where they are needed most and to the best effect.
We should implement a prudent monetary policy in a flexible, appropriate, targeted, and effective way.
We should maintain adequate liquidity at a proper level and see that aggregate financing and money supply stay in step with the projected economic growth and CPI increase. We should adjust both the monetary aggregate and structure, put idle funds to good use, and step up support for major strategies, key areas, and weak links. We should work for a steady decline in overall financing costs. We should improve the monetary policy transmission mechanism to prevent funds from sitting idle or simply circulating within the financial sector. The underlying stability of the capital market should be enhanced.
The RMB exchange rate should remain generally stable at an adaptive, balanced level. We should boost the development of technology finance, green finance, inclusive finance, pension finance, and digital finance. To better meet the fundraising needs of micro, small, and medium enterprises, supporting measures such as credit enhancement, risk sharing, and information sharing should be improved.
We should enhance the consistency of macro policy orientation.
To promote overall national development, we should strengthen coordination between fiscal, monetary, employment, industrial, regional, scientific and technological, and environmental policies and include non-economic policies in the evaluation of the consistency of macro policy orientation. Policy coordination should be enhanced so that all policies are well-aligned and form synergy.
In policymaking, all localities and government departments should heed and draw on the propositions and views of all parties concerned. They should pay attention to the views of market entities and address their concerns when formulating enterprise-related policies.
In policy implementation, we should strengthen coordination and interplay between policies to see that together they deliver greater outcomes. We should avoid focusing on one single policy to the detriment of others or letting one policy impede another.
In developing policy options, we should be forward looking and expand our policy toolkit. We should leave sufficient leeway so that policies can be rolled out and produce the desired effect as soon as they are called for.
14
