(Economic Observation) How does China optimize the allocation of capital elements?
China News Agency, Beijing, April 10 (Xia Bin) Finance is the blood of the economy, and the capital element is an important "nutrient" for financial institutions to function and the financial market to grow vigorously. How to transport capital elements to high-efficiency sectors is the current China The key to the allocation of capital elements.
The Opinions of the Central Committee of the Communist Party of China on the Construction of a More Perfect Market-Oriented Allocation System for Factors (hereinafter referred to as the "Opinions") has recently been published to propose optimization methods for the allocation of capital elements and promote market-oriented allocation of capital elements through reforms.
Pay attention to physical factors and optimize the allocation of capital factors.
Throughout the "Opinions", there are suggestions for the allocation of capital factors, and plans have also been proposed for the allocation of physical production factors such as land and labor. Because the allocation of physical factors is the foundation of the allocation of financial factors, if the physical production factor resources are limited to low-efficiency fields, it is difficult for financial factor resources to flow to high-efficiency departments.
With physical support, finance also needs to "feed back" entities to form a virtuous circle. Liu Shijin, deputy director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, pointed out that China has entered a period of high-quality development, and it is more important to solve the problem of financing difficulties and expensive financing for small and medium-sized enterprises.
The "Opinions" propose to increase the effective supply of financial services. Improve the multi-level capital market system. Build a multi-level, wide coverage, differentiated, reasonable division of labor among large, medium and small banking institutions, optimize the allocation of financial resources, relax market access for the financial services industry, promote the in-depth development and utilization of credit information, and increase financial services for small and micro enterprises and private enterprises supply.
Bank capital is an important link between finance and the real economic cycle. If the economic and financial cycle is not smooth, bank capital cannot be replenished in a timely manner or the capital injection is not true, which will affect the ability to serve the real economy and affect the allocation of financial factor resources. In recent years, Chinese officials have used the directional guidance of structural monetary policy tools to correct the "trajectory" of the precise drip irrigation of the real economy; using perpetual bonds as a breakthrough to help banks replenish capital and replenish "ammunition" for entities.
Innovate institutional mechanisms and optimize the allocation of capital elements.
The "Opinions" has four parts in promoting the market-based allocation of capital elements. The two terms "institution" and "mechanism" appear eight times in total, which shows the importance of innovative institutional mechanisms for optimizing the allocation of capital elements.
The relevant person in charge of the National Development and Reform Commission of China told reporters that one of the breakthroughs and highlights in the "Opinions" is to focus on improving the multi-level capital market system in the capital element. One is to improve the construction of the basic system of the stock market, and formulate opinions on improving the basic system of the stock market; the second is to improve the construction of unified standards for the bond market, unify the information disclosure standards for corporate credit bonds, and implement the issuance registration management system for corporate credit bonds.
In addition, the "Opinions" also mentioned that reform and improvement of the stock market issuance, trading, delisting and other systems; improve the investor protection system, promote the perfection of China's securities civil litigation system; establish county-level banking financial institutions to serve the "three rural" Incentive and restraint mechanism; perfect the market-oriented rule of law withdrawal mechanism of financial institutions.
Wang Yiming, the former deputy director of the Development Research Center of the State Council, said that the measures proposed in the "Opinions" will play an important role in increasing the market allocation of capital and other factors and removing the institutional barriers to the flow of factors.
Persist in expanding opening up and optimizing the allocation of capital elements.
The "Opinions" pointed out that the financial sector should be actively and orderly opened to the outside world. Steadily promote RMB internationalization and RMB capital account convertibility. Gradually promote the two-way opening of the securities and fund industries to the outside world, and orderly promote the opening of the futures market to the outside world. Gradually relax the access conditions for foreign-funded financial institutions, and promote domestic financial institutions to participate in international financial market transactions.
Liu Shijin bluntly said: "This will promote the active and orderly integration of China's financial industry into the international financial system." The Chinese financial industry is not afraid of the "wolf coming" and has been "dancing together" in the process of connecting with the world to improve its competitiveness.
Zhou Xiaochuan, the former governor of the People's Bank of China, once said that the financial industry is a competitive service industry. By introducing competition and participating in international market competition, it is good for improving services and better serving the real economy, as well as training growth for itself. (Finish)