Guo Shuqing: Encourage the consumption of housing, automobiles and other bulk commodities

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Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, said in an interview a few days ago that converting the current total income into consumption and investment to the greatest possible extent is the key to rapid economic recovery and high-quality development, and financial services have great potential. First, financial policies should actively cooperate with fiscal policies and social policies, and increase the income of low- and middle-income groups and groups more affected by the epidemic through multiple channels to improve consumption capacity. Second, focus on meeting the needs of new citizens, develop more marketable financial products, and encourage the consumption of housing, automobiles and other bulk commodities. Third, strengthen comprehensive financial support for service consumption in key areas such as education, culture, sports, and entertainment. Fourth, continue to ensure the investment and financing of infrastructure such as energy, transportation, and water conservancy, and at the same time integrate more financial resources to support urban renewal and rural revitalization. Fifth, make innovative use of various financing tools, promote the improvement of investment and financing mechanisms in the social sector, and accelerate the improvement of shortcomings in the social sector. Sixth, focusing on emerging economies and developing countries, continue to optimize financial services for import and export trade such as settlement, financing, and insurance, and consolidate and expand new advantages in foreign trade competition. (Xinhua News Agency)
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