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PBOC Should Proactively Adapt to Major Transformation of Real Estate Mkt, Provide MT/LT Low Cost Financing
Pan Gongsheng, Party Secretary and Governor of PBOC, wrote in an article in People's Daily that the central bank should proactively adapt to the major transformation of the rea...
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PBOC Should Proactively Adapt to Major Transformation of Real Estate Mkt, Provide MT/LT Low Cost Financing
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Pan Gongsheng, Party Secretary and Governor of PBOC, wrote in an article in People's Daily that the central bank should proactively adapt to the major transformation of the real estate market in China. Strategically, it will firmly adhere to the position that houses are for living, not for speculation.

In terms of strategy, the PBOC will work to weaken the risk level of the real estate market, prevent the risk spillover of the real estate sector, satisfy the reasonable financing needs of real estate enterprises of different ownerships on an equal basis, and safeguard the stable operation of the real estate market. It will also provide medium- and long-term low-cost capital support for the construction of the "three major projects", such as protective housing. The financial policy system for housing rental will be improved, and the construction of a new model for real estate development should be accelerated.

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It is pointed out in the article that the PBOC will pay more attention to cross-cycle and counter-cyclical adjustment to maintain reasonable growth in the total amount of money and credit and the scale of social financing. It will comprehensively utilize a variety of monetary policy tools to maintain reasonably abundant liquidity, guide financial institutions to enhance the stability and sustainability of credit growth, meet the effective financing needs of the real economy, and promote stable economic growth. It will also actively revitalize inefficiently occupied financial resources and enhance the efficiency of capital utilization.

In Pan's view, the interest rate is an important production factor price, which directly affects consumption, investment, balance of payments, and other economic variables. The interest rate level being too high or too low is not conducive to stable and sustainable economic growth. Therefore, it is necessary to reasonably grasp the level of interest rates and promote a steady decline in the cost of financing for the real economy.

He stressed that the PBOC has to prefer domestic factors when implementing interest rate control, in accordance with the economic laws, macroeconomic regulation and cross-cycle design needs to guide and grasp the macro interest rate level, to maintain a match between the interest rate level and the need to realise potential economic growth. The interest rate reform of the lending market will be effective in reducing the cost of financing for enterprises and credit for residents.

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