Liu He Oversees 4 State Council Finance Committee Meetings in 2 Months

iFeng: 刘鹤主持,70天开了4次!国务院金融委会议释放哪些信号
Maintaining a stable and healthy development of stock bonds

The third meeting of the Finance Committee believed that the current macroeconomic situation was generally stable, economic and financial maintained a stable development trend, supply-side structural reforms continued to deepen, employment remained stable, and micro-subject resilience was further enhanced.

Preventing and mitigating major risks is the primary task of winning the three major battles to build a well-off society, and financial risks are the top priority. The meeting pointed out that the implementation of a prudent and neutral monetary policy was actively implemented, and in accordance with the changes in the situation, targeted and appropriate pre-adjustment and fine-tuning were carried out in a timely and appropriate manner, "but we must also grasp the degree of goodness."

In response to the recent fluctuations in the stock market, bond market and foreign exchange market, the meeting has specifically stated that it will continue to effectively resolve various financial risks, not only to prevent the stock risks, but also to prevent various "black swan" incidents, and to maintain the stock market, bond market and foreign exchange market. Smooth and healthy development.

At the same time, the meeting emphasized strengthening the cooperation between the departments, especially strengthening the coordination of the financial sector with the finance and development and reform departments, increasing the precision of policy support, and better promoting the development of the real economy.

In addition, capital market reform, property rights and intellectual property protection, and the effectiveness of incentive mechanisms were also arranged at the meeting.
Four meetings in 70 days

The four sessions of the new Finance Committee up to now, including three regular meetings including the third meeting, and one special meeting, were presided over by Liu He, Vice Premier of the State Council and Director of the Financial Committee.

On July 2nd, the first meeting of the new Finance Committee was held on the same day. The meeting held that the current Chinese economy is moving towards high-quality development, and the market entity has strong resilience. The large-scale market in China has a wide swing space and is fully capable of winning. There are many favorable conditions for major risks and major risks, and we are full of confidence. The next steps will be carried out in an orderly manner according to the established plan.

The meeting also decided to hold regular plenary meetings and hold targeted conferences from time to time to coordinate research and coordination of matters related to the financial sector.

Huang Yiping, deputy dean of the National Development Research Institute of Peking University, believes that this meeting is the next stage of action to prevent and resolve financial risks.

At the beginning of August, the Finance Committee held its second meeting to clarify that the overall financial situation is improving. It is required to deal with the relationship between stable growth and risk prevention, macro-capital and micro-credit, play an active role in fiscal policy, and deepen financial reform. It is to study to further unblock the policy transmission mechanism and enhance the ability of serving the real economy.

Li Yimin, a macro analyst at Shenwan Hongyuan, pointed out that this meeting continued the spirit of the 731 Politburo meeting and continued to provide more environmental premise and hedging on the basis of firm de-leverage to ensure supply-side reform in the second half of the year. The economy is moving smoothly and simultaneously. The policy mix of “stable and wide” of stable currency, strict supervision and wide credit has been clarified and will be implemented more; the policy focuses on precise design, and the leverage will be more stable, which means that the policy will be more moderate in the second half of the year. However, the policy marginal easing is not a big release, and it is in line with the logic of deepening reform in the transition phase, and helps stabilize the market's expectations of the policy.

On August 24th, more than 20 days later, the Financial Committee held a special conference on preventing and defusing financial risks, listening to the progress of the special rectification work of the network lending industry and preventing the resolution of the stock pledge risks of listed companies, and demanding that the online loan risk should be handled. Emphasis is placed on preventing and defusing the risk of stock pledge of listed companies and deepening capital market reform.

This is the first special conference held since the establishment of the new Finance Committee, and it is also the first time that the new Finance Committee meeting focused on the capital market.

Regarding the risk of online loans, any Haifeng of the Center for Financial Policy Research of the Chinese Academy of Social Sciences said in an interview with the media that the next step should be to carry out further precise classification management for different situations in different regions. The ultimate goal is to return the online loan to the essence of the information platform. In this way, the risk of excessive involvement in financial activities, financial products, etc., without prior qualifications, can be separated.

Talking about the stock pledge of listed companies, Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, said that equity pledge is a popular loan method in recent years, and the risk may occur in the future. Therefore, the special meeting proposed to strengthen the reform of the capital market, increase marketization and legalization, and (help) provide a relatively transparent and predictable market environment for stock pledge.

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