Yi Huiman, chairman of the CSRC, once again made clear his determination to deepen the reform of the capital market, continue to comprehensively deepen the reform of the capital market, effectively enhance the inclusiveness and adaptability of the capital market in China, and promote the reform of the quality, efficiency and power of economic development.
China will, as always, unswervingly deepen reform and expand opening up in the financial sector. We will strive to create a market-oriented, legal and international business environment, and improve supporting legal systems and financial infrastructure. Guo Shuqing, Secretary of the Party committee of the peoples Bank of China and chairman of the Bank of China Insurance Regulatory Commission, further emphasized the improvement of financial infrastructure construction.
In my opinion, the statement of the leaders of the one party and two sessions reveals the direction and path of the next financial supply side structural reform. Moreover, the key areas of reform are more prominent and the efforts are more precise.
First of all, we should adhere to the principle of a more flexible and appropriate monetary policy to create a good monetary and financial environment for the structural reform of the financial supply side.
Through the quantitative monetary policy tools, expand the total supply and solve the financing problem. From January to May this year, RMB loans to the real economy increased by more than 1 billion yuan, an increase of more than 200 million yuan over the same period last year. At the end of May, the M2 balance of broad money increased by 11.1% year on year, and the stock of social financing scale increased by 12.5% year on year. In the second half of the year, under the condition that monetary policy will maintain reasonable and sufficient liquidity, the increase of social financing scale will exceed 30 trillion yuan. It shows the great flexibility and endurance of financial market and financial institution system.
Secondly, we will continue to deepen the reform of the capital market, optimize the financing structure, continue to increase the proportion of direct financing, improve the multi-level capital market system, and help the structural reform of the financial supply side.
As an important platform to increase the proportion of direct financing, capital market has been playing an important role in recent years. In particular, with the gradual implementation of the Article 12 of the deep reform and the steady progress of the registration system, the proportion of direct financing has been greatly increased in both the stock market and the bond market, the financing structure has been optimized, the multi-level capital market system has been improved, and the ability to serve the real economy has been enhanced.
At the 12th Lujiazui forum, Guo Shuqing revealed that in the near future, the CBRC plans to launch six measures to support the development of the capital market.
This shows the importance of capital market in deepening the structural reform of financial supply side, and also means that these measures supporting the development of capital market will work together with the reform of capital market to help the structural reform of financial supply side.
The establishment of a multi-level financial institution system should be guided by market demand, optimize the layout of large and medium-sized financial institutions, enrich various types of financial formats, actively develop personalized, differentiated and customized financial products, increase the number and business proportion of small and medium-sized financial institutions, and meet the financing needs of large number and diverse types of market entities.
Guo said the next step would be to strengthen the role of policy finance in counter cyclical regulation. This year, the scale of credit arranged by policy banks is nearly 1 trillion yuan more than last year. The scale of bond issuance will also increase, and the available funds will be greatly increased. In addition, China Development Bank and Export Import Bank arranged special rescue funds with a total amount of 100 billion yuan. More than 100 billion yuan of new loans are mainly provided to small and medium-sized banks, especially Internet banks, to ease the financing difficulties of small and micro enterprises.
Economy is the body, finance is the blood, both symbiosis and common prosperity. To deepen the structural reform of the financial supply side, we need to strengthen the coordination of financial supervision, promote the deep integration of Finance and the real economy, benign circulation and common development on the basis of improving the financial environment, optimizing the financing structure, building a multi-level financial institution system and optimizing financial services.
Source: Yang Qian, editor in charge of Securities Daily_ NF4425