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62-686: The Shanghai Clearing House was established on 28 November 2009 and was recognized as a Qualified Central Counterparty by the People's Bank of China . Its founding shareholders were China Foreign Exchange Trade System (46.7 percent), China Central Depository & Clearing (33.3 percent), China Banknote Printing and Minting Corporation (10 percent), and China Gold Coin Inc. (10 percent). It provides services in central counterparty clearing, registration and custody, risk management and valuation, statistical information, and financial knowledge dissemination. In 2018,

124-580: A CCP Committee Secretary . Since 2023, the roles of Governor and CCP Committee Secretary have been held jointly by Pan Gongsheng . The bank was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. The headquarters was first located in Shijiazhuang , Hebei , and then moved to Beijing in 1949. Between 1950 and 1978

186-589: A Soviet -style command economy to a socialist market economy ( socialism with Chinese characteristics ), the plans since the 11th Five-Year Plan for 2006 to 2010 have been referred to in Chinese as "guidelines" ( Chinese : 规划 ; pinyin : guīhuà ) instead of as "plans" ( Chinese : 计划 ; pinyin : jìhuà ). Medium and long-term planning are central to coordinating state activity across many policy areas in China and China's Five-Year Plans are one of

248-567: A greater focus on consumer goods. It called for enhancing "eating, clothing, and daily use" items ( chi, chuan, yong ). During discussions of the Third Five Year Plan, Mao acknowledged that during the Great Leap Forward, "We set revenue too high and extended the infrastructure battlefront too long," and that it was "best to do less and well." The Plan ultimately called for the prioritization of national defense in

310-514: A new phase, one of exploration and development. In April 1979, the central government formally put forward new principles of readjustment, reform, rectification and improvement. According to China Daily , the 6th Plan was first planned as part of the "Ten Year National Economic Development Plan Outline for 1976–1985" until the State Council decided to redraft the country's mid- and long-term plans in 1980. The 1982 national planning meeting

372-729: A series of social and economic development initiatives issued by the Chinese Communist Party (CCP) since 1953 in the People's Republic of China . Since 1949, the CCP has shaped the Chinese economy through the plenums of its Central Committee and national party congresses . Planning is a key characteristic of the nominally socialist economies , and one plan established for the entire country normally contains detailed economic development guidelines for all its regions. In order to more accurately reflect China's transition from

434-549: Is a stub . You can help Misplaced Pages by expanding it . People%27s Bank of China The People's Bank of China (officially PBC and unofficially PBOC ) is the central bank of the People's Republic of China . It is responsible for carrying out monetary policy as determined by the People's Bank Law and the Commercial Bank Law. The PBC was established in 1948 and became China's sole central bank after

496-851: Is required to implement the policies of the Chinese Communist Party (CCP). It operates under the direction of the CCP's Central Financial Commission . The CCP committee secretary of the PBC is the most powerful position in the bank and can hold more sway than the governor. The current CCP committee secretary is Pan Gongsheng. The PBC has branches in each 31 provincial-level administrative divisions in China, branches in five cities (Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen), and 317 branches in prefecture-level divisions . It has 6 overseas representative offices (PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of

558-567: The Bank of China (BOC). The People's Construction Bank of China , which had been run separately under the Ministry of Finance, was also made autonomous (and later renamed China Construction Bank in 1986). In January 1984, the PBC's own commercial banking operations were spun off as the Industrial and Commercial Bank of China (ICBC). In September 1983, the State Council had promulgated that

620-596: The CCP Central Committee in the fall prior to the start of a Plan period. More detailed plans are approved by the National People's Congress the following March. These plans establish national priorities and outline how they will be met. Administratively, the Plans result in the development of numerous specific action plans across different levels of administration. These programs evolve over

682-608: The Central Military Commission , and the full proposal for the plan was released following the plenum and approved by the National People's Congress on 14 March 2011. The plan shifted emphasis from investment towards consumption and development from urban and coastal areas toward rural and inland areas – initially by developing small cities and greenfield districts to absorb coastal migration. The plan also continued to advocate objectives set out in

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744-696: The State Council approved the consolidation of PBC's headquarters as a bureau within the Ministry of Finance . In that context, the PBC's head office was downsized to no more than eighty staff. Local PBC branches were correspondingly merged into local government finance departments. The institutional demotion of the PBC was reversed in March 1978 as it was separated from the Finance Ministry and granted ministerial ranking. By then and with

806-443: The founding of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the Ministry of Finance . The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended

868-465: The great sparrow campaign , which led to an infestation of locusts, as well as unprecedented natural and weather based issues, caused a huge decrease in food production. Simultaneously, rural officials, under huge pressure to meet their quotas, vastly overstated how much grain was available. Thus, a massive nationwide famine ensued. The policies of the Second Plan's Great Leap Forward departed from

930-542: The president .The deputy governors of the PBC are appointed to or removed from office by the premier. The PBC adopts the governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to the governor to fulfill his or her responsibility. The current governor is Pan Gongsheng . Deputy governors of the management team include: Zhu Hexin , Zhang Qingsong , Xuan Changneng , Lu Lei , and Tao Ling . The PBC does not have central bank independence and

992-580: The " Made in China 2025 " plan. The 14th Five-Year Plan was drafted during the fifth plenum of the 19th Central Committee held from 26 to 29 October 2020. Han Wenxiu, the deputy director of the Office of the Central Finance and Economic Commission, said CCP general secretary Xi Jinping had personally led the drafting process through multiple meetings of the Politburo, its standing committee, and

1054-423: The 10th Five-Year Plan. The 11th Five-Year Plan introduced a new category of "binding targets" ( yueshuxing zhibiao ) intended as government promises. These binding targets have since been used especially in non-economic policy areas like environmental protection and land management. Of 22 targets listed in the 11th Five-Year Plan, eight of them were binding targets. These binding targets were incorporated into

1116-584: The 1976–1985 Ten Year Plan Outline of Developing National Economy (Draft) in 1975, which included the 5th Five-Year Plan. In March 1978, the Ten Year Development Outline was amended because the original version in 1975 stipulated that by 1985, steel and petroleum outputs should reach 60 and 250 million tons respectively, and 120 large projects, including 10 steel production bases, nine non-ferrous metal bases, eight coal bases and 10 oil and gas fields, should be built. To achieve these goals,

1178-597: The CPC had determined that gross value of agricultural products should increase 270%; in fact, the gain was a considerably more modest 35%. The country saw increases in capital construction over those observed during the first Five-Year Plan and also saw significant increases in industry (doubling output value) and income (workers and farmers, increase by as much as 30%). However, the Great Leap Forward , which diverted millions of agricultural workers into industry, and

1240-558: The Conference of CCP Delegates convened to adopt the "Proposal for the Seventh Five Year Plan" which was set to begin in 1986. The proposal demonstrated a shift from direct government control over enterprises to using indirect macroeconomic controls to "establish a new system for the socialist economy." In March 1986, the State Council submitted "The 7th Five Year Plan for National Economic and Social Development of

1302-514: The Eleventh Five-Year Plan to enhance environmental protection, accelerate the process of opening and reform, and emphasize Hong Kong's role as a center of international finance. It prioritized more equitable wealth distribution, increased domestic consumption, and improved social infrastructure and social safety nets. Improvements in the social safety net were intended to reduce precautionary saving . The plan sought to expand

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1364-541: The First Five-Year Plan was quite successful, especially in those areas emphasized by the Soviet-style development strategy. During this Plan period, China began developing a heavy-industrial base and brought its industrial production above what it had been prior to war. China also raised its agricultural production to above prewar levels, resulting primarily from gains in efficiency brought about by

1426-643: The PBC as of 2012: The PBC is active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion. The head office building of the PBC, on West Chang'an Avenue , was constructed in 1987–1990 on a design by a team of architects led by Zhou Ru. While its materials are modern, its shape refers to two traditional Chinese motifs, namely yuanbao ingots and "wealth vases" ( Chinese : Jùbǎopén ) from Chinese folklore. Five-year plans of China The Five-Year Plans ( Chinese : 五年计划 ; pinyin : Wǔnián Jìhuà ) are

1488-710: The PBC elevated its branch in Shanghai to the status of "second head office", in a move intended to mirror the prominent market-facing role of the Federal Reserve Bank of New York within the US Federal Reserve System . In 2006, the PBC established the Credit Reference Centre to provide financial credit reporting. In 2008, the PBC lost the direct ownership stakes it had built up in much of China's financial sector as

1550-400: The PBC had 1,761 such branches at the end of 2021. The PBC is a cabinet -level executive department of the State Council . The top management of the PBC are composed of the governor and a certain number of deputy governors. The governor is nominated by the premier of the State Council , who is then approved by the National People's Congress or its Standing Committee and appointed by

1612-434: The PBC had to reluctantly concede the spinning off of its securities regulatory duties to the newly established China Securities Regulatory Commission , whose first chair was former PBC vice governor Liu Hongru . The bank's profile was greatly raised by the appointment of Zhu Rongji as its Governor in 1993, simultaneously as his role as Vice Premier in charge of economic and financial affairs. . Its central bank status

1674-490: The PBC in the Caribbean Development Bank). The PBC Monetary Policy Committee is an advisory body chaired by the PBC governor. It typically includes the directors and deputy directors of other financial agencies, as well as a few influential academic economists. As of 2019 , the PBC consisted of functional departments (bureaus) as below: The following enterprises and institutions were directly under

1736-403: The PBC initiated supervision of significant financial holding companies . The PBC underwent through another major restructuring in 2023, with the abolition of the nine regional branches established in 1998, which had already seen their authority watered down by a change in 2004 that had returned authority to the PBC's branches at the provincial level and further changes in 2018. Additionally,

1798-487: The PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. The nine branches were located in Chengdu , Guangzhou , Jinan , Nanjing , Shanghai , Shenyang , Tianjin , Wuhan , and Xi'an , complemented by a sub-provincial network of city-level and county-level sub-branches. That same year, the so-called credit plan, a key feature of China's former state planning process,

1860-405: The PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations. All other banks within mainland China such as the Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies. From 1952 to 1955 government shares were added to private banks to make state-private banks, until under

1922-567: The PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities. Modernization efforts continued in the late 1980s and early 1990s. In 1990, the PBC moved into its new head office building, prominently located on West Chang'an Avenue . In 1991, vice governor Chen Yuan spearheaded the creation of the Electronic Interbank System (EIS), the PBC's first state-of-the-art financial market infrastructure . In 1992, however,

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1984-459: The PBC's county-level branches were absorbed by city-level branches. The new branches were inaugurated on August 18, 2023. The oversight over financial holding companies and financial consumer protection was also transferred from the PBC to the newly established National Financial Regulatory Administration (NFRA). Around 1,600 county-level branches of the PBC are planned to be absorbed to the NFRA;

2046-406: The PBC's longstanding role in financial supervision . The PBC is the 25th-ranked of 26 ministerial-level departments of the State Council . The PBC lacks central bank independence and is required to implement the policies of the Chinese Communist Party (CCP) under the direction of the party's Central Financial Commission . The PBC is led by a Governor assisted by several Deputy Governors and

2108-1022: The People's Republic of China, 1986–1990" to the Fourth Session of the Sixth National People's Congress for review and ratification. It was the first time in China's history that an all-round plan for social and economic development was created at the start of a new five-year plan. The national goals of the Plan included speeding up development on the coast, with inland regions role's being to "support and accelerate coastal development." During this Plan period, different regions of China were encouraged to develop by leveraging their respective advantages. Coastal regions were instructed to focused on "the restructuring of traditional industries, new industries, and consumer goods production." Western regions were to focus on processing and agriculture. In central regions, energy, construction, and minerals were

2170-444: The Plan, considerable success was achieved. In 1977, the gross output value of industry and agriculture reached 505.5 billion yuan, 4.4% above-target and representing an increase of 10.4% compared with the previous year. Gross domestic product for 1978 reached 301 billion yuan, an increase of 12.3% compared with 1977, and an increase of 19.4% compared with 1976. However, during this period, the Chinese economy developed too quickly, and

2232-501: The United States would ultimately invade China. Support among leadership for Mao's proposed Third Front construction increased as a result and changed the direction of the Third Five Year Plan. The Fourth Five Year Plan sought decentralization and prioritized "small scale, indigenous, and labor intensive" development projects over "large scale, foreign, and capital intensive" development. The central government stipulated

2294-490: The approach in the Soviet-inspired First Plan, which stressed central command and extensive planning. Instead, the approach entailed local areas marshalling all available resources for large projects. In 1960–61, attempts were made to redirect twenty million workers into agricultural production and to reallocate investment into those industrial sectors that could further support agriculture. This shift

2356-476: The approach in the first Five-Year Plan was for the government to buy them out, including through coercing reluctant sellers if necessary. Government control over industry was increased during this period by applying financial pressures and inducements to convince owners of private, modern firms to sell them to the state or convert them into joint public-private enterprises under state control. The Plan strained agricultural production. In terms of economic growth,

2418-415: The course of the plan period. As academic Sebastian Heilmann observes, this process is best viewed as a planning coordination and evaluation cycle rather than a unified blueprint. China's Five-Year Plans have been praised for their efficiency, capabilities and their importance to rapid economic growth, development, corporate finance and industrial policies . Having restored a viable economic base,

2480-674: The creation of Central Huijin Investment , a PBC-managed fund that allowed the PBC to take the lead from the Ministry of Finance on the restructuring process and from the CCP Central Organization Department on the appointment of senior bank executives. That same year, however, the PBC reluctantly lost its direct authority over banking supervision with the creation of the China Banking Regulatory Commission . In 2005,

2542-498: The criteria for local cadre performance evaluations. The Plan also reflected a change in terminology to the allocation of administrative resources via "programs" rather than "plans." The Twelfth Five-Year Guideline was debated in mid-October 2010 at the fifth plenary session of the 17th Central Committee of the Chinese Communist Party , the same session in which Xi Jinping was selected as Vice Chairman of

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2604-535: The drafting panel that he headed. The Plan was drafted against the backdrop of worsening China–United States relations and the COVID-19 pandemic , which caused China's economy to shrink in the first quarter of 2020 – the first time in 44 years. Continuing themes from the prior two plans, the Fourteenth Five-Year Plan also seeks to boost the services sector, increase urbanization, and expand

2666-498: The exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit. In 1979, China initiated a transition from that single-tier banking system to a two-tier system, which was largely completed by 1984. In March 1979, as part of the Chinese economic reforms , the State Council split off state-owned banks from the PBC, first the Agricultural Bank of China (ABC) and

2728-579: The first Five Year plan from 1955 to 1959 the PBC had complete control of the private banks, making them branches of the PBC, closely resembling the vision of Vladimir Lenin . With aid from the Soviet Union , the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style planned economy . During the Cultural Revolution , the PBC suspended its commercial banking service. In June 1969,

2790-563: The focus on developing industry, northeast China was the region which received the greatest share of state funds during the First Plan. The First Five-Year Plan phrased its developmental focus in the terminology of revolution. It attributed the backwards state of China's economy to contradictions between the developing productive forces and the capitalist relations of production . Agriculture, fishing, and forestry would be collectivized. Regarding commercial and services industries,

2852-533: The focus. During the 10th Five-Year Plan, the strategic purpose of planning shifted from narrow, quantitative growth targets to coordinating structural and qualitative changes in economic and social growth targets. The Plan described science, technology, and human resources as decisive areas to improve for China to catch-up with the most advanced countries. Focuses included growing the services sector, developing domestic economic demand, rural urbanization, and western development. Environmental sustainability

2914-399: The government would invest 70 billion yuan in infrastructure construction, equaling total national investment over the previous 28 years. These were impossible targets and ran counter to economic development rules. The Plan put forward suggestions to set up an independent and comparatively complete industrial system and national economic system from 1978 to 1980. With the implementation of

2976-456: The leadership under Chairman Mao Zedong , Premier Zhou Enlai , and other revolutionary veterans sought to implement what they termed a socialist transformation of China. The First Five-Year Plan was deeply influenced by Soviet methodologies and assistance from Soviet planners. Industrial development was the primary goal. With Soviet assistance in the form of both funds and experts, China began to develop industries from scratch. Consistent with

3038-617: The legal status of online third-party payment platforms like Alipay . Prior to the 2010 measures, these services existed in a legal grey area. In 2015, the PBC hosted China's first formal deposit insurance scheme. In 2019, this scheme was reorganized as a subsidiary of the PBC, the Deposit Insurance Fund Management Company. Meanwhile, in 2017, the PBC was tasked with the secretariat of China's newly established Financial Stability and Development Committee chaired by Vice Premier Liu He . In 2020,

3100-450: The light of a possible big war, actively preparing for conflicts and speeding up construction in three key areas; national defense, science and technology, and industry and transport infrastructure. The turn towards a greater emphasis on developing heavy industries and national defense industries was prompted by the Gulf of Tonkin incident , which increased fears among Chinese leadership that

3162-481: The most prominent examples of this approach. Through the Five-Year Plans, the CCP and the government establish their policy priorities. Five-Year Plans continue to be a central means of organizing policy in China, especially in the areas of environmental protection , education , and industrial policy . The initial formulation of a Five-Year Plan begins with fairly short, general guidelines prepared by

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3224-676: The ownership of Central Huijin was transferred to the China Investment Corporation (CIC), a newly created sovereign wealth fund . During the Great Recession , the PBC helped address bank liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on the renminbi . As of 2021 , China has swap agreements with 40 countries. In 2010, the PBC issued administrative measures regarding online non-financial payment services . These measures retroactively recognized

3286-679: The proprietary accounts of its clearing members that are U.S. persons or affiliates of U.S. persons, by exemption granted by the Commodity Futures Trading Commission . As such, it is not registered as a derivatives clearing organization (DCO). The Shanghai Clearing House is a member of the CCP Global , the global association of clearing houses, which was itself registered in Shanghai in 2015 and opened an office there in 2017. This China -related article

3348-401: The reorganization and cooperation achieved through cooperative farming. Although urbanization had not been a specific goal of the plan's focus on industrialization, industrialization also prompted extensive urban growth. By 1956, China had completed its socialist transformation of the domestic economy. This plan was created to accomplish several tasks, including: The Political Bureau of

3410-586: The services industry in order to increase employment and continue urbanization to help raise real wages . Continuing themes from the Twelfth Five-Year Plan, the Thirteenth Five-Year Plan also sought to boost the services sector, increase urbanization, and expand the social safety net to reduce precautionary savings. It also emphasized innovation, the completion of building a moderately prosperous society , and started

3472-623: The total clearing volume on the Shanghai Clearing House reached 4.6 million, 31 percent up on the previous year, for an amount of RMB 349.5 trillion, up 32 percent. In the European Union, the Shanghai Clearing House was recognized as a third-country central counterparties by the European Securities and Markets Authority on 3 October 2022. In the United States, it is authorized to clear swaps for

3534-413: The very high goals triggered the onset of yet another round of mistakes. In December 1978, the 3rd Plenary Session of the 11th Central Committee of the Chinese Communist Party shifted the work focus of the CCP to modernization. The Session emphasized that the development should follow economic rules and proposed readjustment and reform measures, which indicated that national economic development had entered

3596-475: Was again mainly focused on the drafting of the Plan. It was only in December that year that the fifth meeting of the 5th National People's Congress officially ratified the Plan. The Sixth Five-Year Plan was the first to address government policy support for solar PV panel manufacturing. Policy support for solar panel manufacturing has been a part of every Five-Year Plan since. In late September 1985,

3658-407: Was also addressed. Goals included increasing forest coverage to 18.2%, and the urban green rate to 35%. The total amount of major urban and rural pollutants discharged were targeted for a 10% reduction as compared with 2000, and more measures would be taken to protect and save natural resources. The planning philosophy for the 11th Five-Year Plan was significantly shaped by a mid-term evaluation of

3720-502: Was also in sharp contrast to the rapid industrialization seen in the First Five-Year Plan. The Third Plan was originally due early in 1963, but at that time China's economy was too dislocated, as a result of the failure of the Great Leap Forward and four poor harvests to permit any planned operations. No five-year plan ultimately covered the period 1963–1965. As initially conceived, the Third Five Year Plan emphasized further development in China's already more developed coastal areas and

3782-524: Was finally abandoned, allowing the PBC to play a genuine role as monetary policy authority. In 2003, the Standing Committee of the National People's Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services. That year, the long overdue restructuring of China's banking sector made major progress with

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3844-402: Was legally confirmed on March 18, 1995, by the 3rd Plenum of the 8th National People's Congress , and was granted a higher degree of autonomy than other State Council ministries by an act that year. In 1996 and 1996, the PBC established fundamental regulations on loans and consumer credit. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and

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