People's Bank of China Holds Work Conference for the Second Half of the Year: Financial Services and Management Level to Reach New Heights

People's Bank of China Holds Work Conference for the Second Half of the Year: Financial Services and Management Level to Reach New HeightsOn August 1st, the People's Bank of China convened a work conference for the second half of 2024. The conference summarized the work completed in the first half of the year, analyzed the current economic and financial situation, and deployed tasks for the next stage

People's Bank of China Holds Work Conference for the Second Half of the Year: Financial Services and Management Level to Reach New Heights

On August 1st, the People's Bank of China convened a work conference for the second half of 2024. The conference summarized the work completed in the first half of the year, analyzed the current economic and financial situation, and deployed tasks for the next stage. The meeting emphasized the need to deeply implement the decisions and deployments of the Party Central Committee and the State Council regarding economic and financial work, continue to elevate financial service and management levels, and provide strong support for high-quality economic development.

The conference pointed out that the People's Bank of China has made significant progress in financial services and management since 2024. Legislative work has achieved positive breakthroughs: The People's Bank of China Law, Financial Stability Law, Anti-Money Laundering Law, and other important legislative amendments have made positive progress, providing a solid legal foundation for the healthy development of the financial market. Financial support for regional development: The meeting emphasized the importance of coordinating the promotion of financial support for high-quality development in key regions such as the Yangtze River Economic Belt and the Western Land-Sea Corridor, injecting financial vitality into regional economic development. Contributing to rural revitalization: The meeting stated that they will steadily promote financial services for rural revitalization, providing financial support for agricultural and rural modernization. Improving the financial statistics system: The meeting stressed the importance of actively building a "five major articles" financial statistics monitoring system, providing data support for macroeconomic regulation and economic analysis. Enhancing payment service convenience: The meeting noted a significant improvement in payment service convenience for key populations, benefiting more groups. Promoting the application of digital RMB: The meeting outlined plans to steadily promote the research and development and application of digital RMB, continuously exploring new paths for digital economic development. Building the national treasury project: The meeting highlighted that the construction of the national treasury project has made phased progress, safeguarding national capital security. Promoting the transformation of credit reporting platforms: The meeting stated they will promote the transformation and upgrading of local credit reporting platforms into entities and market-oriented operations, enhancing the quality and efficiency of credit reporting services. Preparing for anti-money laundering evaluations: The meeting announced that they will launch comprehensive preparations for the fifth round of international anti-money laundering evaluations, safeguarding the safety and stability of the financial market. Progress in institutional reform: The meeting stated that the major tasks of the institutional reform have been largely completed, providing strong support for the optimization of the financial regulatory system.

The conference emphasized that the following work should be prioritized in the second half of the year:

• Continuously deepening structural reforms of financial supply: The meeting underscored the need to increase support for the real economy, enhancing the quality and efficiency of financial services for the real economy.

• Preventing and resolving major financial risks: The meeting reiterated the importance of adhering to the general work principle of seeking progress while maintaining stability, preventing and resolving financial risks, and maintaining financial market stability.

• Deepening financial reform and opening up: The meeting stated plans to expand financial market opening, enhance financial market competitiveness, and promote high-quality development of the financial industry.

• Strengthening financial supervision: The meeting stressed the importance of improving the financial regulatory system, strengthening financial regulatory capabilities, and maintaining financial market order.

The conference emphasized the importance of adhering to the development philosophy of putting people first, better meeting the growing needs of the people for a better life, and contributing financial strength to realizing the Chinese Dream of national rejuvenation.

The convening of this conference marks a continuation of the People's Bank of China's efforts to deepen financial reforms, innovate financial services, and provide strong support for high-quality economic development. In the future, the People's Bank of China will continue to adhere to the overall goal of "serving the real economy, preventing and controlling financial risks, and deepening financial reforms," making greater contributions to building a modern economic system and realizing the Chinese Dream of national rejuvenation.