The Politburo meeting of the CPC Central Committee held recently pointed out that it is necessary to prevent and defuse financial risks and keep the bottom line of no systemic risks.
In recent years, the relevant financial regulatory authorities have also repeatedly emphasized that we must adhere to the bottom line thinking and resolutely defend the bottom line of no systemic financial risks.
At present, the prevention of financial risks is facing a new and severe situation.
Affected by the international geopolitical situation, the global financial market has been impacted, and risk aversion has risen sharply. The prices of crude oil, gold and other commodities have risen. The international crude oil futures price once exceeded US$100 per barrel, hitting a new high in nearly 8 years.
At the same time, the market predicts that the Federal Reserve will still raise interest rates by 25 basis points in March this year, and global financial conditions are likely to tighten further, dragging down economic growth.
Under the new situation, all parties must raise their awareness of preventing and defusing financial risks, take precautionary measures, and respond in advance to the possible impact of international financial market fluctuations on the domestic market.
First of all, to strengthen the system concept.
Although the main body of financial risks are financial institutions, they are often prone to occur in specific industries or regions.
To strictly prevent risk spillovers, it is necessary to consolidate the supervisory responsibilities of all parties and clarify the boundaries of powers and responsibilities of local governments and financial supervisory authorities.
Under the premise of following the principles of marketization and the rule of law, we should use systematic thinking to coordinate the prevention and resolution of major financial risks.
This year, it is necessary to strengthen inter-departmental cooperation and orderly promote the disposal of high-risk financial institutions.
Strengthening the system concept also means looking at problems from a long-term development perspective, and continuously improving the modernization level of the financial governance system and governance capacity by continuously promoting the structural reform of the financial supply side, exchanging time for space, and deepening the reform of the financial sector.
Second, stick to bottom-line thinking.
It is necessary to strengthen the centralized and unified leadership of the CPC Central Committee over financial work, and unswervingly follow the path of financial development with Chinese characteristics.
It is necessary to continue to promote capital from the virtual to the real, insist that finance serves the real economy, and severely punish corruption in the financial sector.
For regulatory authorities, it is necessary to pay close attention to the status of non-performing assets of financial institutions and properly deal with the rebound of non-performing assets; continue to dismantle high-risk shadow banks and fully implement new regulations on asset management; severely crack down on illegal financial activities, and seriously rectify industry chaos; Illegal fund-raising is handled on record to prevent risk rebound.
Finance is the blood of the real economy and is crucial to the development of the national economy. We must resolutely prevent the disorderly expansion of capital in the financial sector and set up "traffic lights" for capital.
Strengthen financial anti-monopoly and anti-unfair competition, adhere to the rules for licensed operation of financial businesses, and severely crack down on "unlicensed driving".
Third, we must properly handle the relationship between stable growth and risk prevention.
New risks cannot be created by preventing risks.
It is necessary to adhere to the positioning that houses are for living in, not for speculation, and implement city-specific policies to promote a virtuous circle and healthy development of the real estate industry; in terms of green finance, it is necessary to focus on promoting carbon neutralization in an orderly manner, and innovating green financial products and services. Avoid “one-size-fits-all” and “sports-style” carbon reduction, and effectively support stable energy production and supply.
(Source of Jin Guanping: Economic Daily)