale of foreign exchange reserves, and provided more support and effective services to the real economy, Created a relatively good monetary and financial environment.
Second, China's financial system has always maintained overall stability. The resilience and risk resistance of financial institutions have been significantly improved. For example, at the end of 2021, the assets of China's commercial banks within the safe boundary accounted for 98.9%, of which 24 large commercial banks have been rated excellent, and the main business indicators of some banks are at the international leading level, playing a key role as a "ballast" of the financial system. China's A-share market has withstood the test of multiple rounds and multi factor external shocks. The bond market has broken the rigid cashing in an orderly manner and operated smoothly on the whole.
Third, the financial risks of key institutions and key areas have been steadily resolved. In accordance with the principles of marketization and legalization, we have carried out "accurate demolition" of key high-risk enterprise groups and high-risk financial institutions, and the number of high-risk small and medium-sized financial institutions has decreased significantly. At the same time, the financial order has been comprehensively cleaned up and rectified, the chaos of shadow banking has been effectively rectified, nearly 5000 P2P online lending institutions have been closed down, the special rectification of Internet financial risks has been successfully completed, 25000 cases of illegal fund-raising have been filed and investigated, and the enterprise financial business of Internet platform has been brought into supervision. The Prudential Management System for real estate finance has been implemented in a steady and orderly manner, and the momentum of financialization and foam in the real estate market has been effectively curbed. At the same time, properly resolve the hidden debt risk of local governments.
Fourth, the construction of long-term systems and mechanisms for risk prevention and control has been vigorously promoted. We will improve the rule of law in finance and promote the establishment of central and local financial regulatory coordination, macro Prudential Management, deposit insurance and other systems. At the same time, we will resolutely punish corruption, regulatory failure and illegal and criminal acts behind financial risks.
Chen Yulu said that preventing and resolving financial risks is the eternal theme of financial work. In the next step, the people's Bank of China will pay equal attention to risk prevention and resolution and the construction of long-term mechanism, financial risk disposal and anti-corruption recovery, improve regulatory effectiveness and reform, innovation and development, persevere in risk prevention and resolution, and firmly hold the bottom line of no systemic financial risk.