Original title: The stock of green loans ranks first in the world, and high-risk financial institutions “precisely defuse bombs”. The central bank’s speech by Chen Yulu released several heavy signals!
On May 12, the Propaganda Department of the Central Committee of the Communist Party of China held a series of press conferences on the theme of “China’s Decade” to introduce the construction and reform of economic and ecological civilization. At the press conference, Chen Yulu, deputy governor of the People’s Bank of China, talked regarding many hot topics such as green finance supporting low-carbon transformation, measures to prevent and resolve major financial risks, and monetary policy response under the impact of the epidemic.
The stock of green loans ranks first in the world
At present, the international community is highly concerned regarding the development of China’s green finance.
At the meeting, Chen Yulu said that China is an international pioneer in promoting the concept of green finance. Up to now, the three major functions of green finance are emerging, and the five pillars have initially formed, playing an increasingly important role in supporting China’s low-carbon transformation and high-quality development.
For example, China’s multi-level green financial products and market system have basically been formed, and at the same time, a unified domestic, international, and clearly enforceable green financial standard system has been established, and the incentive and restraint mechanism has also been gradually improved in green finance. As Chen Yulu introduced, as of the end of 2021, the balance of green loans in domestic and foreign currencies in China has reached nearly 16 trillion yuan, a year-on-year increase of 33%, ranking first in the world in terms of stock size. In 2021, the issuance of green bonds in China will exceed 600 billion yuan, a year-on-year increase of 180%, and the balance will reach 1.1 trillion yuan, which is among the highest in the world.
In addition, important progress has been made in the disclosure of environmental information by financial institutions, and international cooperation in green finance is also deepening. Chen Yulu said that some financial institutions in the green financial reform and innovation pilot zone have already tried to prepare environmental information disclosure reports and carried out carbon accounting on a pilot basis, accumulating experience for future promotion across the country in a timely manner; Regulators Green Finance Network, which is becoming one of the most influential platforms for international cooperation in green finance.
In the opinion of senior macro analyst Wang Hao, the central bank’s idea of supporting the overall development of green finance is mainly reflected in the “three functions” and “five pillars”.
The so-called “three major functions” refer to resource allocation, risk management and market pricing; while the “five pillars” refer to improving the green financial standard system, strengthening the supervision and information disclosure requirements of financial institutions, gradually improving the incentive and restraint mechanism, and constantly improving financial institutions. Enrich green financial products and market systems and expand space for international cooperation in green finance. The “three major functions” embodies the idea of marketization, which is to promote and guarantee the construction and development of my country’s green financial market by means of financial policies, supervision and management, and risk control. The “five pillars” highlight the central bank’s focus on promoting and safeguarding the development of my country’s green financial market.
According to the latest progress, Wang Hao believes that the central bank has achieved positive results in promoting the development of green finance. First, a complete green finance three-dimensional development system has been initially formed, and green finance has shown great potential in supporting green development; in addition, the pilot work of green finance reform has achieved phased results, effectively driving the continuous expansion of my country’s green finance market; more Importantly, my country has become the vane of global green finance development and has a considerable international leadership.
Chen Yulu said that the next step will be to improve the top-level design of the green financial system, promote the green and low-carbon transformation of China’s energy structure, industrial structure, production and lifestyle, further strengthen environmental information disclosure by financial institutions, carry out carbon accounting, and steadily promote climate risk stress testing. . At the same time, carbon finance will be developed to realize carbon control and emission reduction in a market-oriented way.
High-risk financial institutions “precise bomb disposal”
In addition to the development of green finance, the industry is also paying close attention to the progress of preventing and resolving major financial risks.
When asked regarding relevant questions at the meeting, Chen Yulu pointed out that my country’s financial system has always maintained an overall soundness. The resilience of financial institutions and their ability to resist risks have been significantly improved.
For example, by the end of 2021, the assets of my country’s commercial banks within the safe border accounted for 98.9%, of which 24 large commercial banks have always been rated as excellent, and some banks’ main operating indicators are at the international leading level, which has played a role in the “ballast” of the financial system. key role of the stone. China’s A-share market has withstood the test of multiple rounds and multi-factor external shocks, and the bond market has broken the rigid payment orderly, and has generally operated smoothly.
At the same time, financial risks in key institutions and areas have been steadily resolved. In accordance with the principles of marketization and the rule of law, key high-risk enterprise groups and high-risk financial institutions have been “precisely defused”, and the number of high-risk small and medium-sized financial institutions has dropped significantly.
“The chaos of shadow banking that everyone felt deeply in the previous paragraph has been effectively rectified. Nearly 5,000 P2P online lending institutions have all been closed down. The special rectification of Internet financial risks has been successfully completed, and 25,000 cases of illegal fundraising have been filed and investigated. The financial business of platform enterprises has all been included in the supervision.” Chen Yulu also introduced that the prudential management system for real estate finance has been implemented in a stable and orderly manner, and the financialization and bubbleization of the real estate market has been effectively curbed. At the same time, properly resolve the hidden debt risks of local governments.
According to Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, the proper handling of P2P risks shows that my country has made significant progress in the governance of chaos in online lending and illegal fundraising, and has also curbed some pseudo-innovative financial activities and cracked down on some financial illegal activities. Wait. In his view, preventing and defusing risks and keeping the bottom line of no systemic financial risks are the requirements for my country’s high-quality development. my country will accelerate the improvement of the shortcomings of the financial supervision system, accurately dismantle bombs, and promote financial risk disposal in a stable and orderly manner, which will promote the healthy development of financial regulations and better serve the real economy.
Policy tools for proactively planning increments
It is worth mentioning that in response to the monetary policy response under the impact of the epidemic, Chen Yulu also talked regarding multiple directions.
He pointed out that in accordance with the decisions and deployments of the CPC Central Committee and the State Council, the People’s Bank of China focuses on sufficient, precise, and advanced efforts to strengthen the implementation of a prudent monetary policy, which strongly supports the stability of the macroeconomic market.
Chen Yulu said that in the next stage, the central bank will put stable growth in a more prominent position, strengthen cross-cycle policy adjustment, and speed up the implementation of policy measures that have been introduced, especially to actively plan incremental policy tools and continue to stabilize credit. We will continue to reduce financing costs, continue to strengthen financial support for key areas and weak links, and increase further support for the real economy.
Talking regarding the trend of monetary policy in the next stage, Zhou Maohua believes that in order to cope with the downward pressure on the economy, the prudent monetary policy will continue to be active, and through the coordination of aggregate and structural tools, while ensuring the stable growth of aggregate currency, guide financial institutions to optimize financing structure. , to help enterprises bail out and promote internal circulation. The central bank has a rich toolbox. In addition to the aggregate policy, there are special re-lending, MLF (Medium-Term Lending Facility), TMLF (Targeted Medium-Term Lending Facility), green support tools, etc. In the face of complex internal and external environments, the central bank needs policy tools to remain flexible sex.
Wang Hao further mentioned that incremental policy tools may be used in the following four areas: first, in terms of aggregate monetary policy tools, if the Ministry of Finance issues special treasury bonds this year, further RRR cuts can be expected; second, key areas , weak links and enterprises and industries that are more seriously affected by the epidemic are expected to receive additional support from structural monetary policy tools; thirdly, support for agriculture and small-scale loans, inclusive finance, technological innovation re-lending, and inclusive pension special re-lending may be will be favored by incremental policy tools; finally, food security, energy security, carbon emission reduction and other aspects are expected to receive more special loans and re-loans.
Beijing Business Daily reporter Liu SihongReturn to Sohu, see more
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