Tu Guangshao: The Supply of Service System Restricts the Development of Direct Financing in China

category:Finance
 Tu Guangshao: The Supply of Service System Restricts the Development of Direct Financing in China


Tu Guangshao said that China has developed rapidly in direct financing. But in the whole financing system, the proportion of direct financing has not risen fast enough. China is now facing structural reform of the financial supply side. In fact, a very important or fundamental problem is to increase the supply of direct financing.

Tu Guangshao said that the different nature of indirect financing and direct financing determines the different requirements for the service system. Faced with the market, direct financing requires investors to choose more investment products and tools directly, which requires the supply of service system corresponding to direct financing to support.

Tu Guangshao said that the supply of direct financing service system is inadequate. The supply of direct financing service system is more important than the quality and level. The inadequate opening is a major reason for the inadequate supply of direct financing service system.

Strengthen the Opening-up and Promote the Supply of Direct Financing Services

Tu Guangshao gives his opinions on how to promote the supply of direct financing services by increasing the outbound efforts from four aspects:

I. Increasing the Subject and Power of Direct Financing Service Supply through Opening-up

Tu Guangshao said that financial opening is the opening of capital market, that is, the opening of financial services. Before opening up the market, we should increase the opening of financial services industry. Before opening up the capital market and realizing the free exchange under capital account, we should open up the capital service system, which accords with the logic of orderly opening up. Especially, the opening of the direct financing service system is quite important in the 11 Financial articles, which involves various industries. Therefore, first of all, it is necessary to increase the main body of service supply and supply intensity through opening up.

2. Improving the Service System of Direct Financing through Opening

Tu Guangshao said that the service system includes investment banks, asset management, as well as other types of service institutions matching direct financing. There are many direct financing service institutions in China, but some of them are our shortcomings. Therefore, opening up and introducing foreign capital is conducive to improving the service system of direct financing service and filling in the shortcomings.

3. Improving the Market Mechanism of Direct Financing Services through Opening-up

Tu Guangshao said that through opening up more to promote reform, the key is to improve the market mechanism of direct financing services.

4. Forming a Good Service Ecology of Direct Financing through Opening-up

Tu Guangshao said that good ecology is conducive to the healthy development of the industry in terms of market transparency, professional ethics, standards, including corporate governance. If these aspects can form a good ecology, it will also play an important supporting role in the development of direct financing.

How to make opening up an important opportunity to enhance the supply and capacity of direct financing services?

Tu Guangshao said that the answer is open + reform, which forces reform to adapt better to opening up.

Tu Guangshao said that capital market reform should be vigorously promoted first, because direct financing corresponds to direct financing market, open market and private market. The direct financing service system is important, but without a market-oriented mechanism and a sound market system, the opening up may fail, or even the bad currency expels the good currency. Tu Guangshao said that the company has made important progress in the marketization process, especially in delisting. The success of KIB must mean that a number of KIB enterprises should withdraw from the market. This is the law of the market, and if there is access, there will be exit, so is the system construction; if there is no exit, there will be no entry. Only when there are enterprises with STB delisting, can the success of STB be promoted. The deepening reform of market mechanism and our opening up efforts to promote the supply of direct financing service system complement each other, so we should intensify market-oriented reform. Tu Guangshao said that, secondly, we need to constantly improve the regulatory mechanism and methods, of course, we need to further optimize the direct financing service environment. Source: First Financial Responsibility Editor: Wang Xiaowu_NF

Tu Guangshao said that capital market reform should be vigorously promoted first, because direct financing corresponds to direct financing market, open market and private market. The direct financing service system is important, but without a market-oriented mechanism and a sound market system, the opening up may fail, or even the bad currency expels the good currency.

Tu Guangshao said that the company has made important progress in the marketization process, especially in delisting. The success of KIB must mean that a number of KIB enterprises should withdraw from the market. This is the law of the market, and if there is access, there will be exit, so is the system construction; if there is no exit, there will be no entry. Only when there are enterprises with STB delisting, can the success of STB be promoted. The deepening reform of market mechanism and our opening up efforts to promote the supply of direct financing service system complement each other, so we should intensify market-oriented reform.

Tu Guangshao said that, secondly, we need to constantly improve the regulatory mechanism and methods, of course, we need to further optimize the direct financing service environment.