Guiding Opinions of the General Office of the State Council on Adjustment, Transformation and Upgrading of Economic Structure Supported by Finance
Guiding Opinions of the General Office of the State Council on Adjustment, Transformation and Upgrading of Economic Structure Supported by Finance
Guiding Opinions of the General Office of the State Council on Adjustment, Transformation and Upgrading of Economic Structure Supported by Finance
Guo Ban Fa [2013] No. 67
July 1, 2013
To all provinces, autonomous regions, the people's government of municipalities directly under the Central Government, the ministries and commissions and the departments directly under the State Council,
At present, the economic operation in China goes smoothly in general but with acute structural contradictions. The financial operation goes steadily on the whole but with inappropriate funds distribution which does not develop in a way suited to the requirements for adjustment, transformation and upgrading of economic structure. In order to thoroughly implement the spirit of the 18th CPC National Congress, the Central Economic Working Conference and the executive meeting of the State Council, to better exert the supporting role of finance with adjustment, transformation and upgrading of economic structure, to better exert the basic effect of market allocation resources, to better exert the synergistic effect of financial policy, fiscal policy and industrial policy, to optimize social financing structure, to consecutively reinforce the financial support to key fields and vulnerable spots and to practically prevent and resolve financial risks, the following guiding opinions are hereby provided upon consent of the State Council:
Article 1 Continuously implement prudent monetary policy and duly maintain the amount of monetary credit
Overall planning and all-round consideration to steadily grow, adjust the structure, control the inflation, prevent risks, and reasonably keeping the monetary aggregates; comprehensively using the combination of quantity, price and various monetary policy tools, giving full play to the guiding function of the dynamic adjustment mechanism of re-loan, rediscount and differential deposit reserve, activating capital deposit, making good use of incremental capital, accelerating capital velocity, and improving capital usage efficiency; continually implementing lower deposit reserve ratio on small and medium-sized financial institutions, and increasing the sources of credit funds in "agriculture, farmer and rural areas", small and micro businesses and other vulnerable spots; steadily propelling market-oriented reform of interest rate, giving greater play to the fundamental role of the market in capital allocation, facilitating enterprises to choose financing channels and optimize financing structure based on their own conditions, improving the credit availability of the real economies, especially the small and micro businesses, and further increasing the support of finance on real economies.
(Led by the People's Bank of China, and participated by the National Development and Reform Commission, the Ministry of Industry and Information, the Ministry of Finance, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange etc.)
Article 2 Guide and promote the transformation and adjustment of key fields and industries
Adhering to the principles of support and control, protection and suppression, strengthening the pertinence and effectiveness of financial support; strongly supporting the implementation of innovation-driven development strategy; increasing the financial support for advanced manufacturing industry, strategic emerging industry and modern information technology industry with market development prospect, and the transformation and upgrading of information consumption, labor intensive industry, service industry, traditional industry and green and environmental protection and other industries; guaranteeing the reasonable fund demand of key constructions and projects in progress and under continued construction, actively supporting the construction of railway and other major infrastructure, urban infrastructure, government-subsidized housing project and other livelihood projects, cultivating new growth points of the industry; implementing differential policy on the different conditions of the industry with excess capacity according to the requirements of "absorbing a batch, transferring a batch, integrating a batch, and eliminating a batch"; continually giving financial support for the enterprises with competitive, marketable and profitable products; actively supporting and enhancing the cross-border investment and operation capacity of the enterprises reasonably transferring the capacity overseas by internal guarantee and external loan, foreign exchange and RMB loan, debt financing, equity financing and other ways; supporting merger and reorganization of the enterprises implementing capacity integration by exploring and issuing preferred stocks, directionally developing M&A loan, properly extending loan period and other ways; supporting the controlling of capacity and exiting market of the enterprises belonging to the outdated production facilities to be closed down by protecting assets and non-performing loan and writing off the loan loss and other ways; strictly prohibiting from providing newly increased credit extension and direct financing in any form to the illegal construction projects of the industry with extremely excess capacity, so as to prevent the haphazard investment from aggravating the excess capacity.
(Responsible by the National Development and Reform Commission, the Ministry of Industry and Information, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, the State-owned Assets Supervision and Administration Commission, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange etc.
......
Guo Ban Fa [2013] No. 67
July 1, 2013
To all provinces, autonomous regions, the people's government of municipalities directly under the Central Government, the ministries and commissions and the departments directly under the State Council,
At present, the economic operation in China goes smoothly in general but with acute structural contradictions. The financial operation goes steadily on the whole but with inappropriate funds distribution which does not develop in a way suited to the requirements for adjustment, transformation and upgrading of economic structure. In order to thoroughly implement the spirit of the 18th CPC National Congress, the Central Economic Working Conference and the executive meeting of the State Council, to better exert the supporting role of finance with adjustment, transformation and upgrading of economic structure, to better exert the basic effect of market allocation resources, to better exert the synergistic effect of financial policy, fiscal policy and industrial policy, to optimize social financing structure, to consecutively reinforce the financial support to key fields and vulnerable spots and to practically prevent and resolve financial risks, the following guiding opinions are hereby provided upon consent of the State Council:
Article 1 Continuously implement prudent monetary policy and duly maintain the amount of monetary credit
Overall planning and all-round consideration to steadily grow, adjust the structure, control the inflation, prevent risks, and reasonably keeping the monetary aggregates; comprehensively using the combination of quantity, price and various monetary policy tools, giving full play to the guiding function of the dynamic adjustment mechanism of re-loan, rediscount and differential deposit reserve, activating capital deposit, making good use of incremental capital, accelerating capital velocity, and improving capital usage efficiency; continually implementing lower deposit reserve ratio on small and medium-sized financial institutions, and increasing the sources of credit funds in "agriculture, farmer and rural areas", small and micro businesses and other vulnerable spots; steadily propelling market-oriented reform of interest rate, giving greater play to the fundamental role of the market in capital allocation, facilitating enterprises to choose financing channels and optimize financing structure based on their own conditions, improving the credit availability of the real economies, especially the small and micro businesses, and further increasing the support of finance on real economies.
(Led by the People's Bank of China, and participated by the National Development and Reform Commission, the Ministry of Industry and Information, the Ministry of Finance, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange etc.)
Article 2 Guide and promote the transformation and adjustment of key fields and industries
Adhering to the principles of support and control, protection and suppression, strengthening the pertinence and effectiveness of financial support; strongly supporting the implementation of innovation-driven development strategy; increasing the financial support for advanced manufacturing industry, strategic emerging industry and modern information technology industry with market development prospect, and the transformation and upgrading of information consumption, labor intensive industry, service industry, traditional industry and green and environmental protection and other industries; guaranteeing the reasonable fund demand of key constructions and projects in progress and under continued construction, actively supporting the construction of railway and other major infrastructure, urban infrastructure, government-subsidized housing project and other livelihood projects, cultivating new growth points of the industry; implementing differential policy on the different conditions of the industry with excess capacity according to the requirements of "absorbing a batch, transferring a batch, integrating a batch, and eliminating a batch"; continually giving financial support for the enterprises with competitive, marketable and profitable products; actively supporting and enhancing the cross-border investment and operation capacity of the enterprises reasonably transferring the capacity overseas by internal guarantee and external loan, foreign exchange and RMB loan, debt financing, equity financing and other ways; supporting merger and reorganization of the enterprises implementing capacity integration by exploring and issuing preferred stocks, directionally developing M&A loan, properly extending loan period and other ways; supporting the controlling of capacity and exiting market of the enterprises belonging to the outdated production facilities to be closed down by protecting assets and non-performing loan and writing off the loan loss and other ways; strictly prohibiting from providing newly increased credit extension and direct financing in any form to the illegal construction projects of the industry with extremely excess capacity, so as to prevent the haphazard investment from aggravating the excess capacity.
(Responsible by the National Development and Reform Commission, the Ministry of Industry and Information, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, the State-owned Assets Supervision and Administration Commission, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange etc.
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