Central Bank Shanghai Headquarters Work Conference for the Second Half of the Year: Helping Shanghai to Accelerate Economic Recovery and Revitalization, and Promote Financial Reform and Innovation

On August 4, the Shanghai Headquarters of the People’s Bank of China held a work meeting for the second half of 2022, conveying and learning the spirit of the work meeting of the People’s Bank of China and the State Administration of Foreign Exchange in the second half of 2022, summarizing the main work of the Shanghai Headquarters in the first half of the year, and arranging key tasks for the second half of the year.

The meeting held that since the beginning of this year, under the strong leadership of the Party Committee of the People’s Bank of China, the Shanghai headquarters has adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied and implemented the spirit of the 19th National Congress of the Communist Party of China and all previous 19th plenary sessions, and worked hard to overcome the impact of the epidemic. Coordinate the promotion of epidemic prevention and control and economic and social development.

The first is to comprehensively and strictly govern the party to advance in depth. Further consolidate the responsibility of comprehensively and strictly governing the party, thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speeches and important instructions, the spirit of important meetings such as the Sixth Plenary Session of the 19th Central Committee and the Central Economic Work Conference, and make overall plans for epidemic prevention and control and economic and social development. Major tasks such as financial services and the financial reform of the Lingang New Area were implemented. Seriously do a good job in the election of the Party’s 20th National Congress. Implement the central inspection and rectification. Strengthen supervision and discipline accountability. Solidly promote the construction of cadre team. During the critical period of the fight against the epidemic, a temporary party branch was established for the staff on duty at the headquarters to organize and mobilize capable forces to build a solid line of defense against the “epidemic” in Shanghai’s financial war.

Second, financial support has achieved solid results in the fight against the epidemic, stabilizing businesses and bailouts. Conscientiously implement the requirements of the head office’s RRR cut and the loan market quoted rate (LPR) reform, give full play to the precise drip irrigation role of monetary policy tools, guide local corporate financial institutions to reasonably control the pace of credit issuance, and promote stable and moderate declines in corporate financing costs. Guide financial institutions to make good use of various special re-lending policies, cooperate with industry authorities to organize government-bank-enterprise docking, and strengthen financial support in key areas. Promote the establishment and improvement of a long-term mechanism for financial services for small and micro enterprises who dare to lend, willing to lend, and will lend. Continue to guide commercial banks to provide real estate credit in a stable and orderly manner to better meet rigid and improved housing needs.

20 guiding opinions were issued to further support the work of financial support for epidemic prevention and control and economic and social development, to guide financial institutions within the jurisdiction to innovate and expand their businesses, and to implement precise policies to help market players. Guide Chinese-funded banks to increase credit assistance to enterprises, and provide loan support for enterprises in anti-epidemic security, catering and retail and other difficult industries that are greatly affected by the epidemic. Guide banks to establish an emergency response mechanism to solve the problem of enterprise wage payment during the epidemic. Open a green channel for handling credit objections, and adjust repayment arrangements or credit records for individuals and companies affected by the epidemic.

The third is the continuous deepening of high-level financial reform and opening up. Promote the implementation of the high-level opening-up pilot program for cross-border trade and investment in the Lingang New Area, further improve the level of cross-border trade and investment facilitation, and promote the expansion of the reform of foreign exchange “decentralization, regulation and service” to increase efficiency. Optimize free trade account services, support the development of new forms of business such as offshore trade, and realize the full process of online banking for free trade account business. Active progress has been made in helping to enhance the level of Shanghai as an international financial center and building an international green financial hub. Promote the promulgation of “Several Regulations on Green Finance Development in Pudong New Area, Shanghai”.

Fourth, the quality and efficiency of financial management services continued to improve. During the epidemic, the orderly operation of basic financial services such as payment and settlement, currency issuance, treasury, credit investigation, and cross-border exchange will be guaranteed. Coordinate with local finance and taxation departments, commercial banks, treasuries at all levels, etc., to achieve “immediate handling” of fiscal anti-epidemic appropriations and value-added tax refunds. Guide banks to optimize financial services for the elderly and increase the guarantee of cash supply. Steady progress was made in the pilot program of digital renminbi, and application scenarios such as public payment, transportation, and medical care were promoted. Supervise financial institutions to implement the policy of reducing fees for payment services. Promote the construction of convenient mobile payment scenarios. Carry out a special campaign to crack down on “credit information repair”. Completed the “two-network integration” of Shanghai Financial Metropolitan Area Network and Payment Metropolitan Area Network. Guide banks to increase exchange rate risk management publicity. Take the lead in building a coordination mechanism for the protection of financial consumer rights and interests in Shanghai, and deepen cooperation in the diversified resolution of financial disputes in the Yangtze River Delta.

Fifth, the prevention and control of financial risks has been steadily advanced. Close the central and local regulatory coordination and policy coordination, and effectively play the role of the Shanghai Coordination Mechanism of the Office of the Financial Commission. Strengthen the disposal of financial risks in key areas, cooperate with the promotion of the rectification of Internet platforms and the liquidation of online lending institutions, and pay attention to the risks of virtual currency trading speculation. Cooperate with public security and other departments to deepen the governance of the “capital chain” of cross-border gambling and telecommunication network fraud. Severely crack down on illegal foreign exchange actions such as underground banks and cross-border gambling. Promoting the fight against money laundering crimes. Improve the financial risk monitoring and early warning system, strictly investigate and punish financial violations, and impose administrative penalties in accordance with the law.

The meeting requested that in the second half of 2022, the Shanghai headquarters should follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously implement the work conference arrangements of the headquarters and the General Administration, continue to implement the monetary policy, support the development of the real economy, and deepen financial reform, opening up and innovation. , to welcome the party’s 20th National Congress with excellent results.

The first is to deepen the comprehensive and strict governance of the party. Continue to consolidate and deepen the inspection and rectification of the central government, regard inspection and rectification as a major political task, consolidate responsibilities at all levels, and strengthen the supervision and inspection of the whole process. We will unswervingly uphold discipline and anti-corruption, strengthen supervision and accountability, and carry out in-depth warning education. Strictly implement the responsibility system for ideological work. Strengthen cadre team building.

The second is to help Shanghai accelerate economic recovery and revitalization. Create a favorable monetary and financial environment, guide financial institutions to increase loans to the real economy, maintain stable credit growth, and promote stable and moderately declining real loan interest rates. Increase credit support for key areas such as infrastructure, inclusive small and micro businesses, green development, technological innovation, transportation and logistics.

The third is to promote financial reform and innovation. Continue to promote the implementation and effect of the pilot policy of high-level opening up of cross-border trade and investment in the Lingang New Area. Deepen the construction of Shanghai as an international financial center and speed up the innovation of green finance. Continue to promote the cross-border use of RMB, and support banks to carry out RMB overseas loan business and cross-border RMB settlement services for new foreign trade formats.

Fourth, optimize financial management services. Continue to promote the facilitation of cross-border trade and investment, and promote the quality and efficiency of pilot projects such as the integration of domestic and foreign currency capital pools for multinational companies, the facilitation of foreign exchange receipts and payments for high-quality enterprises, and the facilitation of foreign exchange use by overseas talents. Guide banks to do a good job in corporate exchange rate risk management services. Promote the construction of cross-border financial service platforms. Increase the innovation of digital RMB pilot projects. Promoting payment service fee reductions and rebates. Urge commercial banks to do a good job of improving cash services for aging. Improve the convenience of treasury services, and promote cross-province and remote electronic tax payment business. Further improve the working mechanism for protecting the rights and interests of financial consumers in Shanghai.

Fifth, strengthen financial risk monitoring and management. Give play to the role of the Shanghai Coordination Mechanism of the Office of the Financial Commission and strengthen coordination in financial supervision. Continue to prudently implement the prudent management of real estate finance. Cooperate to prevent and deal with the risk of virtual currency trading speculation, and promote the solution of the existing business of P2P online lending institutions. Strengthen the monitoring of bond market and currency market risks. Strictly prevent bank account risks and intensify the crackdown on gambling and fraud. Strengthen the supervision of payment institutions. Explore the regulatory assessment of money laundering risks, and continue to promote the three-year campaign to combat and control money laundering crimes. Strengthen cross-border capital flow monitoring and foreign exchange situation analysis.

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