Bank to encourage financial innovation and to develop financial markets

 China Economic Net Beijing January 17 (Reporter Wang Xinchuan) People's Bank of China was held recently in Tianjin, , the central economic work conference and the People's Bank in 2011 working conference. The meeting summarized the People's Bank in 2010 financial market and credit policy management, discussed the 2011 financial markets and credit policy priorities and implementation measures. PBC Party Committee member, Vice President Liu Yu, People's Bank of party committee members, assistant to the president Guo Qingping, attended the meeting.

meeting fully affirmed the financial markets in the People's Bank in 2010 and credit policy have made achievements. The face of extremely complex over the past year, domestic and international economic situation and the serious challenges of natural disasters, the People's Bank financial markets and credit policy system, the cadres and workers, in-depth study and practice the scientific concept of development, closely around the implementation of the national macroeconomic regulation and control policy, in accordance with the work plans of the People's Bank Party and give full play the guiding role of credit policy, to develop financial markets, efforts to guide and optimize the structure for allocation of credit funds. Comprehensive financial products and services to the rural way of innovation. Do a good job of highlighting small business financial services. Carefully cleaning and standardizing local government finance platform. Actively improve and perfect the differential housing credit policies. Credit support to develop green energy conservation and elimination of backward production capacity. Timely introduction of financial support for cultural industries and emerging industries of strategic policy measures. Make every effort to Yushu in Qinghai and Gansu Zhouqu large earthquake emergency relief and reconstruction debris flow of financial support and services. Actively support domestic enterprises to Carefully study the formulation of financial support for developing the western region of Xinjiang leapfrog development and policy advice. At the same time, vigorously promote innovation of financial products, strengthen financial market infrastructure and market management system construction, the steady expansion of financial markets open. According to the urgent needs of market players to support the inter-bank bond market has introduced an ultra-short-term financing bills, credit transfer and credit risk mitigation tools and other innovative products. Subject to further expand the scope of financial bonds issued in support of eligible foreign banks, financial leasing companies and auto finance companies to issue financial bonds. Shanghai liquidation of the business to promote the steady development and the listed commercial banks to enter the exchange bond market pilot. Strengthen the bond market trading, managed and centralized clearing system for the registration building. Introduced to promote healthy and rapid development of the gold market, a number of policies. To carry out foreign institutional investors to explore inter-bank bond market pilot. These solid and effective work, strong support for the steady and rapid economic development and the

meeting discussed the 2011 People's Bank of financial markets and credit policy priorities. Session in 2011 to fully implement a prudent monetary policy, in accordance with the overall sound, there are degrees of adjustment, structural optimization principles, to further develop a good resource allocation function of financial markets and credit policy-oriented, positive and to take proactive, targeted and pragmatic measures to vigorously encourage and guide financial institutions to invest in credit funds for more real economy, especially the To further enhance credit policy and industrial policy, fiscal policy, employment policy, coordination of macroeconomic policies of the organic, light industries and support the elimination of backward production capacity, support the development of low-carbon economy, supporting the coordinated development of regional economy, effectively enhance the people's livelihood finance. To continue to encourage financial innovation, financial market products to further enrich system, strengthening the financial market system and infrastructure, actively and steadily promote financial market opening, and guide financial market resources to better serve the real economy. Liu Yu

his speech at the meeting pointed out that 2011 is the 90th anniversary of the Chinese Communist Party and the markets, deepening financial reform and safeguarding financial stability is extremely important. The People's Bank credit policy and financial market system cadres and workers to further study and fully implement the seventh session of the Fifth Plenary Session of the Central Economic Work Conference, in accordance with the work of the People's Bank 2011 conference, closely around the theme of scientific development and accelerate the transformation of economic development the main line of emancipating the mind, encourage innovation, pragmatic. Should develop the financial market and improve macro-prudential regulatory framework to combine, the development of financial markets and credit policy guidance to enhance the ability to combine, and guide financial innovation and financial markets to better serve the real economy, to better serve the improvement of livelihood and social harmony and stability, to better promote the economic structural adjustment and economic development patterns.

Liu Yu stressed that the credit policy involves every aspect of economic and social development is related to scientific development, improved living conditions, financial stability, social harmony and the overall situation. The implementation of prudent monetary policies, accelerate the transformation of economic development mode, the work of the Central Bank of newer and higher requirements. Credit policy management concepts and methods must be with the times, adapt to change, focus on the establishment and improvement of coordination mechanisms meet the actual requirements, constraints, and incentive mechanisms. We should fully respect the laws of the market, with full respect for the autonomy of financial institutions operating according to law, and protection of financial institutions to give full play the initiative of innovation and initiative, trying to both respect the laws of the market, but also to minimize the market failure of its existence blind and . Depth study to draw on international experience in guiding the efforts of credit product innovation, in promoting the linkage of financial markets and credit management to work hard, work hard in improving the livelihood of the people, guiding force in improving the credit policy and work hard to better contribute to achieving inclusive growth. To better support to improve the competitiveness of national industries and regional economic development, support the promotion of energy conservation and elimination of backward production capacity, local government financing platform to prevent risks and promote stable and healthy development of the real estate market. Liu Yu

requirements, financial markets and credit policy of the work should be put in the forefront of innovation. To be comprehensive, thorough, systematic summary of the The central bank to fulfill its financial market supervision and management responsibilities, to actively improve and perfect the management system, financial markets, solid market base, improve the efficiency of financial markets, and steadily opening up financial markets, effectively preventing the cross-market risks. To further promote the products of the credit policy, credit policy guidance to improve results. Guo Qingping

pointed out in his speech, encourage financial innovation and to develop financial markets, financial innovation should properly handle speed up the relationship between risk and prevent innovation, strengthening market infrastructure and promoting long-term market the relationship between development and strive to maintain financial innovation and regulation of financial markets, steady and sustainable development. To adhere to the scientific concept of development, people-oriented, fully support the development of the real economy, improving people's livelihood and to speed up economic development mode, effectively prevent and resolve systemic financial risks. Should be based on the actual situation of China, to further improve the working mechanism of credit policy, improved management of credit policies, credit policies operational means rich, and steadily promote policy-oriented impact assessment credit, improve credit policy, the guidance force.

During the meeting, deputy secretary of the CPC Tianjin Mayor Huang Xingguo, Tianjin Municipal Committee, met with Vice Mayor Cui Jindu all the participants, introduced in Tianjin First Five-Year Huang Xingguo mayor of Tianjin Municipal Government on behalf of the people support banking and financial system and economic development of Tianjin Binhai New Area development and opening up, said thanks, and wish to continue to support the financial sector to promote economic and social development in Tianjin, the full implementation of the CPC Central Committee and State Council on Tianjin the strategic plan development and opening of Binhai New Area.

PBOC Shanghai headquarters, branches, business management departments, provincial (capital) city center branch, sub-provincial city center branch in charge of financial markets and credit policy work responsible comrades of the People's Bank of comrades in charge of relevant departments and bureaus, foreign exchange trading center, the Central Clearing Company, the Shanghai Gold Exchange Dealers Association, Shanghai, in charge of the liquidation of the comrades attended the meeting.