The debt level is moderate, there is room for RRR reduction, and the National Development and Reform Commission, the Ministry of Finance, and the central bank have spoken out

Highlights:

• 1

  Xuan Changneng, deputy governor of the central bank, said that in the next stage, the mainland's monetary policy has sufficient policy space and abundant tool reserves, and there is still room for the statutory reserve ratio to decline.

• 2

  Liao Min, Vice Minister of Finance, said that the Chinese government's debt level is moderate, which is not only in line with the need to promote economic stability and improvement, but also conducive to achieving fiscal sustainability in the medium and long term.

• 3

  Liu Sushe, deputy director of the National Development and Reform Commission, said that by February this year, the National Development and Reform Commission had issued a list of 1 trillion yuan of additional treasury bond projects in three batches, more than half of which were used for flood control and drainage and other related water conservancy facilities.

Cailian, March 21, the State Council Information Office held a press conference at 10 a.m. today, at which Liu Sushe, vice minister of the National Development and Reform Commission, Liao Min, vice minister of finance, and Xuan Changneng, deputy governor of the People's Bank of China, introduced recent investment, fiscal and financial data and policies, and answered reporters' questions.

Xuan Changneng, Deputy Governor of the People's Bank of China: There is still room for the statutory reserve ratio to fall

Xuan Changneng, deputy governor of the People's Bank of China, said at the meeting that in the next stage, the mainland's monetary policy will have sufficient policy space and abundant tool reserves, the statutory reserve ratio will still have room to fall, and the downward trend in deposit costs and the shift in monetary policies of major economies will help broaden the operational autonomy of interest rate policies. The establishment of scientific and technological innovation and technological transformation refinancing will help accelerate the development of high-end manufacturing and digital economy. In the next stage, the prudent monetary policy will continue to be flexible, moderate, precise and effective, reasonably grasp the relationship between the two largest financing markets, credit and bonds, maintain reasonable and abundant liquidity, and promote the steady and moderate reduction of corporate financing and household credit costs.

Central Bank: Pay more attention to guiding financial institutions to provide credit smoothly to avoid a "good start" rushing too violently, resulting in a lack of stamina

Xuan Changneng, deputy governor of the People's Bank of China, said on March 21 that in addition to paying attention to the total amount of credit, we should pay more attention to guiding the smooth delivery of credit by financial institutions to avoid the "good start" rushing too violently, resulting in a lack of stamina.

The central bank: is strengthening the monitoring of the problem of capital idling will pay close attention to the transfer and relending of corporate loans

We will continue to pay close attention to the situation of enterprise re-lending, re-deposit, enterprise loan re-deposit and re-lending, and cooperate with relevant departments to improve the management and assessment mechanism and promote the improvement of the efficiency of capital use. At present, the effect of preventing the idling of funds has been emerging, and as enterprises standardize the use of funds, the growth rate of total financing may be lower than before, but the actual support for high-quality economic development will be greater.

Central Bank: The loan prime rate (LPR) for loans with a maturity of more than 5 years fell by 0.25 percentage points in February, the largest decline since the LPR reform

Xuan Changneng, deputy governor of the People's Bank of China, said at the meeting that in terms of prices, the comprehensive financing cost of the society should be promoted to stabilize and fall, and the RMB exchange rate should be kept stable. In the face of the constraints of domestic banks' deposit and loan spreads and domestic and foreign interest rate spreads, the People's Bank of China (PBoC) has continued to reduce costs through policy mix. Under the transmission of policies such as guiding banks to lower deposit interest rates and lowering re-lending and rediscount rates for rural and small enterprises, the market prime interest rate (LPR) for loans with a maturity of more than 5 years fell by 0.25 percentage points in February, the largest decline since the LPR reform, effectively driving the continuous decline in loan interest rates. At the same time, it not only insisted that the market plays a decisive role in the formation of the exchange rate, and gave full play to the adjustment function of the exchange rate on the macroeconomy and the balance of payments, but also strengthened the guidance of expectations and guarded against the risk of exchange rate overshoot, thus maintaining the basic stability of the RMB exchange rate under the complex situation.

Central Bank: Monetary policy has achieved remarkable results, and the quality and efficiency of financial support for the real economy have continued to improve

Xuan Changneng, deputy governor of the People's Bank of China, said at the meeting that the monetary policy has achieved remarkable results, and the quality and efficiency of financial support for the real economy have continued to improve. There are several aspects: First, the total amount is reasonably grown. At the end of February, M2, social financing and RMB loans maintained rapid growth of 8.7%, 9.0% and 10.1% respectively, in line with market expectations. Second, the support for the "five major articles" has been increased. At the end of February, inclusive small and micro loans increased by 23.1% year-on-year, and the medium- and long-term loans to the manufacturing industry and high-tech manufacturing loans increased by 28.3% and 26.5% year-on-year, respectively, and more financial resources flowed to key areas such as high-quality development. Third, the cost of financing has fallen and the exchange rate has stabilized. The weighted average interest rate of corporate loans in February was 3.72%, down 0.13 percentage points year-on-year, and the exchange rate of RMB against the US dollar has remained stable at around 7.2 yuan since February, taking into account the internal and external balance.

Central Bank: The new 500 billion yuan of collateral supplementary loans (PSL) quota in December last year have also been fully disbursed

Xuan Changneng, deputy governor of the People's Bank of China, said at the meeting that in terms of structure, we will continue to optimize the credit structure and focus on improving efficiency. The People's Bank of China continues to implement re-lending to support carbon emission reduction, and the new 500 billion yuan mortgage supplementary loan (PSL) quota added in December last year has also been fully disbursed, and scientific and technological innovation and technological transformation re-lending will be set up to continuously improve the efficiency of promoting economic restructuring, transformation and upgrading, and the conversion of old and new kinetic energy, and do a good job in the financial "five major articles". At the same time, we will intensify efforts to revitalize existing financial resources, promote effective investment, and help resolve excess capacity.

Central Bank: The growth of credit support for key industries of the national economy remains high

Xuan Changneng, deputy governor of the People's Bank of China, said at the meeting that from the perspective of structure, the credit structure has been continuously optimized. There are the following bright spots: First, the growth of credit support for key industries of the national economy remains high. At the end of February, the balance of medium and long-term loans to the manufacturing industry increased by 28.3% year-on-year. As mentioned earlier, the balance of medium and long-term loans for high-tech manufacturing increased by 26.5% year-on-year, the medium- and long-term loans for infrastructure industry increased by 14.0% year-on-year, and the balance of loans for high-tech, "specialized, special and new" and science and technology small and medium-sized enterprises increased by 14.2%, 18.5% and 21.4% year-on-year respectively, all of which were significantly higher than the growth rate of various loans of 10.1% in the same period, and the proportion of loans further increased. Second, more financial resources are flowing to the weak links of the national economy. At the end of February, the balance of inclusive small and micro loans increased by 23.1% year-on-year, an increase of 1 trillion yuan in the first two months, an increase of 110.2 billion yuan year-on-year. At the end of February, the balance of agriculture-related loans increased by 14.5 percent year-on-year, 4.4 percentage points higher than the growth rate of loans in the same period, and increased by 2.53 trillion yuan in the first two months, an increase of 170.8 billion yuan year-on-year. Loans to the private economy showed an increasing trend. At the end of February, the balance of loans to the private economy increased by 11.6% year-on-year, 1.5 percentage points higher than the growth rate of various loans in the same period.

Ministry of Finance: We will implement a proactive fiscal policy to promote the effective improvement of the quality and reasonable growth of the economy

Liao Min, Vice Minister of Finance, said at the press conference that in the next step, the Ministry of Finance will implement the spirit of the Central Economic Work Conference and the National People's Congress and the National People's Congress, implement a positive fiscal policy, and combine the use of fiscal policy tools such as deficits, special bonds, ultra-long-term special treasury bonds, and tax incentives. At the same time, we will strengthen the coordination and cooperation with monetary, employment, industrial, regional, science and technology, environmental protection and other policies to ensure that efforts are made in the same direction to form a joint force to promote the effective improvement of the quality of the economy and the reasonable growth of the quantity. Looking forward to the whole year, it is believed that with the further amplification of the effect of various policy combinations, it will not only consolidate and enhance the current macroeconomic upward trend, but also play a positive role in promoting supply-side structural reform, technological progress and the development of new quality productivity. This will also help the mainland economy maintain its medium- and long-term growth momentum, which in turn will lay a solid foundation for fiscal sustainability.

Ministry of Finance: Enterprises that do not lay off employees and reduce layoffs will be refunded the unemployment insurance premiums actually paid in the previous year on a pro rata basis

Liao Min, Vice Minister of Finance, introduced at the press conference of the State Council Information Office that the policy of returning unemployment insurance to stabilize jobs will continue to be implemented, and enterprises that do not lay off employees or reduce layoffs will be refunded the unemployment insurance premiums actually paid in the previous year in proportion to support enterprises to do more work to stabilize jobs and absorb employment.

Ministry of Finance: From January to February, fiscal revenue continued to recover growth

Liao Min, Vice Minister of the Ministry of Finance, introduced at the press conference of the State Council Information Office that fiscal revenue continued to recover from January to February, and the start was stable. From January to February this year, the national general public budget revenue was 4.46 trillion yuan, a year-on-year decrease of 2.3 percent, but according to the comparable standard, the actual increase was 2.5 percent. Judging from the situation from January to February this year, the year-on-year decline in fiscal revenue was mainly disturbed by two special factors, on the one hand, the base was raised, and on the other hand, the revenue was reduced. Therefore, if the influence of the above-mentioned special factors is adjusted, the growth rate of the national general public budget revenue from January to February is about 2.5% on a comparable basis, and a recovery growth has actually been achieved, which is basically consistent with the steady and positive trend of the macroeconomy.

Ministry of Finance: The level of debt of the Chinese government is moderate

Vice Minister of Finance Liao Min said at a press conference today that the Chinese government's debt level is moderate, which is not only in line with the need to promote economic stability and improvement, but also conducive to achieving medium- and long-term fiscal sustainability. Liao Min said that Chinese government bonds have been widely welcomed in the market, and overseas investors have increased their net holdings of Chinese government bonds for many consecutive months in the past few months, making them one of the best-performing government bonds in Asia.

National Development and Reform Commission: More than half of the 1 trillion yuan of additional treasury bonds will be used for the construction of flood control and drainage and other related water conservancy facilities

Liu Sushe, deputy director of the National Development and Reform Commission, said that by February this year, the National Development and Reform Commission had completed the list of 1 trillion yuan of additional treasury bond issuance projects in three batches, and all the additional treasury bond funds had been implemented to 15,000 specific projects. In terms of support areas, more than half of the 1 trillion yuan of additional treasury bonds will be used for the construction of flood control and drainage and other related water conservancy facilities, more than 200 billion yuan will be used for post-disaster reconstruction in Beijing and Tianjin, and the rest of the funds will be mainly used to improve the emergency response capacity of natural disasters and the construction of comprehensive prevention and control systems such as forest fires. The construction of projects in these areas will effectively restore and improve the production and living conditions in the disaster areas, significantly enhance the ability to prevent and respond to natural disasters, and objectively promote the steady growth of infrastructure investment.

National Development and Reform Commission: Encourage private enterprises to participate in the construction and operation of infrastructure and other projects to the greatest extent

Liu Sushe, deputy director of the National Development and Reform Commission, said on the 21st that the growth rate of private investment from January to February this year turned from negative to positive, showing a relatively good development trend. In the next step, we will take greater efforts and more practical measures to promote the development of private investment and strive to maintain the growth trend of private investment. To improve the institutional environment and allow private enterprises to "invest with peace of mind", we are currently studying and drafting a law on the promotion of the private economy to provide legal guarantees for better promoting the development of the private economy. Broaden the investment space, allow private enterprises to "invest", promote the implementation of the new mechanism of government-private cooperation in local and related industries, and encourage private enterprises to participate in the construction and operation of infrastructure and other projects to the greatest extent. Strengthen the guarantee of key factors, build and make good use of the national database of key private investment projects, and strengthen the financing and land use of private investment projects through mechanisms such as investment and loan linkage and land use guarantee for major projects. In addition, it is necessary to strengthen the evaluation of the work of promoting private investment, and fully mobilize the enthusiasm of local governments to encourage the development of private investment.

National Development and Reform Commission: The draft law on the promotion of the private economy is being studied

Liu Sushe said at the press conference of the State Council Information Office that we are currently studying the drafting of the private economy promotion law to provide legal guarantees for better promoting the development of the private economy and create a stable and predictable institutional environment for private investment.

National Development and Reform Commission: National fixed asset investment increased by 4.2% year-on-year from January to February

Liu Sushe, vice minister of the National Development and Reform Commission, said at a press conference today that from January to February, the country's investment in fixed assets increased by 4.2 percent year-on-year, 1.2 percentage points faster than that of last year, and the overall investment after deducting investment in real estate development increased by 8.9 percent, achieving a steady start. The growth rate of manufacturing investment has accelerated. From January to February, manufacturing investment increased by 9.4 percent, 2.9 percentage points faster than last year's growth rate and 5.2 percentage points higher than the total investment. The investment in technological transformation in the manufacturing industry increased by 15.1 percent, 5.7 percentage points higher than the total investment in the manufacturing industry. The growth momentum of investment in new drivers is good. From January to February, investment in high-tech industries increased by 9.4 percent, of which investment in high-tech manufacturing increased by 10 percent and investment in high-tech services increased by 7.8 percent. Among them, the investment in the manufacturing of electronic and communication equipment increased by 11.6 percent, and the investment in the manufacturing of aviation, spacecraft and equipment increased by 33.1 percent. From January to February, private investment accounted for 52.6 percent of the total investment, an increase of 2.2 percentage points over last year. Private investment increased by 0.4 percent, reversing the negative growth situation since the first five months of last year, of which private investment in manufacturing and infrastructure increased by 11.6 percent and 7.9 percent respectively. From January to February, infrastructure investment increased by 6.3 percent, 0.4 percentage points faster than that of last year. Among them, the investment in the water conservancy management industry increased by 13.7%, the investment in the railway and road transport industries increased by 27% and 8.3% respectively, and the policy benefits such as the issuance of additional treasury bonds in 2023 are gradually emerging.

Ministry of Finance: From January to February, the national general public budget expenditure increased by 6.7% year-on-year, and 15.3% of the annual budget was completed

Liao Min, Vice Minister of Finance, said at the press conference that fiscal expenditure has been reflected in the forward force and the progress has been accelerated. From January to February, the national general public budget expenditure increased by 6.7 percent year-on-year, completing 15.3 percent of the annual budget, and the expenditure progress was the fastest in the same period in the past five years. Fiscal expenditure has both aggregate and structural effects, so we believe that this will have a positive effect on promoting macroeconomic recovery, promoting economic restructuring, and stimulating social capital investment.

National Development and Reform Commission: will speed up the issuance of the central budget investment plan

The State Council Information Office held a press conference, and Liu Sushe, deputy director of the National Development and Reform Commission, said that the benefits of policies such as the issuance of additional treasury bonds in 2023 are gradually emerging. In the next step, the National Development and Reform Commission will make overall plans and make good use of policy tools such as central budget investment, ultra-long-term special treasury bonds, and local government special bonds, accelerate the issuance of central budget investment plans, speed up the examination and approval of local government special bond projects, and give full play to the government's role in guiding investment; implement a new mechanism for public-private cooperation to mobilize the enthusiasm of private investment; promote scientific and technological innovation and the development of emerging industries, accelerate people-oriented new urbanization, and expand the space for effective investment in various aspects; The structure has been continuously optimized, and the key role of investment in optimizing the supply structure has been better brought into play, so as to promote a sustained economic rebound and long-term improvement.

National Development and Reform Commission: Adjust and optimize the investment structure of the central budget

Liu Sushe, deputy director of the National Development and Reform Commission, said at a press conference today that with regard to improving the efficiency of government investment, this year will focus on the following aspects: First, do a good job in the preliminary work. Supervise and urge relevant parties to strengthen project reserves, strengthen feasibility studies and other preliminary demonstrations, and improve the scientificity of investment decisions. At the same time, we will coordinate and increase the guarantee of land use, environmental impact assessment and other elements, and actively implement supporting financing. The second is to optimize the investment field. Adjust and optimize the investment structure of the central budget, appropriately expand the scope of investment of local government special bonds and the scope of capital funds, and at the same time strengthen the overall cohesion and dislocation arrangements of various types of government investment, so as to form an overall synergy of various types of funds. The third is to strengthen the management of the whole chain. We will further improve various systems and regulations, and build a management mechanism covering the whole cycle and whole chain of government investment project planning and reserves, preliminary work, investment decision-making, construction and operation, supervision and inspection, etc., so as to promote the improvement of investment efficiency with refined management

National Development and Reform Commission: A scheduling mechanism for additional treasury bond issuance projects has been established

Liu Sushe, deputy director of the National Development and Reform Commission, said on March 21 that the mainland issued an additional 1 trillion yuan of government bonds last year. Judging from the progress of the project. At present, the National Development and Reform Commission has established a scheduling mechanism for additional treasury bond issuance projects, and has begun to comprehensively schedule the progress of the projects. Judging from the current situation, the construction of related projects is being carried out in an orderly manner, for example, the project start-up rates in Beijing and Hebei Province have reached 48% and 45% respectively. We will urge the local government to speed up the progress of the work, carry out on-the-spot supervision in conjunction with relevant departments, and promote the start of all these projects in the first half of this year, so as to form more physical workload during the year, and in particular, urge some post-disaster reconstruction projects to be completed and put into use before the flood season this year, so as to truly build all projects into popular projects, high-quality projects, and clean projects.

National Development and Reform Commission: Focus on key areas such as scientific and technological innovation and urban-rural integration development, organize and carry out project planning and reserves, preliminary work and construction implementation

Liu Sushe, deputy director of the National Development and Reform Commission, said at a press conference today that with regard to ultra-long-term special treasury bonds, the government work report proposes that from this year onwards, it is planned to issue ultra-long-term special treasury bonds for several consecutive years, which will be used specifically for the implementation of major national strategies and security capacity building in key areas. In accordance with the decisions and arrangements of the Party Central Committee and the State Council, the Development and Reform Commission and relevant departments are to study and formulate specific plans, refine and improve the areas of support, and further clarify work requirements. In the next step, the National Development and Reform Commission will, after the Party Central Committee and the State Council approve the plan, it will work with relevant parties to quickly organize and implement the work. On the one hand, focusing on key areas such as scientific and technological innovation, urban-rural integrated development, regional coordinated development, food and energy resource security, and high-quality population development, we will organize and carry out project planning and reserves, preliminary work and construction implementation, and support the construction of a number of high-quality projects. On the other hand, we should pay close attention to promoting the introduction and implementation of relevant supporting policies and measures, break down deep-seated obstacles through institutional and mechanism reforms, and form a joint force with the construction of major projects to ensure the high-quality implementation of various tasks.