(Interview between the two sessions) Shang Fulin sees the "14th Five-Year Plan": the financial industry will take new steps in the opening of rules and institutions

  China News Service, Beijing, March 8 (Reporter Xia Bin) The draft of the "14th Five-Year Plan" and the 2035 long-term goal outline has been submitted to the Fourth Session of the 13th National People's Congress for review. , Futures and other financial sectors are open.

How will China's financial industry open up in the future?

Shang Fulin, member of the Standing Committee of the Chinese People's Political Consultative Conference and director of the Economic Committee, gave his judgment on the opening up of China's financial industry in a written interview with China News Service and other media.

  Cancel or relax restrictions on the proportion of foreign ownership, relax foreign institutions and business access conditions, expand the scope of business of foreign institutions... According to statistics, since the 19th National Congress of the Communist Party of China, the financial sector has announced more than 50 opening-up measures involving multiple aspects.

  Shang Fulin said that up to now, the revision and formulation of laws and regulations involved in the opening-up measures have been basically completed, and a number of landmark foreign-funded projects such as the first foreign-controlled wealth management company and a wholly foreign-owned life insurance subsidiary have landed one after another.

  In the process of continuously integrating into the global market, the competitiveness of China’s financial industry has continued to increase, and the risks and challenges it faces are also increasing. At present, China is undergoing major changes unseen in a century, and the external environment is highly uncertain. Short-term shocks will not affect the overall process of financial opening.

  "In this changing situation, China, as one of the important engines driving the world economy and one of the most important financial markets in the world, will continue to increase the attractiveness of opening up, and financial opening up will face new opportunities." Shang Fulin pointed out that in Against the background of the global economic recession and the general loose monetary policy of global central banks, China's economy took the lead in recovering, and the attractiveness of RMB assets continued to increase.

  At the same time, China has an ultra-large-scale market with huge investment potential. As China’s economic development shifts to relying on innovation-driven intensive growth, market entities have broad innovation prospects and will bring more high-quality targets to the financial market; China’s business environment In continuous improvement, the right to speak in the international market continues to increase.

  Shang Fulin bluntly said that during the "14th Five-Year Plan" period, it is foreseeable that the financial industry will open up to the outside world to take new steps in the opening of rules and regulations.

  In terms of key tasks, he pointed out that the first is to create an institutional environment that is compatible with high-level openness, and encourage Chinese and foreign financial institutions to compete on an equal footing, deepen cooperation, learn from each other, and promote innovation.

The second is to continue to enhance the international competitiveness of the financial system and financial institutions in the process of opening up.

The third is to improve the macro-financial management and risk prevention and control capabilities under open conditions, and ultimately fully integrate with international best practices to provide more support for promoting the high-quality development of the financial industry.

  Speaking of China's financial industry innovation during the "14th Five-Year Plan" period, Shang Fulin said bluntly: "The overall direction of innovation and development is clear. We must adhere to the essential requirements of serving the real economy and the people." Services will play a greater role in building a new development pattern, while at the same time making innovations serve the people's production and life more, and protecting the legitimate rights and interests of financial consumers.

  However, Shang Fulin also emphasized that financial innovation must be carried out under the premise of prudential supervision and must follow the basic laws of finance.

Fintech is essentially a technology-driven financial innovation activity, and it should also be regulated and licensed to operate in accordance with laws and regulations.

We will severely crack down on "pseudo-innovation" and "chaotic innovation", and "zero tolerance" for all kinds of illegal activities.

  He also suggested that the supervisory system should be continuously improved to enhance its pertinence, applicability and operability.

To adapt to the development trend of financial digital transformation, combine the national conditions, handle the relationship between financial development, financial stability and financial security, create a market environment of fair competition, break monopoly, and prevent the disorderly expansion of capital.

(Finish)