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Remarks by Governor Yi Gang of the PBOC at the Boao Forum for Asia
April 22, 2022
Distinguished guests, ladies and gentlemen:
女士们、先生们、各位来宾：
Today, I will mainly talk about China's economic outlook and monetary policy response.
今天我主要围绕中国经济形势和货币政策与大家进行交流。
The international landscape is fraught with uncertainties. Recent geopolitical tensions have further pushed up inflationary pressure worldwide. China’s financial market is not immune to the external shocks and domestic COVID-19 situation is also putting more downward pressure on growth.
当前国际形势充满不确定性，地缘政治紧张局势进一步加剧全球通胀压力。近期中国金融市场出现了一些波动，这既有外部冲击因素，也有国内疫情散发、经济下行压力加大等内部因素的影响。
In the face of these challenges, China has adopted pre-emptive measures to cope with the situation. Our accommodative monetary policy is stepping up support for the real economy. Since December 2021, one-year and five-year LPRs have gone down by 15 and 5 basis points respectively. By end-March, M2 and total social financing expanded by 9.7 and 10.6 percent respectively, both saw significant increases compared with the end of 2021.
面对这些挑战，中国货币政策提前布局，稳健的货币政策加大了对实体经济的支持力度。2021年12月以来，1年期和5年期以上LPR分别下降15个和5个基点。截至今年3月底，广义货币（M2）和社会融资规模分别增长9.7%和10.6%，较上年末显著上升。
The PBOC has announced it would contribute over 1 trillion RMB to the central government, which comes from the central bank’s accumulated profit of the past few years and is equivalent to an extra 1% of GDP in fiscal budget. This extra budget is front-loaded, mainly used for VAT refund and budget transfer to local governments. This is a good example of a combination of an accommodative monetary policy and proactive fiscal policy.
2022年，人民银行依法向中央财政上缴结存利润总额超过1万亿元，主要用于留抵退税和向地方政府转移支付，上缴安排根据退税和财政支出进度靠前发力。结存利润主要来自人民银行过去几年的利润积累，相当于增加GDP总量1%的财政支出，体现了货币政策和财政政策协调联动，共同发力稳定宏观经济大盘。
Structure wise, we are providing support to key areas and weak links of the economy through more targeted facilities. Two special central bank lending facilities have been introduced to promote technological innovation and inclusive elderly services. We have also installed the Carbon Emission Reduction Facility (CERF) and the Central Bank Lending Program for the Clean and Efficient Use of Coal, providing re-lending support to enterprises through financial institutions. This has enabled the financial institutions to lend out more than 230 billion yuan to qualified carbon reduction programs and led to an annual reduction equivalent to over 40 million tons of carbon dioxide emission. Green finance has also enjoyed rapid growth. As of end-March, the amount of green bonds reached 1.3 trillion yuan, up by 36% year on year. As of end-2021, the amount of green loans grew 33% year on year to 16 trillion yuan, 22 percentage points faster than the average.
发挥结构性货币政策直达工具的作用，大力支持重点领域和薄弱环节。设立科技创新和普惠养老两项专项再贷款。实施好碳减排支持工具和支持煤炭清洁高效利用专项再贷款，通过金融机构向企业提供融资支持。截至今年2月末，通过碳减排支持工具已支持金融机构发放符合要求的碳减排贷款2300亿元，带动年度碳减排约4000多万吨二氧化碳当量。绿色融资快速增长，截至今年3月末，绿色债券余额约1.3万亿元，同比增长36%。截至2021年末，绿色贷款余额近16万亿元，同比增长33%，快于各项贷款余额增速22个百分点。
Monetary policy is also focusing on small-and-medium enterprises and vulnerable groups hit by Covid. As of end-March, the balance of inclusive lending to mid-, small- and micro- businesses grew 25% year on year to 21 trillion yuan. Recently, the PBOC announced 23 policy measures for supporting the real economy, including providing assistance to people hard hit by COVID-19.
货币政策聚焦支持中小微企业和受疫情影响的脆弱群体。3月末，普惠小微贷款余额21万亿元，同比增长25%。最近，人民银行进一步出台了支持实体经济的23条政策举措，包括向受疫情影响的脆弱群体提供支持。
The accommodative monetary policy helped to ensure a sound economic start in Q1 2022. The Chinese economy grew by 4.8 percent in Q1 2022, a slight improvement from Q4 2021. Consumer Price Index stayed within a moderate range. CPI right now is 1.1 percent in Q1 and Producer Price Index is 8.7% recently.
适宜的货币金融环境支持了2022年中国经济平稳开局。一季度中国GDP同比增长4.8%，增速较去年四季度有所回升。物价保持在合理区间，一季度CPI同比上涨1.1%，PPI上涨8.7%。
Price stability is our policy priority. Grain production and energy supply are crucial for price stability this year. Agricultural production, and the production and import of key energies, such as coal, oil and gas are the focus of financial services. As long as grain production and energy supply remain stable, inflation will be kept within a reasonable range.
中国货币政策的首要任务是维护物价稳定。今年，粮食生产和能源供应对物价稳定非常重要。金融服务高度重视农业生产，以及煤炭、石油、天然气等重要能源的生产和进口。只要确保粮食生产和能源供应，物价将稳定在合理区间。
To sum up, China's monetary policy is accommodative and is in a comfortable range. We also stand ready to support small and medium enterprises with more instruments if needed. So with that outlook, certainly we have accommodative monetary policy supporting our real economy throughout this year.
中国将继续实施稳健的货币政策，并将综合运用多种工具为中小微企业提供更多支持，加大对实体经济的支持力度。
Thank you.
谢谢大家！ |
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发表于 2022-6-29 11:47:48
发表于 2022-7-4 08:57:32
