On the morning of October 16, the People's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly held a meeting with major financial institutions. They earnestly studied and implemented the spirit of the Politburo meeting of the Communist Party of China held on September 26, and promoted financial institutions to accelerate the implementation of recent financial incremental policies. Pan Gongsheng, Secretary of the Party Committee and President of the People's Bank of China, Xiao Yuanqi, Member of the Party Committee and Deputy Director of the China Banking and Insurance Regulatory Commission, and Wang Jianjun, Member of the Party Committee and Vice Chairman of the China Securities Regulatory Commission attended the meeting and delivered speeches. Xuan Changneng, Member of the Party Committee and Deputy Governor of the People's Bank of China, presided over the meeting.

The meeting emphasized that financial institutions must conscientiously implement the spirit of the Politburo meeting of the Communist Party of China, take swift actions, make good use of various incremental financial policies, and effectively implement each policy. It is necessary to increase credit support for the real economy, maintain a reasonable growth in the total amount of money and credit, intensify support for the financing of small and micro enterprises. Strengthen the implementation and transmission of interest rate policies, solidly organize and carry out the mass adjustment of reducing the interest rates of existing housing loans. Implement two new tools: the exchange convenience between securities, funds, insurance companies, and share buybacks to increase lending, supporting the stable development of the capital markets. It is necessary to strengthen organizational leadership, establish special working mechanisms, focus on departmental coordination and business synergy, generate collaborative efforts, maximize policy effects, continuously boost market confidence, improve social expectations, and effectively promote sustained economic recovery, high-quality financial development.

Leaders in charge from Agricultural Bank of China, China Construction Bank Corporation, CM Bank, China International Capital Corporation, and Jiashi Fund exchanged experiences. Relevant departments of the People's Bank of China, 21 national banks, and some securities and fund companies' leaders attended the meeting. Main leaders of the People's Bank of China's provincial branches participated in the meeting at separate venues.

Editor/Somer