Shanghai Headquarters of the People’s Bank of China: Continue to guard against the risks of virtual currency transactions and ICO token issuance

On August 3, the Shanghai Headquarters of the People’s Bank of China held a work conference for the second half of 2021 to convey the spirit of the work of the People’s Bank of China and the foreign exchange bureau in the second half of 2021, summarize the main work of the Shanghai Headquarters in the first half of the year, and make arrangements for the work in 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 conscientiously studied and implemented Xi Jinping’s thoughts on socialism with Chinese characteristics in the new era and the spirit of the Fourth and Fifth Plenary Sessions of the 19th Central Committee of the Party to further strengthen the “Four Consciousnesses.” , To strengthen the “four self-confidence”, achieve “two safeguards”, resolutely implement the Party Central Committee’s decision-making and deployment and the work requirements of the party committee of the head office, continue to expand national functions, and creatively perform territorial functions, and various tasks have achieved good results.

The first is to focus on the study and education of party history, and solidly promote the high-quality integrated development of party building and business. Leading the overall work with party building, insisting on the leadership of the party committee, in-depth study of General Secretary Xi Jinping’s important speech on July 1 and a series of important speeches on the study and education of party history, and the spirit of important conferences such as the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China and the Central Economic Work Conference. We will implement major tasks such as Pudong’s high-level reform and opening up, financial reform in the new area, financial support for the integrated development of the Yangtze River Delta, and protection of market entities. Carry out party history study and education, focus on the “Double Ten” key tasks of “I do practical things for the masses” and “I contribute to the revival”, focus on the major tasks of financial reform and opening up and key tasks related to the vital interests of the masses, and educate party history The results are transformed into tangible work results.

The second is to effectively implement a prudent monetary policy to serve Shanghai’s real economy accurately and effectively. In accordance with the requirements of the head office, reasonably control credit growth and optimize the credit structure. Guide financial institutions to increase financial support for key areas such as energy conservation and environmental protection, advanced manufacturing, and weak links such as new agricultural business entities and individual industrial and commercial households. Supervise financial institutions to continue to make good use of the two direct tools, and continue to play the role of precise drip irrigation such as re-lending and rediscounting. Actively promote supply chain bills and standardized bills, and broaden SME bill financing channels. Promote accounts receivable financing service platform to support accounts receivable pledge financing. Shanghai’s small and micro enterprise financing “increased volume, expanded coverage, and reduced prices” achieved remarkable results, and the number and proportion of first-borrowers increased significantly.

The third is to continue to deepen financial reforms, opening up and innovation, and make more efforts to support the construction of Shanghai’s “People’s City”. Actively cooperate with Shanghai in the preparation of the “14th Five-Year” development plan and the preparation of special financial industry development plans for the Shanghai International Financial Center and Lingang New Area during the “14th Five-Year” period. Cooperate with the head office and Shanghai Municipality to research and establish a working mechanism to support Pudong’s high-level reform and opening up, carry out forward-looking research, and make good policy and plan reserves. Lead the relevant departments of the city to issue the “Guiding Opinions on Regulating the Development of Shanghai Supply Chain Finance” to promote the free flow of capital elements in the Yangtze River Delta.

The fourth is to steadily advance financial supervision and risk prevention and control, and maintain the overall situation of local financial stability. Further give play to the overall role of the local coordination mechanism of the Office of the Financial Committee, promptly convey and implement the spirit of important financial committee documents such as the “Accountability Measures for Preventing and Resolving Major Financial Risks”, consolidate the risk handling responsibilities of all parties, and further enhance the joint force of work. Continue to guard against the risks of virtual currency transactions and ICO token issuance, and urge the rectification of newly discovered illegal businesses. Cooperate with local governments to steadily and orderly promote the liquidation of online lending institutions. Maintain a high-pressure crackdown on illegal foreign exchange transactions such as online foreign exchange speculation and underground banks. Strengthen supervision, law enforcement inspections and penalties in areas such as payment and settlement, anti-money laundering, credit investigation, and cross-border funds, and “zero tolerance” for various violations of laws and regulations.

Fifth, the quality and efficiency of financial service management has been improved, and the sense of acquisition and satisfaction of market entities has continued to increase. Continue to promote the facilitation of trade foreign exchange receipts and payments, the facilitation of capital account income payment, the cross-border investment of equity investment funds, and the facilitation of foreign debt. Launched a pilot program to facilitate the purchase and payment of foreign talents’ salaries. Vigorously support the development of new trade formats. The pilot program of simple account opening services for small and micro enterprises was implemented, and account opening time was drastically reduced. Expand the scope of rural household filing and “credit villages” pilot projects. Promote the trial of unified registration of movable property guarantees. Continue to build the 12363 “heart-warming hotline” to promote the continuous deepening of the diversified resolution mechanism for financial disputes.

The meeting requested that in the second half of 2021, the Shanghai headquarters must adhere to the leadership of the party’s political construction, draw strength from the centuries of party history, fully implement the requirements of the Central, Headquarters, and General Administrations, and make every effort to complete the tasks in the second half of the year.

The first is to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speech at the celebration of the 100th anniversary of the founding of the Communist Party of China, and promote the deepening of the study and education of party history. It is necessary to organize party members and cadres to learn the spirit of the important “July 1st” speech, and to transform the learning results into strengthening party building and inspiring strong momentum for office workers to start their own businesses. Continue to promote the study and education of party history, organize well-organized life meetings, deepen the study of red financial history, and complete practical activities such as “I do practical things for the masses” and “I contribute to the revival”. Carry forward the great party-building spirit, promote the comprehensive and in-depth development of strict party governance, and uphold the party’s overall leadership of financial work. Practicing the “two maintenances” with strong political supervision, strengthen supervision of major tasks such as supporting Pudong’s high-level reform and opening up, stabilizing enterprises and ensuring employment, and improving the green financial policy framework.

The second is to make every effort to promote financial support for Pudong’s high-level reform and opening up to take practical measures and open new ground. In-depth implementation of the central government’s “Opinions on Supporting the Pudong New Area’s High-Level Reform and Opening up and Building a Leading Area for Socialist Modernization”, actively cooperate with the head office and Shanghai Municipality to do related work, and further deepen financial reform and innovation. Efforts to promote financial support for the high-quality development of the integration of the Yangtze River Delta to make greater progress. Continue to prudently promote the internationalization of the RMB.

The third is to accelerate the improvement of systems and mechanisms for the high-quality development of financial services for the real economy. In accordance with the unified deployment of the head office, we will implement a sound monetary and credit policy, manage and use various structural policy tools and funds, and earnestly increase financial support for small and micro enterprises, green and low-carbon, technological innovation and other key areas. Promote solid work to support the development of green finance in the Yangtze River Delta. In-depth development of the project to improve the financial service capabilities of small, medium and micro enterprises. Continue to prudently implement the prudential management of real estate finance and promote the balanced development of finance and real estate with the real economy.

The fourth is to strengthen financial supervision and risk prevention and control. Relying on the local coordination mechanism of the Office of the Financial Committee (Shanghai), consolidate the responsibilities of all parties involved in the handling of financial risks. Further improve the working mechanisms and systems related to the supervision of financial holding companies. Strengthen the daily monitoring of financial risks, and do a good job in the annual central bank rating, trust, securities, and insurance industry robustness evaluation.

Fifth, deepen the reform and opening up of foreign exchange management. We will implement various facilitation policies that have been issued, and further expand the pilot program for facilitation of foreign exchange receipts and payments in trade. Actively support the development of new formats and models of foreign trade, and continue to promote the facilitation of personal foreign exchange business. Strengthen policy research and publicity, help foreign trade companies establish a risk-neutral concept, and enhance exchange rate risk management capabilities. Severely crack down on illegal activities in the foreign exchange field such as underground money houses, cross-border gambling, and online foreign exchange speculation.

Sixth, continue to promote financial service management to facilitate the people and benefit the people. Optimize bank account services, comprehensively promote the application of electronic business licenses, and do a good job in opening bank accounts for specific groups of individuals. We will reduce the fees paid by small and micro enterprises and individual industrial and commercial households in a practical way, and earnestly benefit the real economy. Continue to rectify the refusal to accept RMB cash. We will do a solid job in anti-money laundering supervision and promotion of money laundering convictions. Standardize the supervision and management of corporate credit reporting agencies and rating agencies, and further promote the construction of the rural credit system. Continue to promote the pilot project of financial technology innovation supervision. Intensify efforts to protect the rights and interests of financial consumers.

 

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