国务院新闻办新闻局局长、新闻发言人陈文俊:

Chen Wenjun:

女士们、先生们，下午好！欢迎大家出席国务院新闻办新闻发布会，党的十九届五中全会对区域协调发展作出了全面的总体的部署，全会精神已经贯彻到“十四五”规划纲要之中，金融在构建新发展格局，支持区域协调发展这项工作当中发挥着十分重要的作用。今天我们请中国人民银行副行长刘桂平先生出席发布会与大家见面，介绍有关情况，并回答各位关心的问题。与刘行长一起出席今天发布会的还有几位司局长，他们是中国人民银行研究局局长王信先生、货币政策司司长孙国峰先生、金融市场司司长邹澜先生。

Ladies and gentlemen, good afternoon. Welcome to the press conference held by the State Council Information Office (SCIO). The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) established a comprehensive overall plan for coordinated regional development, and the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 also reflected the guiding principles of the session. The finance sector plays a crucial role in promoting coordinated regional development under the new development paradigm. Today, we have invited Mr. Liu Guiping, deputy governor of the People's Bank of China (PBC) to brief the media on relevant issues and field questions. With us, we also have department heads from the PBC, including Wang Xin, head of the PBC's Research Bureau; Sun Guofeng, head of the Monetary Policy Department; and Zou Lan, head of the Financial Market Department.

下面我们先请刘桂平先生介绍情况。

Next, I will give the floor to Mr. Liu.

中国人民银行副行长刘桂平:

Liu Guiping:

女士们、先生们，各位媒体的朋友们大家下午好！党的十九届五中全会明确提出加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，这是以习近平同志为核心的党中央根据我国发展阶段、环境、条件变化，特别是基于我国比较优势变化，审时度势做出的重大决策。

Ladies and gentlemen, friends from the media, good afternoon. The fifth plenary session of the 19th CPC Central Committee clearly proposed accelerating the construction of a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This is a major decision made by the CPC Central Committee with Comrade Xi Jinping at its core, after evaluating the situation based on the changes in China's development stage, environment and conditions, as well as changes in its comparative advantages in particular.

经济大循环能够畅通的必要条件是供给与需求相互适配、区域以及城乡之间相互协调、国内与国际双循环相互促进。其中，推进区域协调发展是加快形成新发展格局的重要基础，也是社会和谐、政治稳定和经济可持续发展的重要保障。“十三五”时期，人民银行坚持以习近平新时代中国特色社会主义思想为指导，坚决贯彻落实党中央、国务院决策部署，深入贯彻新发展理念，会同有关部门，完善区域金融政策体系，积极推动金融支持国家重大区域发展战略，不断增强区域发展协调性。

The conditions necessary for achieving smooth economic circulation are the matching of supply and demand, coordination between regions as well as between urban and rural areas, and domestic and international circulations reinforcing each other. Among these, promoting coordinated regional development is an important foundation for accelerating the fostering of a new development paradigm, which ensures social harmony, political stability and sustainable economic development. During the 13th Five-Year Plan period (2016-2020), the PBC adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implemented the decisions of the CPC Central Committee and the State Council, and followed the new development philosophy. Working with other relevant departments, we have improved the regional financial policy system, actively provided financial support for the country's major regional development strategies, and continuously enhanced regional development coordination.

一是坚持辩证思维，推动形成优势互补、高质量发展的区域经济布局。习近平总书记多次强调，不平衡是普遍的，要在发展中促进相对平衡，这是区域协调发展的辩证法。一方面，人民银行以服务国家重大区域发展战略为抓手，充分发挥中央银行职能，运用金融手段支持京津冀协同发展、长江经济带发展、粤港澳大湾区建设、长三角一体化、黄河流域生态保护和高质量发展、成渝双城经济圈建设，引导金融机构提升金融服务创新水平，推动形成以城市群为主要形态的增长动力源。另一方面，灵活运用货币信贷政策工具，充分利用金融科技手段，积极开展现代普惠金融和绿色金融改革创新试点，构建完善现代普惠金融体系和绿色金融体系，带动农村地区和欠发达地区补短板、强弱项，推动经济绿色低碳高质量发展。

First, we have developed a dialectical approach to thinking and promoted regional economic planning featuring complementary advantages and high-quality development. General Secretary Xi Jinping has emphasized on several occasions that imbalances are common, and we should pursue a relative balance between regions — this is a dialectical approach to coordinated regional development. On one hand, serving the implementation of China's major regional development strategies, the PBC has given full play to the functions of the central bank, and deployed financial vehicles to support coordinated development in the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt, the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, ecological protection and high-quality development in the Yellow River basin, and the construction of the Chengdu-Chongqing Twin City Economic Circle. We have guided financial institutions to improve financial service innovation, and promoted leveraging the role of city clusters in driving growth. On the other hand, we have flexibly tapped into monetary and credit policy tools, made full use of financial technology, and actively carried out pilot programs for the reform and innovation of modern inclusive finance and green finance, built and improved a modern inclusive financial system and green financial system, and guided rural areas and underdeveloped areas to make up for their weaknesses, and promoted green, low-carbon and high-quality economic development.

二是坚持问题导向，制定差异化政策，因地制宜、分类指导、靶向施策。根据不同地区的特点和比较优势，有针对性地开展区域金融改革试点，在普惠金融、绿色金融、科技金融等领域，取得了积极成效，探索总结了一批可复制可推广的经验和做法。

Second, we have adhered to a problem-oriented approach, formulated differentiated policies tailored to local conditions, and provided category-specific guidance. According to the characteristics and comparative advantages of different regions, targeted pilot regional financial reforms have been carried out. Positive results have been achieved in fields such as inclusive finance, green finance and science and technology finance, giving rise to a set of practices that can be applied in other areas.

三是坚持内外统筹，用好国际国内两个市场、两种资源。自由贸易试验区是新时代改革开放新高地，是金融高水平开放的试验田，同时也是用好国际国内两个市场两种资源的重要连接点。在国务院批复的21个自贸试验区和海南自由贸易港的建设实践中，金融开放创新是其中浓墨重彩的一笔，涵盖了跨境投融资便利化、金融制度供给优化、跨境金融服务创新等重要内容。

Third, we have taken into account both domestic and international dynamics and leveraged these two markets and resources. The pilot free trade zones are pacesetters of reform and opening up in the new era, and testing grounds for a high level of financial openness, which serve as a platform for tapping into both domestic and international resources. Among the 21 pilot free trade zones and Hainan Free Trade Port approved by the State Council, financial liberalization and innovation is one of the highlights, covering important elements such as the facilitation of cross-border investment and financing, the optimization of financial institutional arrangements and the innovation of cross-border financial services.

下一步，人民银行将积极贯彻落实十九届五中全会和中央经济工作会议精神，紧紧围绕立足新发展阶段、贯彻新发展理念、构建新发展格局、实现高质量发展的要求，持续加大金融支持区域协调发展力度，推动形成错位发展、各具特色、精彩纷呈的区域金融改革格局。

Next, the PBC will actively implement the guiding principles of the fifth plenary session of the 19th CPC Central Committee and the Central Economic Work Conference. As China enters a new development stage, we will follow a new development philosophy, foster a new development paradigm and pursue higher-quality growth. We will continue to bolster financial support for coordinated regional development, and advance regional financial reforms with distinctive features.

一是继续加大金融支持国家重大区域发展战略力度。因地制宜，持续推动金融支持京津冀协同发展、长江经济带发展、粤港澳大湾区建设、长三角一体化、黄河流域生态保护和高质量发展、成渝双城经济圈建设的各项举措落地，提升金融服务实体经济和区域协调发展的质量和效能。

First, we will continue to increase financial support for the country's major regional development strategies. In accordance with local conditions, financial support will continue to be provided to promote the implementation of various strategies, including coordinated development in the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt, the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, ecological protection and high-quality development in the Yellow River basin, and the construction of the Chengdu-Chongqing Twin City Economic Circle. We will enhance the quality and effectiveness of financial services for the real economy and coordinated regional development.

二是继续统筹抓好区域金融改革试验区试点。加强区域特色金融改革与创新，选择符合条件的地区推动科创金融、普惠金融、绿色金融等试点，深入探索金融服务科技创新、乡村振兴、绿色发展等高质量发展的有效途径。

Second, we will continue to make overall planning and work on pilot zones for regional financial reform. Financial reform and innovation with regional characteristics will be strengthened. We will select eligible areas to promote pilot projects covering such areas as technology innovation finance, inclusive finance and green finance, and explore effective ways of providing financial support for high-quality development such as scientific and technological innovation, rural vitalization and green development.

三是继续推动自贸试验区金融开放创新，促进国内国际双循环良性互动。以服务实体经济、促进贸易投资自由化便利化为出发点，以金融支持自由贸易试验区、自由贸易港建设为重点，推动全面落实准入前国民待遇加负面清单制度，实现高水平对外开放。谢谢大家！

Third, we will continue to promote financial liberalization and innovation in the pilot free trade zones and promote domestic and international circulations reinforcing each other. Starting from serving the real economy and promoting the liberalization and facilitation of trade and investment, we will focus on providing financial support for the construction of pilot free trade zones and free trade ports, promote the full implementation of the system combining pre-establishment national treatment and a negative list, and strive to achieve a high level of opening up. Thank you everyone.

陈文俊:

Chen Wenjun:

谢谢刘桂平副行长，下面欢迎各位提问，提问之前请通报一下自己所代表的新闻机构。

Thank you, Mr. Liu. The floor is now open for questions. Please state the name of your news outlet before asking your questions.

中央广播电视总台央视记者:

CCTV:

我的问题是，近年来我们看到人民银行在粤港澳大湾区、长三角等热点地区，以及绿色金融、普惠金融等重点领域推出了众多区域金融改革的试点，我们比较关心的是这些试点现在取得了哪些进展？形成了什么样的经验可以向全国推广？谢谢。

In recent years, PBC has carried out a series of pilot programs on regional financial reforms, – covering key fields such as green finance and inclusive finance – in the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta and other hotspot areas. What progresses have been made in these pilot programs? What experience did you gather that can be rolled out across the country? Thank you.

刘桂平:

Liu Guiping:

非常感谢您的提问，刚才我在开场白里面已经做了简要的介绍，结合您提的问题，我愿意做更详细的一个介绍。

Thanks for your questions. I gave a brief introduction previously, and would like to introduce some details now.

人民银行作为中央银行，我们一直以来都坚持以习近平新时代中国特色社会主义思想为指导，按照党中央、国务院的重大决策部署，有序地根据我们央行的职能和宏观经济发展的要求以及区域发展战略的部署来推进相关的工作。

As China's central bank, PBC always follows the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the major decisions and plans of the CPC Central Committee and the State Council. In accordance with the needs of macro-economic development and deployments of regional development strategy, we promote relevant works in accordance with our functions as the central bank.

我刚才在介绍有关区域发展的几大战略，可能我们的记者朋友也都注意到了，我说的顺序就是党中央、国务院部署的几大战略的顺序，包括京津冀、长江经济带、粤港澳大湾区、长三角一体化、黄河流域生态保护和高质量发展以及成渝双城经济圈，我们要介绍近年来在区域发展中所推进的相关工作，我想从习近平总书记给我们明确的贯彻五大新发展理念的角度给各位记者朋友、新闻界的朋友们进行介绍。

I have just introduced several major strategies regarding regional development, and perhaps you may have noticed that the order in which I said them is the order of several major strategies deployed by the Party Central Committee and State Council, including the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt, the Guangdong-Hong Kong-Macao Greater Bay Area, the integration of the Yangtze River Delta, the ecological protection and high-quality development of the Yellow River Basin, and the Chengdu-Chongqing Twin City Economic Circle. I'd like to introduce our works on pushing forward regional development from the perspective of the five development philosophies stressed by General Secretary Xi Jinping.

一是贯彻创新发展理念。推动了科创金融改革创新试点，积极探索了金融支持科技创新的有效模式。比方说在湖北武汉城市圈，就以构建服务科技企业全生命周期的投融资渠道为核心，在武汉东湖的高新区探索了六个专项的发展模式，这六个专项是，机构设立、经营机制、金融产品、信息平台、直接融资、金融监管，相关探索经验已经在全国复制推广。

First, we implemented the philosophy of innovative development. We have promoted the reform and innovation of sci-tech innovation finance and actively explored an effective model for finance to support science and technology innovation. For example, we explored six special development models at East Lake High-tech Development Zone in Wuhan city, with the aim of building investment and financing channels to serve the whole life cycle of science and technology enterprises. The development models include institution establishment, operational mechanisms, financial products, information platforms, direct financing and financial supervision. All the experience we learned has been spread across the country.

二是贯彻协调发展理念。积极推动支持国家重大区域发展战略，比如，加快推进像上海国际金融中心建设和长江三角洲区域高质量一体化发展，充分地发挥上海国际金融中心的龙头辐射和带动作用。在金融“放管服”改革、征信机构协同监管、经济金融信息共享等方面成效明显。同时，我们在金融支持粤港澳大湾区建设方面创新了内地与港澳金融合作的路径和模式，推动跨境移动支付便利化、代理见证开户试点、跨境理财通（现在正在推进的过程中），提升粤港澳大湾区金融服务的水平，在民生金融、跨境投融资的便利化、金融市场的互联互通方面也取得了积极的成效。

Second, we implemented the philosophy of coordinated development. We actively promoted and supported major strategies for regional development. For example, we accelerated the building of Shanghai into an international financial center and high-quality and integrated development of the Yangtze River Delta, so as to give full play to the leading role of Shanghai as an international financial center. We made great progresses in streamlining administration, delegating power, improving regulation and upgrading services of the finance industry, coordinating supervision of credit agencies, and sharing economic and financial information. At the same time, when providing financial services for the construction of Guangdong-Hong Kong-Macao Greater Bay Area, we innovated cooperation models between the Chinese mainland and Hong Kong and Macao, and promoted cross-border mobile payment facilitation, trials of account opening witness service and cross-border purchase of wealth management products by residents in the Guangdong-Hong Kong-Macao Greater Bay Area – which is now in the process of moving forward. We also upgraded financial services in the area, and achieved positive results in finance related to people's livelihoods, facilitation of cross-border investment and financing, and financial market connectivity.

三是贯彻绿色发展理念。推动六省（区）九地绿色金融改革创新试验区建设。这六个省区是浙江、江西、广东、贵州、甘肃和新疆，有的省区有两个，其中新疆我们还选择了三个地方在探索绿色金融的发展。到去年年末，这六省（区）九地绿色金融改革创新试验区的状况给各位媒体的朋友们介绍两组数据。一组数据就是这六省（区）九地绿色贷款的余额已经达到2368.3亿，占六省（区）九地全部贷款余额的15.1%，比全国的平均水平高了4.3个百分点。第二组数据是六省（区）九地的绿色债券余额达到1350亿，同比增长66%。江西赣州新区成功发行了全国首单经认证的绿色市政专项债券。广州市花都区创新了碳排放权抵质押融资等金融产品。

Third, we implemented the philosophy of green development. We propelled the construction of pilot zones of reform and innovation of green finance in six provinces and regions. The six provinces and regions are Zhejiang, Jiangxi, Guangdong, Guizhou and Gansu provinces and Xinjiang Uygur autonomous region. By the end of last year, the loan balance of green finance in these six provinces and regions reached 236.83 billion yuan, accounting for 15.1% of their total loan balance, and 4.3 percentage points higher than the national average. Bond balance of green finance in these places reached 135 billion yuan, up 66% year-on-year. Ganzhou New Area in Jiangxi province successfully issued the country's first authenticated green municipal special bond. Huadu district in Guangzhou developed several financial products such as carbon emissions rights mortgage and pledge financing.

四是贯彻开放发展理念。推动自贸试验区金融开放创新，打造金融创新的新格局。现在全国已经有21个自由贸易试验区，现在探索在全国复制推广的经验主要有本外币一体化的全口径跨境融资宏观审慎管理、跨国企业集团跨境双向人民币资金池、简化经常和直接投资项下人民币结算流程等10余项本外币创新业务。

Fourth, we implemented the philosophy of open development. We advanced financial opening and innovation in free trade zones, and forged a new paradigm of financial innovation. At present, there are 21 free trade zones throughout China. The experience we have spread across the country include more than 10 new businesses of local and foreign currency, such as macro-prudential management of full-diameter cross-border financing with the integration of local and foreign currencies; cross-border two-way RMB capital pool of transnational enterprises and groups; and simplified RMB settlement process for regular and direct investments.

五是贯彻共享发展理念。推动普惠金融小微金融改革创新试点，显著地提升了金融服务的覆盖面和可获得性。浙江台州和河南兰考充分利用金融科技有效地破解了“三农”和小微企业信息不对称、融资难和融资贵的问题。浙江台州市形成了以专注实体，深耕小微，精准供给，稳健运行的小微金融服务经验；河南兰考县探索出了以数字服务平台为核心的普惠金融发展模式。谢谢。

Fifth, we implemented the philosophy of shared development. We promoted reform and innovative trials for inclusive finance and micro-finance, and significantly improved the coverage and accessibility of financial services. Taizhou city in Zhejiang province and Lankao county in Henan province solved issues relating to agriculture, rural areas, and rural people, information asymmetry and difficulties faced by small and micro-businesses in accessing affordable financing by making good use of financial technology. Taizhou has earned experience in financial services for small and micro-enterprises by focusing on real entities, services for small and micro-enterprises, and utilizing an accurate supply and stable operation. Lankao explored a new development model of inclusive finance with digital service platforms as the core. Thank you.

中国财经报记者:

China Financial and Economic News:

加快推进上海国际金融中心建设和长三角一体化发展是党中央确定的重大发展战略，请问人民银行在这方面做了哪些工作，谢谢？

Accelerated constructionof Shanghai as an international financial center and the integrated development of the Yangtze River Deltaregion are major development strategies established by the CPC Central Committee. What has the People's Bank of China (PBC) done in this regard? Thank you.

刘桂平:

Liu Guiping:

谢谢您的提问，这个问题我想请我们研究局长王信先生回答。

Thank you for your question. Mr. Wang will answer this question.

中国人民银行研究局局长王信:

Wang Xin:

谢谢您的问题。上海和长三角区域是中国经济最有活力的、发展程度最高、开放程度最高的区域，加快推进上海国际金融中心建设和做好金融支持长三角一体化发展是建设高水平对外开放新高地的一个重要的举措。去年2月份，正是在新冠疫情对中国社会冲击比较严重的时候，人民银行经过国务院的批准，会同银保监会、证监会、外汇局和上海市政府出台发布了《关于进一步加快推进上海国际金融中心建设金融支持长三角一体化发展的意见》，这是一个非常重要的文件，里面涉及到30条重要举措，涵盖方方面面金融改革开放的内容。里面的一些重点、亮点包括绿色资产配置，就是金融机构增加绿色资产的配置，因为现在金融机构增加绿色金融资产、履行社会责任、可持续投资这些方面都是非常重要的课题。《意见》还涉及推动长三角绿色金融服务平台一体化建设、推动长三角征信一体化发展，这作为基础性工作，对于长三角经济金融一体化发展非常重要。《意见》还包括构建长三角普惠金融指标体系，金融消费纠纷非诉解决机制等。此外，上海和长三角地区作为金融和科技都非常发达的地方，在科创领域也是走在全国前列，例如对于科创板上市，不管是企业申请方面，还是科创板最终上市方面，长三角地区在全国的占比都接近50%，这是一个很大的数字，可以看出来长三角包括上海经济金融的重要性。

Thank you for your question. Shanghai and the Yangtze River Delta area are the regions with the most dynamic economy, the highest level of development and the highest degree of opening-up in China. Accelerating Shanghai's development as an international financial center and providing sound financial support for the integrated development of the Yangtze River Delta region are important measures in creating a new highland of high-level opening-up. Last February, when Chinese society was hit hard by the epidemic, upon the approval of the State Council, the PBC, along with the China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commision (CSRC), State Foreign Exchange Administration (SAFE) and Shanghai Municipal People's Government, released the Opinions on Further Accelerating the Development of Shanghai as an International Financial Center and Providing Financial Support for the Integrated Development of the Yangtze River Delta Region. This is a major document, which lays out 30 specific measures covering all aspects of financial reform and opening-up. Some of the key points and highlights include increasing the green assets allocation of financial institutions, since it is very important at present for these institutions to increase green financial assets, fulfill their social responsibilities, and make sustainable investments. The Opinions also promotes the integrated establishment of green financial service platforms and the integrated development of credit investigation in the Yangtze River Delta region, which as a basic task, is essential for unified economicand financial development in the region. The Opinions also states that an inclusive financial index system and an alternative dispute resolution mechanism for financial consumption disputes should be set up in the region. In addition, Shanghai and the Yangtze River Delta region, with their relatively developed finance and science and technology, lead the country with regard to science and technology innovation. For example, in terms of getting listed on the Science and Technology Innovation Board, or STAR Market, be it the enterprises applying for listing or enterprises finally getting listed on the Market, enterprises from the Yangtze River Delta region account for nearly 50% of the country's total. Such a large proportion shows us the importance of the economy and finance of the region, including Shanghai.

下一步，人民银行将继续推动《意见》落地，里面有很多措施需要我们花大功夫进一步加快落地。在推进长三角绿色金融发展、长三角征信一体化、长三角普惠金融指标体系建设、金融消费纠纷非诉解决机制等方面进一步发力，推动长三角一体化发展。谢谢。

Next, the PBC will continue to promote implementation of the Opinions, and many measures in it need our increased efforts to be carried out more quickly. We will step up efforts to further the development of green finance, integration of credit investigation, and establishment of an inclusive financial index system and an alternative dispute resolution mechanism for financial consumption disputes in the Yangtze River Delta region to promote the region's integrated development. Thank you.

美国国际市场新闻社记者:

Market News International:

我想问一下央行如何去解决区域信贷资源分布不平衡的这种现象？另外一个问题是，现在中国的企业中长期贷款不断攀高，但是制造业的投资却是持续低迷的状态，请问分化的主要原因是什么？如何去应对这个问题？

How will the central bank solve the problem of unbalanced distribution of credit resources among different regions? In addition, medium- and long-term loans to enterprises in China continue to rise, while investments in the manufacturing sector remain sluggish. What is the main reason for this and how can the issue be dealt with?

刘桂平:

Liu Guiping:

谢谢您对这个问题的关注，这个问题请金融市场司司长邹澜先生来回答。

Thank you for your questions. Mr. Zou will answer this question.

中国人民银行金融市场司司长邹澜:

Zou Lan:

谢谢你的问题。我们也关注到了制造业投资低迷的现象，2020年制造业投资同比下降2.2%，我们觉得这里面存在多方面的原因，一是受外部经济环境和疫情影响，制造业企业的流动资金紧张，贷款主要用于满足流动性资金需求，企业的投资能力和投资信心还有待恢复。

Thank you for your questions. We have also noticed that investments in manufacturing have been sluggish. Investments in the manufacturing sector fell by 2.2% year-on-year in 2020, for which we think there are many reasons. First, affected by the external economic environment and the COVID-19 pandemic, the liquidity of manufacturing enterprises was strained and so loans were mainly used to meet the liquidity demand. The enterprises' investment ability and confidence need to be restored.

第二是与产业结构调整有关。在国家政策的大力支持下，高技术制造业的投资增速比较快，但是这些制造业在整个制造业里面所占的比重还比较有限。

Second, it is related with adjustments to the industrial structure. With the strong support of national policies, investments in high-tech manufacturing industries have grown rapidly, but the proportion of these industries in the whole manufacturing sector remains relatively limited.

第三是制造业企业向轻资产方向发展，自身的投资需求发生了一些变化。制造业企业厂房设备由购买改为租赁，共享制造新业态也在逐步发展，这使得企业对投资的需求跟以前也是发生了比较大的变化。为了支持制造业高质量发展，近年来人民银行按照党中央、国务院的部署，强化宏观审慎评估，加强政策协调配合，与其他的金融管理部门一道，多措并举推动了制造业的中长期贷款大幅增长。2021年2月末，制造业中长期贷款余额是5.62万亿，同比增长了38.8%，增速连续16个月保持了增长，逆转了前期制造业中长期贷款增速一直低迷的态势，金融支持制造业的效果正在逐步显现，我们相信对于制造业的投资能够起到一定的带动作用。

Third, as manufacturing enterprises turn to an assets-light strategy, their investment needs have shifted. These enterprises have begun to lease, instead of purchase, plants and equipment, and the new business model of shared manufacturing is making gradual progress, which has caused relatively big changes in the enterprises' investment demands. To support the high-quality development of the manufacturing industry, the PBC, following the arrangements of the CPC Central Committee and the State Council, has strengthened macro-prudential assessment, enhanced policy coordination and cooperation, and taken multiple measures together with other financial departments in recent years, which have promoted the substantial growth of medium- and long-term loans in the manufacturing industry. At the end of this February, the medium- and long-term loan balance of the manufacturing sector stood at 5.62 trillion yuan, up by 38.8% year-on-year and registering an increasing growth rate for 16 consecutive months, reversing the previous sluggish growth rate. Financial support for the manufacturing industry is paying off, and we believe this can drive investment in manufacturing to some extent.

关于区域信贷投放平衡的问题，我们也关注到了，也在对相关的问题做更加深入的分析，也会相应采取一些措施来改善这种状况，谢谢。

We have also noticed the problem of unbalanced credit supply in different regions. We are analyzing the relevant issues and will take appropriate measures to solve the issue. Thank you.

界面新闻记者:

Jiemian News:

十九届五中全会提出了建设现代中央银行制度，现代货币政策框架是现代中央银行制度的一个重要内容，请问“十四五”期间在健全现代货币框架支持高质量发展方面央行有哪些考虑？谢谢。

The fifth plenary session of the 19th CPC Central Committee proposed establishing a modern central banking system. The modern monetary framework is an important part of modern central banking system. What aspects are the PBC considering for improving the modern monetary framework to support high-quality development during the 14th Five-Year Plan period? Thank you.

刘桂平:

Liu Guiping:

谢谢您的问题，这个问题请货币政策司司长孙国峰先生来回答。

Thank you for your question. I'd like to invite Mr. Sun Guofeng to answer this question.

中国人民银行货币政策司司长孙国峰:

Sun Guofeng:

谢谢您的提问，十九届五中全会提出，“十四五”规划以推动高质量发展为主题，为此必须保持币值稳定，为高质量发展提供良好的货币金融环境，货币政策要按照中国人民银行法规定的最终目标，“保持货币币值的稳定，并以此促进经济增长”。货币币值稳定有对内和对外两方面的涵义，对内的涵义需要保持物价稳定，必须管好货币总闸门。2020年中央经济工作会议、“十四五”规划和2035年远景目标纲要”明确货币政策的中介目标是保持货币供应量和社会融资规模增速同名义经济增速基本匹配，从而明确了货币政策框架的“锚”。近年来，人民银行推动贷款市场报价利率，就是LPR改革，货币政策传导效率明显提升，作为信贷市场的基准利率，LPR发挥了调节信贷供求，进而影响货币供应的重要作用，保持LPR在合理水平有利于稳住货币供应的“锚”。因此LPR既是市场化利率形成和传导机制的重要一环，也是货币供应调控机制的关键组成部分。LPR基于政策利率报价形成，人民银行通过完善以公开市场操作利率为短期政策利率和以中期借贷便利利率为中期政策利率的政策利率体系，引导以DR007为代表的市场利率围绕政策利率为中枢上下波动，健全从政策利率到LPR再到贷款实际利率的市场化利率形成和传导机制，和完善货币供应调控机制形成有机整体，共同构建了现代货币政策框架。

Thank you for your question. The fifth plenary session of the 19th CPC Central Committee proposed that the 14th Five-Year Plan set the promotion of high-quality development as its theme. As such, the currency value must be kept stable and a sound monetary and financial environment can be provided for high-quality development. The monetary policy should be in accordance with the ultimate target stipulated by the Law of the People's Bank of China, which is "maintaining the stability of the currency value and thereby promoting economic growth." Keeping the currency value stable has both internal and external meanings. The internal meaning is to maintain price stability and to manage liquidity well. The annual Central Economic Work Conference in 2020 and the Outline of the 14th Five-Year Plan (2021-2025) for Economic and Social Development and the Long-Range Objectives Through the Year 2035 clearly state that the intermediate goal of monetary policy is maintaining the growth rate of money supply, and social financing basically matching the nominal economic growth rate, thus specifying the "anchor" of the monetary policy framework. In recent years, the PBC has promoted the quoted interest rate in the loan market, which is the loan prime rate (LPR) reform, and the transmission efficiency of monetary policy has been significantly improved. As the benchmark rate in the credit market, LPR has played an important role in adjusting credit supply and demand, thereby affecting the money supply. Maintaining LPR at a reasonable level is conducive to stabilizing the "anchor" of the money supply. Therefore, LPR is not only an important part of the market-based interest rate formation and transmission mechanism, but also a key component of the money supply control mechanism. LPR is formed based on policy rate quotes. By improving the policy rate system which employs the open market operations (OMOs) rate as the short-term policy rate and employs the medium-term lending facility (MLF) rate as the medium-term policy rate, the PBC has guided the market rate represented by DR007 to hover around the policy rate. The PBC has also improved the market-based interest rate formation and transmission mechanism from policy rate to LPR to the effective interest rate on loans, and by joining with improvements on money supply control mechanism as an organic whole, it has established the modern central banking system.

货币币值稳定对外的涵义是保持人民币汇率在合理均衡水平上基本稳定，为此要增强人民币汇率弹性，加强跨境资本流动宏观审慎管理，引导社会预期，把握好内部均衡和外部均衡的平衡，谢谢。

The external meaning of maintaining currency value stability is to keep the RMB exchange rate basically stable at an appropriate and balanced level. As such, it is necessary to enhance the RMB exchange rate flexibility, strengthen the macro-prudential management of cross-border capital, guide social expectations, and strike a balance between internal and external equilibriums. Thank you.

香港经济导报记者:

Hong Kong Economic Herald:

请问央行与香港金管局共同推动的“数字货币”跨境项目进展如何？还有“十四五”期间央行在支持香港稳固国际金融中心地位时有哪些举措？谢谢。

What is the progress of the cross-border digital currency project being jointly promoted by the PBC and the Hong Kong Monetary Authority? During the 14th Five-Year Plan period, what measures will the central bank take to support Hong Kong in consolidating its position as an international financial center? Thank you.

刘桂平:

Liu Guiping:

这个问题请王信局长回答。

Mr. Wang Xin will answer this question.

王信:

Wang Xin:

谢谢你的问题。我国数字人民币的设计主要是用于国内零售的支付。前期，人民银行数字货币研究所与香港金管局就数字人民币的使用进行了技术测试，这是人民币试点的一次常规性研发测试工作。在国内，数字人民币在多个地区正在试用，包括在冬奥会的场景下使用，数字人民币的测试的场景越来越多、越来越丰富。与此同时，我们也在与香港金管局一道合作，进行了一些技术测试。近期，在国际清算银行香港创新中心的支持下，人民银行数字货币研究所和香港金管局、泰国中央银行、阿拉伯联合酋长国，联合发起了多边央行数字货币桥的研究项目，旨在探索利用分布式账本技术实现央行数字货币对的跨境交易全天候同步交收，也就是PVP结算。央行数字货币在国际上是一个热点话题，很多央行在进行研究和探索，不同的央行之间也有类似的合作项目，所以人民银行也在探索数字人民币的可行性。谢谢。

Thank you for your question. China's digital renminbi (RMB) is mainly designed for domestic retail payments. However, when the conditions are suitable, if there is such a demand in the market, the use of digital RMB for cross-border transactions can also be accomplished. In the early stages, the PBC's digital currency research institute and the Hong Kong Monetary Authority (HKMA) conducted technical tests on the cross-border use of digital RMB in the mainland and Hong Kong, which was a routine R&D test for the RMB pilot. The digital RMB is being tested in several regions and scenarios across China, including at the Winter Olympic Games. There have been more and more diverse test scenarios for the digital RMB. At the same time, we have also been working with the HKMA to carry out certain technical tests on its cross-border use. Recently, with the support of the Bank for International Settlements' Innovation Hub Hong Kong Centre, the PBC's digital currency research institute and the HKMA, the Bank of Thailand and the United Arab Emirates have jointly initiated a research project on multilateral central banks' digital currency bridges, which aims to explore the use of distributed ledger technology to realize round-the-clock simultaneous settlement in cross-border transactions of central bank digital currency pairs, that is payment-versus-payment (PvP) link. Central bank digital currency has been a hot topic internationally. Many central banks have been conducting research and explorations, and similar cooperation projects have been carried out between different central banks. So, the PBC has also been exploring the feasibility of digital RMB. Thank you.

第一财经记者:

Yicai:

我们看到最新的美联储的会议显示，现在货币政策还是偏鸽派的，但是美债收益率持续攀升，而且美国的通胀预期也是非常的强烈，现在其实不少人士认为美联储加息或者缩表的动作可能会提前到来，也有人担心是不是会产生一定的溢出效应，会有什么样的影响？请问您怎么看？谢谢。

From the latest meeting of the Federal Reserve, we can see that their monetary policy seems to be a little bit dovish, but U.S. bond yields continue to climb, and inflation expectations in the U.S. are also very strong. Now many analysts think that the Federal Reserve will raise interest rates or reduce its balance sheet in advance. Some worry that there may be spillover effects. What will be the effects? What's your opinion on that? Thank you.

刘桂平:

Liu Guiping:

谢谢您的问题，你这个问题现在是很热门的，这个问题请货币政策司长孙国峰先生回答。

Thank you for your question. This question draws wide attention nowadays. I will invite Mr. Sun to answer this question.

孙国峰:

Sun Guofeng:

谢谢！2020年我国是全球唯一实现正增长的主要经济体，也是少数实施正常货币政策的主要经济体，带动了全球经济的恢复，对其他主要经济体货币政策正常化进程也起了支持作用。我们也注意到，近期美债收益率出现上行，一度突破1.75%，推动美元升值，美元指数年初至今上涨了3.6%左右，受此影响，部分新兴经济体债务偿付和再融资风险上升，货币贬值压力加大，一些经济体加息，金融市场出现一定波动。我国一直坚持正常货币政策，去年2月到4月，我们采取了力度较大的应对措施，5月以后货币政策操作回归正常，既有力支持疫情防控和经济社会发展，又没有搞“大水漫灌”式的过度刺激，我们可以看到中国的国债收益率水平在那个时候回升之后一直保持平稳，人民币汇率双向浮动成为常态，发挥了宏观经济和国际收支自动稳定器的作用。因此无论是去年美联储推出大规模货币刺激措施，还是未来美联储调整货币政策，对中国金融市场的影响都是比较小的。事实上在近期全球金融市场特别是新兴经济体金融市场大幅波动的情况下，我国金融市场运行平稳，人民币汇率双向浮动，十年期国债收益率目前在3.2%附近，较前期还有所下降。我国实施正常货币政策的积极作用正在显现，下一步，关键是把自己的事办好，货币政策要稳字当头，保持定力，珍惜正常的货币政策空间，同时密切关注国际经济金融形势变化，增强人民币汇率弹性，以我为主开展国际宏观政策的协调，保持好宏观政策的领先态势，我们也乐见其它经济体寻求回到正常货币政策的努力，这将有助于促进全球经济长期健康发展，谢谢。

Thank you. In 2020, China was the only major economy in the world to register positive growth and one of the few major economies to adopt normal monetary policies, which not only advanced the global economic recovery but also supported the normalization of monetary policies of other major economies. We have noticed that the U.S. treasury yield increased to over 1.75%, which drove the appreciation of the dollar. The U.S. dollar index has risen by 3.6% since the beginning of this year. Affected by that, some emerging economies face rising risks in repaying debts and refinancing. The pressure of currency devaluation amounts. Some economies raise their interest rates and fluctuations occur in the financial market. China has always stuck to normal monetary policies. From February to April last year, we took rather strong measures in response. After May of 2020, the monetary policies returned to normal, which greatly bolstered anti-epidemic prevention and control, and social and economic development, while not resorting to a deluge of excessive stimulus policies. We can see that China's national debt yield has remained stable since the recovery, and the free floating of renminbi exchange rate has become a normality, which serves as an automatic stabilizer for the macro economy and international balance of payment. Therefore both the massive monetary stimulus measures introduced by the Fed last year and future adjustments to monetary policy by the Fed will have relatively little impact on China's financial markets. In fact amidst the recent sharp volatility in global financial markets, especially in emerging economies, China's financial markets are running smoothly, the RMB exchange rate is floating freely and the 10-year Treasury yield is currently around 3.2%, which is still lower than the previous period. The positive effects of China's normal monetary policies have been delivering results. As the next step, the key is to get our own affairs in order. We will adopt stable monetary policies, retain our focus, and cherish the space for normal monetary policy. Meanwhile, we will keep a close eye on changes to the international economic and financial situation, increase the exchange rate's flexibility, coordinate international macro policies in line with China's conditions, and maintain a good macro policy leadership posture. We are pleased to see other economies seeking to return to normal monetary policy, which is beneficial to the long-run sound development of global economy. Thank you.

CNBC记者提问:

CNBC:

我有两个问题，第一个是关于中国目前面对的金融领域挑战更多在房地产债务还是股票市场，会有什么应对措施？第二个是关于今年在北京还有成都发放了一些数字货币，请问使用中有什么成绩或者是需要调整的地方？谢谢。

I have two questions. My first question is regarding real estate debt and the stock market. Which represents the bigger financial challenge and what measures will be taken? The second question is about the digital currency issued in Beijing and Chengdu this year. What achievements have been made and what adjustments are needed? Thank you.

刘桂平:

Liu Guiping:

谢谢您的问题，您问了两个问题，第一个问题关于有关的挑战，涉及到相关市场的一些问题，我请我们金融市场司的司长邹澜先生来回答。关于数字货币，一会儿请我们研究局的王信局长来回答。

Thank you for your question. The first question concerning challenges and relevant markets goes to Mr. Zou. The second question regarding digital currency goes to Mr. Wang.

邹澜:

Zou Lan:

谢谢您的问题。过去三年，按照党中央、国务院的决策部署，在金融委的统筹协调下，金融系统认真贯彻落实防范化解重大金融风险攻坚战的各项任务部署，取得了阶段性的成果，金融风险总体是趋向收敛的。我国金融风险是多年长期积累形成的，是体制性、机制性、周期性和行为性等因素叠加的一个结果，尤其当前疫情影响不确定性较大，宏观环境依然复杂严峻，国际资本流动的波动比较大，外部冲击引发境内金融市场波动，股市、债市和大宗商品市场面临振荡的风险，少数的大型企业集团目前还处在风险的暴露期，中低资质的企业还面临融资困境，债务违约的风险比较高。部分热点城市房价上涨的压力仍然比较大，高杠杆的中小房企的债务违约等潜在风险也是值得持续关注的。

Thank you for your question. Over the past three years, according to the decisions and arrangements of the CPC Central Committee and the State Council, under the coordination of the Financial Stability and Development Committee under the State Council, the financial system has fully enforced all tasks and plans in the critical battle to forestall and defuse financial risks, and achieved results in the current stage. On the whole, the risks of the financial system have tended to shrink. China's financial risks are accumulated over many years and caused by systematic, mechanistic, cyclical and behavioral factors. Currently, the macro environment remains complex and severe, and the fluctuations of international capital flow are large due to the uncertainty brought by the epidemic. Shocks overseas cause fluctuations in the domestic financial market. The stock market, bond market, and bulk commodities market are exposed to the risks of oscillation. A small number of large-scale enterprise groups are still in a period of risks being exposed. Middle and low-quality enterprises still have difficulties in financing and the debt default risk is relatively high. The upward pressure on property prices is still large in some popular cities. Potential risks such as debt default among highly-leveraged medium- and small-sized real estate enterprises worth watching.

面对这些风险，下一步，防范化解金融风险进入常态化的阶段，金融管理部门还将继续聚焦重点领域，全力做好存量风险的化解工作，同时不断完善体制机制建设，健全金融风险预防预警体系，提升金融风险防控的前瞻性、全局性和主动性，牢牢守住不发生系统性金融风险的底线，为经济持续恢复和高质量发展营造良好的金融环境，谢谢。

Facing the risks, in the next stage of normalizing the forestalling and defusing of financial risks, the financial management department will focus on key sectors and resolve existing risks. We will also improve mechanisms and systems, and perfect the financial risk prevention system and early warning system, to increase the activeness and foreseeability in financial risk prevention and control with a holistic view. We will resolutely guard against systemic risks to provide a good financial environment for sustained economic recovery and high-quality development.

Thank you.

王信:

Wang Xin:

关于数字人民币，市场上的兴趣非常浓厚，大家非常关注。一方面，这和世界上越来越多的中央银行参与研发本国数字货币的队伍中来有关。另一方面，这可能也与前一段时间比特币价格大幅度上涨有关。人民银行稳步推进数字人民币的研发和测试工作，测试地区、测试场景越来越多、越来越广泛，积累了很好的经验。总体上来讲，参与机构和参与地区的反映是正面的、积极的。比如说，春节期间的数字人民币红包就是一个很好的例子。数字人民币越来越走近我们，需要我们进一步丰富相关的场景，积累更多的经验。下一步，我们会进一步推动数字人民币试点，积累更多的经验。谢谢。

The market has a great deal of interest in the digital RMB, and there is a great deal of concern. On the one hand, this has to do with the fact that more and more central banks around the world are getting involved in developing their own digital currencies. On the other hand, it may also be related to the jump in the prices of Bitcoin some time ago. The People's Bank of China has steadily promoted research, development and testing of the digital RMB, with more and broader test regions and test scenarios, and accumulated good experience. Generally speaking, the feedback from participating institutions and participating localities has been positive. For instance, the digital RMB red envelope during the Spring Festival was a good example. The digital RMB is getting closer to us, and we need to further enrich relevant scenarios and accumulate more experience. Next, we will further promote the digital RMB pilot programs and gather more experience. Thank you.

彭博新闻社记者:

Bloomberg:

我有两个问题，第一，美国国债收益率持续上升，中方是否担心外资包括国内的一些资本会撤离中国资本市场，中国人民银行是否有应对的方案。第二个问题，中国政府最近提出要降低政府的杠杆率，货币政策如何来配合去实现这一目标？谢谢。

I have two questions and the first is regarding foreign outflows. As U.S. Treasury yields keep rising, is China worried about capital withdrawals of foreign and domestic investors from China's capital market? And do you have a response plan for this? Secondly, the Chinese government proposed reducing the government's leverage ratio. How does the monetary policy support this goal? Thank you.

刘桂平:

Liu Guiping:

这两个问题我分别请我们两位司长来回答，关于国债收益率降低对我们整个市场的有关影响的一些考虑，请我们市场司的邹澜司长回答。关于后一个问题，请货币政策司的孙国峰先生回答。

For these two questions, I will ask our two directors to answer separately. Regarding considerations about the impact of the reduction in the yields of treasury bonds on our entire market, Mr. Zou Lan, head of the Financial Market Department of the PBC, can you please answer it? Mr. Sun Guofeng from the Monetary Policy Department of the PBC can answer the latter question.

邹澜:

Zou Lan:

关于债券市场，在不断开放的情况之下，我们对债券市场运行的情况，包括境外投资者投资中国债券市场的情况是一直保持密切关注的。过去这些年，中国债券市场发展比较快，2月末余额已经达到了118万亿元，从规模上说居全球第二位，债券品种比较丰富，交易工具比较齐全，市场的深度和广度也在不断拓展过程中，而且随着对外开放，我们借鉴国际市场的规则，对债券市场的交易、结算这些机制不断进行完善，为境外的投资者提供了更加友好、便捷的投资环境。

With regard to the bond market, we have been paying close attention to the operation of the bond market, including the situation of foreign investors investing in the Chinese bond market, as it continues to open up. Over the past few years, China's bond market has developed relatively quickly, with the balance reaching 118 trillion yuan at the end of February, ranking second in the world in terms of scale. China has a variety of bond varieties and also has complete trading tools, with expanding market depth and scale. Amid furthering opening up to the outside world, we have continuously improved the trading and settlement mechanisms of the bond market while drawing on rules of the international market. This has provided a more friendly and convenient investment environment for overseas investors.

所以基于这种情况，我们感觉中国的债券市场还是表现出了比较强的韧性和一定的避险特征，从数据上我们也观察到，到了今年的2月末，境外机构在境内的持债规模达到了3.7万亿人民币，同比增长了62%，而且由于境外的投资者主要是央行、主权基金等中长期配置型的投资者，他们持有中国债券是比较稳定的。另外，外资持债占债券市场的比重也并不高，现在也就是3.1%，这跟国际的成熟市场相比还是算比较低的。

Therefore, based on this situation, we feel that China's bond market still shows strong resilience and certain risk-aversive characteristics. From the data, we also observed that by the end of February, the scale of domestic bonds held by foreign institutions had reached 3.7 trillion yuan, a year-on-year increase of 62%. Overseas investors are mainly mid-to-long-term portfolio investors such as central banks and sovereign funds, so their holdings of Chinese bonds are relatively stable. In addition, the proportion of foreign investors' holdings in the bond market isn't high, and is now 3.1%, which is still relatively low compared with mature international markets.

我们想正因为这些特点，前几天我们注意到富时罗素也最终确认将中国的债券纳入富时世界政府债券指数，下一步我们还会积极完善相关政策制度安排，持续推动债券市场的对外开放。我就回答这些，谢谢。

We think that precisely because of these characteristics, FTSE Russell finally confirmed that China's bonds will be included in the FTSE World Government Bond Index (WGBI) a few days ago. Next, we will actively improve relevant policies and systems, and continue to promote the opening up of the bond market. That's my answer, thank you.

孙国峰:

Sun Guofeng:

第二个问题我来回答。刚才我在介绍现代货币政策框架的时候谈到2020年中央经济工作会议、“十四五”规划和2035年远景目标纲要明确货币政策的中介目标是保持货币供应量和社会融资规模增速同名义经济增速基本匹配，这是货币政策框架的一个“锚”。我们应当看到货币供应量、社会融资规模增速与债务增速的走势基本上是一致的，所以货币政策框架的这一锚定方式实际上将稳定宏观杠杆率的机制内嵌进了货币政策框架之中，是十九届五中全会提出的跨周期政策设计理念的体现，有利于实现稳增长和防风险的长期均衡，也就是说货币政策实现中介目标，保持了货币供应量和社会融资规模增速同名义经济增速基本匹配，就能够保持宏观杠杆率的基本稳定，谢谢。

Let me answer the second question. When I introduced the framework of modern monetary policy, I talked about the 2020 Central Economic Work Conference, the Outline of the 14th Five-Year Plan (2021-2025) for Economic and Social Development and the Long-Range Objectives Through the Year 2035. It is clear that the intermediate goal of monetary policy is to ensure that the growth rate of money supply and the scale of social financing basically tally with the growth rate of the nominal economy. This is an anchor of the monetary policy framework. We should see that trend of the growth rate of money supply and the scale of social financing and the growth rate of debt are basically the same. Therefore, this anchoring method of the monetary policy framework actually embeds the mechanism of stabilizing the macro leverage ratio into the monetary policy framework, which is a manifestation of the cross-cycle policy design concept proposed by the fifth plenary session of the 19th CPC Central Committee, and conducive to achieving the long-term balance of stable growth and risk prevention. That is to say, if monetary policy achieves the intermediate goal and keeps the growth rate of the money supply and the scale of social financing basically matching the nominal economic growth rate, the macro leverage ratio can be basically maintained. Thank you.

红星新闻记者:

Red Star News:

当前成渝正在加快西部金融中心建设，在下一步区域金融改革进程中，人民银行是否会对成渝双城经济圈作出新部署，是否会有一些区域金融政策支持的出台？同时，我还关注到近期中小银行被曝出“彩礼贷”、“墓地贷”等消费贷变种模式，请问央行是否会对中小银行的变种贷款行为进行规范，会如何规范？谢谢。

Chengdu and Chongqing are currently accelerating the construction of a financial center in western China. In the next step of regional financial reform, will the People's Bank of China make new arrangements for the Chengdu-Chongqing Twin City Economic Circle? Will there be regional financial policy support? At the same time, I have also paid attention to the recent exposures of consumer loan variants such as the "betrothal gift loan" and the "cemetery loan" by small and medium-sized banks. Will the central bank regulate the behavior of small and medium-sized banks and how will they be regulated? Thank you.

刘桂平:

Liu Guiping:

实际上你也提了两个问题，第一个问题是关于成渝双城经济圈建设的有关考虑，我请我们研究局的王信局长来回答。后一个也是最近比较热的一个话题，涉及到相关信贷产品的创新的一些看法，我请市场司的邹澜先生回答。

In fact, you have also raised two questions. The first question is about the certain considerations on the construction of the Chengdu-Chongqing Twin City Economic Circle. I will invite Mr. Wang Xin to answer it. The latter one is also a recent hot topic, involving some views on the innovation of related credit products. I will ask Mr. Zou Lan to answer it.

王信:

Wang Xin:

谢谢您的问题，成渝双城经济圈建设是以习近平总书记为核心的党中央作出的重大战略部署，是一个重大的区域发展战略。刚才刘行长也介绍了若干重大区域发展战略，包括粤港澳、长三角、京津冀、雄安新区等，成渝双城经济圈是又一个重大的区域发展战略，对于进一步促进西部大开发，加快西部经济金融发展具有重要的意义。人民银行在成渝双城经济圈的建设中做了大量的工作，根据党中央、国务院的部署，首先是积极参与《成渝地区双城经济圈建设规划纲要》的起草、编制，深入研究金融相关内容。同时，现在我们也正在会同相关部门，以及四川省、重庆市，进一步研究金融支持成渝双城经济圈、支持成渝共建西部金融中心的重大战略部署。重庆市和成都市有不同的发展特点，在金融方面也各有特色，所以我们在研究和制定金融支持政策时，将在共性的基础上、在一体化发展的基础上更好地发挥各自特色，进一步探索金融改革开放的创新举措，更好促进成渝双城经济圈的发展。谢谢。

Thank you for your question. The construction of the Chengdu-Chongqing Twin City Economic Circle is a major strategic deployment made by the CPC Central Committee with Comrade Xi Jinping at its core. It is a major regional development strategy. Deputy Governor Liu also just introduced a number of major regional development strategies, including the Guangdong-Hong Kong-Macao Greater Bay, the Yangtze River Delta, the Beijing-Tianjin-Hebei region, and the Xiong'an New Area. The Chengdu-Chongqing Twin City Economic Circle is another major regional development strategy, that is of great significance for further promoting the development of western China, and accelerating the economic and financial development of the western region. The People's Bank of China has done a lot of work in the building of the Chengdu-Chongqing Twin City Economic Circle. According to the deployment of the CPC Central Committee and the State Council, the central bank actively participated in the drafting and compilation of the outline for the construction of the twin-city economic circle in Chengdu-Chongqing region, and the in-depth research on financial-related issues. At the same time, we are now working with relevant departments, as well as those of Sichuan province and Chongqing municipality, to further study the major strategic deployment of financial support for the Chengdu-Chongqing Twin City Economic Circle and support for Chengdu and Chongqing to jointly build a western financial center. Chongqing and Chengdu have different development characteristics, and each has its own characteristics in terms of finance. Therefore, when we research and formulate financial support policies, we will give better play to their respective characteristics on the basis of commonality and integrated development. We will further explore innovative measures for financial reform and opening up, and better promote the development of the Chengdu-Chongqing Twin City Economic Circle. Thank you.

邹澜:

Zou Lan:

我来回答您的第二个问题。“彩礼贷”、“墓地贷”这件事情引起了社会的热议，我们认为个别银行打着所谓金融创新的旗号，挑战社会痛点，引导居民过度负债，触及社会公序良俗的底线，脱离了金融服务实体经济的本职。但同时，这类贷款本质其实就是居民消费贷款，通过制造噱头的方式来宣传获客，这也反映出部分中小银行自身服务能力的不足，以及金融发展面临的一些困境。所以，尽管是个别银行，我们觉得也应该引起足够的重视，针对这个问题，我们有三个方面的考虑。

I will answer your second question. Loans for "engagement gifts" and "graveyard purchase" have caused a stir. We believe that some banks, under the banner of so-called financial innovation, are challenging social pain points, leading people to over-indebtedness, touching the bottom line of public order and good morals, and detracting from the intended function of finance serving the real economy. These loans are in essence consumer loans, which are advertised to gain customers through the creation of gimmicks. It also reflects the lack of service capabilities of some small and medium-sized banks and some difficulties faced by financial development. Therefore, we should pay attention to the issue, even though it is caused by the behaviors of individual banks. We consider the issue from three aspects.

第一，要继续督促银行业金融机构调整优化信贷结构，把资金更多的投向中小微企业等实体经济，坚持服务实体经济的本分。

First, we will continue to supervise financial institutions to optimize their credit structure, focus on micro, small and medium-sized enterprises, and adhere to the duty of serving the real economy.

第二，人民银行会配合银保监等部门对中小银行的产品创新和业务准入实施有效的监管和指导。支持银行在风险可控、审慎合规的前提下结合实体经济的实际需要来创新针对性的产品服务，对于有悖公序良俗，与国家大政方针背道而驰的做法，及时予以纠正。

Second, the PBC will continue to work with the CBIRC and some other government departments to supervise and guide the financial innovation of small and medium-sized banks and business services access. Under controllable risk and prudent regulation, the PBC will support financial innovations by banks and rectify illegal acts that are against the public order and good morals as well as major guidelines and policies.

第三，多措并举切实提升中小银行服务实体经济的能力，还是要让他们做到能贷、愿贷、会贷。我就回答这些。

Third, the PBC will take multiple measures to improve the abilities of small and medium-sized banks to serve the real economy and ensure that those banks have the capability, willingness and know-how to offer financial loans. This is my answer.

刘桂平:

Liu Guiping:

关于后面这个问题我也补充说两句，我也非常感谢媒体朋友们对金融服务以及金融创新方面提供的有关监督和报道，也有利于我们了解相关的信息，更好的来创新产品，为实体经济、为广大的城乡居民提供有效的高质量的服务。谢谢。

I'd like to also add a few words. I am very grateful to our friends from the media for their supervision and reporting on financial services and innovation. It helps us keep abreast of relevant information to innovate products and provide high quality services for the real economy as well as for urban and rural residents. Thank you.

中国日报记者:

China Daily:

我们也比较关心金融支持实体经济发展的问题，在现在构建双循环新发展格局的背景下，请问我国的金融部门还会出台哪些措施来支持我国高端制造业的发展，特别是推动我国整体制造业水平的提升，这方面有什么新的举措？谢谢。

We are also concerned about financial support for the development of the real economy. Under the background of fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, what policies will financial supervision departments introduce to support high-end manufacturing? What new measures will be taken to promote the upgrading of the overall manufacturing level? Thank you.

刘桂平:

Liu Guiping:

这个问题我想还是请我们市场司的邹澜司长，把刚才前面有一位记者朋友提的问题再继续深入地给这位记者朋友做一个解读。

I will pass the question to Zou Lan, head of the financial market department at the PBC, to explain this for the journalist.

邹澜:

Zou Lan:

谢谢您的问题。大家都知道，制造业是国民经济的主体，提升制造业的整体实力对于构建双循环新发展格局是一个重要的基础，这些年来人民银行和其他的金融监管部门一起按照党中央、国务院的部署，多措并举推动制造业中长期贷款大幅增长，刚才我也简单地介绍了一些新的数据。

Thank you for your question. As we know, the manufacturing industry is the main body of national economy. Improving the strength of the manufacturing industry will lay an important foundation for fostering a "dual circulation" development paradigm. In line with the decisions of the CPC Central Committee and the State Council, the PBC and other financial supervision departments have taken multiple measures to fuel growth in medium and long-term loans in recent years, and I have just briefly introduced some new data.

下一步，大家也知道政府工作报告明确提出了要“提高制造业贷款比重”这一要求，为落实好这一要求，我们初步打算从三个方面来开展工作。

The requirement to raise the proportion of loans to the manufacturing sector is clearly stated in this year's government work report. Next, we will carry out this requirement in three aspects:

第一，督促指导金融机构优化制造业的信贷结构，明确“提高制造业贷款比重”和“保持高技术制造业中长期贷款合理增速”的目标和任务，引导金融机构加大对高新技术制造业、战略性新兴产业的信贷投放，同时也要支持传统制造业的设备更新和技术改造。

First, we will urge and guide financial institutions to optimize the credit structure of the manufacturing industry, to clarify the objectives and tasks of "increasing the proportion of loans to manufacturing industries" and "maintaining a reasonable growth rate of medium and long-term loans to high-tech manufacturing industries." We will guide financial institutions to increase credit supply to high-tech manufacturing and strategic emerging industries, while also supporting the equipment renewal and technological upgrading in traditional manufacturing industries.

第二，加强和改进高技术制造业金融服务水平，引导金融机构根据高技术制造业的轻资产、重智力，高风险、高收益的这些特征，要培养行业的分析和风险评估能力，加大投贷联动、知识产权质押贷款、供应链金融等产品服务创新；优化内部管理机制，推动信贷资源向高技术制造业倾斜。

Second, we will improve financial services for high-tech manufacturing. We will guide financial institutions to develop skills of industry analysis and risk assessment in line with the features of the high-tech manufacturing industry such as light-assets, high intelligence, high-risk and high returns. We will boost their capacity to increase product and service innovation such as investment and loan linkage, intellectual property pledge loans and supply chain finance. We will optimize internal management mechanisms and channel more credit resources into the high-tech manufacturing industry.

第三，做好关键核心技术攻关的金融服务。按照市场化和法治化原则，对于承担国家重大科技创新任务的企业，做好金融服务。谢谢。

Third, we will support financial services for enterprises and industries aiming for breakthroughs in key and core technologies. We will provide financial services for enterprises undertaking major national scientific and technological innovation tasks, while upholding market-oriented and law-based principles. Thank you.

刘桂平:

Liu Guiping:

刚才您提的问题里面实际上前面还有一个大问题，我没有漏掉你这个大问题，所以我想先请市场司司长回答您这个问题。关于人民银行对于区域发展战略已经出台的政策和未来可能出台的政策，我简要地用几句话来回答您这个问题。

There is actually a big issue in the former part of your question just now. I did not miss it, so I had invited the head of the Financial Market Department to respond to it first. Regarding the PBC's policies on the regional development strategy and possible future ones, I will quickly brief you.

一方面，根据党中央、国务院的整体战略部署，我们已经会同相关部门出台专项金融政策支持区域发展，涉及京津冀协同发展和雄安新区建设、长三角一体化、粤港澳大湾区、海南自贸港建设等。另一方面，我们正在会同相关部门研究关于金融支持成渝双城经济圈发展以及成渝共建西部金融中心的有关政策举措，相关工作正在推进。

On one hand, we have introduced special financial policies to support regional development together with relevant government departments in accordance with the overall strategic arrangement of the CPC Central Committee and the State Council. The policies involve the coordinated development of the Beijing-Tianjin-Hebei region, the construction of the Xiongan New Area, the integrated development of the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the construction of Hainan Free Trade Port. On the other hand, we are working on policies to support the Chengdu-Chongqing Twin City Economic Circle in financial terms and their joint construction of a financial center in western China, together with relevant government departments. Related work is underway.

总之，人民银行会按照立足新发展阶段、贯彻新发展理念、构建新发展格局、实现高质量发展的总体要求，根据国家已经明确制定的区域发展战略来有效履行央行职能，把区域发展战略支持好、并推动其有效落地落实，特别是有效推动以国内经济循环为主体，国内国际双循环相互促进的新发展格局形成，更好造福于中国人民，也更好惠及全世界。谢谢。

In short, the PBC will effectively perform its functions as the central bank in light of the country's established regional development strategy, and support and facilitate its implementation, both in accordance with the overall requirements of following a new development philosophy and fostering a new development paradigm to achieve high-quality development as China enters a new development stage. In particular, the PBC will effectively help foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, to benefit the Chinese people and the world more. Thank you.

中央广播电视总台央广经济之声记者:

CNR:

十八大以来，我国的绿色金融体系建设取得了积极成效，在落实碳达峰、碳中和目标方面也被寄予厚望，下一步将如何更好地发挥绿色金融的作用，助推碳达峰、碳中和目标的实现？谢谢。

China has achieved positive results in building a green financial system since the 18th CPC National Congress, and is highly expected to fulfil the goal of peak carbon emissions and eventually achieve carbon neutrality. How will you help achieve that goal by better playing the role of green finance? Thank you.

刘桂平:

Liu Guiping:

谢谢您的问题。关于发展绿色金融，践行习近平总书记提出来的“绿水青山就是金山银山”理念和生态文明思想，人民银行一直高度重视这方面工作。刚才我在介绍总体情况的时候，向大家提到了我们在绿色金融发展方面所做的一些探索，特别是六省（区）九地绿色金融改革创新试验区方面的工作。结合您刚才提的问题，我想再总体介绍一下已经做的和准备开展的工作。

Thank you for your question. The PBC has always attached great importance to developing green finance and putting into action General Secretary Xi Jinping's thinking on promoting ecological progress and the concept of "lucid waters and lush mountains are invaluable assets." I mentioned some of our explorations in developing green finance when making the overall introduction, especially the pilot zones for green finance reform and innovation in nine localities of six provinces and autonomous regions. Since you asked about it, I would like to generally brief what we have done and what we will do.

已经做的工作我们主要是围绕金融支持绿色低碳发展的三大功能来开展的。一是资源配置功能；二是风险管理功能；三是市场定价功能。到目前为止，我们已经形成了绿色金融五大支柱，这五大支柱是绿色金融标准体系，金融机构监管和信息披露要求，政策激励约束体系，绿色金融产品和市场体系，以及绿色金融国际合作。

Our work so far has mainly focused on the three major functions of finance in supporting green and low-carbon development: resource allocation, risk management, and market pricing. We have formed five pillars of green finance so far: a standard system of green finance, requirements for the supervision and information disclosure of financial institutions, a system of policy incentives and restraints, a system of green finance products and market, and international cooperation in green finance.

下一步，按照习近平总书记去年9月参加有关国际活动提出来的碳达峰、碳中和目标，我们考虑开展以下几项工作。

As the next step, in line with the peak carbon emissions and carbon neutrality targets set by General Secretary Xi Jinping during his participation in a relevant international event in September last year, we are taking the following measures.

一是把碳达峰、碳中和工作做到位，逐步开展碳核算。其中最核心、最基础也是难度比较大的一项工作就是要探索建立全国性的碳核算体系。这项工作我们已经启动。

First, we are putting in place the work to achieve peak carbon emissions and carbon neutrality, and carrying out carbon accounting step by step. One of the core, fundamental and difficult tasks is to explore the establishment of a national carbon accounting system. We have already started this work.

二是以信息披露为基础，强化约束机制。在这方面我们已经对绿色金融改革创新试验区下发了通知，鼓励金融机构披露环境信息。我们也积极推动上市公司、金融机构、发债主体，重点排放单位实现环境信息共享。

Second, we are strengthening the restraint mechanism based on information disclosure. We already issued a notice to the pilot zones for green finance reform and innovation, encouraging financial institutions to disclose environmental information. We also motivated listed companies, financial institutions, bond issuers, and key emission organizations to share environmental information with each other.

三是发挥市场作用。刚才说绿色金融有三大功能，其中一个很重要的功能是价格发现功能。要实现价格发现功能，就必须构建一个全国统一的碳排放权交易市场，而这个交易市场的构建应该更多体现金融属性，金融也应该加大支持和配合力度。

Third, we are playing the role of the market. A very important function of green finance out of the three as mentioned just now is price discovery. To realize this function, it is necessary to build a unified national carbon emission trading market. The market should embody more financial attributes, while finance supports and coordinates with the market.

四是以能源结构调整为核心，创设直达实体经济的碳减排政策支持工具。这方面我们相关的司局也已经开始探索和研究，成熟后我们会对外发布相关消息。

Fourthly, with energy restructuring as the core, we will create carbon emission reduction policy support tools that directly reach the real economy. Our relevant departments and bureaus have already started to explore and study this area, and we will release relevant information to the public after yielding outcomes.

另外，人民银行为了更好地推动绿色金融发展，已经对金融机构开展了绿色金融业绩评价。我们正在完善这个评价体系，希望能够建立一个更好的机制，推动金融机构有效、有力、有序的支持绿色低碳发展，推动碳达峰、碳中和目标的实现。

In addition, the PBC has launched a green financial performance evaluation of financial institutions in order to better promote the development of green finance. We are improving this evaluation system in the hope of establishing a better mechanism to promote financial institutions to support green and low-carbon development in an effective, strong and orderly manner, and to promote the achievement of peak carbon emissions and carbon neutrality.

五是做好风险防控。我们已经决定要逐步将气候变化相关风险纳入宏观审慎政策框架。

Fifth, we will do a better job of risk prevention and control. We have decided to gradually incorporate climate change-related risks into the macro-prudential policy framework.

六是进一步加深国际合作。今年我国再次成为20国集团可持续金融研究小组的联席主席。我们将发挥这个作用，与美国财政部共同牵头，推动20国集团在可持续金融方面开展更多的工作。我们希望争取在今年内与欧盟共同完成《绿色金融共同分类标准》。我们将进一步落实《“一带一路”绿色投资原则》，严控海外新建煤电项目投资。媒体朋友们也已经注意到，我国绿色贷款余额全球第一，绿色债券的市场规模全球第二，并且质量比较好，到目前为止没有出现过一例违约案例。

Sixth, we are further deepening international collaboration. China once again became the co-chair of the G20 Sustainable Finance Study Group this year. We will play this role and take the lead together with the U.S. Treasury Department to motivate the G20 to do more in sustainable finance. We will strive to work out a common green finance taxonomy together with the EU within the year. We will strictly control investment in new coal power projects overseas by further implementing the Belt and Road green investment principles. As you may have noted, China has the world's largest green loan balance and the world's second largest green bond market, and the quality is good, with not a single case of default so far.

七是进一步推进绿色金融改革创新试验区建设。在六省（区）九地绿色金融改革创新试验区的基础上，我们会选更多的地区进行绿色金融改革创新的试点。希望通过这些工作，有效支持我国实现碳达峰、碳中和目标。

Seventh, we are furthering pushing forward the construction of pilot zones for green finance reform and innovation. Besides those already constructed in nine localities of six provinces and autonomous regions, we will construct pilot zones in more localities to help realize the goal of peak carbon emissions and achieving carbon neutrality.

绿色金融工作需要做的事情还很多，需要探索研究的问题也很多。我们会加强国际合作，体现中国特色，更好地践行习近平生态文明思想，真正把“绿水青山就是金山银山”理念落地落实。谢谢。

　There are still many things that need to be done and many issues that need to be explored and studied in green finance. We will further strengthen international collaboration embodied with Chinese characteristics, and further put into action Xi Jinping's thinking on promoting ecological progress and fully implement the concept of "lucid waters and lush mountains are invaluable assets." Thank you.

陈文俊:

Chen Wenjun:

谢谢各位发布人，谢谢各位媒体朋友们，今天的发布会到此结束。

Thanks to all our speakers and friends from the media. Today's press conference ends here.