Chinese Central Bank’s Shanghai Office Flags Further Reform and Opening in 2022


The Shanghai branch of the People’s Bank of China (PBOC) has outlined key policy themes for 2022 at a meeting held just prior to the start of the new year.

At its 2022 Work Meeting held on 30 December 2021, PBOC’s Shanghai branch indicated that key work themes for the new year would include:

  1. Servicing the high-quality growth of the real economy. Stabilising monetary policy, maintaining rationally ample overall liquidity, and continuing to optimise the lending structure. Actively driving direct-reach monetary policy tools and a further increase of 300 billion yuan in relending to support small businesses.
  2. Continually deepening financial reform and opening. Deeply driving the integration of financial services for the Yangtze River Delta region. Vigorously driving the expansion of a Yangtze River Delta credit chain platform.
  3. Continuing to improve financial risk control and prevention mechanisms. Continuing to prevent and dispose of risk in relation to cryptocurrency transactions. Driving the clearance and withdrawal of online lending organisations in a stable and orderly manner. Vigorously striking against illegal forex conduct.
  4. Continually optimising financial administrative services. Continuing to drive measures to improve the convenience of forex management. Guiding banks in the city to simplifying and streamline account opening services for micro-and-small enterprises.