Steady development of financial opening up and cooperation

   Our reporter Li Jing

  At present, the world is undergoing major changes unseen in a century.

The impact of the new crown pneumonia epidemic is widespread and far-reaching, and protectionism in global trade and investment is on the rise.

In the complex and volatile situation, how can China's financial reform and opening up be further deepened?

How to better serve and build a new development pattern?

How to better build Shanghai as an international financial center?

Relevant officials from the government and financial institutions conducted in-depth discussions at the 13th Lujiazui Forum held a few days ago.

  Domestic monetary policy is based on stability

  The short-term rise in global inflation this year has become a reality and needs to be taken seriously.

In this regard, the Governor of the People’s Bank of China Yi Gang said that my country’s adherence to the normal monetary policy last year and the relatively stable domestic aggregate demand is conducive to maintaining the overall stability of prices. Judging by various factors, my country’s CPI trend this year was low and then high. The average increase is expected to be less than 2%.

  "Considering that my country's economy is operating in a reasonable range and price trends are generally controllable, the monetary policy should be adapted to the new development stage and stick to the stable character." Yi Gang emphasized that we must adhere to the implementation of normal monetary policy, especially focusing on inter-cycle. The balance of supply and demand in the country, and grasp the intensity and rhythm of the policy.

  "China did not engage in'flood flooding' when strengthening macro policy responses." Guo Shuqing, secretary of the Party Committee of the People's Bank of China and chairman of the China Banking and Insurance Regulatory Commission, said that some voices criticizing China's insufficient response policies are obviously out of prejudice or misunderstanding.

In fact, my country’s policy is not small. Last year, bank loans increased by 19.6 trillion yuan, a growth rate of 12.8%; the scale of social financing increased by 35 trillion yuan, a growth rate of 13.3%; by reducing loan interest and reducing service charges, last year The financial system will give 1.5 trillion yuan in profits to the real economy.

  "At present, domestic interest rates are generally maintained at an appropriate level, which is conducive to the stable and healthy development of various markets." Yi Gang said that in the future, we will continue to deepen the reform of interest rate marketization and release the potential of interest rate reform in the loan market.

  Expand financial opening to the outside world

  Pan Gongsheng, deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said that practice has proved that unswerving reform and opening up is a powerful driving force and an important guarantee for achieving the goals of marketization, rule of law, and internationalization of China’s financial market development, and is a further improvement. A key move for China's financial market to serve the real economy and enhance its international competitiveness.

  Expanding financial opening to the outside world involves many key areas and contents, and a series of key tasks are carried out in an orderly manner.

For example, in China's capital projects (including three categories of cross-border direct investment, securities investment, and cross-border lending), the pace of opening up has become more stable and has a high level of convertibility in accordance with international standards.

Pan Gongsheng introduced that at present, cross-border direct investment has achieved basic convertibility; under the securities investment, a cross-border investment system arrangement based on institutional investor system, interconnection mechanism, and direct entry of foreign investors into the market has been formed; cross-border debt financing is provided by Market entities proceed independently under the framework of a full-scale macro-prudential policy.

  Pan Gongsheng said that in terms of private equity funds, it is necessary to actively promote the reform of cross-border investment of private equity investment funds, support the development of cross-border industry and industrial investment, expand the pilot program for qualified domestic limited partners and the pilot program for qualified overseas limited partners; expand overseas assets of Chinese residents In terms of allocation space, through the interconnection of financial market infrastructure (Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Bond Connect, etc.), the scale of qualified domestic institutional investors will be expanded, and the “cross-border wealth management” business pilot will be launched in open areas; In terms of renminbiization, it will focus on the internationalization of the renminbi and the two-way opening of the financial market, and actively support Shanghai to build a renminbi financial asset allocation and risk management center to expand the breadth and depth of the renminbi financial market.

  "We will better coordinate development and security, coordinate the promotion of capital account opening, the two-way opening of financial markets and the internationalization of the renminbi, improve the level of cross-border trade and investment liberalization and facilitation, effectively prevent the impact of cross-border capital flows, and maintain financial stability and the national economy. Financial security, serving a new system of higher level open economy." Pan Gongsheng said.

  Build an international financial center

  After years of development, Shanghai's construction as an international financial center has achieved world-renowned achievements.

According to reports, in the latest issue of the Global Financial Center Index rankings, Shanghai remains third, which is very close to the second.

  Yi Gang said that with the gradual increase in global demand for renminbi asset allocation, a series of demands on renminbi asset risk management, legal environment, and talent supply will be derived.

In this process, Shanghai will become a RMB asset allocation center, a risk management center, a financial technology center, a high-quality business environment demonstration center, and a financial talent center, and become a more competitive international financial center.

  "Shanghai has become one of the cities with the most complete financial factor markets in the world, gathering 14 national financial factor markets such as stocks, bonds, and futures. The total annual turnover of the financial market has exceeded 2,200 trillion yuan. Shanghai has become a Chinese and foreign financial market. One of the most important gathering places for institutions, with 1,674 financial institutions of various platforms." Gong Zheng, deputy secretary of the Shanghai Municipal Party Committee and Mayor, said that finance is one of Shanghai's most important core functions, and efforts will be made in four areas in the future.

The first is to further promote the high-level opening of finance and promote the construction of an international financial center.

The second is to further deepen the reform and innovation of finance, promote the formation of a virtuous circle and synergistic interaction between financial technology and industry, promote the interconnection of financial infrastructure, and gradually advance the digital RMB pilot work.

The third is to further enhance the ability of financial services to serve the real economy and deepen the construction of an international financial center.

The fourth is to further enhance the effect of financial governance, improve financial risk prevention and resolution mechanisms, and accelerate the exploration of digital financial governance.

  Yi Huiman, chairman of the China Securities Regulatory Commission, said that Shanghai is not only an international financial center, but also an important science and technology innovation center in my country. It has unique advantages in promoting the integrated development of technology and finance.

The China Securities Regulatory Commission should continue to play its leading role in the pilot and pilot reform of the sci-tech innovation board, enrich the varieties of equity and debt financing instruments and financial futures, support industry institutions to settle in Shanghai, and contribute more to the construction of Shanghai’s “five centers” and the realization of high-quality development. Great power.

Our reporter Li Jing

Our reporter Li Jing