The Shanghai headquarters of the People's Bank of China held a working meeting in the second half of 2021 to continue to prevent risks in virtual currency transactions and ICO token issuance

Original title: The Shanghai headquarters of the central bank held a work meeting in the second half of 2021 to continue to prevent risks in virtual currency transactions and ICO token issuance

According to the website of the People's Bank of China Shanghai Headquarters, on August 3, the People's Bank of China Shanghai Headquarters held a work meeting for the second half of 2021 to convey and study the spirit of the 2021 second half work video conference of the People's Bank of China and the State Administration of Foreign Exchange, summarize the main work of the Shanghai Headquarters in the first half of the year, and deploy work for the second half of the year.

The meeting believes that since the beginning of this year, under the strong leadership of the Party Committee of the People's Bank of China Head Office, the Shanghai Headquarters has earnestly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the Fourth and Fifth Plenary Sessions of the 19th CPC Central Committee, further strengthened the "four consciousnesses", firmed up the "four self-confidences", and achieved the "two safeguards". It has resolutely implemented the decisions and deployments of the Party Central Committee and the work requirements of the Party Committee of the Head Office, continuously expanded its national functions, creatively performed its local functions, and achieved good results in all aspects of work.

First, we will focus on the study and education of the Party's history and promote the high-quality integrated development of Party building and business. We will lead the overall work with Party building, insist on the Party committee taking the lead, and thoroughly study General Secretary Xi Jinping's "July 1" important speech and a series of important speeches on the study and education of the Party's history, as well as the spirit of important meetings such as the Fifth Plenary Session of the 19th CPC Central Committee and the Central Economic Work Conference, and study and implement major tasks such as high-level reform and opening up in Pudong, financial reform in the new area, financial support for the integrated development of the Yangtze River Delta, and protection of market entities. We will carry out the study and education of the Party's history in a solid manner, focus on promoting the "double ten" key tasks of "I do practical things for the people" and "I contribute to rejuvenation", focus on major tasks of financial reform and opening up and key tasks related to the vital interests of the people, and transform the results of the study and education of the Party's history into tangible work results.

Second, we will effectively implement a prudent monetary policy and provide precise and effective services to Shanghai's real economy. In accordance with the requirements of the head office, we will reasonably control credit growth and optimize the credit structure. We will guide financial institutions to increase financial support for key areas such as energy conservation and environmental protection, advanced manufacturing, and weak links such as new agricultural operators and individual industrial and commercial households. We will supervise financial institutions to continue to make good use of the two direct tools and continue to play the role of precise drip irrigation such as re-lending and re-discounting. We will actively promote supply chain bills and standardized bills to broaden the bill financing channels for small and medium-sized enterprises. We will promote the accounts receivable financing service platform to support accounts receivable pledge financing. The "increase in volume, expansion in scope, and reduction in price" of financing for small and micro enterprises in Shanghai has achieved remarkable results, and the number and proportion of first-time borrowers have increased significantly.

Third, we will continue to deepen financial reform, opening up and innovation, and support the construction of Shanghai as a "people's city" in multiple areas. We will actively cooperate with Shanghai to study and compile the "14th Five-Year Plan" development plan and special plans for the development of the financial industry such as Shanghai International Financial Center and Lingang New Area Financial Pilot during the "14th Five-Year Plan" period. We will cooperate with the head office and Shanghai to study and establish a working mechanism to support Pudong's high-level reform and opening up, carry out forward-looking research, and make good policy and program reserves. We will lead the relevant municipal departments to issue the "Guiding Opinions on Standardizing the Development of Shanghai Supply Chain Finance" to promote the free flow of capital factors in the Yangtze River Delta.

Fourth, steadily advance financial supervision and risk prevention and control to maintain the overall stability of local finance. Further play the leading role of the local coordination mechanism of the Financial Committee Office, promptly convey and implement the spirit of the "Accountability Measures for Preventing and Resolving Major Financial Risks" and other important documents of the Financial Committee, consolidate the risk management responsibilities of all parties, and further enhance the joint efforts of work. Continue to prevent the risks of virtual currency transactions and ICO token issuance, and urge the rectification of newly discovered illegal businesses. Cooperate with local governments to promote the withdrawal of online lending institutions in a stable and orderly manner. Maintain a high-pressure crackdown on illegal foreign exchange transactions such as online foreign exchange speculation and underground banks. Strengthen supervision, law enforcement inspections and penalties in the fields of payment settlement, anti-money laundering, credit reporting, cross-border funds, etc., and have "zero tolerance" for all kinds of illegal and irregular behaviors.

Fifth, the quality and efficiency of financial service management have been improved, and the sense of gain and satisfaction of market entities have been continuously improved. We will continue to promote the pilot projects of facilitating foreign exchange receipts and payments for trade, facilitating capital project income payments, cross-border investment pilot projects for equity investment funds, and foreign debt facilitation pilot projects. We will launch a pilot project to facilitate the purchase and payment of foreign exchange for salaries of foreign talents. We will vigorously support the development of new trade formats. We will implement a pilot project for simplified account opening services for small and micro enterprises, and significantly reduce the time required for account opening. We will expand the scope of the pilot project for household file building and "credit villages". We will promote the pilot project of unified registration of movable property guarantees. We will continue to build the 12363 "heartwarming hotline" and promote the deepening of the diversified resolution mechanism for financial disputes.

The meeting required that in the second half of 2021, the Shanghai headquarters should adhere to the leadership of the Party's political construction, draw strength from the Party's century-long history, fully implement all requirements of the Central Committee, the head office, and the general administration, and strive to complete all work tasks in the second half of the year.

First, we should thoroughly study and implement the spirit of General Secretary Xi Jinping's important speech at the meeting celebrating the 100th anniversary of the founding of the Communist Party of China, and promote the study and education of party history in depth and in a practical manner. We should organize party members and cadres to study the spirit of the "July 1" important speech in its entirety, and transform the learning results into a powerful driving force for strengthening party building and stimulating entrepreneurship. We should continue to promote the study and education of party history, hold special organizational life meetings, deepen the study of red financial history, and do a good job in practical activities such as "I do practical things for the masses" and "I contribute to rejuvenation". We should carry forward the great spirit of party building, promote the in-depth development of comprehensive and strict party governance, and adhere to the party's overall leadership over financial work. We should practice "two safeguards" with strong political supervision, and strengthen supervision of major tasks such as supporting Pudong's high-level reform and opening up, stabilizing enterprises and ensuring employment, and improving the green financial policy framework.

Second, we will make every effort to promote financial support for Pudong's high-level reform and opening up, and make practical moves and open up a new situation. We will thoroughly implement the central government's "Opinions on Supporting Pudong New Area's High-Level Reform and Opening Up and Building a Leading Area for Socialist Modernization Construction", actively cooperate with the head office and Shanghai to do a good job in related work, and further deepen financial reform and innovation. We will strive to promote greater progress in financial support for the high-quality development of the Yangtze River Delta integration. We will continue to steadily and prudently promote the internationalization of the RMB.

Third, we will accelerate the improvement of the system and mechanism for financial services to support the high-quality development of the real economy. In accordance with the unified deployment of the head office, we will implement sound monetary and credit policies, manage and use various structural policy tools and funds well, and effectively increase financial support for key areas such as small and micro enterprises, green and low-carbon, and scientific and technological innovation. We will solidly advance various work to support the development of green finance in the Yangtze River Delta. We will carry out in-depth projects to enhance the financial service capabilities of small, medium and micro enterprises. We will continue to steadily implement prudent management of real estate finance and promote the balanced development of finance, real estate and the real economy.

Fourth, strengthen financial supervision and risk prevention and control. Relying on the local coordination mechanism of the Financial Committee Office (Shanghai), consolidate the responsibilities of all parties in handling financial risks. Further improve the relevant working mechanisms and systems for the supervision of financial holding companies. Strengthen daily monitoring of financial risks, and do a good job in annual central bank ratings, trust, securities, and insurance industry stability assessments.

Fifth, deepen the reform and opening up of foreign exchange management. Implement all the facilitation policies that have been issued, and further expand the pilot program of facilitating foreign exchange receipts and payments for trade. Actively support the development of new forms and models of foreign trade, and continue to promote the facilitation of personal foreign exchange business. Strengthen policy research and publicity, help foreign trade enterprises establish a risk-neutral concept, and enhance exchange rate risk management capabilities. Severely crack down on illegal and irregular activities in the foreign exchange field, such as underground banks, cross-border gambling, and online foreign exchange speculation.

Sixth, we will continue to promote the management of financial services to benefit the people. We will optimize bank account services, fully promote the application of electronic business licenses, and provide services for opening personal bank accounts for specific groups. We will implement the reduction of payment fees for small and micro enterprises and individual industrial and commercial households, and effectively benefit the real economy. We will continue to rectify the behavior of refusing to accept RMB cash. We will do a solid job in anti-money laundering supervision and promote the conviction of money laundering. We will standardize the supervision and management of corporate credit reporting agencies and rating agencies, and further promote the construction of the rural credit system. We will continue to promote pilot projects for financial technology innovation supervision. We will increase efforts to protect the rights and interests of financial consumers.