【观点】潘功胜：如何以金融高质量发展服务中国式现代化？

据新华社12月2日消息，针对如何贯彻落实中央金融工作会议精神，以金融高质量发展服务中国式现代化，中国人民银行党委书记、行长潘功胜接受新华社记者专访。

就如何确保金融工作始终沿着正确方向前进，潘功胜表示，金融管理主要是中央事权，必须坚持党中央对金融工作的集中统一领导，这是做好金融工作的根本保证。要应对中国经济增长中的困难挑战、不断破解金融高质量发展中的体制机制难题，必须坚持党中央集中统一领导；完善党管金融的体制机制，切实把党的领导的政治优势、制度优势转化为金融治理效能。 CXO UNION-CXO联盟（cxounion.cn）

关于如何有力有效支持高质量发展和实体经济稳定增长，潘功胜指出，人民银行制定和执行货币政策，必须平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡的关系。一是更加注重跨周期和逆周期调节，保持货币信贷总量和社会融资规模合理增长；二是加强与财政、监管等政策的协调配合，持续加大对重大战略、重点领域和薄弱环节的支持力度；三是合理把握利率水平，推动实体经济融资成本稳中有降；四是统筹内外均衡，保持人民币汇率在合理均衡水平上的基本稳定。

在守牢不发生系统性金融风险的底线方面，潘功胜强调，人民银行要进一步压降高风险机构数量和风险水平，加强金融稳定保障体系建设，同时强化存款保险专业化、常态化风险处置职能，并稳妥化解地方政府存量债务风险、严格控制新增债务。 CXO UNION-CXO联盟（cxounion.cn）

在深化金融改革开放方面，潘功胜认为，一是加快建设现代中央银行制度，二是深化金融供给侧结构性改革，三是坚定不移地扩大开放。

10月底召开的中央金融工作会议，部署了当前和今后一个时期的金融工作。下一步，如何贯彻落实中央金融工作会议精神？如何以金融高质量发展服务中国式现代化？新华社记者专访了中国人民银行党委书记、行长潘功胜。

一、坚持党中央对金融工作的集中统一领导

问：金融是国民经济的血脉，也是国家核心竞争力的重要组成部分，如何确保金融工作始终沿着正确方向前进？

答：金融工作会议时隔6年再次召开，从“全国金融工作会议”更名为“中央金融工作会议”，进一步凸显了党中央对金融工作的高度重视，以及金融在党和国家事业全局中的重要地位。金融管理主要是中央事权，必须坚持党中央对金融工作的集中统一领导，这是做好金融工作的根本保证。 CXO UNION-CXO联盟（cxounion.cn）

党的十八大以来，我国金融改革发展取得新的重大成就，金融系统有力支撑经济社会发展大局，坚决打好防范化解重大风险攻坚战，为如期全面建成小康社会、实现第一个百年奋斗目标作出了重要贡献。

当前我国经济持续恢复向好、总体回升的态势更趋明显，增长动能不断增强，转型升级持续推进。但同时，我们也面临世界经济复苏不均衡、国内经济稳定回升基础不稳固等挑战。

要应对中国经济增长中的困难挑战、不断破解金融高质量发展中的体制机制难题，必须坚持党中央集中统一领导，必须不断提高政治判断力、政治领悟力、政治执行力，完善党管金融的体制机制，切实把党的领导的政治优势、制度优势转化为金融治理效能。

二、有力有效支持实体经济稳定增长

问：中央金融工作会议提出“金融要为经济社会发展提供高质量服务”，中国人民银行将如何有力有效支持高质量发展和实体经济稳定增长？

答：中国人民银行制定和执行货币政策，必须平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡的关系，始终保持稳健性，管好货币总闸门，守护好老百姓的钱袋子，为稳定物价、促进经济增长、扩大就业、维护国际收支平衡营造良好的货币金融环境。 CXO UNION-CXO联盟（cxounion.cn）

一是更加注重跨周期和逆周期调节，保持货币信贷总量和社会融资规模合理增长。同时引导金融机构积极盘活被低效占用的金融资源，提高资金使用效率。目前，我国银行体系贷款余额超过200万亿元，社会融资规模余额超过300万亿元；近年来，我国每年贷款新增20万亿元左右，社会融资规模新增30多万亿元。盘活存量贷款、提升存量贷款使用效率、优化新增贷款投向，这三个方面对支撑经济增长的意义本质上是相同的。

二是加强与财政、监管等政策的协调配合，持续加大对重大战略、重点领域和薄弱环节的支持力度。持续发挥好结构性货币政策工具作用，加大对小微企业、绿色发展、科技创新等的支持力度，做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章。积极配合行业主管部门和地方政府，做好金融支持房地产市场平稳健康发展工作，为保障性住房等“三大工程”建设提供中长期低成本资金支持，完善住房租赁金融政策体系，推动构建房地产发展新模式。

三是合理把握利率水平，推动实体经济融资成本稳中有降。去年以来，美联储快速加息，但我国货币政策坚持以我为主，政策利率稳步下行。2023年9月，新发放企业贷款加权平均利率3.82%，处于历史最低水平。我们将坚持实施好利率调控，按照经济规律和逆周期宏观调控需要，引导和把握宏观利率水平，保持利率水平与实现潜在经济增速的要求相匹配。发挥好贷款市场报价利率改革效能，促进降低企业融资和居民信贷成本。发挥好利率自律机制作用，维护市场竞争秩序。 CXO UNION-CXO联盟（cxounion.cn）

四是统筹内外均衡，保持人民币汇率在合理均衡水平上的基本稳定。我们坚持市场在汇率形成中起决定性作用，有效发挥汇率的宏观经济和国际收支的自动稳定器功能。根据宏观经济和金融市场形势，稳定市场预期，坚决对市场顺周期、单边行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险。经过多年发展，中国外汇市场的市场参与主体更加成熟，交易行为更加理性，市场运行更有韧性。我们在面对市场变化时也更加从容，经验更加丰富，有信心、有能力、有条件维护外汇市场的稳定运行，保持人民币汇率在合理均衡水平上的基本稳定。

三、守牢不发生系统性金融风险的底线

问：中国人民银行将如何统筹发展和安全，牢牢守住不发生系统性金融风险的底线？

答：当前，我国金融风险总体可控，金融机构经营整体稳健，金融市场平稳运行，高风险金融机构无论是数量还是资产规模在金融系统的占比都很小。中国人民银行将配合有关部门和少数高风险机构相对集中的省份制定实施中小银行改革化险方案，进一步压降高风险机构数量和风险水平，按照市场化、法治化原则处置金融风险，依法保护最广大储户、中小投资者和被保险人的利益。 CXO UNION-CXO联盟（cxounion.cn）

中国人民银行还将加强金融稳定保障体系建设，完善金融风险防范、预警和处置机制，对金融风险早识别、早预警、早暴露、早处置，同时强化存款保险专业化、常态化风险处置职能，丰富存款保险风险处置措施和工具。

在防范化解地方政府债务风险方面，中国人民银行将会同有关部门指导金融机构按照依法合规、平等协商的原则，稳妥化解地方政府存量债务风险，严格控制新增债务，健全债务风险防范长效机制，必要时对债务负担相对较重地区提供应急流动性支持。支持地方政府通过并购重组、注入资产等方式，逐步剥离融资平台政府融资功能，转型为市场化企业。

四、坚持深化金融改革开放

问：中央金融工作会议提出，“坚持深化金融供给侧结构性改革”“要着力推进金融高水平开放”。下一步，中国人民银行在深化金融改革开放方面有何考虑？

答：以金融高质量发展服务中国式现代化，需要坚持深化金融改革开放，健全具有高度适应性、竞争力、普惠性的现代金融体系。

在加快建设现代中央银行制度方面，中国人民银行将健全货币政策和宏观审慎政策双支柱调控框架，深化利率汇率市场化改革。完善广泛覆盖、高效安全的现代支付体系，持续提升境内外人员支付服务水平。健全覆盖全社会的征信体系，推进我国征信市场发展。 CXO UNION-CXO联盟（cxounion.cn）

在深化金融供给侧结构性改革方面，我们将强化大型商业银行主力军作用，深化政策性银行改革，推动中小银行回归本源和主业，健全公司治理和内部管理，推动各类金融机构在规模、结构、区域布局上更加合理。同时，加强债券市场制度建设，提高债券市场市场化定价能力和市场韧性，进一步优化融资结构，提高直接融资比重。

坚定不移地扩大开放，是实现金融高质量发展的强大推动力和重要保障。中国人民银行将稳慎扎实推进人民币国际化，提升跨境人民币业务服务实体经济的能力。深化外汇领域改革开放，促进贸易和投融资便利化。稳步扩大金融市场制度型开放，拓展境内外金融市场互联互通。积极参与国际金融治理和合作，务实做好中美、中欧金融工作组工作，提升我国在重大国际金融规则、标准制定中的话语权和影响力。

翻译：

Pan Gongsheng: How to use high-quality financial development to serve Chinese modernization?

According to Xinhua News Agency on December 2, in view of how to implement the spirit of the Central Financial Work Conference and serve Chinese modernization with high-quality financial development, Pan Gongsheng, Party Secretary and governor of the People’s Bank of China, accepted an exclusive interview with Xinhua News Agency reporters. CXO UNION-CXO联盟（cxounion.cn）

On how to ensure that the financial work is always moving in the right direction, Pan Gongsheng said that financial management is mainly the power of the central Committee, and we must adhere to the centralized and unified leadership of the Central Committee of the financial work, which is the fundamental guarantee for a good financial work. To cope with the difficulties and challenges in China’s economic growth and solve the institutional problems in high-quality financial development, we must adhere to the centralized and unified leadership of the CPC Central Committee. We will improve the Party’s financial management systems and mechanisms, and effectively translate the political and institutional advantages of the Party’s leadership into financial governance effectiveness.

On how to effectively support high-quality development and stable growth of the real economy, Pan Gongsheng pointed out that the People’s Bank of China’s formulation and implementation of monetary policy must balance the relationship between short-term and long-term, stable growth and risk prevention, internal balance and external balance. First, we will pay more attention to cross-cyclical and counter-cyclical adjustment, and keep the amount of money and credit and the scale of social financing growing at an appropriate level. Second, strengthen coordination with fiscal, regulatory and other policies, and continue to increase support for major strategies, key areas and weak links; Third, we kept interest rates at an appropriate level and helped the financing costs of the real economy to fall steadily. Fourth, we will balance internal and external balance and keep the RMB exchange rate basically stable at an appropriate and balanced level. CXO UNION-CXO联盟（cxounion.cn）

In terms of holding the bottom line of no systemic financial risks, Pan Gongsheng stressed that the People’s Bank of China should further reduce the number and risk level of high-risk institutions, strengthen the construction of the financial stability guarantee system, and strengthen the professionalization of deposit insurance and the normal risk disposal function, and prudently resolve the risk of local government stock debt and strictly control new debt.

In terms of deepening financial reform and opening up, Pan Gongsheng believes that one is to accelerate the construction of a modern central bank system, the second is to deepen the structural reform of the financial supply side, and the third is to unswervingly expand opening-up.

The Central Financial Work Conference held at the end of October laid out the financial work for the current and future periods. Next, how to implement the spirit of the Central Financial Work Conference? How to use high-quality financial development to serve Chinese modernization? Xinhua News Agency reporter interviewed Pan Gongsheng, Party secretary and governor of the People’s Bank of China.

First, adhere to the centralized and unified leadership of the Party Central Committee over financial work

Q: Finance is the lifeblood of the national economy and an important part of the country’s core competitiveness. How to ensure that the financial work always moves in the right direction?

A: The Financial Work Conference was reconvened after six years and renamed from the “National Financial Work Conference” to the “Central Financial Work Conference”, which further highlights the great importance the Party Central Committee attaches to financial work and the important position of finance in the overall cause of the Party and the country. Financial management is mainly the power of the central government, and we must adhere to the centralized and unified leadership of the Party Central Committee over financial work, which is the fundamental guarantee for doing financial work well.

Since the 18th National Congress of the CPC, major new achievements have been made in China’s financial reform and development. The financial system has strongly supported the overall situation of economic and social development, fought a decisive battle to prevent and defuse major risks, and made important contributions to completing the building of a moderately prosperous society in all respects and achieving the first centenary Goal on schedule. CXO UNION-CXO联盟（cxounion.cn）

At present, China’s economic recovery continues to improve, and the overall recovery trend is more obvious, growth momentum is strengthening, and transformation and upgrading continue to advance. At the same time, however, we also face challenges such as uneven global economic recovery and a shaky foundation for a steady recovery of the domestic economy.

In order to cope with the difficulties and challenges in China’s economic growth and solve the institutional problems in high-quality financial development, we must adhere to the centralized and unified leadership of the CPC Central Committee, constantly improve political judgment, political understanding, and political execution, improve the Party’s financial management systems and mechanisms, and effectively translate the political and institutional advantages of the Party’s leadership into financial governance effectiveness.

Second, we will effectively support the steady growth of the real economy

Q: The Central Financial Work Conference proposed that “the financial sector should provide high-quality services for economic and social development”. How will the People’s Bank of China effectively support high-quality development and stable growth of the real economy?

A: In formulating and implementing monetary policies, the People’s Bank of China must strike a balance between the short term and the long term, between stabilizing growth and preventing risks, and between internal balance and external balance. It must always maintain its soundness, properly manage the general monetary gate, safeguard the people’s purse, and create a sound monetary and financial environment for stabilizing prices, promoting economic growth, expanding employment, and maintaining the balance of international payments. CXO UNION-CXO联盟（cxounion.cn）

First, we will pay more attention to cross-cyclical and counter-cyclical adjustment, and maintain appropriate growth of money and credit and social financing. At the same time, we will guide financial institutions to actively revitalize financial resources that are occupied inefficiently and improve the efficiency of the use of funds. At present, the loan balance of China’s banking system exceeds 200 trillion yuan, and the balance of social financing exceeds 300 trillion yuan. In recent years, China’s annual loan increase of about 20 trillion yuan, social financing increased by more than 30 trillion yuan. Revitalizing the stock of loans, improving the efficiency of the use of stock loans, and optimizing the direction of new loans have essentially the same significance in supporting economic growth.

Second, strengthen coordination with fiscal, regulatory and other policies, and continue to increase support for major strategies, key areas and weak links. We will continue to give full play to the role of structural monetary policy tools, increase support for small and micro enterprises, green development, and scientific and technological innovation, and do a good job in five major articles: scientific and technological finance, green finance, inclusive finance, pension finance, and digital finance. Actively cooperate with industry authorities and local governments to do a good job of financial support for the steady and healthy development of the real estate market, provide medium – and long-term low-cost financial support for the construction of the “three major projects” such as affordable housing, improve the housing rental financial policy system, and promote the construction of a new model of real estate development. CXO UNION-CXO联盟（cxounion.cn）

Third, we will keep interest rates at an appropriate level and ensure that the financing costs of the real economy are steadily lowered. Since last year, the Federal Reserve has raised interest rates rapidly, but China’s monetary policy has adhered to me, and the policy interest rate has steadily declined. In September 2023, the weighted average interest rate on new corporate loans was 3.82%, the lowest level in history. We will continue to properly regulate interest rates, guide and control the level of macro interest rates in accordance with economic laws and the need for counter-cyclical macro regulation, and keep interest rates in line with the requirements for achieving potential economic growth. We will make good use of the effectiveness of the reform of quoted interest rates in the loan market, and help reduce the cost of financing for enterprises and credit for households. We will give full play to the role of the mechanism for self-regulation of interest rates and maintain the order of market competition.

Fourth, we will balance internal and external balance and keep the RMB exchange rate basically stable at an appropriate and balanced level. We insist that the market plays a decisive role in the formation of the exchange rate, and effectively play the role of automatic stabilizer of the macroeconomic and international balance of payments of the exchange rate. In light of the macroeconomic and financial market situation, we will stabilize market expectations, resolutely correct pro-cyclical and unilateral market actions, resolutely deal with acts that disrupt market order, and resolutely guard against the risk of exchange rate overshoot. After years of development, market participants in China’s foreign exchange market have become more mature, their trading behavior has become more rational, and the market operation has become more resilient. In the face of market changes, we are more calm and more experienced. We have the confidence, ability and conditions to maintain the stable operation of the foreign exchange market and keep the RMB exchange rate basically stable at an appropriate and balanced level. CXO UNION-CXO联盟（cxounion.cn）

Third, we must ensure that systemic financial risks do not occur

Q: How will the People’s Bank of China balance development and security, and firmly hold the bottom line of no systemic financial risks?

A: At present, China’s financial risks are generally controllable, the operation of financial institutions is generally sound, the financial market is running smoothly, and the proportion of high-risk financial institutions in the financial system is very small, no matter the number or the scale of assets. The People’s Bank of China will cooperate with relevant departments and a small number of provinces with a relatively high concentration of high-risk institutions to formulate and implement insurance reform plans for small and medium-sized banks, further reduce the number and risk level of high-risk institutions, handle financial risks in accordance with the principles of market and rule of law, and protect the interests of the largest number of depositors, small and medium-sized investors and insured people in accordance with the law.

The People’s Bank of China will also strengthen the construction of the financial stability guarantee system, improve the financial risk prevention, early warning and disposal mechanism, early identification, early warning, early exposure and early disposal of financial risks, and strengthen the professional and regular risk disposal functions of deposit insurance, and enrich the measures and tools for deposit insurance risk disposal. CXO UNION-CXO联盟（cxounion.cn）

In terms of preventing and resolving local government debt risks, the People’s Bank of China will work with relevant departments to guide financial institutions to properly defuse the risks of outstanding local government debt, strictly control new debt, improve the long-term mechanism for preventing debt risks, and provide emergency liquidity support to regions with relatively heavy debt burdens when necessary, in accordance with the principle of law and compliance and consultation on an equal footing. We will support local governments in gradually stripping the government financing functions of financing platforms and transforming them into market-oriented enterprises through mergers, acquisitions, reorganizations and asset injection.

Fourth, continue to deepen financial reform and opening up

Q: The Central Financial Work Conference proposed to “adhere to deepening the structural reform of the financial supply side” and “strive to promote high-level opening up of the financial sector”. What will the People’s Bank of China consider in deepening financial reform and opening up?

A: To achieve high-quality financial development in order to serve Chinese modernization, we need to deepen financial reform and opening up, and improve a modern financial system that is highly adaptable, competitive and inclusive. CXO UNION-CXO联盟（cxounion.cn）

In accelerating the construction of a modern central bank system, the People’s Bank of China will improve the two-pillar regulatory framework of monetary policy and macro-prudential policy, and deepen the market-oriented reform of interest rates and exchange rates. Improve the extensive coverage, efficient and secure modern payment system, and continue to improve the level of payment services for people at home and abroad. Improve the credit investigation system covering the whole society, and promote the development of China’s credit investigation market.

In deepening supply-side structural reform in the financial sector, we will strengthen the role of large commercial banks as the main force, deepen reform of policy banks, encourage small and medium-sized banks to return to their roots and main businesses, improve corporate governance and internal management, and promote a more rational scale, structure and regional layout of various financial institutions. At the same time, we will strengthen the institutional construction of the bond market, improve the market-based pricing capacity and market resilience of the bond market, further optimize the financing structure, and increase the proportion of direct financing. CXO UNION-CXO联盟（cxounion.cn）

Unswervingly expanding opening-up is a strong driving force and an important guarantee for achieving high-quality financial development. The People’s Bank of China will steadily and solidly promote the internationalization of the RMB and enhance the ability of cross-border RMB business to serve the real economy. We will deepen reform and opening up in the foreign exchange sector and facilitate trade, investment and financing. We will steadily expand institutional opening of financial markets and expand connectivity between domestic and overseas financial markets. We will actively participate in international financial governance and cooperation, do a good job in the work of the China-U.S., China-EU financial Working groups, and increase China’s voice and influence in the formulation of major international financial rules and standards. CXO UNION-CXO联盟（cxounion.cn）

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