"Some monetary policies implemented in China recently, the public opinion, especially the overall evaluation of market entities is positive, but there have also been individual voices, do you think it is quantitative easing?" Premier Li Keqiang at the State Council executive meeting on February 20. Said, "I am here to reiterate that the sound monetary policy has not changed, nor will it change. We are determined not to engage in 'big flood irrigation'!"
In the year of 2019, the People's Bank of China announced that it would cut the deposit reserve ratio of financial institutions by 1 percentage point twice in January, and the medium-term loan facility (MLF), which expired in the first quarter of 2019, will not be renewed.
Li Keqiang pointed out that the two RRR cuts within one month are not only a strong call for the market players, but also because China's deposit reserve ratio is higher than any major economy in the world, and there is plenty of room for this. Moreover, the liquidity is properly recovered during the RRR reduction.
"Related financial institutions must work together to make more loans more convenient to the real economy and small and medium-sized enterprises, especially to increase the direction of medium and long-term loans, so as to guide the stable operation of the macro economy and long-term improvement." The Prime Minister said.
Li Keqiang said: "After the release of the signal, the overall scale of social financing will increase on the surface, but a careful analysis will reveal that the main reason is that bill financing and short-term loans are rising faster. This may not only cause 'arbitrage' and funds. Behavior such as 'idling' and may bring new potential risks."
He demanded that the relevant departments should carefully analyze the changes in the actual loans of the real economy and small and medium-sized enterprises since the beginning of this year. They should take the "problems" and take targeted measures.
Li Keqiang finally stressed: "The fundamental way to solve the long-term problems of China's development is to comprehensively deepen reforms and promote high-quality development, so as to promote reform and adjust the structure to promote economic stability."
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