What financial signals will be released by the work of ＂one line, two sessions＂ in 2020？

　　CCTV News:At the beginning of the new year, the "One Party, Two Sessions" have held working meetings one after another. So, what are the important work arrangements of China People’s Bank, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission in 2020, and what financial signals have been released?

　　It is worth noting that for the work deployment in 2020, the "one line and two sessions" are all concerned about the financing of small and micro enterprises.

　　The central bank maintains a prudent monetary policy and is flexible and moderate. With regard to the work in 2020, the central bank meeting called for adhering to the supply-side structural reform as the main line, implementing a prudent monetary policy, resolutely winning the tough battle to prevent and resolve major financial risks, deepening financial reform and opening up, and comprehensively doing the "six stabilities" work. In terms of alleviating the problem of financing difficulties for small and micro enterprises, the central bank said that it is necessary to improve the loan assessment and incentive mechanism for small and micro enterprises, implement the credit due diligence exemption system, and create a policy environment that dares to lend and is willing to lend. We will promote the joint efforts of various departments, make good use of policy tools such as targeted cuts to required reserve ratios, refinancing and rediscount, macro-prudential evaluation and credit management, and effectively promote the improvement of financing for small and micro enterprises.

　　China Banking and Insurance Regulatory Commission resolutely won the battle to prevent and resolve financial risks. The China Banking and Insurance Regulatory Commission Working Conference emphasized that it is necessary to continue dismantling shadow banking, especially to reduce the high-risk shadow banking business to prevent a resurgence. Resolutely implement the requirement of "housing and not speculating", strictly implement regulatory rules such as credit concentration, and strictly prevent credit funds from flowing into the real estate sector in violation of regulations. In terms of small and micro enterprise financing, the comprehensive financing cost of inclusive small and micro enterprise loans will be reduced by 0.5 percentage points, and the loan growth rate will be higher than the average growth rate of various loans. The growth rate of inclusive small and micro enterprise loans of five large banks will be higher than 20%.

　　The CSRC has steadily promoted the reform of the registration system with information disclosure as the core. The establishment of science and technology innovation board and the pilot registration system will undoubtedly be the most eye-catching focus of the capital market in 2019, and the ideas contained in it will also be transmitted to the reform of GEM and other sectors in 2020. For financing small and micro enterprises, the CSRC indicated that it will carry out regional equity market system and business innovation pilot to better serve the development of small and medium-sized enterprises.