In order to implement the spirit of the 20th Central Committee's third plenary session of the Communist Party of China, and to implement the Central Financial Work Conference's requirement to "enrich the monetary policy toolbox, gradually increase the buying and selling of government bonds in open market operations of the central bank", the People's Bank of China and the Ministry of Finance established a joint working group and recently held the first formal meeting of the working group. People's Bank of China Party Committee member and Vice President Xuanchang Neng, and member of the Ministry of Finance Party Committee and Vice Minister Liao Min attended the meeting and delivered speeches. The meeting fully affirmed the close cooperation between the two parties in the buying and selling of government bonds by the central bank, established the operation mechanism of the working group, and exchanged views on issues such as the operation of the bond market. Both sides unanimously believe that the buying and selling of government bonds by the central bank enriches the toolbox of monetary policy and strengthens the means of liquidity management. In the next step, we must coordinate development and security, continue to strengthen policy coordination, continuously optimize relevant institutional arrangements, maintain the stable development of the bond market within the regulations, and provide a suitable market environment for the operation of buying and selling government bonds by the central bank. Officials from relevant departments of the People's Bank of China and the Ministry of Finance attended the meeting.