Chinanews Client Beijing, June 10 (Reporter Li Jinlei) At the 13th Lujiazui Forum held on the 10th, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, Yi Gang, Governor of the Central Bank, Yi Huiman, Chairman of the China Securities Regulatory Commission, and State Foreign Exchange Director Pan Gongsheng and other senior officials of the financial system made speeches, responding to many hot topics and releasing important policy signals.

The picture shows the aerial photography of the night view of Lujiazui, Pudong, Shanghai in 2020.

Photo by China News Agency reporter Zhang Hengwei

Those who bet that house prices will never fall will end up paying a heavy price

　　"Effectively prevent financial derivatives investment risks." Guo Shuqing mentioned that in the financial derivatives cases where risks occurred in the early stage, a large number of individual investors participated in the investment.

From the perspective of mature financial markets, institutional investors are mainly involved in financial derivatives investment, which is very unsuitable for personal investment and financial management.

　　He warned that the participation of ordinary individual investors is tantamount to gambling in disguise, and the result of the loss is already doomed.

Those who speculate on foreign exchange, gold and other commodity futures will hardly have the opportunity to make a fortune, just as those who bet that house prices will never fall will eventually pay a heavy price.

Data map: Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission.

Photo by Chinanews reporter Li Jinlei

　　The reporter noticed that at the press conference of the State Council Information Office in March this year, Guo Shuqing bluntly said: "Many people buy houses not for living, but for investment or speculation. This is very dangerous."

Talk about inflation: the average annual increase in CPI is expected to be below 2%

　　Inflation has picked up recently. In May, China’s industrial producer price index (PPI) rose by 9.0% year-on-year, setting a new high in the past 13 years.

Yi Gang and Guo Shuqing both responded to the issue of inflation.

　　Yi Gang pointed out that the recent global crude oil and other commodities prices have risen rapidly, and short-term rise in global inflation has become a fact, but there are huge differences on whether inflation can continue in the long-term.

During the epidemic last year, my country persisted in implementing a normal monetary policy and domestic aggregate demand was relatively stable, which is conducive to maintaining overall price stability.

Since the beginning of this year, my country’s PPI has increased at a relatively high rate, which to a certain extent is related to the low base formed by the negative PPI last year.

Data map: Yi Gang, Governor of the People's Bank of China.

Photo by China News Agency reporter Tomita

　　Yi Gang believes that, based on various factors, my country's CPI trend is low and then high this year, and the average increase in CPI for the whole year is expected to be below 2%.

Of course, there are uncertainties in the external epidemic situation, economic recovery, macro situation and macro policies, and the pressure of inflation and deflation from all quarters must not be taken lightly.

　　"Inflation is coming as agreed, and it's coming on schedule. And it's a bit higher than the US and European colleagues expected. As for the time it will last, it doesn't seem to be as short as many experts predicted." Guo Shuqing said. The large number of currencies issued by the most developed countries has formed a driving force for global inflation. Then, the commodities produced by hundreds of millions of Chinese laborers are the vital anchors for stabilizing global inflation.

IPO offerings are neither tightened nor relaxed

　　Recently, there is a view that IPO issuance has been tightened.

　　In response, Yi Huiman responded that the IPO issuance has neither been tightened nor relaxed; of course, in the issuance rhythm, it is necessary to comprehensively consider the market tolerance, liquidity environment and the coordinated development of the primary and secondary markets, and actively create in line with market expectations. The ecology of new shares issuance.

　　From the data point of view, the number of IPOs has maintained rapid growth in the past three years. In the first five months of this year, there were 196 IPO companies with a total financing of more than 150 billion yuan, a year-on-year increase of 111% and 37% respectively.

It should be said that the IPO has continued to maintain a normalized issuance, and the growth rate is not slow.

Yi Huiman, chairman of the China Securities Regulatory Commission.

The picture comes from the website of the China Securities Regulatory Commission.

　　In addition, as to how to treat the issue of companies listing overseas, Yi Huiman said that we have always been open to companies choosing where to list.

Choosing a suitable listing place is an independent choice made by an enterprise based on its own development needs.

Some companies are willing to go public overseas, and some companies that go public overseas are willing to return. It is a normal phenomenon to come and go, and we generally support it.

Further increase the proportion of direct financing

　　"The most prominent task at this stage is to further increase the proportion of direct financing." Guo Shuqing said.

　　He pointed out that in the scale of new social financing last year, bonds and stock financing accounted for about 37%, and there is still more room for development, especially the bond market still has great potential.

　　"One of the main shortcomings hindering its healthy growth is that the bond market legal system is not sound enough." Guo Shuqing said that there is an urgent need for governments, enterprises, intermediaries and investors at all levels to realize that evasion of debt is not only an unethical behavior. And it is illegal or even criminal.

　　He emphasized that the fundamental measure is to accelerate the reform of the registration system centered on information disclosure, truly strengthen investor suitability management, and ensure that issuers, intermediaries, and investors strictly fulfill their obligations and assume their respective responsibilities in accordance with the law.

Data map: currency.

Persist in the implementation of normal monetary policy

　　Regarding the issue of monetary policy orientation, Yi Gang pointed out that considering that my country’s economic operation is within a reasonable range, near the potential output level, the price trend is generally controllable, and the monetary policy should be adapted to the new development stage. Implement normal monetary policy, especially pay attention to the balance of supply and demand across cycles, and grasp the intensity and rhythm of the policy.

　　Yi Gang said that although the current level of domestic interest rates is higher than that of major developed economies, they are still relatively low in developing countries and emerging economies, and are generally maintained at an appropriate level, which is conducive to the stable and healthy development of various markets.

We must continue to deepen the reform of interest rate marketization and release the potential of interest rate reform in the loan market.

　　Yi Gang pointed out that under the premise of maintaining a moderate aggregate policy, the monetary and credit policy will mainly emphasize two major structural aspects.

First, solidly promote the development of green finance.

Second, persist in developing inclusive finance.

　　He said that he will continue to use structural monetary policy tools to give full play to the combined efforts of departmental policies to guide banks to increase support for first loans and credit loans under the premise of business sustainability.

In-depth development of the project to improve the financial service capabilities of small, medium and micro enterprises, strengthen the use of financial technology, promote the loan-on-repayment model, and promote commercial banks to accelerate the formation of a long-term mechanism for dare to lend, willing to lend, capable of lending, and meeting loans.

Don't bet on the appreciation or devaluation of the renminbi

　　Recently, the RMB exchange rate against the US dollar has entered an era of 6.3 yuan, and the appreciation of the RMB has aroused great market attention.

　　In this regard, Pan Gongsheng pointed out that since the beginning of this year, the RMB exchange rate against the US dollar has fluctuated in both directions and is generally stable.

The influencing factors of the RMB exchange rate are complex, and two-way fluctuations will become the norm.

Data map: Pan Gongsheng, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange.

Photo by China News Agency reporter Du Yang

　　Pan Gongsheng reminded that market entities should adapt to the normal state of two-way exchange rate fluctuations and establish the concept of exchange rate risk neutrality.

Avoid the "procyclical" and "streaking" behaviors of foreign exchange risk management. Do not bet on the appreciation or devaluation of the renminbi. Long-term bets will lose.

　　Yi Gang emphasized that it is necessary to continue to improve the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies, to promote internal and external balance, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

(Finish)