Zhou Xiaochuan (1st R), China's central bank governor, speaks at a news conference on China's currency policy and financial reform held by the first session of the 12th National People's Congress (NPC) in Beijing, capital of China, March 13, 2013. [Xinhua]

Zhou Xiaochuan, Governor of the People's Bank of China (PBC), Liu Shiyu, Deputy Governor of PBC, Yi Gang, Director of the State Administration of Foreign Exchange and Deputy Governor of PBC, Pan Gongsheng, Deputy Governor of PBC jointly held a press conference during the first session of the 12th National People's Congress at the Multi-function Hall of Media Center at 3pm on March 13, 2013. (Watch the video)

 

Here are the highlights of the press conference:

 

? China to ensure online payment safety

The People's Bank of China called for more people to be alert of potential risks concerning online payment methods. About 40 percent of the 221 million people who use online payments regularly do not pay enough attention to safety, while 40 percent of consumers ignore possible risks when problems occur.

 

? 20 pct of local gov't financing vehicles vulnerable to risks

About 20 percent of China's local government financing vehicles are not profitable and thus are vulnerable to risks, said central bank governor Zhou Xiaochuan on Wednesday.

 

? PBC sees low NPL level for Chinese banks

Vice governor of China's central bank Pan Gongsheng on Wednesday dismissed concerns over bad loans given by Chinese lenders, adding that the banks' non-performing loans (NPL) remain low.

 

? China's gold reserves stand at 1,054 tonnes

Vice governor of the People's Bank of China (PBC) Yi Gang said Wednesday that the country's gold reserves now stand at 1,054 tonnes, adding that a massive increase is unlikely in the future.

 

? Central bank supports emerging Internet financing

China's central bank governor Zhou Xiaochuan said Wednesday that the bank is supportive of emerging Internet-aided financing models such as Alibaba's financing platform as they help bring challenges and competition to traditional sectors.

 

? Prudent, neutral monetary policy stressed

China's central bank governor Zhou Xiaochuan Wednesday reiterated that the country's monetary policy will stay prudent and neutral in 2013. China aims to keep its broad money supply (M2), which covers cash in circulation and all deposits, to grow at 13 percent this year and targets the inflation rate at 3.5 percent.

 

? Credit rating of railway bonds to remain intact

The credit rating of the bonds issued by the Ministry of Railways (MOR) will remain intact after the ministry's restructuring. The country's banks will continue to extend financial support to railway investment and will work out more comprehensive measures to support railway construction and investment.

 

? China to maintain policy stability, continuity

China's central bank governor Zhou Xiaochuan said Wednesday China will maintain the stability and continuity of those "good policies" no matter who becomes new governor of the People's Bank of China.

 

? China should remain on high alert for inflation

China's central bank governor Zhou Xiaochuan said Wednesday that China should remain on high alert for inflation and the bank will take measures, including monetary policy adjustments, to stabilize prices.

 

? Monetary measures to cool home prices to continue

Monetary policies to cool home prices in China will continue or even strengthen in the future. The measures include down payment rates, special interests rates for housing loans and other measures.