Economy

The People's Bank of China will further improve the efficiency of the consultation and deliberation of the Monetary Policy Committee

2024-01-19   

On the 18th, it was learned from the People's Bank of China that the People's Bank of China will further improve the efficiency of the consultation and deliberation of the Monetary Policy Committee, fully play the role of the Monetary Policy Committee in promoting the scientific formulation and implementation of monetary policy, strengthen policy communication, stabilize market expectations, and create a good monetary and financial environment for the economic recovery. On the 18th, the Decision of the State Council on Amending Some Administrative Regulations and Decisions was announced, and the heads of the Ministry of Justice, the People's Bank of China, and the State Administration of Financial Supervision answered relevant questions, introducing the revision of the Regulations of the Monetary Policy Committee of the People's Bank of China. It is reported that since the promulgation and implementation of this regulation in 1997, the State Council has made multiple adjustments to the composition and personnel of the Monetary Policy Committee of the People's Bank of China. The main contents of this revision include: First, it clearly stipulates that the work of the Monetary Policy Committee should adhere to the leadership of the CPC; The second is to adjust the composition and personnel of the Monetary Policy Committee; Thirdly, further clarify the categories and appointment and removal procedures of members of the Monetary Policy Committee; The fourth is to improve work procedures, establish a regular meeting system for the Monetary Policy Committee, and adopt various methods to strengthen expected guidance and market communication. The Monetary Policy Committee has been in operation for over 26 years and has accumulated rich experience through continuous optimization and improvement of relevant work mechanisms and processes in practice, such as holding quarterly meetings, adopting various methods to strengthen expectation guidance and market communication. The reporter learned that the People's Bank of China and the State Administration of Financial Supervision will strictly implement relevant requirements, strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, continuously improve supporting systems, strictly control entry barriers, strengthen regulatory cooperation with other relevant departments and local party committees and governments, fulfill regulatory responsibilities, and continuously improve the ability and level of financial services to the real economy. (Lai Xin She)

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Xinhua

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