China News Agency, Beijing, February 5th. Question: Where is the "specialty" of the modern capital market with Chinese characteristics?
——Interview with Zhang Yuewen, Director of Capital Market Research Office, Institute of Finance, Chinese Academy of Social Sciences
China News Agency reporter Chen Kangliang
The 20th National Congress of the Communist Party of China proposed to improve the functions of the capital market and increase the proportion of direct financing.
The Party Committee of the China Securities Regulatory Commission stated at the meeting to convey and study the spirit of the 20th National Congress that it is necessary to adhere to the combination of the general laws of the capital market with the reality of the Chinese market and the excellent traditional Chinese culture to accelerate the construction of a modern capital market with Chinese characteristics.
Where is the "speciality" of the modern capital market with Chinese characteristics?
And how should we build better?
Recently, Zhang Yuewen, director of the Capital Market Research Office of the Institute of Finance and Economics of the Chinese Academy of Social Sciences, accepted an exclusive interview with China News Agency's "East and West" to explain this.
The interview transcript is summarized as follows:
China News Agency reporter: How to understand the concept of modern capital market with Chinese characteristics?
Zhang Yuewen:
The historical process of the capital market from its origin in Western developed countries to its becoming an important part of China's socialist market economy has continued to include theoretical innovation and practical exploration.
In the context of socialism with Chinese characteristics entering a new era, facing the realistic requirement of the capital market to serve the real economy with higher quality, it is necessary to build and form its own distinctive characteristics of the capital market according to the characteristics of China's economic development, and to highlight the Chinese capital market. Socialist attributes and attributes of developing countries.
The "characteristics" of the modern capital market with Chinese characteristics are mainly reflected in the development foundation, development goals and development paths.
China News Agency reporter: What is the basis for the development of a modern capital market with Chinese characteristics? How does this basis differ from Western countries?
Zhang Yuewen: The
capital market is a place for transactions between capital owners and demanders. It essentially serves the real economy. What kind of real economy exists, there is a capital market that adapts to it.
Regarding the nature of the real economy, people usually divide it from the basic economic system and development stage.
In developed capitalist countries in Europe and the United States, the capital market has a complete legal system and supervision system, advanced infrastructure and strong market functions.
But fundamentally speaking, the capital markets in these countries serve the capitalist economic system, and their fundamental goal is to safeguard the interests of specific classes.
China implements the socialist basic economic system and the socialist market economic system.
Can socialist countries develop capital markets?
Marxist classic writers have long given the answer.
Marx pointed out in "The Critique of the Gotha Program" that labor and means of production jointly create wealth, that is, use value, and wealth creation runs through the entire process of socialist society and communist society.
In the socialist stage, wealth creation is still a process of gathering factors such as labor, land, capital, technology, and management. Wealth distribution is the distribution of factor owners participating in wealth creation according to their respective contributions to wealth creation.
Aerial night view of Lujiazui in Pudong, Shanghai.
Photo by Zhang Hengwei
The Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China proposed to improve the compensation mechanism determined by factor markets such as capital, knowledge, technology, and management.
The share of production factors participating in income distribution depends not only on their respective inputs, but also on their respective “contributions” and supply and demand conditions.
As a factor of production, capital not only participates in production, but also has the right to participate in distribution according to market principles, which establishes the status of capital in socialist large-scale production.
Capital transactions based on ownership and distribution rights and the capital market that provides services for capital transactions should naturally also become an integral part of the socialist market economy.
Another major national condition of China is that it is the largest developing country in the world.
Since the founding of new China, although China's material production capacity has been greatly improved and it has gradually developed into the world's second largest economy, there are still problems of unbalanced and insufficient development, and the structural contradictions of the real economy are relatively prominent.
China's capital market is an important starting point for financial services to the real economy. It is necessary to improve services from the perspective of promoting the balanced development of the real economy and improving the efficiency of economic operation, smooth the virtuous circle of capital, technology and the real economy, and solve the structural problems in the economy. This is obviously different from the Western capital market, which mainly focuses on solving the aggregate problem at the macro level.
Shenzhen Dabaihui Central Plaza under construction.
Chen Wenshe
China News Agency reporter: What is the development goal of a modern capital market with Chinese characteristics? In order to achieve these goals, what aspects of reform must be strengthened in the future?
Zhang Yuewen:
In terms of function, the capital market serves the real economy, and this interdependent relationship applies to most economies.
However, if the basic economic system and economic development stage are divided, countries will be very different. This is the fundamental reason why China's capital market has its own characteristics in terms of development goals.
A major breakthrough in the political economy of socialism with Chinese characteristics is to clarify that China is still in the primary stage of socialism, and the essence of this stage is to liberate and develop productive forces, eliminate exploitation, eliminate polarization, and gradually achieve common prosperity.
Obviously, the development goals of the capital market with Chinese characteristics should be consistent with the development goals of the real economy.
As socialism with Chinese characteristics enters a new era, the principal contradiction in Chinese society has been transformed into the contradiction between the people's ever-growing needs for a better life and unbalanced and inadequate development. Upholding and developing socialism with Chinese characteristics must be "people-oriented". center".
The main task of the capital market is to support the resolution of structural contradictions in economic development, and the pure expansion of total financing is no longer the only indicator of the level of market development.
The development of the capital market with Chinese characteristics in the new era must strengthen the construction of basic systems, firmly grasp the fundamental purpose of serving the real economy and protecting the legitimate rights and interests of investors, adhere to the direction of marketization, rule of law, and internationalization, and continuously improve the status of China's capital market. attractiveness and international competitiveness.
The key to the current system reform of China's capital market is to fully implement the stock issuance registration system as the leader to drive the innovation of key systems in the capital market.
On the basis of the previous pilot experience of the Science and Technology Innovation Board and the Growth Enterprise Market, the registration system will be implemented in the whole market, and the basic systems such as stock listing, trading, information disclosure, investor protection and delisting will be adjusted, supplemented and improved accordingly, so as to comprehensively improve China's The marketization level of stock market operation.
The exterior of the Great Hall of the People in Beijing.
Photo by Tang Yanjun
China News Agency reporter: In the development path of a modern capital market with Chinese characteristics, how to properly handle the relationship between the government and the market?
Zhang Yuewen:
Due to various factors such as history, economy, politics, society and culture, the development paths of capital markets in various countries are different.
In Western countries that advocate free market economic thinking, most of their capital markets follow a development path that gradually evolves from a laissez-faire development model to a supervised free market model, limiting the role of the government as much as possible.
Although the development of China's capital market briefly experienced the exploration of the free market model in the early stage, it is still a "market development model led by the government" in general.
The combination of an efficient market and an effective government is an important feature of the country's economic operation in the new era of socialism with Chinese characteristics.
In the long-term process of improving the capital market system, the government will continue to play an important role.
The main manifestations are: the government still needs to act as the designer of the capital market system, the builder of the capital market mechanism, and the supervisor of the operation of the capital market.
In addition, the government also needs to act as a special investor in the capital market to ensure the preservation and appreciation of state-owned assets and maintain the smooth operation of the market.
What needs to be emphasized is that government actions should not replace or interfere with the normal operation of the market mechanism, and its main purpose is to make up for the defects of the market mechanism and solve the problem of market failure.
It is necessary to clarify the relationship between the government and the market, properly protect the interests of various market entities, encourage financial product and service innovation, promote financial entrepreneurship, and continuously strengthen capital by strengthening the centralized and unified leadership of the central government and establishing a sound legal and regulatory system that restricts government behavior. The market serves the function of the real economy.
(over)
Respondent profile:
Zhang Yuewen, Ph.D. in Economics, director, researcher, and doctoral supervisor of the Capital Market Research Office of the Institute of Finance and Economics, Chinese Academy of Social Sciences.
The main research areas are capital market and corporate finance.