![]()
Pan Gongsheng officially took over Yi Gang and became the 13th President of the People's Bank of China.
According to the decision of the Fourth Meeting of the Standing Committee of the 14th National People's Congress of the People's Republic of China on July 25, 2023: Yi Gang is removed from the post of President of the People's Bank of China; Pan Gongsheng was appointed President of the People's Bank of China.
On the afternoon of July 1, 2023, the People's Bank of China held a meeting of leading cadres. The relevant responsible comrades of the Organization Department of the Central Committee announced the decision of the Central Committee: Mr. Pan Gongsheng will be the Secretary of the Party Committee of the People's Bank of China, and Mr. Guo Shuqing will be removed from the post of Secretary of the Party Committee of the People's Bank of China, and Mr. Yi Gang will be removed from the post of Deputy Secretary of the Party Committee of the People's Bank of China.
After the personnel adjustment, the leadership of the Central Bank is composed of: Pan Gongsheng, Secretary of the Party Committee and President; The three vice presidents are Liu Guoqiang, Zhang Qingsong, Xuan Changneng, and Qu Jishan, the leader of the discipline inspection and supervision team. At present, the information in the column of bank leaders on the official website of the Central Bank has been updated.
Looking back on the past month, what major events did Pan Gongsheng do?
![]()
1、 Financial consolidation
At present, the world's economic situation is very complex, the trend of trade and investment is slowing down, and the financial market is turbulent. At the same time, our economic market is also gradually recovering, and productivity is also gradually improving, but the overall demand is still insufficient, and the driving force of economic growth is not strong.
Pan Gongsheng is a senior financial industry person who has experienced the major reform of the National Bank and is very familiar with China's financial industry and China's regulatory system. Pan Gongsheng said in March: "The financial industry should adhere to strict and fair supervision, and prevent excessive expansion of funds. ”
![]()
When Pan Gongsheng took office as the chairman of the Bank of China, he put the reform concept of the Bank's financial system into practice. He actively summarized the past experience and lessons, and worked with the financial sector to better implement various financial policies. At the same time, he should adhere to the correct guidelines, standardize the market order, and resolutely maintain a stable and harmonious market environment. Under his guidance, he effectively corrected some problems in the financial business of domestic platform companies, and imposed a large number of penalties on its subsidiaries.
2、 Stabilizing the real estate market and foreign exchange market
At present, due to the constraints of economic situation, epidemic situation and other factors, the real estate industry has insufficient development momentum and industrial risk spillover. Since 2021, the state has successively introduced various regulatory policies for the real estate market. Through a series of regulatory measures, we can well control the systematic risks of the housing real estate industry.
![]()
In July, the Central Bank and the CBRC issued corresponding documents on the housing issue, clearly indicating that the relevant policies of "16 financial rules" should be continued. The implementation of this policy, to a certain extent, reduces the financial pressure and financial risk of the real estate industry, improves the confidence of the real estate industry, and improves the anti risk ability of the real estate industry.
Under the combined effect of the epidemic situation and the international economic situation, China's monetary and financial environment has been greatly impacted. At present, there is still a problem of insufficient power for domestic economic growth. In response to this problem, Pan Gongsheng believes that China's monetary policy should continue to follow the principle of assuming sole responsibility for its own profits and losses and maintaining overall balance, and opposes the US Federal Reserve's "big expansion" monetary policy.
![]()
Mr. Pan Gongsheng is the former deputy director of SAFE. During his tenure, China's SAFE has maintained a stable exchange rate and successfully handled many financial crises and crises. In April, due to the impact of the international and domestic economic environment, our foreign exchange rate has undergone a series of changes.
In the face of this situation, Pan Gongsheng gave a positive signal to the people with a firm stance. He said: "We have full confidence and ability to handle the international and domestic financial crisis and maintain the stability of the domestic exchange rate. ”
![]()
3、 International collaboration
During his more than one month as governor of the People's Bank of China, Pan Gongsheng has done a lot of work in foreign exchanges. He actively promoted mutually beneficial cooperation between China and the United States, strengthened understanding and exchanges among countries, so as to jointly face various challenges facing the world economy and market today and solve the world financial crisis.
In the past month or more, Mr. Pan Gongsheng and South Korea, Austria, central bank governors
They also attended the meeting of central bank governors of China, Japan and South Korea, and conducted in-depth discussions on the current financial situation and economic situation. Pan Gongsheng's engagement in international trade not only shows his firm will to face international trade challenges, but also provides a strong backing for the country to resist risks and resolve the international financial crisis.
![]()
In today's economic globalization and trade internationalization, the overall situation of the world economy will change from a mild state to a turbulent state, which is a severe test for us. Under such circumstances, we should take the initiative to control the domestic monetary policy and financial environment, actively seek international cooperation on this basis, achieve internal and external interaction, and control the two cycles well, so as to promote stable economic growth and improve the ability to resist risks. After taking office, Pan Gongsheng began to hold meetings with bank executives from various countries to communicate and coordinate, because he realized that in the current economic environment, in order to improve the response speed to the international financial crisis, it is necessary to adjust international and domestic relations.
![]()
Take practical measures to stabilize the property market and foreign exchange market
One week after taking office, on the evening of July 7, Beijing time, the Central Bank and other departments announced that most of the outstanding problems in the financial business of platform enterprises had been rectified. The focus of the work of the financial management department has shifted from promoting centralized rectification of the financial business of platform enterprises to normalized supervision. On the same day, ant groups and their subordinate institutions were fined 7.123 billion yuan (including confiscation of illegal income).
On December 26, 2020, Pan Gongsheng, the then Vice President of the People's Bank of China, interviewed Ant Group and answered questions about the relevant situation. He pointed out that the financial management department would, as always, encourage and support FinTech enterprises to keep innovation on the premise of serving the real economy and complying with prudential regulation, and promote FinTech to become an important force to boost the domestic and international dual cycle. The future regulatory policy orientation will follow the following principles: First, resolutely break monopoly, correct and investigate unfair competition, and maintain fair competition market order. Second, we must adhere to the principle that all financial activities must be regulated in accordance with laws and regulations, that financial businesses must be operated with licenses, and that there is "zero tolerance" for all kinds of violations. Third, adhere to the "two unswerving" principle, protect property rights in accordance with the law, promote entrepreneurship, stimulate the vitality of market players and social creativity, and enhance the core competitiveness of China's financial technology enterprises in the world.
In terms of stabilizing the real estate market, on July 10, the People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice on extending the period of relevant policies on financial support for the steady and healthy development of the real estate market, extending the applicable period of relevant policies of the "16 Articles of Finance", further easing the pressure on real estate enterprises' funds, reducing financial institutions' risk concerns about real estate enterprises' loans, and promoting "guaranteed delivery of buildings", Boost confidence in the property market.
Stabilizing the exchange rate and offering practical measures. Recently, the People's Bank of China and the State Administration of Foreign Exchange decided to raise the macro prudential adjustment parameter of cross-border financing of enterprises and financial institutions from 1.25 to 1.5, which will be implemented on July 20, 2023. In the view of the market, this is conducive to further expanding the use of foreign capital and broadening financing channels, facilitating cross-border financing of domestic enterprises and institutions, serving the development of the real economy, and promoting the stable operation of the RMB exchange rate.
Meeting with central bank governors of several countries
Within one month of assuming the post of Party Secretary, Pan Gongsheng, as the Party Secretary of the Central Bank and the Director of the State Administration of Foreign Exchange, met with the Governor of the Bank of Korea, the Governor of the Austrian Central Bank, the US Treasury Secretary Yellen, etc., and exchanged views on economic and financial issues of common concern.
On July 3, Pan Gongsheng met with Bank of Korea Governor Lee Chang yong and his delegation. The two sides exchanged views on the macroeconomic situation, China ROK financial cooperation and other topics.
On July 5, Pan Gongsheng met with visiting Austrian Central Bank Governor Holzman. The two sides exchanged views on economic and financial issues of common concern.
On July 7, Pan Gongsheng met with visiting US Treasury Secretary Yellen and exchanged views on economic and financial issues of common concern. Xuan Changneng, Vice President of the People's Bank of China, attended the meeting.
On July 23, the 12th Central Bank Governors' Meeting of China, Japan and South Korea was held in Yokohama, Japan, which was the first time in four years that the Central Bank Governors' Meeting of China, Japan and South Korea was held. Bank of Korea President Lee Chang yong presided over the meeting, and Pan Gongsheng and Bank of Japan President Yoshio Ueda attended the meeting to exchange views on the recent economic and financial situation.
On July 24, Pan Gongsheng attended the 28th Executive Meeting of the Central Bank of East Asia and the Pacific (EMEAP) in Yokohama, Japan. The meeting discussed the regional economic and financial situation, sustainable finance and other topics.