Chinanews client, Beijing, December 11 (Reporter Xie Yiguan) The Central Economic Work Conference was held in Beijing from December 8th to 10th.

The meeting put forward "to set up a'traffic light' for capital", "do a good job in the pilot comprehensive reform of the market-oriented allocation of factors", and "correctly understand and grasp the prevention and resolution of major risks."

　　Liu Ying, a researcher, council member, and director of the Cooperative Research Department of Renmin University of China's Chongyang Institute of Finance, was interviewed by a reporter from Chinanews.com and interpreted the Central Economic Work Conference.

"Traffic light" is for the orderly development of capital

　　The Central Economic Work Conference proposed to set "traffic lights" for capital, strengthen effective supervision of capital in accordance with the law, and prevent the brutal growth of capital.

　　"In fact, the "traffic light" is to allow the capital to develop in an orderly manner. If the line goes, it should be stopped, and the restrictions should be restricted." Liu Ying said.

　　In Liu Ying's view, the country's economic development, people's livelihood development, and green development all require a large amount of capital investment.

But for certain fields, such as real estate, it may be necessary to pay attention to orderly development, which embodies the "traffic light" concept of capital.

　　"In addition, if the behavior of individual companies affects the country's information security and data security, there must be a'traffic light', and it must not be allowed to grow disorderly and brutally." Liu Ying pointed out that at the international level, it is not allowed to cross-border. Funds flow in disorder.

　　"It is necessary to let capital support the growth of the real economy, instead of investing and speculating in virtual markets, pushing up bubbles and increasing risks."

To achieve common prosperity requires prevention and resolution of major risks

　　The Central Economic Work Conference proposed that we must correctly understand and grasp the prevention and defuse of major risks.

It is necessary to have sufficient resources to resolve risks, to study and formulate policies to resolve risks, and to cooperate extensively to improve the financial risk handling mechanism.

　　In this regard, Liu Ying believes, “We must be ahead of the risks, we must have early warnings, take measures in advance, and cannot wait for the emergence of systemic financial risks and regional financial risks, including the resolution of local debt and real estate issues."

　　"Preventing and resolving major risks is a bottom line. We must not have these major risks if we want to achieve common prosperity." Liu Ying said.

　　At the level of international risks, in Liu Ying's view, the main thing to worry about now is that the Fed's monetary policy shift will bring back the US dollar, which will bring capital outflows to other developing countries.

　　The Central Bank announced that in order to strengthen the management of foreign exchange liquidity of financial institutions, it has decided to increase the foreign exchange deposit reserve ratio of financial institutions by 2 percentage points from December 15.

Liu Ying believes that this is to prevent capital outflow from bringing changes to the capital market.

Stimulating the vitality of economic growth requires comprehensive reform of the market-oriented allocation of factors

　　The Central Economic Work Conference proposed that it is necessary to do a good job in the pilot comprehensive reform of the market-oriented allocation of factors, and to fully implement the registration system for stock issuance.

　　Liu Ying believes that, in addition to labor, capital, and land in the traditional sense, factor market reforms also include data and technology. The full implementation of the registration system reform is in terms of capital.

　　"The proportion of direct financing in our country is relatively low. We need to allow finance to play its role in the investment of the real economy, and even need to stimulate the power of private investment, and give play to the cooperation between the government and social capital to stimulate economic growth. Vitality promotes high-quality economic development. In these aspects, the market-oriented reform of factors is very important." Liu Ying said.

(Finish)