CCTV News: The State Council Information Office held a series of press conferences on "The Achievements of China's High-Quality Economic Development" on January 14 to introduce the relevant situation of financial support for high-quality economic development.

Zhang Wenhong, head of the Survey and Statistics Department of the People's Bank of China, pointed out that money supply is the sum of financial instruments that undertake circulation and payment methods at a certain point in time, and is an important indicator of financial statistics and analysis. The People's Bank of China has always attached great importance to adjusting the statistical scope of money supply based on the development of economy and finance and the changes in liquidity of financial instruments. my country's money supply statistics have undergone four major adjustments since its establishment. In recent years, my country's financial market and financial innovation have developed rapidly, the liquidity of financial instruments has undergone major changes, and the scope of financial instruments that meet the statistical definition of M1 has also changed. It is necessary to consider dynamic optimization of the statistical caliber of M1.

Zhang Wenhong introduced that the optimization of the M1 statistical caliber is based on the current M1, and further incorporates personal demand deposits and non-bank payment institutions customer reserve funds. Regarding personal demand deposits, when the M1 statistics were created, my country did not have a personal bank card, and there was no mobile payment system. Personal demand deposits could not be used for instant transfers and payments, so they were not included in the statistical caliber of M1 at that time. With the rapid development of payment methods, personal current deposits have the function of transfer payment, and people can use them to pay at any time without withdrawing cash. The liquidity is similar to the unit current deposit, and it should be included in M1. Regarding the reserve funds of non-bank payment institutions customers, such as everyone's WeChat wallet, Alipay balance, etc., can be directly used for payment or transactions, and has strong liquidity and should also be included in M1. From an international perspective, the statistical scope of major economies M1 mostly includes personal deposits of current nature and other high-liquidity payment tools.

Zhang Wenhong said that financial statistics are an objective reflection of financial operation, and the determination of statistical indicators should be based on scientificity and effectiveness to provide information support for policy decisions. After calculating historical data, we found that the correlation between the revised M1 data and economic growth indicators has been enhanced, and the stability has also improved. The People's Bank of China will continue to maintain the transparency of statistical data, and will start counting M1 in the revised caliber starting from January this year, and is expected to be announced to the public in early February. At the same time as the first announcement, the revised M1 balance and growth rate since January last year will also be announced.