How to promote the reform of the financial system during the period of economic transition

The financial system is an important basic system for economic development, and the value of financial institutions and financial markets lies in building a bridge between savers and enterprises at the optimal cost.

First, the role of innovation

(1) Innovation is the soul of a nation's progress, an inexhaustible driving force for a country's prosperity, and the deepest national endowment of the Chinese nation. In the fierce international competition, only the innovator advances, only the innovator is strong, and only the innovator wins. In today's era of rapid development, the spirit of innovation is particularly important.

(2) Only a country with an innovative spirit can make itself stand among the world's great powers. The market is ruthless, the competition is cruel, only by insisting on innovation, can individuals reflect value, enterprises can gain advantages, and the country can prosper and become rich and strong.

Second, the importance of economic reform

(1) Promote the overall improvement of economic and social development. In essence, all these new major breakthroughs are inseparable from the more mature posture of our socialist system with Chinese characteristics and the improvement of our socialist country's governance system and governance capacity.

(2) The contradictions and problems facing China's economic and social development are also more arduous and complex, and these contradictions and problems cannot be avoided but cannot be bypassed, and if they are not solved well, they may fall into the middle-income trap. Whether we can maintain sustained and healthy economic and social development and ensure that we will build a moderately prosperous society in an all-round way by 2020 as scheduled depends on whether we can take new major steps in reform and cross this big hurdle.

The first is to deepen the reform of state-owned financial institutions. We will promote the improvement of corporate governance by various types of state-owned financial institutions, such as state-owned commercial banks that have been restructured, accelerate the transformation of their operating mechanisms and growth patterns, and strengthen the management of grassroots institutions. Straighten out the transmission mechanism for the implementation of moderately loose monetary policy, and guide financial institutions to increase capital investment.

Correctly handle the relationship between financial promotion of economic development and prevention of financial risks, earnestly improve the quality of financial promotion of economic development, and prevent low-level redundant construction.

Second, it is necessary to steadily develop small and medium-sized financial enterprises under various ownership systems and new-type rural financial institutions. Expand the pilot projects of new rural financial institutions such as village and township banks, guide more credit funds to be invested in rural areas, and actively expand the rural consumer credit market. Encourage all types of banks to set up different forms of small enterprise credit service institutions, improve the implementation of guarantees, interest discounts and other support policies, and increase the proportion of loans to small and medium-sized enterprises.

Zhen Mingyu actively guided the healthy development of private financing and stepped up the formulation of the "Lender Regulations".

The third is to promote the reform of the capital market, maintain the stability of the market, and develop and regulate the bond market. Support qualified enterprises to use the capital market to carry out mergers and acquisitions, improve policies and measures such as cash dividends and buybacks of listed companies, promote the reform of the issuance system, and improve the relationship between market supply and demand. Actively develop debt financing instruments such as corporate bonds, corporate bonds, short-term financing bonds, and medium-term notes, and improve the issuance rules and regulatory standards of the bond market.

Steadily develop the first market, and explore the operation mode of agricultural products to serve the "three rural".

Fourth, deepen the reform of the insurance industry and actively give play to the functions of insurance protection and financing. Accelerate the development of policy-based agricultural insurance, and promote the construction of agricultural reinsurance and catastrophe insurance systems. Steadily develop Baohuai rental insurance related to housing, automobile consumption, etc., and actively develop construction insurance, engineering insurance and other businesses.

Actively develop individual and group pension insurance business, and promote the development of health insurance. Give full play to the role of insurance companies as institutional investors and the investment and financing functions of insurance funds. Strengthen the responsibilities of legal entities and executives.

Fifth, promote the market-oriented reform of interest rates and improve the RMB exchange rate formation mechanism. Give full play to the role of the market in the determination of interest rates, accelerate the construction of the benchmark interest rate system in the money market, improve the interest rate system of ** banks, and enhance the flexibility of loan interest rates. We will continue to follow the principles of initiative, controllability, and graduality, improve the mechanism for the formation of the RMB exchange rate, enhance the flexibility of the exchange rate, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

Sixth, improve the coordination mechanism for financial supervision. Further strengthen the communication and coordination between the bank and the financial regulatory authorities, form a joint regulatory force, and avoid systemic financial risks. We will continue to strengthen the tracking and assessment of the international financial crisis, pay close attention to the liquidity of the domestic financial market, the liquidity of financial institutions, and the changes in assets and liabilities, earnestly investigate hidden risks, strengthen risk monitoring, early warning, prevention and control, maintain market order, and ensure the safety of the financial system.

The first is to combine the national conditions. China's financial reform has reached a deep stage, and interest rate liberalization will become an inevitable battle. Looking at the process of interest rate liberalization in various countries around the world, it can be generally divided into "exogenous driving type" and "endogenous evolution type", among which there are both successful cases of the United States, Japan and other countries, and there are also failures of some countries.

China's interest rate market-oriented reform not only needs to rely on top-down promotion, but also needs the joint effect of "endogenous" conditions such as systems, customs, and practices. In order to succeed in the reform of China's financial system, it is necessary to take into account China's actual national conditions, build a supporting macro environment, market mechanism, regulatory system and micro subjects, and explore a path of market-oriented interest rate reform with Chinese characteristics.

The second is to be bold and innovative. One of the main problems in China's financial sector at present lies in the misallocation of financial resources, which in turn leads to an imbalance in the market structure. In order to break through the predicament, it is necessary to make bold innovations and form a financial system and structure that is compatible with the socialist market economy.

The 18th National Congress of the Communist Party of China pointed out that it is necessary to deepen the reform of the financial system and accelerate the development of a multi-level capital market. The development of a multi-level capital market requires reform and innovation in many aspects: for example, changing the monopoly pattern of large banks and providing policy support for private financial institutions and small and micro financial institutions; Break through the institutional barriers to equity transactions for small and medium-sized enterprises, actively explore the development model of regional equity markets, break down regional separation boundaries, and broaden the financing channels for small, medium, and technological innovation enterprises; Use the big data platform to integrate the superior resources of Internet finance and traditional banks, realize the diversification of the financial ecology, and bring new vitality to the development of the real economy; innovative financial regulatory models, and so on.

The third is people-oriented.

On the one hand, the concept of inclusive finance should be promoted. To develop inclusive finance, the first thing to solve is the financing difficulties of small and micro enterprises, and increasing the endogenous supply of financial services for small and micro enterprises is the key. It is necessary to give full play to the role of endogenous forces in the market, and encourage private capital to initiate the establishment of local small and medium-sized financial institutions that are equally connected with small and micro enterprises; Improve differentiated supervision and assessment policies for financial services for small and micro enterprises, and provide appropriate risk compensation in fiscal and taxation policies; We will further improve and improve various financial mechanisms such as financing guarantee services, and expand the coverage of financial service supply.

On the other hand, it is necessary to play a good role. Under the premise of being dominated by the commercial financial system, we should build a policy-based financial system so that financial reform can truly benefit people's livelihood and serve the people. To build a policy-based financial system, we can start from many aspects:

Give full play to the important role of existing policy-based financial institutions in urbanization, and at the same time study the establishment of urban infrastructure and policy-based financial institutions, so that policy funds and market funds can form a joint force, strengthen policy-based financial support in the field of serious illness medical insurance, and effectively solve the outstanding problems of the people falling into poverty due to illness and returning to poverty due to illness; Increase medium- and long-term credit support for agricultural development, rural infrastructure construction, public service facilities and new urbanization development in remote and impoverished areas, and strive to do a good job in providing comprehensive financial services for rural migrants.

It is almost impossible to start reform from within, and can only rely on external force to break down.

Under the conditions of the socialist market economy, it is necessary to actively and steadily establish and develop the capital market, promote the corporatization and commercialization of specialized banks, insurance companies, and other financial organizations, and at the same time optimize the allocation of financial resources, further strengthen and improve the macroeconomic regulation and control functions of the leading banks, strengthen financial supervision, prevent and resolve financial risks, and enable the financial industry to better serve economic development.

The general idea of deepening the reform of the financial system is as follows:

Improve the modern financial system that promotes macroeconomic stability and supports the development of the real economy, and accelerate the development of multi-level capital markets.

Steadily promote the market-oriented reform of interest rates and exchange rates, and gradually realize the convertibility of the renminbi under the capital account.

Accelerate the development of private financial institutions.

Improve financial supervision, promote financial innovation, improve the competitiveness of banking, insurance, insurance and other industries, and maintain financial stability.

Small and medium-sized enterprises are indeed very tight on their financial problems, and in addition to the need for their own efforts to change the status quo, the most important thing is that China's financial system must be reformed.

Recently, the list of the top 100 enterprises in Qingdao was released, and 53 of them were owned by Chinese enterprises, and this data is actually a very direct proof that the monopoly problem of state-owned enterprises has become a major obstacle to the development of the private economy and the process of marketization. She Xuebin believes that between state-owned enterprises and private enterprises, the development space mainly depends on the characteristics of the industry. In many countries, there are many state-owned enterprises in the banking system, resource enterprises, and many other protective industries, and they have a lot of strategic resources and policies, but private enterprises still have a lot of room for development, such as the development of the retail industry.

At the same time, he believes that China's market is very large, and there are two levels of development space, first of all, the most important is the brand, channels, etc., and must be able to develop to the high-end in the industrial chain to form a sustainable development. That's when there's a lot of space, not just focusing on short-term development. The second is the question of choosing the industry, we must choose the right industry, and we will have a great future.

However, for the selection of the right problem, it is necessary to have sufficient market research and other preliminary preparations.

At present, a major obstacle restricting the development of private enterprises is the problem of capital, many private enterprises have broken the capital chain, and there are many private enterprises to "take refuge" in state-owned enterprises to survive, but this has also changed the original intention of the establishment of private enterprises. She Xuebin told the reporter of China Economic Net that the current capital problem is indeed very tense, especially the country's regulation and control of interest, etc., and the circulation of the market is very tight, but recently the country is also adjusting in a certain direction, such as the recent reduction of the deposit rate is an obvious performance. He believes that this is a problem of the financial chain driven by development and development needs.

In the United States and Japan, the market is not very tight, and the interest rate of banks is very low, while in China many small and medium-sized enterprises are unable to borrow, which is a regional economic growth problem.

She Xuebin also stressed that China's financial system must be reformed. At present, there are very few commercial loans in China, but there are many loans in real estate, short-term financing, long-term investment, a "short-term financing and long-term investment" method, in fact, the most dangerous, so China's financial system sector should have a manufacturing loan system.

Finally, She Xuebin told reporters, "China's private enterprises can study in three sentences, first, the economy has cycles;

Second, the market has rules;

3. Business has logic. "Some companies do not grasp the cycle and develop too fast; Some do not conform to the laws of the market, and they are busy and half the work; There are also companies that should consider whether and when should you do it? These three questions are all that entrepreneurs should look into.

It's a failure, so let's tear it down and start over.