China News Agency, Beijing, December 24th (Reporter Wang Enbo) Hu Xiaolian, the former deputy governor of the People's Bank of China and the former chairman of the Export-Import Bank of China, said when talking about the capital market on the 24th that it is only natural to regard short-term entry and exit, speculation and profit as capital operations. way of inertial practice.
Hu Xiaolian said this while participating in the "China Wealth Management 50 People Forum · 2022 Annual Meeting" online.
She said that China has the advantage of super-large-scale savings, and the effective mobilization and utilization of these savings to support the high-quality development of the real economy requires capital and the capital market to play a role.
However, in recent years, the efficiency of China's financial resource allocation has gradually decreased, the economic growth driven by the same amount of capital investment has declined, the ability of financial support to innovate and lead development is insufficient, and the product supply and service models cannot meet the needs of high-quality development.
"Innovative industries and enterprises urgently need capital investment that is long-term reliable, has strong risk tolerance, can adapt to the prospect of unbalanced cash flow, and has uncertain but promising future returns," Hu Xiaolian said bluntly. Bank credit obviously cannot meet this need , to accelerate the transformation of the financing structure to promote financial product innovation, service innovation, and support technological innovation and development.
It is an urgent task to deepen financial reform to vigorously develop the capital market and give full play to the unique role of capital in the real economy, especially in technological innovation.
Hu Xiaolian believes that in China, the key to playing the role of capital and the capital market is to grasp the "real", capital investment and financing serve the high-quality development of the real economy, and are not keen on speculating concepts and playing idle; the key is to grasp the "moderate" and rationally control capital Debt ratio, do not increase leverage blindly, maintain the resilience of investment and financing activities, and enhance the ability to resist market fluctuations.
Although in the West, finance, as an independent industry, can break away from the self-circulation of the real economy, and even achieve its own high profitability at the expense of the real economy, the nature of China's financial services to the real economy determines that finance cannot engage in "self-entertainment" through high leverage. Therefore, enterprises cannot engage in blind and disorderly expansion through capital operation.
Hu Xiaolian emphasized that to develop the capital market in China and give full play to the positive role of capital, it is necessary to establish a policy mechanism that encourages capital to cultivate real industries in the long term and support scientific and technological innovation, and change the inertial practice of taking short-term entry and exit and speculation for profit as the natural way of capital operation.
"Capital should become an accelerator to promote the high-quality development of the real economy, not a blower that can blow pigs to the sky." (End)