China News Service, Shenzhen, December 20 (Reporter Wang Enbo) Under the epidemic, China's macro leverage ratio has risen this year.
Lou Jiwei, director of the Foreign Affairs Committee of the National Committee of the Chinese People's Political Consultative Conference and former Minister of Finance of China, said in Shenzhen on the 20th that the direction of deleveraging and managing chaos in the financial industry cannot be shaken, and the macro leverage ratio should be stabilized and gradually decreased.
The first financial summit of Shenzhen Pioneer Demonstration Zone and China Wealth Management 50 Forum 2020 will be held on the same day. Lou Jiwei talked about a series of thoughts on China's financial market at the meeting.
He pointed out that China's macro leverage ratio has increased again this year, which is a special change in a special period.
In response to the epidemic, China and other countries in the world have adopted expansionary fiscal and monetary policies, which has led to a high level of leverage.
At present, China has achieved remarkable results in controlling the epidemic and restoring the economy. It has become the only major economy in the world to achieve positive economic growth. The fiscal and monetary policies in extraordinary times are considering an orderly exit.
In Lou Jiwei's view, the macro leverage ratio should stabilize at this time and gradually decrease.
In particular, the macroeconomic policies of major economies such as the United States and Europe have obvious spillovers, and the risk of global financial market volatility has increased. China is increasing financial opening and needs to "maintain strategic determination and do its own business."
Lou Jiwei also reminded that we must pay attention to the hidden dangers that may be caused by the financial mixed business model.
He analyzed that compared with separate operations, intuitively mixed operations are conducive to saving operating costs, but it is also easier to conceal and transmit risks.
At the same time, mixed-industry operations must truly control risk contagion, requiring financial supervision to shift from separate supervision to fine-grained management and control, and to implement more stringent compliance supervision. Not only is it more difficult, it even requires deepening into the financial industry. Significantly increase the compliance costs of financial institutions.
From the perspective of the national economy as a whole, separate operations in the financial industry can better serve the development of the real economy.
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