权威访谈：用好货币政策工具 有力支持稳经济

We will use monetary policy tools to effectively support and stabilize the economy

今年以来，稳健的货币政策灵活适度，金融服务实体经济的质量和效率不断提升。当前，我国经济发展环境的复杂性、严峻性、不确定性上升，稳增长、稳就业、稳物价面临新的挑战。下一阶段，如何加大稳健的货币政策实施力度，稳定宏观经济大盘？怎样用好各类货币政策工具，帮助实体经济纾困解难？记者采访了中国人民银行副行长陈雨露。

Since the beginning of this year, China's prudent monetary policy has been flexible and appropriate, and the quality and efficiency of financial services for the real economy have improved. At present, China's economic development environment is becoming more complex, severe, and uncertain, and we face new challenges in maintaining stable growth, employment, and prices. In the next stage, how to increase the implementation of prudent monetary policy and stabilize the macroeconomic market? How to make good use of various monetary policy tools to help rescue the real economy? The reporter interviewed Chen Yulu, deputy governor of the People's Bank of China.

更好发挥货币政策的作用，稳住市场预期、稳住市场主体、稳住价格、稳住就业

We will make better use of monetary policy to stabilize market expectations, market entities, prices, and employment

记者：今年以来，稳健的货币政策实施成效如何？实现全年经济社会发展预期目标，货币政策应该如何更好发力？

Reporter: How effective has the prudent monetary policy been since the beginning of this year? How can monetary policy be more effective in achieving the year's economic and social development targets?

陈雨露：今年以来，人民银行按照党中央、国务院决策部署，提前布局、靠前发力，加大稳健的货币政策实施力度，有力支持稳定宏观经济大盘。

Chen Yulu: Since the beginning of this year, in accordance with the decisions and arrangements of the CPC Central Committee and The State Council, the People's Bank of China has made arrangements in advance and taken the lead in implementing prudent monetary policies to strongly support the stabilization of the macroeconomic market.

一是前瞻性降准，从总量上保持流动性合理充裕，保持对实体经济足够的支持力度，增加金融机构长期稳定资金来源，加大流动性投放力度。二是继续引导贷款市场利率下行，提高货币政策传导效率。三是积极用好结构性货币政策，重点支持制造业、受疫情影响的服务业和小微企业减负纾困。日前，我们已经将两项直达实体经济的货币政策工具转换为支持小微企业的市场化政策工具。近期，我们又推出了三大专项再贷款，包括2000亿元科技创新再贷款、400亿元普惠养老专项再贷款，增加1000亿元再贷款额度专门支持煤炭开发使用和增强储能，加大对重点领域和薄弱环节的支持力度。四是保持人民币汇率在合理均衡水平上的基本稳定。特别需要指出的是，今年人民银行依法上缴超1万亿元的结存利润，直接增强了财政可用财力，有力保障财政支出强度。央行上缴利润经财政支出后，将下沉基层、直达市场主体，预计拉动2022年全年广义货币（M2）增速约0.5个百分点。

First, we will cut required reserve ratios in a forward-looking manner to maintain adequate liquidity, maintain sufficient support for the real economy, increase long-term and stable funding sources for financial institutions, and increase liquidity supply. Second, we will continue to guide interest rates in the loan market downward and improve the transmission efficiency of monetary policy. Third, we will make good use of structural monetary policy, with the focus on supporting manufacturing, the service sector affected by COVID-19, and small and micro businesses. Recently, we have converted two monetary policy tools directly aimed at the real economy into market-based policy tools to support small and micro businesses. Recently, we have launched three special re-loans, including a 200 billion yuan re-loan for scientific and technological innovation, a 40 billion yuan re-loan for inclusive elderly care, and an additional 100 billion yuan re-loan to support the development and use of coal and the enhancement of energy storage. We have stepped up support for key areas and weak links. Fourth, we will keep the RMB exchange rate basically stable at an appropriate and balanced level. What needs to be pointed out in particular is that the People's Bank of China turned over over 1 trillion yuan of surplus profits in accordance with the law this year, which directly increased available financial resources and effectively guaranteed the intensity of government expenditure. After fiscal expenditure, the profits turned in by the CENTRAL bank will reach the grassroots level and reach market players directly, which is expected to drive the growth rate of broad money (M2) by about 0.5 percentage points in 2022.

下一阶段，人民银行将按照疫情要防住、经济要稳住、发展要安全的要求，把稳增长放在更加突出的位置，更好发挥货币政策的作用，加大对实体经济支持，稳住市场预期、稳住市场主体、稳住价格、稳住就业，努力实现全年经济社会发展目标，保持经济运行在合理区间。

The next stage, will be in accordance with the outbreak of the people's bank of to live, to stay steady and economic development to the requirement of safety, steady hand growth on a more prominent position, better play to the role of monetary policy, increase support for the real economy, stabilize market expectations, stabilize the market main body, stabilize prices, steady employment, efforts to achieve economic and social development goals throughout the year and keep the economy running in a reasonable range.

一是尽快推出1000亿元再贷款支持物流仓储等企业融资，加强对货运经营者帮扶，为统筹疫情防控和经济社会发展提供更有力的金融支持。

First, we will introduce 100 billion yuan of reloans as soon as possible to support financing for logistics, warehousing and other enterprises, strengthen assistance to freight operators, and provide stronger financial support for coordinating epidemic prevention and control with economic and social development.

二是加大对银行特别是中小银行发行永续债的支持力度，支持提升银行资本水平，增强银行信贷投放能力。

Second, we will increase support for banks, especially small and medium-sized banks, to issue sustainable bonds, raise their capital level and enhance their ability to extend credit.

三是推动金融机构继续减少收费、惠企利民，更好发挥政府性融资担保作用，用市场化法治化办法促进金融机构向实体经济合理让利。

Third, we will encourage financial institutions to continue to cut fees and fees to benefit enterprises and the people, make better use of the guarantee role of government financing, and use market-based and law-based methods to encourage financial institutions to properly transfer profits to the real economy.

积极主动谋划增量政策工具，全力以赴支持市场主体纾困发展

We will actively plan incremental policy tools and spare no effort to support the development of market entities

记者：受疫情影响，中小微企业、个体工商户困难增多、压力加大，下一步，人民银行将如何支持市场主体纾困发展？

Reporter: The impact of the epidemic has increased difficulties and pressure on micro, small and medium-sized enterprises and individual businesses. How will the People's Bank of China support the development of market players?

陈雨露：人民银行坚决贯彻党中央、国务院决策部署，认真落实各项金融政策，坚持“两个毫不动摇”，把支持中小微企业、个体工商户作为支持实体经济高质量发展的重中之重，研究谋划持续推出新的金融支持措施。

Chen Yulu: The People's Bank of China has resolutely implemented the decisions and arrangements of the CPC Central Committee and The State Council, earnestly implemented various financial policies, and adhered to the principle of "unswervingly implementing two policies". Supporting micro, small and medium-sized enterprises and individual businesses is the top priority in supporting the high-quality development of the real economy. It has studied and planned new financial support measures.

近期，人民银行、外汇局出台了23条金融助企纾困一揽子措施，这些都是顺应市场主体的普遍关切有针对性制定的政策。总体上看，随着金融支持力度不断加大，政策成效正在逐步显现。

Recently, the People's Bank of China and the State Administration of Foreign Exchange issued a package of 23 measures to help financial enterprises. These are targeted policies designed to meet the common concerns of market players. On the whole, with the increasing financial support, the policy effect is gradually showing.

下一步，人民银行将督促金融机构用好用足各项金融政策，主动靠前服务实体经济。重点是加快落实已经确定的政策措施，积极主动谋划增量政策工具，全力以赴支持市场主体纾困发展，帮助中小微企业和个体工商户渡过难关。

In the next step, the People's Bank of China will urge financial institutions to take the lead in serving the real economy by making full use of various financial policies. The focus will be on accelerating the implementation of policies and measures that have been identified, actively planning incremental policy tools, and sparing no effort to support market entities in bailing out development and helping micro, small and medium-sized businesses and individual businesses tide over difficulties.

比如，对餐饮、文旅等困难行业企业，加快动产抵质押和信用贷款产品开发；对受疫情严重影响的群体，灵活采取合理延后还款时间、延长贷款期限、延迟还本等方式予以支持；对公路物流运输及仓储等企业，加快落实1000亿元再贷款政策，合理支持车贷展期或续贷；对“专精特新”中小企业等科技企业，加快2000亿元科技创新再贷款落地实施。与此同时，要继续推动金融服务小微企业“敢贷、愿贷、能贷、会贷”长效机制建设，优化信贷资源配置，强化金融科技赋能，努力提升小微企业融资可得性和便利度。

For example, we will speed up the development of movable property pledge and credit loan products for enterprises in catering, cultural and tourism industries with financial difficulties. For those severely affected by the epidemic, we will provide flexible support in the form of reasonable postponement of repayment time, extension of loan maturity and postponement of principal repayment. We will accelerate the implementation of a 100 billion yuan reloan policy for highway logistics, transportation and storage enterprises, and reasonably support the renewal or renewal of auto loans. We will accelerate the implementation of a 200 billion yuan reloan for scientific and technological innovation for small and medium-sized enterprises that are specialized, innovative and innovative. At the same time, we should continue to promote the construction of a long-term mechanism of "dare to lend, willing to lend, able to lend and able to lend" for small and micro financial enterprises, optimize the allocation of credit resources, strengthen the empowerment of fintech, and strive to improve the availability and convenience of financing for small and micro financial enterprises.

中国金融市场对国际投资者依然有非常强的长期吸引力

China's financial markets remain very attractive to international investors over the long term

记者：今年以来，发达经济体货币政策转向加快，对新兴市场的溢出效应受到普遍关注。如何看待这种溢出效应对中国经济金融的影响？

Question: Since the beginning of this year, the monetary policy shift in developed economies has accelerated, and the spillover effect on emerging markets has attracted widespread attention. How do you view the spillover effect on China's economy and finance?

陈雨露：今年以来，发达经济体货币政策转向加快，不可避免地对其他经济体尤其是新兴市场产生溢出效应。中国经济基本面稳实坚韧，有能力应对这种溢出影响。一是经济稳步复苏。2021年中国GDP同比增长8.1%，两年平均增长5.1%，在全球主要经济体中名列前茅，今年一季度中国GDP同比增长4.8%，增速较去年四季度加快了0.8个百分点，实现了平稳开局。二是消费价格温和上涨。2021年中国消费价格同比上涨0.9%，今年3月为1.5%，通胀压力总体可控。三是经济结构不断优化，内需的拉动作用提升，一季度对经济增长的贡献率96.3%，高于2021年的79.1%；创新驱动成效显著，一季度规模以上高技术制造业增加值同比增长14.2%，增速高于全部规模以上工业增加值7.7个百分点。

Chen Yulu: Since the beginning of this year, the monetary policy shift in developed economies has accelerated, which inevitably has spillover effects on other economies, especially emerging markets. China's economic fundamentals are solid and strong, and it is capable of coping with such spillover effects. First, steady economic recovery. In 2021, China's GDP grew by 8.1% year on year and 5.1% on average over the past two years, ranking among the world's major economies. In the first quarter of this year, China's GDP grew by 4.8% year on year, 0.8 percentage points faster than that of the fourth quarter of last year, achieving a stable start. Second, consumer prices rose moderately. China's consumer prices rose 0.9 percent year-on-year in 2021, up from 1.5 percent in March this year, with inflation pressure generally under control. Third, the economic structure has been improved, with domestic demand playing a greater role in driving economic growth. In the first quarter, China contributed 96.3% to economic growth, up from 79.1% in 2021. In the first quarter, the added value of high-tech manufacturing above designated size increased by 14.2% year-on-year, 7.7 percentage points higher than that of all industries above designated size.

中国金融市场对国际投资者依然有非常强的长期吸引力。一方面，相比于发达经济体，中国资产实际回报率仍较高，这是由中国潜在经济增速和自然利率决定的，较高的投资回报仍是中国金融市场的重要吸引力。另一方面，中国金融市场是多元化资产配置的重要标的。得益于良好的疫情防控，中国经济较早地复工复产，国内经济和政策周期与其他主要经济体并不相同，人民银行坚持实施正常货币政策，为投资者分散资产配置提供了重要渠道。

China's financial markets remain very attractive to international investors over the long term. On the one hand, compared with developed economies, China's real return on assets is still higher, which is determined by China's potential economic growth rate and natural interest rate. Higher investment returns remain an important attraction of China's financial markets. On the other hand, China's financial market is an important target of diversified asset allocation. Thanks to good epidemic prevention and control, China's economy resumed work and production early. The domestic economic and policy cycle is different from that of other major economies. The People's Bank of China adheres to normal monetary policy, providing an important channel for investors to diversify asset allocation.

近年来，中国金融业对外开放取得了长足进展，金融市场双向开放持续扩大，为外资进入中国市场创造了更好的环境，国际投资者对人民币资产的认可度也在持续提升，这些因素都将支撑中国金融市场长期持续保持韧性。

In recent years, China's financial sector has made great progress in opening up to the outside world, two-way opening-up of the financial market continues to expand, creating a better environment for foreign investment to enter the Chinese market, and international investors' recognition of RMB assets continues to increase. All these factors will support the continued resilience of China's financial market in the long run.

《 人民日报 》（ 2022年05月08日 02 版）

People's Daily (May 08, 2022 edition 02)