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3月24日，万州中心支局受邀参加万州区综合保税区筹备组跨境电商座谈会，万州区商务委、万州海关主要负责人以及部分跨境电商企业代表参加。 2020-03-24/chongqing/2020/0324/1446.html
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为进一步了解我省自贸试验区内涉外企业的外汇政策需求情况，切实解决企业在办理外汇业务中遇到的问题，落实稳企业保就业工作要求，黑龙江省分局面向我省自贸试验区哈尔滨、黑河和绥芬河片区内的涉外企业开展问卷调查，共收回有效调查问卷199份。 2020-05-11/heilongjiang/2020/0511/1291.html
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5月6日，国家外汇管理局黑龙江省分局开展2020年1季度外币现钞业务核查工作，涉及中国银行等6家银行，对核查中发现的问题及时要求银行整改。 2020-05-07/heilongjiang/2020/0507/1290.html
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2020年5月15日，人民银行、外汇局召开2020年全面从严治党暨纪检监察工作电视会议。会议深入学习贯彻习近平新时代中国特色社会主义思想，贯彻落实十九届中央纪委四次全会精神，总结人民银行、外汇局系统全面从严治党工作，分析当前形势，部署下一阶段工作任务。人民银行党委书记郭树清同志作了讲话，人民银行党委副书记、行长易纲同志主持会议。外汇局党组书记潘功胜同志、派驻纪检监察组组长徐加爱同志分别就做好外汇局全面从严治党工作、全系统纪检监察工作作了部署。中央纪委国家监委有关部门同志到会指导，审计署金融审计一局有关负责同志参加会议。 郭树清同志指出，人民银行新的党委成立以来，坚持以习近平新时代中国特色社会主义思想为指导，以党的政治建设为统领，全面加强党的各项建设，全系统精神面貌焕然一新，各方面工作都取得显著成绩。一是坚持人民银行首先是政治机关的定位，加强党对金融工作的集中统一领导。二是扎实开展“不忘初心、牢记使命”主题教育，增强了应对各种风险挑战的斗争精神和斗争本领。三是不断完善党内制度建设和金融法制建设，推动全面从严治党管党规范化、法治化达到新水平。四是严密党的组织体系和纪律制度。五是坚决整治形式主义、官僚主义突出问题。六是旗帜鲜明支持派驻纪检监察组和各级纪委监委依规依纪依法履职。今年以来，面对突如其来的新冠肺炎疫情，人民银行党委坚持把支持疫情防控、保障人民生命健康安全作为头等大事，全力以赴做好金融支持和服务工作，出台了一系列力度大、针对性强的货币金融政策措施，有力对冲疫情对经济社会发展的负面影响。在此期间，人民银行各级党委加强领导、履职尽责，各级党组织和广大党员干部辛勤努力、扎实工作，在风险和困难面前毫不退缩，涌现出一大批优秀共产党员，让党旗在疫情防控的第一线高高飘扬，充分展现了党组织战斗堡垒和党员先锋模范作用。 郭树清同志强调，2020年是全面建成小康社会和“十三五”规划收官之年，明年是中国共产党成立一百周年，我们将开启实现“第二个百年”奋斗目标新征程。在这个承前启后、机遇挑战并存的历史坐标下，我们一定要把思想和认识统一到习近平总书记对形势的分析和判断上来，统一到中央决策部署上来，增强完成全年目标任务的必胜信心。 郭树清同志指出，应对当前形势，我们务必要处理好三个关系：一是保持正常货币政策与加大逆周期调节的关系；二是稳增长、保就业和防风险、调结构的关系；三是国内经济循环和对外经济平衡的关系。因此，我们必须非常谨慎地把握金融调控的节奏和力度，更有创造性地实施好货币政策和宏观审慎政策，更加精准有效地落实好非常时期的宏观经济管理各项措施，按照党中央、国务院要求，把“六保”作为“六稳”工作的着力点，稳住经济基本盘，在稳企业保就业方面发挥更大作用。 郭树清同志强调，人民银行系统各级党组织和党员干部要认真贯彻习近平总书记在中央纪委四次全会上的重要讲话精神，坚决按照中央纪委四次全会部署，以中央和国家机关工委“让党中央放心、让人民群众满意的模范机关”试点创建工作为契机，牢牢把握全面从严治党的工作重点，努力在思想政治作风等各方面都走在中央和国家机关的前列。一要坚定自觉践行“两个维护”，始终把党的政治建设摆在首位，坚持思想建党、政治立行、听党指挥，用自身工作的成绩体现“两个维护”的政治自觉、思想自觉、行动自觉。二要切实加强党的领导，严格执行民主集中制，切实做到党委集体领导集体负责，充分发挥党委把方向、管大局、保落实的重要作用，确保在重大问题上与党中央路线、方针、政策保持高度一致。三要激励广大党员干部履职尽责，从党建到业务，都要进一步强调履职尽责。各级党委要认真贯彻《党委（党组）落实全面从严治党主体责任规定》，坚决履行好全面从严治党和党风廉政建设主体责任。各级党委书记要严格按规定履行好党建责任和党委决策事项的主要责任。四要驰而不息整治形式主义、官僚主义。各级党组织要巩固深化拓展“基层减负年”工作成果，继续贯彻执行好总行党委制定的解决形式主义突出问题为基层减负的10条措施，以及持续解决困扰基层的形式主义问题的通知精神。五要进一步加大惩治金融腐败力度。要全面梳理“权力清单”，查找廉政风险点，规范审批权限，明确自由裁量标准，完善岗位风险防控措施，实现权力运行可监控可追溯。认真贯彻执行新近制定的人民银行和外汇局系统公职人员与管理服务对象廉洁交往的规定。深入贯彻落实中央八项规定精神及实施细则。各级纪检监察部门要运用好“四种形态”，不断强化日常监督管理，特别要关注业务活动背后的利益勾结和关系纽带，严惩不法行为。六要坚决落实中央巡视整改事项。对主题教育查摆出的，以及总行党委巡视、审计、监督、检查等反馈的问题，要明确责任主体，倒排工期，逐一整改结账。七要加快建设过硬的干部队伍。要按照党中央要求，努力打造一支忠诚干净担当的高素质干部队伍。各省会中心支行要以总行党委明确授权履行全省辖内党务、纪检、人事、内审、巡察等工作职责为契机，加快转观念、转职能、转作风，进一步提升治理能力和工作本领。八要抓好模范机关建设，提高人民银行机关党的建设质量。特别要抓好中央和国家机关工委三个工作方案的落地实施，持续开展强化政治机关意识教育，持续开展“灯下黑”问题专项整治，全面推进党支部标准化规范化建设，推动全面从严治党向基层延伸、向纵深发展。 潘功胜同志在讲话中指出，2019年以来，外汇局党组坚决做到“两个维护”，以高度政治自觉推动习近平总书记重要指示批示精神和党中央决策部署贯彻落实，扎实开展“不忘初心、牢记使命”主题教育，不断夯实全面从严治党主体责任，促进党建和业务工作取得了新成绩。2020年，外汇局党组将深刻把握全面从严治党新形势新要求，一以贯之、坚定不移全面从严治党。一是坚决贯彻习近平总书记关于外汇管理工作重要指示批示精神，进一步加强党对外汇管理工作的领导。二是压紧压实管党治党政治责任，实现对机关司局和事业单位巡视全覆盖。三是落实金融为民理念，稳妥有序推进资本项目开放，坚决打击外汇领域违法犯罪行为。四是强化思想建设和组织建设，推进党支部标准化规范化建设，从严监督管理干部。五是坚持不懈正风肃纪，强化对权力运行的制约和监督，切实把“严”的主基调长期坚持下去。 徐加爱同志在讲话中对深刻领会、准确把握习近平总书记在十九届中央纪委四次全会上的重要讲话和十九届中央纪委四次全会精神、中央和国家机关党的工作暨纪检工作会议精神提出了明确要求，通报了人民银行、外汇局系统党风廉政建设方面存在的突出问题、重点案件和重点违规违纪人员的具体查处情况。徐加爱同志还对做好2020年人民银行、外汇局系统全面从严治党及纪检监察工作进行了部署。一是坚持党对金融工作的集中统一领导，坚定自觉践行“两个维护”。二是加强对下级党组织、各级“一把手”的监督，把全面从严治党“严”的主基调长期坚持下去。三是深化金融领域反腐败工作，一体推进不敢腐、不能腐、不想腐。四是坚持纪检监察工作自身运行规范化、法治化，以建设高素质专业化队伍推动和保障高质量发展。 易纲同志在主持会议时强调，全系统各级党组织和党员干部要认真学习贯彻本次会议精神，在深入推进全面从严治党和做好纪检监察工作的同时，结合当前的形势和党中央、国务院的决策部署，围绕“六稳”、落实“六保”，求真务实，勇于担当，积极作为，坚决做好金融支持稳企业保就业工作，继续打好防范化解重大金融风险攻坚战，为决胜全面建成小康社会作出新的贡献。 本次电视会议设置了总行和外汇局及各地分会场。人民银行党委委员，外汇局党组成员，人民银行、外汇局各司局、各部门、各分支机构、各直属单位和相关单位负责同志，各巡视组负责同志，机关各支部纪检委员参加会议。（完） 2020-05-19/gansu/2020/0519/1039.html
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日前，国家外汇管理局发布《国家外汇管理局关于支持贸易新业态发展的通知》（汇发〔2020〕11号，以下简称《通知》）。国家外汇管理局新闻发言人、总经济师王春英就相关问题回答了记者提问。 一、《通知》出台的政策背景是什么？ 答：党中央、国务院先后出台多项扶持政策，要求支持跨境电商、市场采购贸易、外贸综合服务等贸易新业态发展。当前，促进贸易新业态发展已成为我国加快培育贸易竞争新优势、推动贸易高质量发展的重要内容。但与传统贸易相比，贸易新业态多元的市场主体、高频的线上交易模式，对高效便捷的金融服务有着更大的诉求。为更好支持贸易新业态发展，扎实做好“六稳”工作，全面落实“六保”任务，外汇局在广泛听取贸易新业态市场主体意见和总结前期试点经验的基础上发布《通知》，优化贸易新业态外汇政策，提升相关贸易外汇收支便利化水平，以进一步激发市场活力，促进贸易新业态的健康快速发展。 二、《通知》的总体思路是什么？ 答：《通知》聚焦解决贸易新业态“小额、高频、电子化”交易中结算不便捷问题。政策设计上，遵循“鼓励创新、包容审慎”原则，积极适应贸易新业态发展的实际需要。按照“服务实体、便利开放、交易留痕、风险可控”要求，放宽贸易新业态外汇政策，优化外汇服务，便利相关外汇业务办理，实施“交易越合规、汇兑越便利”的信用约束和分类管理。 三、《通知》将为市场主体带来哪些政策便利？ 答：《通知》优化了贸易新业态外汇结算模式，扩大账户收支范围，推动更多业务网上办理，在降低市场主体综合成本的同时，提升跨境结算效率。具体可以从两方面来看： 放宽外汇管理方面。一是便利跨境电商出口业务资金结算。跨境电商可将境外仓储、物流、税收等费用与出口货款轧差结算。二是优化跨境电商相关税费的跨境代垫。企业可为客户跨境代垫相关的仓储、物流、税费等。三是满足个人对外贸易结算需求。个人可通过外汇账户办理跨境电商和市场采购贸易项下外汇结算。四是完善市场采购贸易资金结算。经市场采购贸易平台备案的主体，银行可凭平台信息为其办理委托第三方报关的收结汇业务。五是支持外贸综合服务企业代办出口收汇。符合技术条件的外贸综合服务企业，可通过具备审核交易电子信息能力的银行，为其服务的客户代办出口收汇手续。 提升外汇服务方面。一是拓宽贸易新业态结算渠道，支持符合条件的银行凭交易电子信息办理外汇业务。二是便利企业远程办理外汇业务。企业可与外汇局系统直连，实现贸易业务报告、国际收支申报等更多外汇业务网上办理。三是优化小额交易涉外收付款申报。支持企业以自身名义汇总申报小额涉外收支，满足其出口退税、融资的申报需求。四是持续跟踪贸易新业态的创新发展，主动回应市场主体外汇业务的新诉求。 四、下一步，外汇局在支持外贸发展方面还有哪些考虑？ 答：外汇局将继续按照党中央、国务院决策部署，扎实做好“六稳”工作，全面落实“六保”任务，进一步深化外汇领域改革开放，推出更多外汇便利化业务，持续助力企业复工复产，更好满足贸易创新发展诉求，推进贸易高质量发展，服务国家全面开放新格局。 2020-05-20/safe/2020/0520/16234.html
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国家外汇管理局高度重视全国人大代表建议和全国政协委员提案办理工作，将建议提案办理工作作为汇聚众智众力、改进政府工作的重要途径，作为履行外汇管理职责、推动各项改革工作的重要抓手，不断完善机制，精心组织，狠抓落实。2019年，国家外汇管理局共办理全国人大代表建议24件、全国政协委员提案16件，主要内容涵盖支持粤港澳大湾区建设、促进贸易投资便利化、防范跨境资金流动风险等。截至2019年底，40个建议提案的办理和相关复文公开工作均已按时完成，建议提案答复办结率100%、代表委员满意率100%。 建议提案办理过程中，国家外汇管理局不断优化工作机制，对办理工作实行全过程管理，保证建议提案办理工作的制度化、规范化；始终把沟通协商作为办理工作的必要环节，积极与代表委员沟通联系，通过电话沟通、座谈、现场调研等多种方式，认真听取代表委员的意见建议，共同商讨切实可行的解决方案，使答复意见更贴近代表委员的初衷；充分吸收建议提案意见，不断完善管理措施，切实推动改进工作、解决问题。针对2019年全国人大第7856号建议，国家外汇管理局在明确真实合规的企业交易购付汇外汇管理政策层面没有障碍的同时，深入研究市场主体对贸易投资便利化的诉求，通过扩大贸易外汇收支便利化试点、优化货物贸易外汇业务报告方式、简化出口收入入账手续等12项跨境贸易投资便利化措施，以及与海关总署共同深化通关作业无纸化改革等，进一步便利企业办理外汇业务，持续优化营商环境。 2020年，国家外汇管理局将以习近平新时代中国特色社会主义思想为指导，认真落实全国人大和全国政协工作要求，进一步提高建议提案办理质量和实效，将代表和委员的宝贵建议转化为具体改革措施，确保办理工作落到实处。（完） 2020-05-20/safe/2020/0520/16231.html
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为更好支持贸易新业态发展，促进外贸提质增效，扎实做好“六稳”工作，全面落实“六保”任务，日前，国家外汇管理局发布《国家外汇管理局关于支持贸易新业态发展的通知》（汇发〔2020〕11号，以下简称《通知》），便利相关外汇业务办理。 《通知》主要内容包括：一是拓宽贸易新业态结算渠道。支持符合条件的银行凭交易电子信息办理外汇业务。二是便利跨境电商出口业务资金结算。跨境电商可将境外仓储、物流、税收等费用与出口货款轧差结算。三是优化跨境电商相关税费的跨境代垫。企业可为客户跨境代垫相关的仓储、物流、税费等。四是满足个人对外贸易结算需求。个人可通过外汇账户办理跨境电商和市场采购贸易项下外汇结算。五是完善市场采购贸易资金结算。经市场采购贸易平台备案的主体，银行可凭平台信息为其办理委托第三方报关的收结汇业务。六是支持外贸综合服务企业代办出口收汇。符合技术条件的外贸综合服务企业，可通过具备审核交易电子信息能力的银行，为其服务的客户代办出口收汇手续。七是便利企业远程办理外汇业务。企业可与外汇局系统直连，实现更多外汇业务网上办理。八是优化小额交易涉外收付款申报。支持企业以自身名义汇总申报小额涉外收支，满足其出口退税、融资的申报需求。九是持续跟踪贸易新业态的创新发展。按照“服务实体、便利开放、交易留痕、风险可控”的原则，主动回应市场主体外汇业务的新诉求。此外，外汇局将加强事中事后监管，并指导银行和支付机构完善内控，强化风险防范。 《通知》自发布之日起实施。（完） 2020-05-20/safe/2020/0520/16233.html
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为深入贯彻党中央、国务院决策部署，经国务院同意，近日，中国人民银行、银保监会、证监会、外汇局发布《关于金融支持粤港澳大湾区建设的意见》（以下简称《意见》）。 推进粤港澳大湾区建设是党中央、国务院作出的重大战略决策，对构建我国改革开放新格局有着重大而深远的影响。《意见》从促进粤港澳大湾区跨境贸易和投融资便利化、扩大金融业对外开放、促进金融市场和金融基础设施互联互通、提升粤港澳大湾区金融服务创新水平、切实防范跨境金融风险等五个方面提出26条具体措施。《意见》的出台，有利于进一步推进金融开放创新，深化内地与港澳金融合作，提升粤港澳大湾区在国家经济发展和对外开放中的支持引领作用，为建设富有活力和国际竞争力的一流湾区和世界级城市群提供有力的金融支撑。（完） 2020-05-19/gansu/2020/0519/1040.html
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. 2020-05-13/fujian/2020/0513/1170.html
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The Joint Prevention and Control Mechanism of the State Council held a press conference at 10am on Saturday, February 15, 2020. Leaders of the People's Bank of China (PBC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) attended the conference and introduced how the financial system has overcome difficulties and ensured quality services to support epidemic control and resumption of work, and answered media questions. The full transcript of the conference is as follows. Hu Kaihong: Ladies and gentlemen, good morning. Welcome to this press conference of the Joint Prevention and Control Mechanism of the State Council. The State Council Information Office has just held a press conference in Wuhan on epidemic prevention and control and medical treatment efforts in Hubei. At this conference, we are pleased to have with us Mr. Fan Yifei, PBC Deputy Governor, Mr. Liang Tao, CBIRC Vice Chairman, Mr. Yan Qingmin, CSRC Vice Chairman, and Mr. Xuan Changneng, SAFE Deputy Administrator. They will introduce how the financial system has supported the efforts to battle the epidemic and reopen for businesses, and then they will take your questions. Now, I will give the floor to Deputy Governor Fan Yifei. Fan Yifei: Friends from the press, good morning. Recently your fellow reporters have taken on their mission and gone to the front line to report the epidemic prevention and control efforts, despite the risk of infection. On behalf of the People's Bank of China, I would like to show our deepest appreciation to your professional dedication and long-term support for the financial work. Since the outbreak, following Secretary-general Xi Jinping's instructions and the arrangements of the Leading Group of the CPC Central Committee for Epidemic Prevention and Control, we have adopted a people-first approach and put epidemic prevention and control and resumption of work high on our agenda as a key political task. We have gone all out to implement precise policy measures, collaborate closely with authorities and introduce a host of policy measures to fully support epidemic prevention and control and resumption of work. For macro policies, the PBC and the CBIRC have given detailed introduction at the previous press conference. Here I would like to focus on financial services including payment and settlement, currency supply, and operations of financial infrastructure, as well as early resumption of work in companies. First, we have offered easy access to payment and settlement to ensure timely transfers of funds into the accounts I'd start with fund remittance and transfer. The large-amount payment system of the PBC is usually suspended during the Chinese New Year. But to support epidemic prevention and control, easy access to large-amount fund transfers and remittances is offered, and transaction limits of the micropayment system are relaxed for this New Year holiday and weekends that follow to make sure that demands for large-amount fund transfers and remittances in and outside China are met. From January 24 to February 14, the large-amount payment and micropayment systems handled 393,500 transactions for the payment of more than RMB 10 million each, which were worth RMB 77.37 trillion in total. In particular, 872 transactions worth RMB 44.796 billion were related to epidemic control efforts. What's more, the Cross-border Interbank Payment System (CIPS) offers "special access" to cross-border payments. Since February 3, we have extended the operating time of the large-amount payment system to ensure the needs for inter-bank transactions and PBC targeted re-lending business are met. For account service, we provide easy access to corporate banking accounts in support of China's epidemic response. We have adopted a special approach to special fiscal funds and special emergency funds that require verification from the PBC for opening an account and handle them immediately after such requirements are raised. We also have optimized the account opening service, allowing commercial banks to identify customers' identities and open accounts for them if they temporarily cannot present complete supporting materials required for opening an account that is to be used to support epidemic prevention and control, and require them to submit the materials later on. In addition, we have been active in increasing efficiency, guiding companies and individuals to handle payment, settlement and account business online. Second, we have enhanced currency supply and circulation management to ensure security of using cash Firstly, we have adopted a special approach to currency supply in Hubei, the epicenter of the epidemic. We allocated RMB 4 billion of new banknotes to Wuhan before the lunar New Year to increase cash supply to hospitals and other institutions critical to the prevention and control of the spread of the virus. Secondly, we have required our branches and sub-branches to ensure cash supply by issuing sealed new banknotes or reserve funds for issuance that were recovered before the outbreak. Thirdly, we have worked to ensure sterilization of cash in circulation, requiring key institutions to temporarily store the recovered cash in their treasuries. Cash allocation between provinces and in the same hard-hit province has been suspended to reduce infections. Fourthly, we have required commercial banks to adopt a two-faceted approach to receipts and payments, such as sterilizing the received cash before issuing them to customers. Third, we have worked to ensure continued and safe operations of fintech and key financial infrastructure Since the outbreak, the PBC has activated an emergency plan in time, enhancing maintenance of key infrastructure and key positions in the financial system and requiring staff to keep watch around the clock. Key financial infrastructure across the country such as payment and clearing, treasury, currency issuance, credit system, accounting, custody and clearing remains secure and stable, and financial market businesses including inter-bank bond market, foreign exchange market, bill market and gold market are carried out as usual, indicating the technical guarantee capabilities and the emergency mechanism of the financial industry have stood the test of the epidemic. Financial infrastructure institutions, commercial banks and non-banking payment institutions have lowered charge standards, reducing or waiving service fees for payment and clearing. Shanghai Clearing House, Shanghai Gold Exchange, China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Commercial Paper Exchange Corporation Ltd. have reduced and waived over 20 kinds of charges. China UnionPay has reduced or waived service fees for hospitals and charities involved in epidemic prevention and control across China and refunded micro and small merchants the service fees in proportion to the amount collected through UnionPay QR code-based collection service. NetsUnion Clearing Corporation (NUCC) has waived network service fees for non-profit medical institutions and charities for bar code-based collection, clearing and payment services. 15 national commercial banks have waived service fees for all donations in support of epidemic control. Tenpay and Alipay have waived merchant service fees for non-profit medical institutions and reduced or waived commissions for providers of courier services and food delivery services. In our battle against the epidemic, many Party officials and staff of the PBC and financial institutions have overcome difficulties and remained at their posts with great courage, making significant contributions to the timely implementation of the financial policy in support of epidemic prevention and control, and early resumption of work in companies, and ensuring basic financial services to the public. At this critical moment of the battle, the PBC will not let the Party and people down, and we will resolutely implement the decisions and arrangements of the CPC Central Committee with Comrade Xi Jinping at its core, carry out 30 initiatives for the financial system to support epidemic prevention and control, and support well-prepared companies to reopen as soon as possible, so as to ensure stable economic performance, minimize the impact of the epidemic and achieve all targets set by the CPC Central Committee. Thank you. Hu Kaihong: Thank you, Mr. Deputy Governor. Now let's welcome Vice Chairman Liang Tao to give us a brief introduction. Liang Tao: Ladies and gentlemen, good morning. On behalf of the CBIRC, I would first like to thank you for your long-term support for our work. Since the outbreak, we have followed Secretary-general Xi Jinping's instructions and replies, and implemented the decisions and arrangements of the CPC Central Committee and the State Council, coordinating financial services that support epidemic prevention and control as well as economic and social development, and supporting companies to reopen, so as to do our bit for the victory of this people's war, total war and defense war. Now let me highlight our work priorities as follows: First, we have strengthened Party leadership. The Party Committee of the CBIRC and Party organizations at various levels in the system have taken on their responsibilities to fight the epidemic, making epidemic prevention and control our top priority and implementing the policies without compromise. We have required Party leaders and officials at different levels to remain at their posts, take the lead and set good examples, so as to ensure that they take up their responsibilities that are clearly defined and play their due roles in the battle, avoiding formalism and bureaucracy. Second, we have strengthened policy support. Since the outbreak, the CBIRC has responded quickly, introducing a series of support policy measures since January 26, and raising clear requirements on banking and insurance institutions in supporting epidemic prevention and control and improving financial services. Agencies at different levels also have stepped up implementation and introduced strong financial support policies separately or in partnership with local government authorities. Third, we have provided differentiated and preferential credit support. We have driven banking institutions to step up support for affected areas through adjusting the regional financing policy, internal fund transfer pricing and performance review. We have forbidden banks from calling in loans prematurely from, stopping providing loans to or putting pressure for loan repayment by industries hit hard by the epidemic including retailing and wholesaling, accommodation and catering, logistics and transport, culture and tourism, and promising businesses that are currently in trouble due to the epidemic, especially micro and small businesses. We have allowed rollovers or renewals of loans for businesses that have difficulty paying their due loans because of the epidemic. By properly lowering loan rates, increasing credit loans and mid and long-term loans, we have supported relevant companies to reopen to battle the epidemic. As of 12 noon on February 14, banking institutions had provided more than RMB 537 billion of credit to support the battle. Fourth, we have put the protection roles of insurance into play. We have driven insurance institutions to simplify processes and increase efficiency for claims from customers infected with COVID-19 or incurring losses due to the epidemic, and to compensate them as early as possible, if the claims are reasonable. We have actively expanded the liabilities of insurance products, lowered claims criteria, and provided free insurance products to frontline workers. We have offered producers of key medical supplies the insurance products for safe production and against the infection risk to support them to reopen for businesses. Initial statistics show that, without increasing premiums, 35 life insurance companies have expanded the coverage of 400-odd accident insurance and illness insurance to include deaths, injuries and critical illness caused by COVID-19. 74 insurance companies have offered for free various insurance products worth nearly RMB 9 trillion in total to healthcare workers involved in the fight against the epidemic, their families and disease control staff, including accident insurance and term life insurance. Fifth, we have strived to increase efficiency and quality of financial services. We have expanded online financial services and boosted banking and insurance institutions to improve service management and protection for electronic channels including internet banking, mobile banking and mini programs, optimizing and diversifying non-contact service channels and scenarios. We also have flexibly adjusted arrangements for credit repayment including housing mortgages and credit cards, and extended deadlines for repayment for customers temporarily having no source of income due to the epidemic. Next, we will continue to implement the decisions and arrangements of the CPC Central Committee and the State Council. We stand ready to work together in full confidence to adopt precise policy measures and a scientific approach to contain the virus, guiding financial institutions to further implement relevant policies. With synergies between banking and insurance institutions, we will go all out with a wartime mindset to ensure quality financial services to make greater contributions to epidemic prevention and control, stable economic growth, as well as social harmony and stability. Thank you. Hu Kaihong: Thank you, Mr. Vice Chairman. Now I will give the floor to Vice Chairman Yan Qingmin. Yan Qingmin: Friends from the media, good morning. On behalf of the CSRC, let me extend sincere thanks to you and your fellow reporters for your long-term support for the CSRC and your attention to the capital market. Since the outbreak, we have followed Secretary-general Xi Jinping's instructions and replies, the decisions and arrangements of the CPC Central Committee and the State Council, and focused our efforts on supporting epidemic control and economic growth, and guarding against risks under the direction of the Financial Stability and Development Committee under the State Council. Now allow me to highlight five aspects of our work as follows: First, we ensured the opening of stock markets on February 3. There was a heated debate on the time of opening. Based on comprehensive assessment of different ideas and trade-offs, we eventually decided to open the markets on February 3. This represents our respect for market laws and transaction rules as well as our mission and responsibility. Since the opening of the stock markets, we have seen effective self-adjustments of the markets, smooth transactions by investors, and stable market expectations, as a result of policy coordination and collaboration among different departments. Having stood the tough test of the epidemic, A-share markets have been back to normal. Second, we have focused on preventing risks in this special period. To address the liquidity difficulties of companies and individuals during the epidemic to avoid unusual market fluctuations, we have taken various measures based on the impact on affected areas, including allowing market players to roll over their stock pledge agreements, abandoning mandatory reverse position closing towards some securities margin trading customers and extending the time for customers to add collaterals. The size of the stock pledging business is currently steady with a slight decline, with the balance of onsite share pledge financing reaching RMB 880 billion, down by more than 45% from the peak value. The balance of total securities margin trading approximates RMB 1.05 trillion, accounting for 2.13% of the circulation market value of A shares. Relevant risks are under control. Moreover, we have suspended overnight futures trading and encouraged offsite securities trading in case of infections in crowded places. Third, we have prioritized financing by regions hit hard by the epidemic and companies involved in epidemic control. We have simplified procedures and adopted special approaches to special cases, supporting relevant enterprises in severely-affected areas to issue corporate bonds and asset-backed securities. As of February 14, DDMC, Wuhan Sishui, and Xiangyang Dongjin State-owned Assets Investment, who are registered in Hubei, have issued their bonds through the easy access, planning to raise funds of RMB 2.8 billion. The 10 corporate bonds and one ABS they have issued are valued at RMB 11.23 billion in total. Part of funds raised will be used for epidemic prevention and control. Two additional local companies also have been approved to issue bonds and several special funds for epidemic control are to be issued. We have also offered easy access to filing drug and health private equity funds and venture capital funds, so as to guide more private capital to flow into producers of medical supplies for epidemic control. Incomplete statistics show that equity funds and venture capital funds had 46 investment projects in the pipeline for the battle against the epidemic by February 12, which were valued at RMB 17.046 billion. Fourth, we have launched convenient regulatory measures in time. For example, we have extended the license validity for financing through stocks and bonds, relaxed the time limits for M&As, allowed affected listed companies to postpone regular disclosures of their reports, and eased the requirements on risk control indicators that securities companies fail to meet at the moment. We also have waived the annual fees for local listed companies and those listed on NEEQ, and the annual membership fees and seat fees for local futures companies to show our care for them as a regulator. We have supported securities companies to raise funds through financial bonds on the inter-bank and exchanges markets to enhance risk resilience of institutions in the industry. Fifth, we have called on listed companies, and securities and futures industries to perform their social responsibilities. While ensuring epidemic prevention and control in the CSRC system, we have guided listed companies, securities and futures institutions to support epidemic prevention and control, ensure operations and perform their social responsibilities. Hundreds of listed companies have provided donations worth more than RMB 5 billion, and securities, futures, mutual fund and private fund companies have provided donations worth RMB 900 million in total. Listed companies of medical and equipment supplies have accelerated the production and R&D of protective, test and treatment products against the COVID-19, and listed logistics and construction companies have played a critical role in the delivery of supplies and construction of designated hospitals. Next, we will continue to implement Secretary-general Xi Jinping's instructions and replies and the decisions and arrangements of the CPC Central Committee and the State Council to contribute greater to epidemic control, economic growth and risk mitigation. At last, I'd like to extend thanks to you again, with all my heart. Hu Kaihong: Now I will give the floor to Deputy Administrator Xuan Changneng. Xuan Changneng: Friends from the press, good morning. Since the outbreak, we have followed Secretary-general Xi Jinping's instructions on epidemic prevention and control, and the arrangements of the Leading Group of the CPC Central Committee for Epidemic Prevention and Control and the Joint Prevention and Control Mechanism of the State Council, and taken effective measures to battle the epidemic and support enterprises to reopen, under the direction of the Financial Stability and Development Committee under the State Council. Now let me highlight our efforts as follows: First, we have offered convenient foreign exchange policies to support epidemic prevention and control. We have simplified requirements on foreign exchange payments for the imports of supplies necessary for epidemic prevention and control, foreign exchange receipts from donations, receipts and payments under the capital account and cross-border financing. Our branches and sub-branches across China including Hubei have directed banks to adopt special approaches to special cases and quickly handle urgent cases. From January 27 to February 12, we handled 1,370 transactions across China in accordance with the convenient policies, including 70 payment transactions for the imports of supplies in Hubei, mainly including masks, protective gowns and production materials. Second, we have optimized foreign exchange-related government services, supporting market players to handle foreign exchange businesses through non-contact channels, such as online channels, booking and mailing. Major services such as settlement and sales of foreign exchange for individuals, overseas transactions by bank card, trade in goods and in services, external debt registration can all be handled through the online business system, "ASOne". 86% of administrative foreign exchange permits can be applied on the "Online Application System for Government Services of the SAFE". 479 applications were accepted and 466 were handled by the system from January 27 to February 12. Third, we have ensured normal requirements for foreign exchange like paying tuitions for overseas study by individuals, encouraging individuals to handle them online, with no need to "go out". From January 27 to February 12, residents in China handled 915,000 foreign exchange transactions through banks, including 830,000 online transactions, accounting for 91%, higher than 61% in 2019. Fourth, we have guided Shanghai Clearing House and China Foreign Exchange Trade System to reduce or waive foreign exchange trading and clearing fees for institutions in Hubei. Thank you. Hu Kaihong: Now we will take your questions. Please remember to tell us the news agency you represent before asking your questions. China Media Group CCTV: I am concerned about resumption of work. What policies or measures are in place to support enterprises that have been hit hard by the epidemic to reopen for businesses? What measures are available to support those that are not critical for epidemic prevention and control to restart? Liang Tao: Since the outbreak, banks have offered differentiated, targeted and preferential financial services to seriously affected regions, industries and enterprises. They have supported them by allowing credit restructuring and reducing or waiving interest on overdue payments based on specific situations, without prematurely calling in loans, stopping providing loans or putting pressure for loan repayment for no good reasons. Many banks have introduced policies on reducing loan interest and waiving relevant fees, which provide a strong support for key enterprises in the battle. The CBIRC has recently studied the impact of the epidemic and prepared for launching new policies. They will introduce some new measures soon for enterprises in both affected and unaffected industries. Next, our focus will be on the following: Firstly, we will step up efforts to support affected micro and small private businesses. At first, we will follow the requirements of increasing quantities, expanding scope, reducing prices and enhancing quality to ensure micro and small businesses' overall credit growth will be safe from the epidemic. Second, we will ensure that the integrated financing costs of inclusive lending to micro and small businesses will decline further from a year earlier. Third, we will properly optimize and simplify business processes based on micro and small businesses' changing financing demands during the epidemic. Fourth, we will work to ensure loan renewals more precisely, which has attracted wide concern, so as to relax liquidity pressure on troubled micro and small businesses. Fifth, as the epidemic progresses, we will implement relevant systems to ensure risk management and that no one who has fulfilled their duties will be held liable for anything beyond their control, so as to create an environment where bank branches and sub-branches are eager to lend and unafraid of NPL. This matters for it can boost head offices to raise tolerance towards NPLs of hard-hit branches and sub-branches. Secondly, we will provide more credit protection and issue more credit in support of resumption of work in key areas. We will guide financial institutions to further strengthen credit support for enterprises to reopen, increase the proportions of credit loans and mid and long-term loans to enterprises and help them to keep financing cost within a reasonable range. Considering that enterprises may need money to buy raw materials and equipment after reopening, we will properly strengthen loan support to relieve them of liquidity pressure. We will also guide institutions to use performance review as a yardstick to properly incorporate the efforts to support manufacturers, micro and small businesses and private enterprises in key areas to reopen as KPIs or properly adjust weights to arouse enthusiasm in outlets and frontline sales representatives. Thirdly, we will accelerate construction of key projects. First, by making better use of the adjusting role of policy-based finance against business cycles, we will quicken the credit issuance cadence, properly increase RMB loans and debts policy-based financial institutions plan to issue in 2020, optimize the regional credit structure, and accelerate credit issuance to a host of key projects in key areas. Second, we will study how to use special construction funds already recovered to support key areas like manufacturing, increase the restarting rate of newly invested projects and ensure projects under construction are sufficiently funded. Fourthly, we will work to promote stable consumption and accelerate the unleashing of potential demands among residents. For hard-hit service sectors such as retailing and wholesaling, accommodation and catering, culture and tourism, transport and logistics, we will urge banks to develop special credit products to satisfy their financial needs, and will boost the quality enhancement and expansion of service consumption, the increase of spending on goods in kind, and the improvement of service scalability and convenience to unlock the potential for new consumption at a faster pace. Thank you. Xuan Changneng I'd like to add a few words. At this critical moment of epidemic prevention and control, the Joint Prevention and Control Mechanism of the State Council, guided by the decisions and arrangements of the CPC Central Committee and the State Council, has raised specific requirements on intensifying epidemic prevention and control in a scientific approach, and allowing enterprises to reopen in a classified and orderly way. The SAFE system, driven by a strong sense of responsibility and mission, will play their due roles in supporting resumption of work and recovery of social and economic order. First, we will offer easy access to foreign exchange services to efficiently facilitate resumption of work in service firms. For foreign exchange services involved in the trading and investment activities delayed by the epidemic, imports of key supplies and exports of products after companies reopen, and increase of supply by producers and distributors of key supplies needed to battle the epidemic, the SAFE will direct banks to adopt special approaches to special cases and quickly handle urgent cases, by simplifying processes and accelerating processing speed, to boost quick recovery of trading and investment activities and strengthen support for Hubei, key industries and companies. Second, we will implement the 12 trade and investment facilitation initiatives adopted by the executive meeting of the State Council. These initiatives contain 6 cross-border trade and investment facilitation initiatives, such as expanding the piloting for facilitation of foreign exchange receipts and payments for trade, simplifying procedures of foreign exchange receipts and payments under trade in goods for micro and small cross-border ecommerce players, and optimizing the reporting approach regarding foreign exchange services for trade in goods, and 6 cross-border investment and financing facilitation initiatives, such as expanding the piloting for facilitation of receipts and payments under the capital account, reforming external debt registration management for enterprises, and relaxing restrictions on the number of foreign exchange accounts opened for the capital account. Since the launch of these facilitation initiatives, the processing time and labor costs of enterprises have been reduced dramatically, cross-border trade, investment and financing have been made easier, and the business environment has become more favorable, greatly benefiting trade, investment and the real economic growth. Next, considering the actual needs for epidemic control and resumption of work, we will push ahead with the implementation of the 12 initiatives, and focus our support on hard-hit industries and enterprises, especially private companies, and micro, small and medium businesses. Third, we will apply technologies to facilitate cross-border trade, investment and financing by micro, small and medium companies, and foreign exchange settlement for them. On the one hand, we will step up building of the cross-border financial blockchain service platform to address the difficulty and high cost for SMEs to access financing. The SAFE began piloting the platform last March and had rolled it out to 22 provinces, autonomous regions and cities as of February 3 this year. With more than 170 corporate banks joining, the platform had issued a cumulative lending of USD 15.9 billion to nearly 2,500 companies, of which 75% were SMEs. Since the Chinese New Year, the platform has handled 171 lending transactions worth more than USD 200 million and served 87 companies. In particular, after Hubei was included in the piloting scope this January, foreign-related companies in the province, especially SMEs, will be entitled to more preferential policies on financial credit support, such as trade financing for exports. On the other hand, we will further simplify procedures to handle receipts and payments under trade in goods for micro and small cross-border ecommerce players, facilitate foreign exchange settlement for cross-border ecommerce, direct banks and payment institutions to handle electronic payments under the current account for market players based on the electronic transaction information, and facilitate foreign exchange settlement under cross-border ecommerce trade for micro, small and medium businesses to help them increase funds settlement efficiency. Fourth, we will optimize foreign exchange processing measures to offer convenience to the public. We have published the operation processes for the "Online Application System of Government Services of the SAFE" to make it easier for people to apply online for foreign exchange administrative permits. Thank you. Nihon Keizai Shimbun (Nikkei): This epidemic has dealt a big blow to micro and small businesses. Some local regulators have introduced policies of increasing tolerance to NPLs of micro and small businesses. What would you say about these policies? Thank you. Liang Tao: Thank you for your question. I will answer you from three dimensions. First, regulatory rules need to stay stable, which is the minimal requirement of prudent regulation. Its purpose is to ensure risk resilience of financial institutions and stability of the financial system, avoiding their changes with external changes. Second, at a certain point of time, when the operating environment of banks is suddenly changed, especially due to the occurrence of Force Majeure events, banks will face the pressure to meet regulatory indicators. Third, for affected banks, the CBIRC, the regulator, will face the facts and take the real impact of the epidemic into account to properly enhance regulatory tolerance, extend a grace period for banks to meet the regulatory indicators or allow certain flexibility during the implementation of regulatory measures. Thank you. China News Service: I have some questions for Mr. Yan. You've just said that many measures have been introduced, and I wonder what more measures will be launched to use the roles of the capital market to ensure stability of the real economy. We also want to know more about the capital market reform, especially the registration-based IPO system reform. I wonder whether the cadence and speed of these reforms will be impacted by the epidemic. Yan Qingmin: Following the decisions and arrangements of the CPC Central Committee and the State Council, and the guidance of the Joint Prevention and Control Mechanism of the State Council, the CSRC has introduced some measures to support epidemic control since its outbreak. As for next steps, the CSRC will continue to implement the requirements raised by Secretary-general Xi Jinping at the meeting of the Standing Committee of the Political Bureau of the CPC Central Committee on February 12 to win this people's war, total war and defense war. We will continue to make use of the capital market to support the real economy. Our measures can be summarized as "four continues" as follows: First, we will continue to ensure market stability. We will track and analyze market performance and take steps with relevant authorities to mitigate risks in key areas including equity pledge, securities margin trading, and bond defaults to boost market stability. Following the guideline of promoting development and stability through reforms, we will deepen the reform in all aspects while stabilizing market performance. In accordance with the requirements raised at the Central Economic Work Conference, we will step up construction of basic systems and strengthen market resilience. Second, we will continue to make use of the functions of the market. We will make IPO a normal to satisfy financing needs of the real economy. By deepening the market-based M&A reform and diversifying payment and financing instruments, we will endeavor to better support industry upgrading. We will also use the roles of exchange bond markets in financing to innovate the approach to increasing credit and debt financing instruments for private companies and lower the barriers for issuing convertible bonds. By supplying more commodity and financial futures and options, we will use the roles of futures markets to help physical entities address high inventories, shortage of raw materials and fluctuating prices. Some players have set good examples in the futures market recently. Moreover, we will optimize the reverse linkage system in support of holdings cut by venture capital funds and make use of private funds' roles in boosting the formation of innovative capital. We will encourage more private funds and venture capital funds to invest in production and R&D companies of reagents, drugs and medical facilities to support epidemic prevention. Third, we will continue to ensure the implementation of policies already introduced. Based on implementing the circulars and policies introduced by five ministries and commissions, we will further study support measures to help physical companies to reopen. We will offer easy access to financing approval and filing, allowing review, registration and filing on a priority basis for businesses registered or operating in Hubei, key players providing supplies for prevention and control of the epidemic, and the IPO, refinancing, bond issuance and M&As with raised funds dedicated to the prevention and control of the epidemic. Last night, the CSRC released on its website the revised refinancing rules. We must ensure rigorous implementation of the refinancing system to meet listed companies' needs for funds. We will further strengthen the capital strength of financial institutions including securities funds and make use of their professional advantages to offer financial services to companies in seriously affected regions. Fourth, we will continue to accelerate and deepen reform and opening up. The impact from the epidemic will be short-lived. We will not change our direction and determination to advance reform and opening up. While supporting epidemic prevention and control, the CSRC will boost the implementation of measures for the comprehensive deepening of the capital market reform to better support the growth of the real economy, based on the supply-side structural reform in the financial community. Our priorities include: First, ensuring the construction of a multi-level capital market system. We will continue to press ahead with system innovation in the STAR market based on its positioning, and encourage more hard & core technology companies to list, while advancing the STAR market reform and piloting the registration-based IPO system. We will also boost the stable implementation of the NEEQ reform and coordinate the advancement of system innovations like public offering and investor suitability. Second, ensuring the vigorous development of direct financing. We will continue to normalize IPO, and implement the revised refinancing system to improve inclusiveness. Third, ensuring improved quality of listed companies. We will refine the diversified exit mechanism, enhance the information disclosure quality, and improve listed companies' governance capabilities to drive them to compete, with the inferior to be eliminated. Fourth, ensuring law-based administration of the capital market. With the implementation of the new securities law as a big opportunity, we will establish and revise supporting regulations and systems and optimize the governance system of the capital market to make the most of laws and regulations to drastically increase the cost of violations. Fifth, ensuring the expansion of mid and long-term fund sources. We will increase the share of equity funds, expand the piloting scope of the investment advisory business of mutual funds, encourage and support the market entry of mid and long-term funds including social security fund, insurance and pensions, and boost the implementation of the policy for investing in mutual funds via the tax-deferred individual pension account. The Economic Daily: I have some questions for Vice Governor Fan Yifei. Rumor has it that paper currency may be infectious. How do you ensure the safety and hygiene of paper currency we use? People have found the convenience of non-cash payment during the outbreak. What would you do next to make the most of mobile payment to make life easier for consumers? Thank you. Fan Yifei: How to ensure the safety and hygiene of paper currency has concerned us since the outbreak, and we have taken some measures to address this issue. First, we have worked to insure the supply of new banknotes. Before January 17, the PBC transferred nearly RMB 600 billion of new banknotes across China and issued RMB 4 billion to Wuhan before the Chinese New Year, strengthening the sense of security among bank staff and consumers handling the cash business. Second, we have properly transferred new banknotes in a scientific approach. We have suspended cross-province cash transfers and in-province transfers in selected seriously affected regions to reduce people flows and the risk of infection in transit, and curb transmission. Third, we have endeavored to ensure safety and controllability during the receipt and issuance of paper currency. We require commercial banks to handle cash business in a two-faceted approach. For payment of cash, they should use new currency as much as they possibly can. For receipt of cash, such as those from hospitals and farm produce markets, they should process them in a special approach, separately seal and store them and submit them to the PBC after sterilization. Such cash cannot to be used for payment. In addition, we have issued the Opinion on Increasing Safety to Use Cash during the Outbreak, requiring PBC branches, sub-branches and commercial banks to adopt a classified management approach and introduce differentiated prevention and control measures against the epidemic to ensure the safety to use cash. Cash received from seriously affected regions should be sterilized through ultraviolet or high temperature and stored for at least 14 days before being launched to the market. Cash received from regions not seriously affected should be sterilized and stored for at least 7 days before launch. These measures have proved effective. We will do whatever it takes to ensure people can use sterilized cash safely. Next, we will further accelerate the development of mobile payment, which has been fast so far. Over the past three years, CAGRs of mobile payment in terms of volume and value rose by 83.5% and 39% respectively, indicating China is at the vanguard of electronic payment. Some new developments have been seen in regions recently. For example, the so-called "non-contact basket" program allows consumers to place orders and make payments on their mobile phones for fresh and affordable food and vegetables, with no need to go out. This has addressed a big problem for common people during the outbreak. In the future, more measures will be taken to encourage online banking and mobile banking to offer around-the-clock services like financial investment, payment of utility bills, and online shopping. The Yunshanfu App offers online payment services such as fund transfers, free credit card repayment, adding credit of mobile phone and payment of utility bills, and enables balance queries with 610 banks across China and credit card bill queries with nearly 150 banks. We will continue to do so in the future. Thank you for your questions. Market News International: I have a question for Mr. Xuan. Could you brief us on the expectations of China's balance of payments amid uncertainties in imports and exports? Xuan Changneng: China's balance of payments has remained in a basic equilibrium in recent years, reflecting the outcomes of deep economic structural optimization and the reform and opening up policy. Our BOP will not change under the impact of COVID-19 epidemic, which is expected to be short-lived. On the one hand, along with domestic economic growth and structural optimization and adjustment, China's current account has found a stronger equilibrium, with the ratio of its surplus to GDP kept within a reasonable range in recent years. The SAFE released yesterday the preliminary data on last year's Balance of Payments, recording a surplus of USD 177.5 billion under the current account, which accounted for 1.2% of China's GDP. On the other hand, with our dedication to reform and opening up, our economic performance has stayed stable, opening-up has been deepened, mid and long-term foreign capital has flown in steadily and cross-border capital flows have remained in equilibrium. The impact of the epidemic will be short-lived and limited. Our balance of payments will remain in a basic equilibrium in the future, based on a solid foundation and favorable conditions. First, the current account is expected to record a slight surplus, based on the following: first, China's manufacturing supply chain is complete and its transformation and upgrading is being accelerated, with relevant products still competitive in global markets. The phase one deal signed by the US and China will support trading between the two sides, boost global confidence in trade, and thus help stabilize China's foreign trade. Second, the deficit under China's trade in services has remained stable in recent years, indicating the changes in residents' consumption concepts and China's improving soft power. This trend will continue in the future. Third, with the outward investment structure continuously optimized, China has witnessed increasing returns on outward investment, so its ROI is expected to improve gradually. Fourth, the savings rate remains above 40%, making China one of the global leaders again, which is favorable for keeping receipts and payments under the current account within a reasonable range. Second, China's cross-border capital flows will stay stable, based on the following: first, the short-term impact from the epidemic will not change our fundamentals of sustaining sound and high-quality economic growth over the long term. The domestic business environment will improve, which is favorable for stabilizing mid and long-term capital inflows like direct investment, which is expected to remain in surplus. Second, the financial sector will be opened wider steadily, making it attractive to foreign investors and favorable for maintaining net capital inflows under portfolio investment. The opening of the bond market will attract institutions such as foreign central banks to allocate RMB assets in the mid and long term. Hence the stability will be highly ensured. Third, the external debt structure has been optimized. In recent years, external debt has increased as foreign investors increased their holdings of bonds issued by China, and currency and maturity mismatch risks were mitigated, making external debt structure more robust than it was in previous years. Fourth, two-way fluctuations of the RMB exchange rate have delivered positive results in bolstering reasonable market expectations in recent years, with Chinese companies and individuals becoming more sensible in handling foreign exchange deals. Since the outbreak, the overall pattern of two-way fluctuations of the RMB exchange rate has remained unchanged, and the supply and demand on the foreign exchange market have remained in equilibrium, suggesting China's foreign exchange market is maturing, which is favorable for ensuring stable and orderly cross-border capital flows. Overall, China's balance of payments has remained in a basic equilibrium amid the complex and changing external environment, indicating strong adaptability of China's financial system and a robust foundation for maintaining internal and external equilibrium and stability of China's economy. Going forward, we are capable and confident of coping with the impact of internal and external disturbances to ensure the equilibrium and stability of China's balance of payments. Thank you. CBN TV: I have recently learned from a media report that this epidemic leaves acquisitions and IPOs plunging, so I wonder whether the impact of the epidemic has been assessed and how to deal with it in the future? Thank you. Yan Qingmin: As it is difficult to perform onsite due diligence, audit and assessment during the epidemic, part of stock issuance and M&As have been impacted. Therefore we have introduced some targeted measures, such as extending the timeframes for issuers to give feedback and for M&As. For reviews, we have worked to ensure three "as-usuals": first, verifying IPO approvals as usual; second, advancing review progress as usual; third, pushing ahead with M&A permission and acceptance as usual. Thank you. China Daily: At this critical moment, people may be concerned about handling financial businesses on the spot. Do banking and insurance institutions have any special measures in response? How do you protect them when they are handling financial and insurance businesses on the site? Thank you. Liang Tao: In the face of this epidemic, it is understandable that people are concerned about handling businesses on the site. How to address their concerns? The CBIRC has pushed banking and insurance institutions to meet people's financial needs by offering innovative services. The measures we have taken include: First, properly scheduling outlets' operations to ensure customers' basic financial needs are met. To support epidemic prevention and control, banking and insurance institutions make proper schedules for operating outlets, announcing in advance the outlets with businesses temporarily suspended or with operating time changed, and identifying nearby outlets that are operated as usual. On top of that, banking and insurance institutions ensure cleaning and sterilization of these outlets. They require their people to sterilize counters, ATM booths and self-service equipment more frequently, and repair self-service equipment in time to ensure secure, efficient and non-stop operation of such equipment. Second, ensuring smooth handling of online businesses. We guide banking and insurance institutions to step up promotion and functional optimization of online products, such as mobile banking, online banking, WeChat Bank and the Living Bill Platform. They offer 7×24 online financial services to minimize offline contacts and the risk of infection and meet customers' financial needs online, saving them from going out. Some banks significantly expand online lending, encouraging and guiding customers to apply for, use and pay loans online. They also enable online transfers, repayments, payments, balance queries, checking, printing of receipts and payroll services so as to mitigate the risk of cross-infection. Statistics from the China Banking Association show that online services of banking institutions have replaced 96% of offline services on average. Insurance institutions are also active in promoting online services for underwriting, renewal, preservation and claims settlement through mobile APP and WeChat official account, in a bid to provide seamless one-stop services with no contact and no risk. Insurance staff guide customers online to complete procedures of auto insurance renewal, preservation and claim settlement, enabling customers to experience the new face-to-face online services. Third, optimizing financial services for individuals. Many banks have introduced special policies for healthcare workers and epidemic control workers who have participated in epidemic prevention and control, stipulating that overdue personal loans and overdraft lines of credit during the outbreak will not be regarded as defaults, thus intensifying credit protection of people involved in epidemic prevention and control. For customers losing the source of income due to the epidemic, banks flexibly adjust the repayment deadlines for personal credit such as housing mortgages and credit cards, or rationally extend the maturity. Insurance institutions compensate customers infected with COVID-19 or incurring losses due to the epidemic as early as possible, if the claims they lodge are reasonable. They also have expanded insurance liabilities, including COVID-19 in the scope of insurance and protection, and relaxed restrictions on waiting period, deductibles, compensation ratio, and designated hospitals. Fourth, offering easy access. Banking and insurance institutions offer easy access to support epidemic control, requiring no queuing and allowing prioritized handling of remittances or transfers to affected regions. They offer accelerated and fast handling of urgent withdrawals to companies and individuals. They provide home and onsite handling for customers with special needs. They waive service fees for donations into special accounts or remittances and transfers of special funds in support of epidemic prevention and control. Thank you. Hu Kaihong: We will take two more questions as time is running out. Bloomberg News: I have some questions for Mr. Deputy Governor. Both the demand and supply sides are now under heavy pressure due to the outbreak. Will this put pressure on inflation? What measures will the PBC adopt to prevent surges in inflation and CPI, including PPI? My second question is about non-performing loans. Will banks' NPLs soar in all economic areas due to the epidemic? What measures should Chinese government authorities take in response? Will they strive to prevent large-scale layoffs and bankruptcy? Fan Yifei: As for inflation, since full resumption of work takes time, prices are under pressure from the demand side and other aspects. But the prerequisite of ensuring prudent monetary policy hasn't changed and will not change. We will take timely measures to address these issues and we are confident large-scale inflation will not happen in China. As for NPLs, Vice Chairman Yan Qingmin and Vice Chairman Liang Tao have mentioned that we will make adjustments to commercial banks' NPLs in the near future, allowing certain increase in NPLs. We are convinced that this problem will be properly solved. We have stepped up financial risk governance over the past two years. NPL is also a problem we are striving to solve. Overall, the NPL ratio is relatively low. Therefore, we have much room for adjustment compared with the rest of the world. We are confident that we will properly address this problem. CRI of China Media Group: Vice Chairman Liang Tao has just mentioned that many insurance companies have expanded the liability scope of liability insurance products like accident insurance and illness insurance to include compensation for deaths and injuries caused by COVID-19. I wonder how you will settle claims from COVID-19 patients? When will you compensate them? Could the CBIRC give some advice on how to select appropriate insurance products? Will the life protection scheme launched by many insurance companies against COVID-19 be implemented? Thank you. Liang Tao: Thank you for your questions, and thank you all for your attention to insurance. This suggests that your awareness of insurance is rapidly rising. Since the outbreak, insurance companies have supported epidemic control by offering easy access to claims settlement, expanding the protection liability of their products and donating insurance products. Figures will not be mentioned again here. Most of these insurance companies have lowered claims standards, relaxed restrictions on waiting period, deductibles, compensation ratios and designated hospitals, and simplified or canceled requirements on paper materials for claimants who have been infected with COVID-19. Instead, they settle claims online or through compensation in advance. For your first question, I'd say that a claim can be settled on the day it is lodged if the account information of the insured or the beneficiary is provided. Compensation for extended liability insurance or donated insurance could also be provided in time. For patients who are isolated for treatment, compensation in advance or relief funds would be provided. For specific way of compensation, please contact the call centers of insurance companies as their procedures may slightly differ. For your second question, I'd say that life insurance is a diversified and inclusive product to insure people's life or body against risks associated with one's subsistence, ageing, illness, death and disablement. The medical expenses for the treatment of COVID-19 will be partly reimbursed by the national basic medical insurance scheme and partly paid by government finance in the form of subsidies. So patients' medical expenses are guaranteed. Given this, we recommend that, based on their payment power or needs, consumers should buy medical insurance with wider coverage of illnesses, or buy critical illness insurance or life insurance to insure against critical illnesses or deaths, which may be costly or lead to household income losses. Let's move on to your third question. Some consumers are interested in special insurance products against COVID-19 as mentioned by some companies. But for lack of pricing data base and to protect consumers' interests, the CBIRC forbids insurance companies from developing such single liability products. Insurance companies have extended liabilities of more than 400 kinds of existing insurance products, as mentioned earlier, and they can cover risks of critical diseases, disability and death caused by COVID-19. For details, consumers can search for insurance companies' relevant announcements on their websites. Next, the CBIRC will continue to support and encourage insurance companies to extend insurance liabilities of existing products, donate, if possible, related insurance products to frontline workers battling the epidemic and step up policy execution and regulation. We will urge insurance companies to implement underwriting and claims settlement services. Meanwhile, we will boost product innovation and diversification of insurance liabilities to provide consumers with better insurance products and address their concerns. Thank you. Hu Kaihong: Another press conference is to be held here in the afternoon to introduce how to prevent and control the spread of the virus as people return from their new-year holiday. You are welcomed to attend the conference. For now, I have to conclude this conference here. Thank you. (The original text is available at www.china.com.cn) 2020-02-15/en/2020/0215/1637.html