Hey there! 👋 Big news coming from the East! China is gearing up to give its economy a turbo boost. 🏃♂️💨 Pan Gongsheng, the governor of the People's Bank of China, announced plans to ramp up the country's monetary policy adjustments. The goal? To create a vibrant monetary and financial environment that fuels stable economic growth and high-quality development. 🌱💰
\"We're sticking to a supportive monetary policy,\" Pan said. \"We'll intensify and fine-tune our monetary regulations, make sure existing policies hit the mark, and put more effort into rolling out new policies.\" 🎯📈 He shared these insights while presenting a financial report to the 12th session of the Standing Committee of the 14th National People's Congress. 🏛️
So, what's the game plan? Keeping liquidity at a healthy level and making it easier (and cheaper!) for businesses and households to get financing. 🏦💡 They're also keen on using monetary tools to back major strategies and support key areas that need a little extra love. ❤️
Pan emphasized the need for monetary and financial policies to sync up with fiscal, industrial, and employment strategies. Think of it like getting all your apps to work seamlessly together. 🤝📱 Plus, China is on a mission to keep the RMB exchange rate stable, avoiding any wild swings. 🔄💹
On the oversight front, there's a push to beef up financial supervision. This means stricter market access and keeping a close eye on financial institutions, ensuring consumers and investors are well-protected. 🛡️👀
But that's not all! China aims to level up its financial services by encouraging banks to optimize credit structures and bolster support for innovative sectors. 🚀🔬 They're also looking to grow \"patient capital\" and promote the development of science and tech innovation bonds, as well as green bonds. 🌿💡
In terms of opening up, there are plans to help big commercial banks strengthen their capital, make it easier for foreign investors to dive into China's capital market, and promote the internationalization of the RMB. 🌏💴 Plus, they're boosting the development of Hong Kong and Shanghai as international financial hubs. 🌆🏙️
Last but not least, Pan highlighted the importance of proactively preventing and addressing financial risks to keep the financial system steady and reliable. ⚖️🔐
Stay tuned, folks! China's economic moves could have ripple effects around the globe. 🌍✨
Reference(s):
China to intensify counter-cyclical adjustment of monetary policy
cgtn.com
