Since the People's Bank of China was founded, especially since the reform and opening up, great and profound changes have taken place in its system, function, status and role.
I. Establishment of the People's Bank of China and Establishment of the National Banking System (1948 to 1952)
1 948 65438+February1,People's Bank of China announced its establishment in Shijiazhuang, Hebei Province. The People's Government of North China issued a notice on the same day, saying that the RMB issued by the People's Bank of China will be used as the standard currency in unified circulation in North China, East China and Northwest China for all public and private payments and all transactions.
1February, 949, the People's Bank of China moved from Shijiazhuang to Beiping. 1949 In September, the China People's Political Consultative Conference passed the Organic Law of the Central People's Government of the People's Republic of China, which incorporated the People's Bank of China into the series of units directly under the Central People's Government in the State Council, accepted the guidance of the Financial and Economic Committee, kept close contact with the Ministry of Finance, and entrusted it with the functions of a national bank, undertaking the tasks of issuing national currency, managing the national treasury, managing national finance, stabilizing financial markets, and supporting economic recovery and development.
During the period of national economic recovery, the People's Bank of China, under the unified leadership of the Central People's Government, set out to establish a unified national banking system: first, establish an independent and unified monetary system to make RMB a functional currency circulating in China and coordinate various economic departments to control inflation; Second, quickly establish branches, form a national banking system, take over bureaucratic capital banks, and rectify the private financial industry; Third, implement financial management, divert hot money, crack down on the black market of gold, silver and foreign currencies, abolish the privileges of foreign banks in China, prohibit the circulation of foreign currencies, and uniformly manage foreign exchange; The fourth is to carry out deposit, loan, remittance and foreign exchange business, promote the exchange of materials between urban and rural areas, and prepare for the national economic construction.
By the end of the national economic recovery period from 65438 to 0952, the People's Bank of China, as the national bank of People's Republic of China (PRC), had established a national vertical leadership organization system. Issue RMB in a unified way, and gradually redeem the currency issued by the liberated areas. All the currency issued by the Kuomintang government is clearly marked and cashed within a time limit, which will soon make RMB a unified national currency; Unified management of various financial institutions. The People's Bank of China made full use of currency issuance and monetary policy, implemented cash management, carried out "absorbing deposits, building vaults, and flexibly allocating funds", and adjusted the supply and demand of money in the market by means of savings discount and deposit interest rate, which reversed the chaotic financial market in the early days of the founding of New China and finally stopped the hyperinflation left over by the Kuomintang government for 20 years. At the same time, according to the principle of "giving consideration to public and private interests, benefiting both employers and employees, helping urban and rural areas and exchanging needed goods", the flexible allocation of funds has supported the rapid growth of the state-owned economy and moderately increased loans to the private economy and the individual economy; It has promoted the exchange of materials between urban and rural areas and made great contributions to the stability of the RMB value and the recovery and development of the national economy.
Two. National Bank in Planned Economy Period (1953 to 1978)
Under the unified planning system, the top-down people's bank system has become the basic means for the state to absorb, mobilize, concentrate and distribute credit funds. With the acceleration of socialist transformation, the private financial industry has been brought into the track of public-private joint banks, forming a centralized and unified financial system. The People's Bank of China, as a national financial management and currency issuing institution, is not only a state organ in charge of finance, but also a state bank in comprehensive banking business.
In line with the highly centralized banking system, a centralized and unified comprehensive credit plan management system has been established since 1953, that is, the national credit funds, regardless of the source or use of funds, are uniformly controlled by the head office of the People's Bank of China, and the management mode of "unified deposit and unified loan" is implemented. The bank credit plan has been incorporated into the national economic plan and has become an important means for the state to manage the economy. The highly centralized national banking system provides comprehensive financial supervision and services for the country's large-scale economic construction.
The People's Bank of China is responsible for organizing and regulating the currency circulation, uniformly operating various credit businesses, and has the functions of comprehensive reflection and monetary supervision in the implementation of the national plan. Banks provide over-quota working capital loans, seasonal loans and a small amount of major repair loans to state-owned enterprises, part of production working capital loans to urban and rural collective economy, individual economy and private economy, and production loans, rations loans and other living loans to poor rural farmers. This system of long-term funds belonging to finance, short-term funds belonging to banks, free funds belonging to finance, paid funds belonging to banks, fixed funds belonging to finance and over-limit funds belonging to banks continued until 1978. Although there have been several changes during this period, the basic pattern has not changed much.
Three. Transition from National Bank to Central Bank System (1979 to 1992)
1979 1 In order to strengthen the support for the rural economy, the Agricultural Bank of China was restored. In March of the same year, in order to adapt to the new situation of opening to the outside world and the development of international financial business, China Bank was reformed, and China Bank became a national designated foreign exchange professional bank; At the same time, the State Administration of Foreign Exchange was established. Later, the domestic insurance business was resumed and China People's Insurance Company was re-established. Trust and investment companies and urban credit cooperatives have also been established in various places to diversify financial institutions and services.
With the development of economy and the increase of financial institutions, it is urgent to strengthen the unified management and comprehensive coordination of the financial industry. The People's Bank of China will assume the responsibilities of China's central bank, which has become an urgent issue to improve the financial system and better develop the financial industry. 1In July, 982, the State Council approved the report of the People's Bank of China, further emphasizing that "China People's Bank is the central bank of China, and it is a state organ that manages the national finance under the leadership of the State Council", and thus began the preparatory work for establishing a special central banking system.
1983 17 In September, People's Republic of China (PRC) and the State Council decided that the People's Bank of China should exercise the functions of the central bank exclusively, and stipulated the responsibilities of the People's Bank of 10. From 10 to 65438+65438 0984+ 1 in October, the People's Bank of China began to exercise the functions of the central bank, focusing on studying and implementing the macro-decision of the state's finance, strengthening the total credit control and the fund regulation of financial institutions, and maintaining monetary stability; At the same time, the newly established Industrial and Commercial Bank of China, the industrial and commercial credit and savings business previously undertaken by the People's Bank of China, is managed by the Industrial and Commercial Bank of China; The business of the branches of the People's Bank of China shall be led vertically; Establish the Council of the People's Bank of China as a coordinating decision-making body; The deposit reserve system and the central bank's loan system for specialized banks were established, and the basic framework of the central bank system was initially determined.
In the initial stage of China People's Bank's professional central bank function, with the deepening of the national economic system reform and the rapid economic development, China People's Bank constantly reformed its mechanism, enlivened its finance, developed its financial market, and promoted the innovation of its financial system to meet the needs of various financial institutions, financing channels and credit instruments. The People's Bank of China strives to explore and improve the means and methods of macro-control. On the basis of perfecting the means of planning and control, we will gradually control the credit and money supply by means of interest rate, deposit reserve ratio and central bank loans, so as to achieve the effect of "macro-control, micro-invigorating and striving for progress while maintaining stability". In the process of stopping "credit expansion" and "economic overheating" and promoting economic restructuring, the ability to adjust the economy by using monetary policy has been initially cultivated.
Fourth, gradually strengthen and improve the modern central banking system (1993)
65438-0993 According to the State Council's decision on financial system reform, the People's Bank of China further strengthened its responsibilities in financial regulation, financial supervision and financial services, and transferred its policy business and commercial banking business.
1On March 8, 1995, the National People's Congress passed the Law of the People's Republic of China on the People's Bank of China, which established the status of the People's Bank of China as a central bank for the first time in the form of national legislation, marking the legalization and standardization of the central banking system and an important milestone in the construction of the central banking system.
1998 According to the deployment of the Central Financial Work Conference, the management system of the People's Bank of China was reformed, provincial branches were abolished and inter-provincial branches were established. At the same time, the Party Committee of the People's Bank of China was established to exercise vertical leadership over Party relations and vertical management over cadres.
In 2003, according to the Opinions on Deepening the Reform of Administrative Management System and Institutions deliberated and adopted by the Second Plenary Session of the 16th CPC Central Committee and the Institutional Reform Plan of the State Council approved by the First Session of the 10th National People's Congress, the supervision function of the People's Bank of China on banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions was separated and integrated with the related functions of the Central Financial Working Committee, and the China Banking Supervision and Management Committee was established. In September of the same year, the Central Organizing Committee formally approved the adjustment opinions of the People's Bank of China. On February 27th, 65438, the Sixth Session of the Standing Committee of the Tenth NPC deliberated and passed the Law of the People's Republic of China on the People's Bank of China (Amendment).
After the adjustment of financial supervision responsibilities, the new function of China People's Bank is formally expressed as "formulating and implementing monetary policies, maintaining financial stability and providing financial services." At the same time, it is clearly stipulated: "The People's Bank of China is a department of the State Council, the central bank of People's Republic of China (PRC), and the macro-control department that formulates and implements monetary policy, maintains financial stability and provides financial services under the leadership of the State Council." The change of this function is mainly manifested as "one strengthening, one transforming and two increasing".
"One strengthening" means strengthening the functions related to the formulation and implementation of monetary policy. The People's Bank of China should vigorously improve the level of monetary policy formulation and implementation, and flexibly use interest rates, exchange rates and other monetary policy tools to implement macro-control; Strengthen the research and formulation of money market rules, strengthen the supervision and monitoring of financial markets such as money market, foreign exchange market and gold market, pay close attention to relevant channels, policies and risk control measures between money market and real estate market, securities market and insurance market, and dredge the transmission mechanism of monetary policy.
"A change" refers to the change in the way of implementing macro-control of the financial industry and preventing and resolving systemic financial risks. In the past, it was mainly through direct control methods such as examination and approval of the establishment of financial institutions, business review, qualification examination of senior managers, supervision and guidance, etc., and it was changed to monitoring and evaluating the overall risk of the financial industry, the risk of financial holding companies and the risk of cross-cutting financial instruments, preventing and resolving systemic financial risks and safeguarding national economic and financial security; It will become a comprehensive study and formulation of relevant reform and development plans and opening-up strategies for the financial industry, promote the coordinated development and opening-up of the banking, securities and insurance industries in accordance with China's commitment to join the World Trade Organization, improve the international competitiveness of China's financial industry, and safeguard national interests; Change to strengthen research and formulate policies suitable for foreign exchange management to prevent the impact of international capital flows.
"Two increases" means adding two functions: anti-money laundering and credit management. The People's Bank of China organizes and coordinates the national anti-money laundering work, guides and deploys the anti-money laundering work in the financial industry, undertakes the responsibility of monitoring anti-money laundering funds, and participates in relevant international anti-money laundering cooperation. The People's Bank of China manages the credit industry and promotes the construction of social credit system.
These new changes have further strengthened the important role of the People's Bank of China, as the central bank of China, in implementing financial macro-control, maintaining monetary stability, promoting sustainable economic growth and preventing and resolving systemic financial risks. With the continuous improvement of the socialist market economic system, the People's Bank of China, as the central bank, will play a more prominent role in the macro-control system.