Beijing, August 11: The People’s Bank of China has recently released its reform and development plan for the 15th Five-Year Plan. This initiative aims to accelerate the creation of a robust financial nation, enhance the central banking system, and contribute to high-quality economic growth.
The plan outlines the establishment of a scientific and prudent monetary policy framework along with a comprehensive macro-prudential management system. It emphasizes the effective execution of monetary and credit policy tools. The RMB exchange rate will be maintained at a fundamentally favorable and stable level, allowing the market to play a decisive role in its determination. A strengthened guarantee system for financial stability will ensure appropriate management of financial risks in key sectors.
Additionally, the plan states the establishment of a science and technology financial system that supports scientific and technological innovation. It aims to enhance the quality and efficiency of economic support for green development and low-carbon transitions. Improvements in the inclusive financial system and pension financial system will continue, alongside an increase in the development of digital finance. Financial support for consumption incentives and expansion will be strengthened.
The plan also highlights the need to build an open, inclusive, vibrant, and flexible modern financial market. By promoting the internationalization of the RMB, its use in international trade, investment, and financing will be expanded. The development of digital RMB is expected to enhance the high-quality growth of the credit reporting industry.
(Source: China Media Group, Beijing)
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