Beijing, January 5(Reporter Wang Guan) The 2020 People's Bank of China work conference was recently held in Beijing. The meeting held that in 2019, the targeted effectiveness of monetary policy was further enhanced, and key progress was made in the battle to prevent and defuse major financial risks.
Regarding work in 2020, the meeting called for a robust monetary policy to be flexible and moderate. We will strengthen counter-cyclical regulation, maintain reasonable liquidity, and promote the growth of monetary credit and social financing in line with economic development. We will continue to deepen the reform of marketization of interest rates and improve the transmission mechanism of interest rates on loan market quotations. We will continue to push banks to replenish their capital through issuing sustainable debt and other channels. We must give full play to the decisive role of the market in the formation of the exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.
Second, we must resolutely win the battle to prevent and defuse major financial risks. To clarify the boundaries of the responsibilities of each party, compacting the responsibilities of each party, compacting the main responsibility of financial institutions, local government territorial risk disposal responsibility, financial supervision department supervision responsibility and the people's bank lender of last resort responsibility, resolutely guard against moral hazard. Establish and improve the financial institutions to restore the disposal mechanism, loss sharing mechanism and incentive and restraint mechanism. Highlight the key points and continue to do a good job in handling the risks of key financial institutions in accordance with the rules and regulations. Continue to carry out special rectification of Internet financial risks, basically resolve the risk of Internet financial stock, establish and improve the long-term mechanism of supervision. Speed up the establishment of a long-term management mechanism for real estate finance. Further play the role of deposit insurance institutions in risk disposal. Speed up the establishment of local coordination mechanisms in the offices of the Finance Committee.
Third, to alleviate the financing of small and micro enterprises difficult to finance expensive problem as the focus, strengthen financial support supply-side structural reform. We will improve the incentive mechanism for small and micro-enterprise loan assessment, implement the credit duty exemption system, and create a policy environment in which credit can be loaned. We will make use of policy tools such as targeted reduction, rediscount of re-loans, macro-prudential assessment and credit information management to effectively promote the improvement of financing for small and micro enterprises. Increase credit support for key areas and weak links. Focus on poverty-stricken areas, improve the financial support industry-led poverty relief mechanism to help win the accurate fight against poverty.
Fourth, we should speed up the improvement of the macro-prudential management framework. Fifth, continue to deepen financial reform and opening up. Sixth, strengthen the research and application of financial science and technology. Seventh, improve the level of financial services and financial management in an all-round way.