Gao Zhanjun's Column: How Changes in the Monetary Policy Framework Guide the Redistribution of Financial Resources (AI Translation)
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- The government work report at the 14th National People's Congress emphasized a prudent monetary policy that is flexible, precise, and effective, focusing on improving the transmission mechanism of monetary policy and strengthening both total and structural regulation.
- The People's Bank of China (PBOC) has shifted its focus towards revitalizing inefficient financial resources, reallocating funds to support areas like technology innovation, green development, and small businesses, indicating a profound change in the monetary policy framework.
- The PBOC introduced new evaluation metrics for financial support to the real economy, emphasizing the effectiveness of interest rate reductions, meeting the demand in key areas, and considering broader financing scales over time.
文｜高占军
By Gao Zhanjun
2024年3月5日召开的十四届全国人大二次会议举世瞩目，此次会议上的政府工作报告对新一年度的货币政策导向如何阐述，更是备受关注。概括来说，政府工作报告提出稳健的货币政策要灵活适度、精准有效；要畅通货币政策传导机制，避免资金沉淀空转；要加强总量和结构双重调节，盘活存量、提升效能，加大对重大战略、重点领域和薄弱环节的支持力度；要大力发展科技金融、绿色金融、普惠金融、养老金融和数字金融。笔者理解，盘活存量、调节结构和提升效能可谓是最为核心的内容。
The second session of the 14th National People's Congress, held on March 5, 2024, has drawn global attention, particularly regarding how the government work report outlines the monetary policy direction for the new fiscal year. In summary, the report advocates for a prudent monetary policy that is flexible and appropriate, precise and effective; it calls for smoothing out the transmission mechanism of monetary policy to prevent idle circulation of funds; it emphasizes strengthening both overall quantity and structural adjustments to invigorate existing resources and enhance efficiency while increasing support for major strategies, key areas, and weak links; it also advocates vigorously developing technology finance, green finance, inclusive finance, pension finance, and digital finance. In my understanding, revitalizing existing resources, adjusting structures, and enhancing efficiency are indeed the core content.
上述表述与此前几次重要会议所传达的信息也是一脉相承的：2023年10月底召开的中央金融工作会议指出，要盘活被低效占用的金融资源，提高资金使用效率；要优化资金供给结构，把更多金融资源用于促进科技创新、先进制造、绿色发展和中小微企业，做好“五篇大文章”。2023年12月举行的中央经济工作会议，将以往货币政策要“精准有力”的表述调整为“精准有效”。
The statements are consistent with the messages conveyed in several important meetings previously: The Central Financial Work Conference held at the end of October 2023 pointed out the necessity to revitalize financial resources that are being inefficiently occupied and to enhance the efficiency of fund utilization. It also emphasized the need to optimize the structure of fund supply, directing more financial resources towards supporting technological innovation, advanced manufacturing, green development, and small and micro enterprises, thereby making significant progress in these five key areas. The Central Economic Work Conference held in December 2023 adjusted the previous description of monetary policy from "precise and powerful" to "precise and effective".
货币政策通常是更加注重总量的，为什么现阶段盘活存量、调节结构和提升效能在货币政策操作中变得如此重要？存量应怎样盘活？政策导向发生变化后，对相关货币、信贷指标会有何重大影响？如何看待？
Monetary policy is typically more focused on aggregate measures. Why, at this stage, has revitalizing existing assets, adjusting structure, and enhancing efficiency become so important in the operation of monetary policy? How should existing assets be revitalized? After a shift in policy direction, what significant impacts will there be on relevant monetary and credit indicators? How should this be viewed?
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