To serve the real economy, prevent and control financial risks and deepen financial reform, the national financial work conference has just concluded, which has fully deployed our financial work in the current and future period. What is the situation and task of the development of China's financial industry? How to prevent and resolve financial risks? How should the financial sector play a better role in the structural reform of the supply side? In July 15th, this reporter interviewed relevant experts for the first time.
Take the initiative to prevent financial risks
Financial risks are generally controlled, but the hidden dangers are still not to be ignored
“This conference is held under the background of global economic growth slowing down and China's economy entering a new normal. It is of great significance and will have a profound impact on the reform, development and stability of China's financial industry.” Visiting Renmin University of China Chongyang Institute of Finance researcher Dong Ximiao said that in recent years, China's financial industry has achieved great development, but in the process of development has accumulated a certain problems and risks, to promote the need to combine the supply side structural reform, earnestly study and solve.
Financial safety is an important part of national security. This financial work conference emphasizes that preventing systemic financial risks is the eternal theme of financial work. We should take the initiative to prevent and resolve systemic financial risks in a more important position, scientifically prevent, identify early, early warning, early detection and early disposal, and strive to prevent and resolve risks in key areas, and strive to improve the financial safety line and risk emergency response mechanism.
The current financial risks in our country are generally controlled, but the hidden dangers of financial risks are still not to be ignored. Bank financial research center chief researcher Qiu Qing Gao said that the financial work conference stressed to prevent and defuse financial risks, is conducive to the various initiatives to further improve and deepen the comprehensive management of the financial risk early, to hold no systemic financial risks, maintain financial stability and security.
Market stability is the foundation of reform and development. We must resolutely prevent systemic financial risks and make finance better serve the real economy. This requirement is put into the capital market level to prevent market ups and downs. ”Said Yin Ten, chief analyst at Everbright Securities.
Debt risk is an important aspect of financial risk. The current deleveraging is steadily advancing. At the end of May this year, the asset liability ratio of Industrial Enterprises above designated size was 56.1%, down 0.7 percentage points compared with the same period last year. But in some parts of the industry, the problem of high leverage and government recessive debt still exists.
This meeting put forward that we should reduce the leverage of state-owned enterprises as the top priority and do a good job in dealing with zombie enterprises. The local Party committee and government should establish a correct view of achievements, strict control of local government debt increment, lifelong accountability, responsibility check.
Under the downward pressure of the economy, the risk of high leverage is more likely to be exposed. It is necessary to actively and steadily leverage the supply side according to the structural reform requirements of supply side, but it cannot be cut across the board. Nankai University Finance Development Research Institute Professor Tian Lihui thinks that de-leverage must adhere to the the principle of classification , precise measures and policies. He also said that we should let the zombie companies disappear and not let it firmly take up valuable financial resources while using market-oriented means law, revitalize the stock, incremental optimization.
Dong Ximiao believes that in the current and future period, China will continue to focus on prevention and control of financial risks as the focus of financial work, and constantly strengthen financial supervision and coordination, and promote institutional integration of regulatory and functional regulation, micro behavior supervision and macro prudential supervision.
The source of the return to the service of the entity economy
Allocation of more financial resources to key areas and weak links of economic and social development
In recent years, China's financial industry has achieved its own leap forward development in the process of continuing to serve the real economy, and the ability of the financial service entity economy has steadily improved. However, with the rapid expansion of the scale of the financial industry, there are some signs of breaking away from the real economy. To some extent, the financial industry has a tendency to go from real to virtual, and the quality and efficiency of the service entity economy need further improvement. At the same time, the problem of financing and financing is outstanding, which is not conducive to the current structural reform of the supply side.
The meeting proposed that the financial services to the real economy as the starting point and goal, to enhance the efficiency and quality of services, bring more financial resources to the economic and social development of key areas and weak links, to better meet people's real economy and the diversification of financial demand.
The meeting proposed that the financial services to the real economy as the starting point and goal, to enhance the efficiency and quality of services, bring more financial resources to the economic and social development of key areas and weak links, to better meet people's real economy and the diversification of financial demand.
The meeting proposed that the financial services to the real economy as the starting point and goal, to enhance the efficiency and quality of services, bring more financial resources to the economic and social development of key areas and weak links, to better meet people's real economy and the diversification of financial demand.
The service entity economy is the fundamental purpose of finance, and it is also the foundation of the existence and development of finance. Qiu Qing Gao said that in recent years, the development of shadow banking in China is fast, financial idling, off the virtual reality, the phenomenon of the rise, is not conducive to the sustainable development of the real economy and the transformation and upgrading, is not conducive to the healthy development of finance itself, the financial work conference stressed that the financial services to the real economy as the starting point and end point, is conducive to the development of financial reform, to provide stronger financial support for China's effective supply side structural reform.
At present, the overall financial structure of China is still dominated by indirect bank financing, and direct financing has become a short board that restricts the real economy of financial services. Ten India believes that improve the proportion of direct financing, will continue to promote the capital market system, to improve the system of the motherboard market, the positive development of the gem, the new board, to regulate the development of regional equity markets with qualified institutional investors and the OTC market. The development of the bond market create better conditions for the expansion of direct financing.
Finance is a service industry, and it needs to serve the real economy by optimizing the allocation of funds. Tian Lihui thinks that to better serve the real economy, financial institutions should highlight the main industry, and strengthen service, play its inherent price discovery, risk management, capital allocation and other advantages, and resolutely prevent off the virtual reality, provide abundant supply of financial products for the real “thirsty” economy. He also said that insurance institutions should give full play to the advantages of large scale of insurance funds , long term and more stable sources, and play stabilizer and booster of the real economy as a role .
At the same time, service for the real economy is also a fundamental measure to prevent financial risks and ensure the sustained and healthy development of finance itself.
Dong Ximiao introduced that nearly half a century of the history of the global financial crisis, influenced economy is almost destroyed, the reason lies in the inherent flaws of these countries or regions of the financial system, financial innovation and the development of long-term off the real to the imaginary, from the nature of the service of the real economy.
the real economy is a source of water to the financial industry .Without water , the problem will arise sooner or later. Shanghai University of Finance and Economics professor Hu Yijian said, from the perspective of economic development, financial and real economy is symbiotic and mutually promoted. Without the foundation of the real economy, the financial sector will swallow the consequences of self expansion, in the meanwhile without the development of the financial industry, the real economy will lack vitality.
From the real economy, the financial industry, is a source of water, to the problem sooner or later. Shanghai University of Finance and Economics professor Hu Yijian said, from the perspective of economic development, financial and real economy is symbiotic and mutually promote, left the foundation of the real economy, the financial sector will swallow the consequences of self expansion, and no good development of the financial industry, the real economy will lack vitality.
Promoting the reform and opening up of the financial industry
Adhere to direct and indirect financing two hands and actively support the go out of the capital market
Financial reform is an important component of the comprehensive deepening of the reform, and it is also a concrete manifestation of the structural reform of the supply side in the financial field. Qiu Qing Gao introduced that to promote the reform of the financial sector under the new norm, to implement the new concept of development, to further optimize the monetary policy framework, to deepen the reform of financial supervision system, to improve the mechanism of marketization of interest rate and exchange rate formation mechanism reform, multi-level financial market system reform, financial institutions in the modern enterprise system reform and improve the small and micro, agriculture and financial innovation and the green financial service system.
In recent years, China's financial supervision system gradually perfect the guard against and defuse financial risks in our country, has made great development in financial institutions to promote compliance management, but with the increasing integration of China's financial institutions business trends, the possibility of cross-border cross financial risks has increased and the need to further upgrade the coordination mechanism of financial supervision is very urgent.
The financial work conference decided to establish the financial stability and Development Committee of the State Council to strengthen the macro Prudential Management and systematic risk prevention duties of the people's Bank.
Dong Ximiao believes that the establishment of the State Council financial stability and Development Committee is one of the important achievements of this meeting. Compared with the previous inter ministerial meeting of financial regulation coordination, the committee's functions are complete and the level is higher. Financial supervision and coordination will be one of its important tasks. At the same time, the people's Bank of China's responsibility for macro Prudential Management and systemic risk prevention has been strengthened.By strengthening financial supervision and coordination and promotion mechanism and deepening the reform of financial supervision system, we can optimize the financial risk supervision coverage, liquidity risk, to better cope with the financial institutions in the integrated management process may with credit risk, operational risk and prevention of leading to the full impact of the systemic risk of the economic and social development.
With a unified coordination mechanism, we can effectively prevent the Kowloon flood, fight the enemy separately situation, to prevent regulatory deficiencies or excessive regulation, effective and orderly guide capital to serve the real economy with the financial support to realize the dream of Chinese. Tian said .
Since the reform and opening up, the relationship between China and the global economy is becoming more and more closely. With the implementation of going out strategy, The Belt and Road initiative to promote, the service consciousness of national financial docking strategy are becoming more and more strongly strengthened. The financial work conference has put forward higher demands on how finance helps to deepen the reform and opening up.
Dong Ximiao believes that in opening, China will steadily promote the internationalization of RMB, accelerate interoperability with relevant countries and regions of the capital market, and actively support the capital market to go out, the expansion of two-way open financial institutions, to encourage domestic institutions to set up branches in foreign countries for overseas financial institutions to set up branches in China to provide development space. At the same time, we should gradually expand market access, expand investment scope, increase domestic and foreign financing support, and strengthen cross border regulatory cooperation, so as to facilitate eligible listed companies to go abroad.
