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China Securities News reported Tuesday, the National People's Congress, the people's Bank of China Zhengzhou Center branch president Xu Nuojin said that the future of the domestic monetary policy will be more flexible, not only to ensure adequate liquidity and no "flood irrigation".
He also suggested that local government borrowing to take measures to reduce the implicit debt impulse, carry out a comprehensive platform for local companies, government procurement of services, financial leasing and other illegal financing guarantee behavior rectification work.
He pointed out that from the perspective of money supply, the formulation of this year's report on the work of the government is "prudent monetary policy should remain neutral, and we should tighten up moderately", which is consistent with the needs of the development of the real economy. In the past few years, the leverage rate of both the macroeconomic and the financial sector is too high.
Xu Nuojin further pointed out that this year the central bank canceled the expected growth target of broad money M2 and the scale of social financing, mainly due to the current is still in a critical period of financial chaos, financial leverage rectification, some have not been included in the framework of macro Prudential Management (MPA) business is "homing" process, which leads to the relevant departments to be accurate quantitative index. The indicators are too low, which may lead to a sudden and rapid growth of scale; the targets are too high and may cause bad expectations for the society.
"Financial institutions should face up to the decision of regulatory authorities to deal with risks, and establish reasonable development expectations through MPA, which may be short-term or painful, but they will be good for long-term health and sound operation of institutions." He said.
To control the risk of local debt, Xu Nuojin suggested that we should implement double warning and double disposal of debt risk, properly handle the stock debt and strictly control the new debt, so we must control the total debt. To establish a national local government bond credit rating system as soon as possible, strengthen supervision and reflect the function of rating agencies; promote local debt investment diversification, broaden the local debt market of the two distribution channels; to carry out a comprehensive platform for local companies, government procurement of services, financial leasing and other illegal financing guarantee behavior rectification work.
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