Zhongxin Finance, April 18 (Gong Hongyu) Should the central bank speed up the issuance of digital currency?
How to promote the healthy development of public infrastructure REITs?
How to play the role of finance in carbon neutrality?
A number of experts and scholars, including Zhou Xiaochuan, Xiao Gang, and Zhu Min, expressed their opinions and offered suggestions at the just-concluded 2022 Tsinghua PBCSF Global Financial Forum on related issues in the economic and financial fields.
Zhou Xiaochuan: The application of digital currency focuses on the retail sector
Regarding whether the central bank should speed up the issuance and issue more digital currencies, Zhou Xiaochuan, president of the China Society for Finance and Banking and former governor of the People's Bank of China, believes that the amount of currency printed can be determined by himself, but whether it can go out for circulation depends on the application.
"The central bank must make the issued currency really need to be used in the market, especially in the retail market. In fact, the central bank can only issue the currency if the market has a demand for it. From the perspective of the common people, it should focus on whether the common people are willing to do so. Put digital currency in your wallet.”
Zhou Xiaochuan pointed out that the central bank emphasized that the development of digital currency is to replace M0 (cash in circulation).
I want to focus on the retail sector, especially with the help of the Internet and mobile Internet terminals to provide you with greater convenience.
In addition, regarding the question of what role digital currency will play in the context of geopolitical instability, Zhou Xiaochuan said that it is not ruled out that e-CNY (digital currency) may have the prospect of cross-border payment in the future, but it will also focus on retail, Cross-border retail applications.
Xiao Gang: Encourage more high-quality assets to participate in the pilot of public REITs
At the forum, Xiao Gang, former chairman of the China Securities Regulatory Commission, mentioned that to promote the development of publicly offered REITs, it is necessary to study and revise relevant laws or formulate separate regulations.
REITs are securities in nature, but are very different from stocks, bonds, asset securitization products, etc. Therefore, it is necessary to study REITs as an independent type of securities products according to the securities law, formulate special regulations, and establish the nature of REITs. Build a set of institutional norms for issuance, listing, trading, information disclosure, and investor protection that adapt to the characteristics of REITs.
"Currently adopting the 'public fund + ABS' model is a feasible solution that complies with laws and regulations. However, the problem is that there are too many levels of product structure, complex legal relationships, increased operating costs and regulatory costs, and the definition of responsibilities of market players and Coordination becomes more difficult." Xiao Gang said that in response to the problems in the pilot program, relevant laws should be improved, new institutional arrangements should be made, product design should be optimized, product structure and transaction structure should be simplified, regulatory measures should be improved, and the responsibilities of market participants should be further clarified. Boundaries, reduce product creation and operating costs, and promote the sustainable and healthy development of the REITs market.
Xiao Gang said that to promote the development of publicly offered REITs, it is necessary to optimize the operation mechanism.
It is necessary to encourage local governments and enterprises to take out more high-quality assets to participate in the pilot project, expand the scale of REITs, further find out the basic number of projects, and establish a library of classified projects, so as to ensure that they can enter as much as they should.
Zhu Min: It is urgent to adjust the proportion of high energy and high carbon emission industries in the loans of the four major banks
Zhu Min, Dean of the National Institute of Financial Research of Tsinghua University and former Vice President of the International Monetary Fund, said that carbon neutrality will fundamentally recreate China's future economic development model and economic structure, and in this process, finance will play a key role. effect.
Zhu Min pointed out that, from an incremental point of view, finance provides large-scale, long-term and high-risk zero-carbon financial financing for carbon neutrality. "It is estimated that energy financing will reach 185 trillion yuan."
The incremental investment is huge, but the challenge of the stock is also huge.
Because asset prices will be redefined during the transition to carbon neutrality, and the balance sheets of countries, industries, companies, financial institutions, and residents will all change accordingly.
A research institute at Tsinghua University has also conducted research. Under the impact of rising carbon prices and falling energy prices, the default rate of coal and electricity companies on bank loans will also rise.
Zhu Min introduced that at present, among the four major state-owned banks, high energy and high carbon emission industries still account for a high proportion of bank loans, and stock adjustment is urgently needed.
In this process, managing the financial risks of the transition to carbon neutrality is particularly important.
Zhu Min believes that in the next 40 years, the green financial system will gradually transform into a zero-carbon financial system. Financial institutions must support carbon neutrality in their business, and institutions themselves must also achieve zero-carbon operations.
For Chinese financial institutions, challenges and opportunities coexist.
Zhu Min suggested that financial institutions should formulate zero-carbon transformation strategies and path plans, form new incentive mechanisms, and conduct information disclosure and service innovation.
To establish a risk management system, carry out scenario analysis and stress testing.
At the same time, it is also necessary to make good reserves in terms of governance mechanisms, digital infrastructure, knowledge capabilities and talents.
It is understood that the theme of the 2022 Tsinghua PBCSF Global Financial Forum is "Going Steady and Going Far, Finance Helps High-Quality Development".
2022 is also the 10th anniversary of the merger of the former People’s Bank of China Graduate Department (Pudaokou) into Tsinghua University, and the 10th anniversary of the establishment of Tsinghua University PBCSF. On April 16, the Tsinghua PBCSF Alumni Development Forum and the 10th Anniversary Conference of Tsinghua University PBCSF were held.
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