The Central Bank issued the “Fifteenth Five-Year Plan for Reform and Development of the People's Bank of China”

The Zhitong Finance App learned that recently, the People's Bank of China issued the “Fifteenth Five-Year Plan” for the reform and development of the People's Bank of China, and has also formulated and introduced 9 action plans in related segments to make arrangements for the key tasks of the People's Bank of China's reform and development during the “15th Five-Year Plan” period. The first is to establish a scientific and sound monetary policy system and a comprehensive macroprudential management system. The second is to continue to enhance the quality and efficiency of financial services in the real economy. Improve a financial policy system that accurately and strongly supports major strategies, key areas, and weak links. The third is to continue to build an open, inclusive, dynamic and resilient modern financial market. Fourth, steadily promote a high level of financial openness to the outside world. Promote the internationalization of the RMB and expand the use of the RMB in international trade and investment and financing. The fifth is to optimize financial infrastructure and central bank service systems. Promote the formation of a financial infrastructure system with reasonable layout, effective governance, advanced and reliable, and flexible.

The original text is as follows:

The People's Bank of China issued the “Fifteenth Five-Year Plan for Reform and Development of the People's Bank of China”

In order to fully implement the spirit of the 20th National Congress and the 20th Plenary Session of the Party and thoroughly implement the decisions and arrangements of the Central Financial Work Conference, in accordance with the relevant requirements of the “Outline of the 15th Five-Year Plan for National Economic and Social Development of the People's Republic of China”, the People's Bank of China recently issued the “Fifteenth Five-Year Plan” (hereinafter referred to as the “Plan”), and formulated and introduced nine action plans in related segments. The “Plan” is guided by Xi Jinping's ideology of socialism with Chinese characteristics in the new era, with the goal of speeding up the construction of a financial power, speeding up the improvement of the central banking system, and making arrangements for the reform and development of the People's Bank of China during the “15th Five-Year Plan” period.

The first is to establish a scientific and sound monetary policy system and a comprehensive macroprudential management system. Improve the modern monetary policy framework with Chinese characteristics, improve the basic currency investment mechanism, and give full play to the overall and structural functions of monetary and credit policy instruments. Improve market-based interest rate formation, regulation and transmission mechanisms. Give full play to the decisive role of the market in exchange rate formation and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. Improve the macroprudential management system, expand the macroprudential and financial stability functions of the central bank, expand the coverage of macroprudential management, enrich macroprudential management tools, establish macroprudential monitoring and evaluation mechanisms, strengthen the construction of a financial stability guarantee system, and steadily mitigate financial risks in key areas.

The second is to continue to enhance the quality and efficiency of financial services in the real economy. Improve a financial policy system that accurately and strongly supports major strategies, key areas, and weak links. Establish a technology finance system compatible with technological innovation, build a “technology board” for the bond market with high quality, improve the quality and efficiency of financial support for green development and low-carbon transformation, continue to improve the inclusive finance system, improve the pension finance system, accelerate the promotion of digital finance, and strengthen financial support to boost consumption.

The third is to continue to build an open, inclusive, dynamic and resilient modern financial market. Improve the multi-category and multi-level financial market system, further enrich the financial market format, and make better use of the financial market functions. Strengthen the financial market system and maintain the smooth operation of the financial market.

Fourth, steadily promote a high level of financial openness to the outside world. Promote the internationalization of the RMB and expand the use of the RMB in international trade and investment and financing. Deepen the two-way opening of financial markets and strengthen cross-border connectivity of financial infrastructure. Promote the development of the RMB offshore market. Improve the multi-level and wide-coverage RMB cross-border payment system. Accelerate the construction of the Shanghai International Financial Center and consolidate and enhance Hong Kong's status as an international financial center. Actively implement global governance initiatives and participate in and promote global financial governance reforms. Coordinate openness and security, and strengthen capacity building to maintain financial stability under open conditions.

The fifth is to optimize financial infrastructure and central bank service systems. Promote the formation of a financial infrastructure system with reasonable layout, effective governance, advanced and reliable, and flexible. Improve the quality and efficiency of the central bank's financial services, improve financial statistics, payment, treasury and cash service systems, steadily develop the digital yuan, promote the high-quality development of the credit reporting industry, and strengthen anti-money laundering supervision. Strengthen the governance foundation for the central bank to carry out its duties, and comprehensively promote the construction of a central bank governed by the rule of law and a digital central bank.

During the “15th Five-Year Plan” period, the People's Bank of China will make every effort to promote the central government's decisions and deployment and the implementation of the various measures of the “Plan” to accelerate the construction of a strong financial country and the high-quality development of the service economy.

This article was selected from the official website of the “People's Bank of China”. Zhitong Finance Editor: Jiang Yuanhua.