Chinanews.com, Beijing, November 11 (Reporter Li Jinlei) The Central Financial Work Conference was held in Beijing from October 1 to 10. The meeting summarized the financial work since the 30th National Congress of the Communist Party of China, analyzed the situation faced by the high-quality development of finance, deployed the financial work in the current and future periods, and released important signals.
Summarize the work
Finance is the lifeblood of the national economy and an important part of the country's core competitiveness.
When summarizing the financial work since the 18th National Congress of the Communist Party of China, the meeting mentioned the "eight insistences": we must adhere to the centralized and unified leadership of the Party Central Committee over financial work, adhere to the people-centered value orientation, adhere to the financial services of the real economy as the fundamental purpose, adhere to the prevention and control of risks as the eternal theme of financial work, adhere to the market-oriented rule of law track to promote financial innovation and development, adhere to the deepening of financial supply-side structural reform, adhere to the overall planning of financial opening and security, and adhere to the general tone of the work of seeking progress while maintaining stability.
Zeng Gang, director of the Shanghai Finance and Development Laboratory, told the China News Financial Reporter that the "Eight Insistences" have a clear banner, summarizing and setting the tone for the basic principles of the overall development of the financial industry, and the general direction is prominent and clear.
Data map: RMB. Photo by Liu Yanghe
Analyze the situation
-- Various contradictions and problems are intertwined and mutually influential
While summarizing the practical and theoretical achievements, the meeting also analyzed the current situation and problems faced by financial work.
The meeting pointed out that it is necessary to soberly realize that various contradictions and problems in the financial field are intertwined and mutually influencing, and some of them are still very prominent, there are still many hidden economic and financial risks, the quality and efficiency of financial services for the real economy are not high, the problems of financial chaos and corruption have been repeatedly prohibited, and the ability of financial supervision and governance is weak.
Zeng Gang said that the meeting made a scientific and accurate judgment on the current problems faced by the financial industry, so that the next step of financial work deployment is targeted.
Propose goals
-- Aiming to accelerate the construction of a financial power
"With the goal of accelerating the construction of a financial power", the meeting emphasized that it is necessary to accelerate the construction of a financial power, comprehensively strengthen financial supervision, improve the financial system, optimize financial services, prevent and resolve risks, unswervingly follow the path of financial development with Chinese characteristics, promote the high-quality development of China's finance, and provide strong support for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization.
Dong Ximiao, chief researcher of Zhaolian, told the reporter of China News Finance that China has built the world's largest banking market, the world's second insurance, stock and bond market, and the scale of the financial industry is huge, but its competitiveness and voice in the world still need to be further improved.
Critical deployments
For the current and future financial work, the meeting clarified a specific roadmap - "to accelerate the construction of a financial power as the goal, to promote the high-quality development of finance as the theme, to deepen the financial supply-side structural reform as the main line, to the purity, professionalism and combat effectiveness of the financial team as an important support, to comprehensively strengthen supervision, prevention and resolution of risks as the focus", and put forward a series of new measures to release new signals.
-- Dredging the channels for capital to enter the real economy
Serving the real economy is the duty of finance and the fundamental purpose of finance.
The meeting called for "finance to provide high-quality services for economic and social development", and at the same time put forward a series of measures to serve the real economy, including: "we must strive to create a good monetary and financial environment, and effectively strengthen high-quality financial services for major strategies, key areas and weak links", "always maintain the soundness of monetary policy, pay more attention to cross-cyclical and counter-cyclical adjustment, and enrich the monetary policy toolbox", "we must strive to build a modern financial institution and market system, and dredge the channels for funds to enter the real economy".
Zeng Gang believes that to create a good monetary and financial environment, it is natural to have reasonable and abundant liquidity in terms of aggregate and further reduce the actual financing cost of the real economy. Structurally, it is necessary to strengthen high-quality financial services for major strategies, key areas, and weak links, and further optimize the structure.
Zeng Gang said that more attention should be paid to cross-cyclical and counter-cyclical adjustment, which requires not only effective ironing out short-term economic fluctuations, but also cultivating long-term growth momentum in the new cycle. It is necessary to strike a balance between aggregate and structural policies, and to effectively coordinate between the short-term counter-cyclical and the long-term cross-cyclical, which will be a key point in the coming period.
-- Do a good job in five big articles
The meeting pointed out that it is necessary to do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance.
Zeng Gang pointed out that inclusive finance and pension finance are actually the weak links at present, and science and technology finance, green finance, and digital finance are the key areas of development.
Stock Market Infographic. Photo by China News Service reporter Wei Liang
-- Giving better play to the role of the capital market as a hub
The meeting pointed out that it is necessary to optimize the financing structure, give better play to the function of the capital market hub, promote the deepening and practical implementation of the stock issuance registration system, develop diversified equity financing, vigorously improve the quality of listed companies, and cultivate first-class investment banks and investment institutions.
Zeng Gang pointed out that the current financing structure is dominated by indirect financing, led by banks, and faces some functional deficiencies, such as insufficient supply of long-term funds and high-risk funds, and to strengthen the support for science and technology innovation, and support for green, it is necessary to further increase the proportion of direct financing, optimize the financing structure, and improve the relevant institutional support, including promoting the deepening of the stock issuance registration system, etc., these measures are all around strengthening the capital market, optimizing and increasing the proportion of direct financing, and optimizing the financing structure.
-- Attracting more foreign-funded financial institutions and long-term capital to do business in China
The meeting pointed out that efforts should be made to promote high-level financial opening up and ensure the country's financial and economic security. We will continue to pay equal attention to "bringing in" and "going out", steadily expand the institutional opening up of the financial sector, improve the facilitation of cross-border investment and financing, and attract more foreign-funded financial institutions and long-term capital to do business in China.
According to the data, in the first three quarters of this year, the scale of RMB cross-border receipts and payments was 39 trillion yuan, becoming China's largest cross-border receipt and payment currency. In September this year, the renminbi rose to second place with a share of 9.5% in global trade finance. According to the 8 survey by the Bank for International Settlements, the share of RMB foreign exchange transactions in the global market has risen from eighth to fifth in the past three years.
Zeng Gang said that China's economy accounts for a very high proportion of globalization, and the economy is highly integrated into the world, and finance should also be highly integrated into the world, which should match the development of the real economy. In order to enhance the competitiveness of China's financial system and allow more foreign investors to share the dividends of China's economic growth, China must focus on promoting high-level financial opening-up, so as to improve China's financial competitiveness and enhance the country's core competitiveness in a real sense.
-- Bringing all financial activities under supervision and control in accordance with the law
The meeting stressed the need to comprehensively strengthen financial supervision and control and effectively prevent and resolve financial risks. Earnestly improve the effectiveness of financial supervision, bring all financial activities into supervision in accordance with the law, comprehensively strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision, eliminate regulatory gaps and blind spots, strictly enforce the law, dare to show the sword, and severely crack down on illegal financial activities.
According to Dong Ximiao's analysis, from the current development trend and characteristics of the financial industry, the comprehensive operation of the financial industry has developed in depth, cross-market, cross-industry and cross-field cross-cutting financial products have been emerging, and financial risks have become more hidden, complex and contagious. To prevent and defuse financial risks, it is necessary to further strengthen and improve financial supervision.
Zeng Gang said that this means that the supervision will be further strengthened, and the regulation of financial activities and the deterrence of illegal financial activities will be more effectively formed, so as to create better conditions for the long-term stability of the entire financial industry.
Zeng Gang pointed out that the meeting also mentioned the timely disposal of the risks of small and medium-sized financial institutions, the establishment of a long-term mechanism to prevent and resolve local debt risks, the future period of time through the continuous improvement of the system, as well as the adoption of various programs, to further effectively and timely discover and dispose of relevant risks, to ensure the smooth operation of the entire system.
The city is full of buildings. Photo by China News Service reporter Wang Dongming
-- Promoting a virtuous cycle of finance and real estate
The meeting emphasized that it is necessary to promote the virtuous cycle of finance and real estate, improve the main supervision system and capital supervision of real estate enterprises, improve the macro-prudential management of real estate finance, meet the reasonable financing needs of real estate enterprises of different ownership without discrimination, make good use of the policy toolbox according to the city's policies, better support the demand for rigid and improved housing, accelerate the construction of "three major projects" such as affordable housing, and build a new model of real estate development.
Zeng Gang believes that this reflects the central government's high concern about real estate financial risks. The meeting specifically mentioned "equal treatment", in fact, more emphasis on strengthening the support for private real estate enterprises, the reasonable financing needs of private real estate enterprises to be met, to ensure their smooth operation in the market, which requires a series of policies.
In Zeng Gang's view, the use of the policy toolbox due to the city's policies may further loosen local policies, and all localities will further innovate regulatory policies according to their own conditions, so as to provide more policy support for the stable and healthy development of the entire real estate market. (ENDS)