China is willing to work with all parties to jointly pursue steady and sustained progress in greater BRICS cooperation, Foreign Ministry spokeswoman Mao Ning said on Friday about the upcoming BRICS Summit.
The ministry announced earlier that Chinese President Xi Jinping will attend the 16th BRICS Summit in Kazan, Russia, from Oct. 22 to 24 at the invitation of Russian President Vladimir Putin.
"This year marks the first year of greater BRICS cooperation. This summit is the first being held after the expansion of BRICS and has attracted widespread attention from the international community. Since its establishment, BRICS countries have always upheld the spirit of openness, inclusiveness, and win-win cooperation. We have adhered to our original aspiration of solidarity and seeking strength through unity, stayed committed to safeguarding multilateralism, and became a positive, stable and good force in international affairs," Mao said.
"During this summit, President Xi will attend leaders' small-scale and large-scale meetings, as well as the BRICS Plus leaders' dialogue and deliver important speeches. President Xi will have in-depth exchanges with other leaders on the current international situation, BRICS practical cooperation, the development of the BRICS mechanism, and other important issues of common concern. China is willing to work with all parties to jointly pursue steady and sustained progress in greater BRICS cooperation, usher in a new era of unity and self-support for the Global South, and jointly promote world peace and development," said the spokeswoman.
China calls for joint efforts in advancing greater BRICS cooperation
China calls for joint efforts in advancing greater BRICS cooperation
China's recent roll out of a series of policies aimed at revitalizing the housing and capital markets has effectively bolstered public confidence, contributing positively to the steady operation of the economy and finance, said governor of China's central bank at a financial forum on Friday.
Pan Gongsheng, governor of the People's Bank of China (PBOC), made these remarks at the annual conference of the Financial Street Forum 2024 in Beijing, where he provided updates on a series of incremental monetary policies designed to support steady economic growth. "All four financial policies for the housing market have now been announced, including the adjustment to mortgage rates for existing loans, which represents a crucial policy benefiting the public. This change is expected to assist around 50 million households, reducing their annual interest payments by approximately 150 billion yuan (about 21 billion U.S. dollars)," Pan stated.
He referred to the four policies jointly released by the PBOC and the National Financial Regulatory Administration (NFRA) on Friday, which include improvements to the pricing mechanism for mortgage rates on commercial residential properties, lowering the minimum down payment ratio for commercial housing mortgages to no less than 15 percent for both first and second homes, optimizing refinancing policies for affordable housing, and extending certain financial policies related to the housing market.
Pan also highlighted two financial tools developed by the central bank to ensure the steady growth of the capital market.
"The PBOC has established a task force with the China Securities Regulatory Commission and the NFRA to work on the implementation of the two financial tools to support the stable growth of the capital market. The Securities, Funds, and Insurance Companies Swap Facility (SFISF) has begun accepting applications from financial institutions. The policy for the special re-lending facility aimed at facilitating stock buybacks and increasing shareholdings has been officially released and implemented today," said Pan.
The Securities, Funds and Insurance companies Swap Facility (SFISF), allows eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills. This initiative is expected to significantly enhance their access to funds and facilitate increased stock holdings. SFISF：
Additionally, the central bank introduced a special re-lending facility aimed at guiding banks to provide loans to listed companies and their major shareholders for stock buybacks and increasing shareholdings. The initial scale for this re-lending facility is set at 300 billion yuan (about 42 billion U.S. dollars), with an interest rate of 1.75 percent, applicable to various company types regardless of ownership.
"Since the launch of these policies, both domestic and international responses have been overwhelmingly positive. These measures have helped restore public confidence and have played a positive role in promoting the steady operation of the economy and finance," Pan noted.
The Financial Street Forum, established in 2012 on the 20th anniversary of the establishment of the Beijing Financial Street, aims to foster communication and collaboration within the financial sector and enhance the international standing of Beijing's financial community.
This year's edition, themed "Trust and Confidence: Work Together to Promote Financial Openness and Cooperate for Economic Stability and Development," is set to run from Friday to Sunday, featuring a main forum, parallel sessions, and global fintech discussions.
PBOC governor highlights policies to boost housing, capital markets
