China's central bank Photo: CFP

China's central bank vows to enhance the sense of crisis and "fighting spirit," meanwhile calling for efforts to properly respond to the containment and suppression from the US and a few other Western countries at a key meeting following the two sessions.

Yi Gang, who was nominated as governor of the People's Bank of China on March 12, also attended the meeting.

According to a statement on its official website on Wednesday, the meeting focused on key messages from the two sessions, and listed major tasks for the bank "at present and for a certain period of time."

The bank said it will unswervingly promote high-quality development, accurately and forcefully implement a prudent monetary policy, grasp the pace of credit extensions, maintain a reasonable growth in the total amount of money and credit, and make every effort to stabilize growth, employment, and prices.

Support, including bond financing support for private small and micro enterprises, will be further strengthened, to address the financing problems in specific parts of the economy, the bank said.

Efforts to prevent and defuse financial risks were also reiterated at the meeting, saying it will "weave a tight financial safety net," strengthen the construction of the financial stability guarantee system, improve the bank's emergency response plan, maintain the smooth operation of the financial market and financial infrastructure, and firmly hold the bottom line of no systemic risk.

It also vowed to enhance the sense of crisis and "fighting spirit," meanwhile calling for efforts to properly respond to the containment and suppression from the US and a few other Western countries, according to the statement.

China's annual two sessions are often viewed as one of the most important political events in the country every year. This year's meeting, which concluded on Monday, was a particularly crucial and busy one. Its agenda included setting economic and social development goals for the year, approving sweeping reforms for state institutions.

Financial stability was particularly emphasized during the meeting amid rising external uncertainty. In a crucial bid to improve regulatory capability and efficiency to tackle financial risks, the reform plan for state institutions includes broad reforms to its financial regulatory mechanism both at the national and local level.

China will set up a national financial regulatory administration. Directly under the State Council, the proposed administration will be in charge of regulating the financial industry except the securities sector. It will be established on the basis of the China Banking and Insurance Regulatory Commission, which will not be retained and certain functions will be transferred to the new administration, according to Xinhua News Agency.

Global Times