The People’s Bank of China (PBOC) has unveiled a list of its key work missions in relation to financial markets for 2020.
On 21 February PBOC convened a financial markets work teleconference, which made special reference to “thoroughly dissolving online financial risk and establishing and improving online financial supervisory and regulatory mechanisms” in 2020.
The meeting highlighted the following key work missions in relation to China’s financial markets in 2020:
- Expediting the stable and healthy development of financial markets, reform to bond issuance regulatory mechanisms, improvements to mechanisms for risk prevention and disposal of bond defaults, driving the high-level openness of bond markets, strengthening overall supervision and regulation of financial infrastructure, raising the stability of monetary markets, and standardising the growth of the gold market.
- Maintaining the continuity, unanimity and stability of real estate finance policies, continuing to implement long-term real estate regulatory mechanisms that are tailored on the basis of municipalities, and expediting the stable operation of the market.
- Implementing multiple measures simultaneously to thoroughly dissolve Internet financial risk, and establishing and improving long-term Internet finance regulatory mechanisms.
- Adopting quantitative targets, reforming and improving the policy environment and restraint mechanisms, raising service capabilities, and further resolving the problem of financing being difficult and expensive for small-and-micro and private enterprises.
- Focusing on deeply impoverished areas, continuing to expand the input of financial resources, stabilising the results of poverty alleviation, ensuring high-quality poverty alleviation, researching and establishing long-term mechanisms for resolving comparative poverty.
- Expanding financial support for key areas and weak links such as manufacturing, scientific and technological innovation, rural village revival and coordinated regional development; preventing and resolving local government bond risk.