A modern financial system with reasonable division of labor, mutual complementation, and complete functions has taken shape
New steps in financial reform and development
Our reporter Wu Qiuyu Zhao Zhanhui
Enhancing the development of enterprises-the balance of medium and long-term loans for high-tech manufacturing will reach 1.11 trillion yuan at the end of 2020, becoming an "accelerator" for enterprise transformation and upgrading; making people's livelihood improvement even greater-China Development Bank has issued 4.54 loans for shantytown renovation One trillion yuan, helping about 100 million people realize their dreams of living in peace; making daily payments safe and convenient-In 2020, banks will handle mobile payment services totaling 432.16 trillion yuan, a year-on-year increase of 24.5%. The development of mobile payment is internationally leading...Today, the financial industry It is integrating into economic and social life like never before, providing a strong impetus for high-quality development.
Finance is the core of the modern economy.
Under the strong leadership of the Communist Party of China, my country's financial industry has always adhered to the people-centered development philosophy and served the overall situation of economic and social development.
At the beginning of the founding of New China, the financial industry raised social funds to support the recovery and reconstruction of the national economy.
After the reform and opening up, the vitality and potential of the financial industry have been greatly released, ushering in a period of great development and prosperity.
Especially since the 18th National Congress of the Communist Party of China, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, my country's financial reform and development has achieved new major achievements. The financial industry has maintained rapid development, financial products have become increasingly abundant, and financial services have become more inclusive. Financial reforms are proceeding in an orderly manner, the financial system has been continuously improved, new progress has been made in the internationalization of the renminbi and the two-way opening of finance, the financial regulatory system has been further improved, and the ability to maintain the bottom line of systemic financial risks has been enhanced.
Return to the roots and fully serve the economic and social development
In the workshop of more than 2,300 square meters, there are all kinds of equipment such as screening machines and slicers.
"From a small workshop to a 50-person enterprise, we have received strong support from the bank along the way." Seeing the new equipment purchased by the loan was put into production, You Muchuan, the person in charge of the Muchuan Agricultural and Sideline Products Processing Plant in Zhangzhou City, Fujian praised heartily.
Since last year, the new crown pneumonia epidemic has made You Muchuan's corporate capital chain tight. Zhangzhou Rural Commercial Bank opened a green approval channel and quickly issued 1.3 million yuan in relief loans, which provided a strong guarantee for companies to overcome difficulties and expand production.
General Secretary Xi Jinping pointed out: "Economy is the body, finance is the bloodline, and the two coexist and prosper together." "Finance must serve the real economy and meet the needs of economic and social development and the people." The financial system regards serving the real economy as its foundation. , To promote a virtuous circle and healthy development of the economy and finance.
——Implement the new development concept and steadily improve the efficiency and level of service economic and social development.
The financial system runs the new development concept through the entire process of financial reform and development, and comprehensively serves the high-quality development of the economy and society.
Adhere to the concept of innovative development and further expand the diversified financing channels for technology companies. By the end of 2020, 838 technology branches and technology financial institutions have been established across the country; adhere to the concept of coordinated development, strengthen national major strategies and key regional financial services, and guide financial institutions to provide Long-term construction fund supply; adhere to the concept of green development and improve the green financial system. At the end of 2020, the balance of green loans in domestic and foreign currencies will be about 12 trillion yuan, ranking first in the world; adhere to the concept of open development and accelerate the formation of a two-way open financial system; adhere to Share development concepts, build a characteristic inclusive financial system, and focus on improving the coverage, availability and satisfaction of financial services.
——Increase support to allow more financial resources to flow to the real economy.
Since the 18th National Congress of the Communist Party of China, the financial industry has insisted on returning to its roots and allocating more financial resources to key areas and weak links of economic and social development.
As of the end of the first quarter of this year, the balance of RMB loans issued to the real economy in my country was 179.51 trillion yuan, a year-on-year increase of 13%, accounting for 60.9% of the stock of social financing in the same period.
Not only does the volume increase, but also the price drops.
In August 2019, the People's Bank of China improved the loan market quote rate (LPR) formation mechanism. Driven by the LPR reform, my country's loan interest rates have continued to stay at a low level.
——Improve service capabilities and continue to meet the needs of the people for a better life.
The financial system continues to expand service areas, improve service capabilities and management levels. The convenience and inclusiveness of basic financial services such as deposits, loans, payment and settlement are among the best in the world, and financial market registration, custody, clearing, settlement, credit investigation, and rating The system is basically sound, and the financial infrastructure continues to improve.
In 2020, my country's basic financial services will cover 99% of the population, and the coverage of bank outlets in towns and villages will reach 96.6%.
Innovative and enterprising, towards high-quality development
Intelligent unmanned vehicles "patrol" in front of the door, and the digital "lobby manager" is on call... The business hall of China Construction Bank Beijing Shijingshan branch is full of technology.
"The application of technologies such as 5G and big data has greatly improved the level of intelligence in branches." said Yang Bin, deputy general manager of the personal finance department of the Beijing branch of China Construction Bank.
The "smart" financial industry is also reflected in the invisible background.
You can decide whether to lend or not in 3 minutes, and the NPL ratio is controlled within 1%. The “Huitangyou” APP of China Construction Bank has served more than 5.4 million enterprises.
Technological empowerment, structural optimization, efficiency improvement... In recent years, the financial industry has been on the road of high-quality development, the ability of financial resources to allocate resources has been further enhanced, and a modern financial system with reasonable division of labor, mutual complementation and complete functions has taken shape.
-The financial system is more complete.
At present, my country's financial industry has formed a financial system covering banking, securities, insurance, trusts, funds, futures and other fields with a complete range of categories and sufficient competition.
As of the end of 2020, the total assets of my country's financial industry reached 353.19 trillion yuan, of which the total assets of banking financial institutions were 319.74 trillion yuan, ranking first in the world in scale, and the total assets of the insurance industry were 23.3 trillion yuan, ranking second in the world.
——The financial market is becoming more mature.
my country’s financial market has developed steadily from scratch, and has gradually established a financial market system with complete functions, multiple levels of infrastructure such as transaction registration, custody and settlement, and diversified transaction products.
In recent years, the capital market has comprehensively deepened reforms, the reform of the stock market registration system has made breakthroughs, the science and technology innovation board has been successfully launched, the basic system has been further improved, the market has become more resilient, and overall stability has been maintained.
The bond market has developed rapidly and its scale has increased steadily.
The futures market price discovery and risk management functions have further emerged.
As of the end of 2020, the total market value of the Shanghai and Shenzhen stock markets was 79.72 trillion yuan, the total bond market size was 116.72 trillion yuan, ranking second in the world, and the futures market turnover reached 437.53 trillion yuan, ranking first in the world.
——Effective prevention of financial risks.
The financial system has focused its efforts on preventing and resolving major risks and has taken a series of powerful measures to significantly reduce the financial leverage ratio and improve the quality of financial assets.
From 2017 to 2020, the total disposal of non-performing loans is 8.8 trillion yuan, exceeding the total of the previous 12 years.
Fast-track and steady steps to deepen the reform and opening up of the financial industry
In the lobby on the first floor of Beijing Longliz Xishan Garden Hotel, the "net celebrity" intelligent robot "No. 9 Sugar Cube" is busy sending and receiving express delivery for guests.
This little guy comes from the "Nine Company" listed on the Science and Technology Innovation Board in 2020.
Thanks to the comprehensive deepening of the reform of the capital market, the company has crossed the threshold of "unprofitable" and "dual equity structure" and fulfilled its dream of going public.
"Now we have sufficient funds to increase investment in research and development, and the first annual report has turned losses into profits," said Xu Peng, the company's secretary of the board.
Accompanying the deepening of reforms is the continuous expansion of opening up.
With the continuous establishment and continuous improvement of interconnection mechanisms such as Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect, the convenience of cross-border investment has increased significantly.
As of the end of 2020, foreign holdings accounted for approximately 5% of the market value of A-shares, and foreign debt holdings accounted for approximately 3% of the total bond market.
The development and changes of the capital market are a vivid epitome of the continuous deepening of reform and opening up in my country's financial industry.
Reform and opening up are injecting strong impetus into the high-quality development of the financial industry and pushing my country to move from a financial power to a financial power.
——Advance with the times and comprehensively deepen financial reforms.
Since the 18th National Congress of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping at the core has unswervingly promoted financial reforms and optimized the financial regulatory system.
In November 2017, with the approval of the Party Central Committee and the State Council, the Financial Stability and Development Committee of the State Council was established to coordinate the major issues of financial reform, development and supervision, which significantly improved the authority and effectiveness of financial supervision.
At the same time, my country's financial factor marketization reform has made important progress, interest rate marketization reform has made breakthroughs, the renminbi exchange rate flexibility has continued to increase, and a two-pillar regulatory framework for monetary policy and macro-prudential policies has been initially established.
——Be determined to open up and expand financial opening to the outside world.
Since 2018, my country has successively launched more than 50 liberalization measures, granting national treatment to foreign investors in areas such as corporate credit investigation, rating, and payment, and completely abolishing restrictions on foreign equity ratios in banks, securities, funds, futures, and personal insurance. Foreign financial institutions The scope of business continues to expand.
On October 1, 2016, the RMB officially joined the International Monetary Fund's Special Drawing Rights (SDR) currency basket and became an international reserve currency.
Struggle for a hundred years and set sail on a new journey.
Standing at the historical intersection of the "two centenary" goals, the financial system will adhere to Xi Jinping’s new era of socialism with Chinese characteristics as the guidance, and put the service to the real economy in a more prominent position, sound and highly adaptable, A competitive and inclusive modern financial system creates a good monetary and financial environment for the promotion of high-quality development, and celebrates the 100th anniversary of the founding of the Communist Party of China with outstanding achievements.
Coordinator of this issue: Qu Zhehan and Wu Qiuyu
Layout design: Wang Zheping
Data source: People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission