Moreover, we will thoroughly implement the guidelines of the Fifth Plenary Session of the 19th CPC Central Committee and the 2020 Central Economic Work Conference, practice the new development philosophy at the new development stage, focus on promoting high-quality development, and pursue financial supply-side structural reform as our main task, so as to build a modern central bank system.
Financial institutions, too, will inevitably have to reduce assets and risks, which had grown excessively relative to their capital bases. While balance-sheet adjustments are indispensable for the economy to return to a sustainable growth path, they will continue to exert chronic downward pressure on the economy during the adjustment process, as Japan's  BIS Review 144/2009  1  experience shows.