Chinas financial system should continue to conform to the new trend and build a new pattern, with the following work focused on. First, we should adhere to the sound monetary policy, flexible and moderate. Second, we should vigorously develop the multi-level capital market. We should adhere to the nine character principle of building system, non intervention and zero tolerance, improve the basic system of capital market, improve the quality of listed companies, optimize the market structure, and strengthen information disclosure and investor protection. Third, to build a multi-level banking institution system. We will speed up the optimization of the operation and development mode of big banks and improve the ability to serve the real economy. We will deepen the reform of small and medium-sized banks and improve the governance structure of legal persons. Resolve all kinds of risks resolutely. Fourth, we should pay attention to the role of financial technology. Big data, cloud computing, blockchain, artificial intelligence and other technologies are profoundly changing the financial ecology in the future, and we should seek benefits and avoid harm and promote the healthy development of financial technology. Fifth, we will continue to promote the overall opening-up.
Vigorously develop clean energy, renewable energy and green environmental protection industry
The important enlightenment of epidemic situation is to promote the harmony between human and nature. We should promote green development, build a green, low-carbon and circular economic system, vigorously develop clean energy, renewable energy and green environmental protection industries, and enhance the sustainability of development. At the same time, we should attach great importance to structural adjustment, prevent duplication of construction, reasonably improve the market concentration, enhance the core competitiveness of market entities, and accelerate the construction of a new development pattern with the domestic big cycle as the main body and domestic and international dual circulation promoting each other.
Investment is being transformed to basic necessities of life, education and medical care
Meeting the final consumption demand plays an important role in economic development. With Chinas per capita GDP moving forward to a higher level, the middle-income groups clothing, food, housing, transportation, education, medical care, etc. contain huge consumption potential. Investment is transforming in this direction, and the supply system to meet the basic and high-quality demand of people is gradually optimized.
Central bank governor Yi Gang
We will adhere to a prudent monetary policy and firmly support the steady employment of market players
On Chinas monetary policy, Yi Gang talked about two points of view: first, Chinas monetary policy response is timely and powerful, the total amount is reasonable and moderate, which creates a suitable monetary and financial environment for the stable employment of market participants.
Yi Gang said that this years monetary policy has been introduced in different levels and gradients according to the stage characteristics of epidemic prevention and control and economic and social recovery and development. Another prominent feature of the implementation of monetary policy is that it pays attention to enhancing the directness and accuracy. At the same time, the peoples Bank of China has done a solid job in financial support and targeted poverty alleviation to help build a moderately prosperous society in an all-round way. Generally speaking, the steady monetary policy has achieved positive results, and the scale of monetary credit and social financing has grown reasonably, which has strongly supported the steady recovery of the economy.
Second, we should adhere to a prudent monetary policy, adhere to and improve some effective structural financial policies in response to the epidemic, and help to achieve the annual development goals and tasks.
According to Yi Gang, Chinas GDP grew by 0.7% in the first three quarters and is expected to grow in the whole year. The global economy has recovered from its lowest point, but the development of the epidemic is still highly uncertain. The IMF predicts that the global economic growth rate will be - 4.4% this year, and it will take time to recover to the level before the epidemic.
At the same time, Yi Gang said that the policies and measures to support small and micro private enterprises, stable employment and green development will continue to be adhered to and further improved, so as to promote the formation of a new development pattern with domestic large cycle as the main body and domestic and international dual circulation promoting each other.
After GDP growth picks up next year, the macro leverage ratio will be more stable
By the end of September, the financial sector had made profits of more than 1.1 trillion yuan to the real economy
On the whole, the steady monetary policy has achieved positive results, and the scale of monetary credit and social financing has grown reasonably, which has strongly supported the steady recovery of the economy. Through deepening the reform of LPR, the financial management departments can promote the financial sector to make profits to the real economy by reducing loan interest rates, implementing two direct monetary policy instruments and reducing charges. It is estimated that by the end of September, more than 1.1 trillion yuan of interest has been transferred. It is expected that with the further embodiment of the effects of various policies and measures, the target of 1.5 trillion yuan of profit can be achieved in the whole year.
Chairman of SFC Yi Huiman
With regard to the capital market, Yi Huiman, chairman of the CSRC, said that we should adhere to the rule of law and supervision of the city according to law, act in accordance with the system and rules, practice the concept of non intervention and realize a virtuous circle of market ecology. Establish and improve an open and transparent capital market system and rules system, so that the market has a clear expectation of supervision. We should firmly devolve the power that should not be managed to the market, and properly manage and control what should be managed, so as to realize a virtuous circle of the market.
Yi Huiman also said that on the basis of summing up the pilot experience of the science and technology innovation board and the growth enterprise market, the CSRC will continue to steadily implement the registration system in the whole market in accordance with the three principles of respecting the basic connotation of the registration system, learning from international best practices, reflecting Chinese characteristics and development stages. We should improve the information disclosure rules system guided by investors needs, establish diversified and inclusive listing conditions, improve the issuance and underwriting mechanism, and create a transparent and efficient issuance audit and registration mechanism with clear rights and responsibilities, unified standards, and transparency. Actively and steadily optimize transaction settlement system, enrich risk management tools, optimize margin trading and securities lending and refinancing systems, and steadily promote the reform of DVP settlement system. We will improve the institutional arrangements for normalization and multi-channel delisting.
Accelerating the implementation of securities class action system
Yi Huiman said that while accelerating the reform of financing side, we should promote the reform of investment side. We should strengthen the management team of public funds, improve the business rules of investment consultants, and strive to improve the professional ability of various asset management institutions; promote the optimization of the policy environment for medium and long-term funds such as the third pillar pension; improve the accounting, performance evaluation and incentive mechanism of equity investment, and cultivate and strengthen the willingness and ability of long-term investment in the capital market. We should accelerate the implementation of the securities class action system, improve the system and mechanism for the exercise, protection and relief of investors rights, and actively advocate the culture of long-term investment, value investment and rational investment.
Yi Huiman also said that we should improve the legal guarantee and supporting system for the capital market. We should actively cooperate with the revision of the criminal law, the legislation of the Futures Law and the promulgation of relevant judicial interpretations, promote the formulation of administrative regulations on the issuance and trading of asset-backed securities, gradually build a legal and regulatory system in line with the law governing the development of the capital market, and promote the improvement of the supervision and law enforcement system in which administrative law enforcement, civil recovery and criminal punishment are interconnected and mutually supported. We will deepen the reform of release, control and service, implement the system of list of rights and responsibilities, and stimulate the vitality of market innovation.
Steadily promote the two-way opening of capital market
Yi Huiman said that we should steadily promote the institutional opening of the capital market. Expanding the high-level two-way opening of the capital market is the internal requirement of building a new pattern of dual cycle development. We will gradually unify and simplify the channels and ways for foreign investors to participate in Chinas capital market, deepen the interconnection of domestic and foreign markets, expand the direct access channels for foreign institutional investors in the bond market of the exchange, and broaden the scope and path of opening up options for commodity and stock index futures. We will strengthen cooperation in cross-border auditing and international regulatory law enforcement, and actively participate in international financial governance.
Guo Shuqing, chairman of CIRC
To comprehensively enhance the financial inclusion, financial institutions should do a good job in digital transformation
Guo Shuqing said that in order to comprehensively enhance financial inclusion, we should not only develop large and super large financial enterprises, but also cultivate small and medium-sized financial institutions. We should learn from each others strengths and make up for our weaknesses. All financial institutions should pay close attention to digital transformation to improve their ability to serve the public.
It is very urgent to develop the third pillar endowment insurance
We must firmly promote the structural reform of financial supply side
Financial institutions with better conditions will be selected to explore a new way for the reform and development of pension finance
Guo Shuqing said that financial institutions and specialized institutions with better conditions will be selected to participate in the reform and development of pension finance in a new way based on Chinas reality and international experience in both positive and negative aspects. On the one hand, we should pay attention to the existing business norms, rectify the source, unify the standards of pension financial products, and clean up the products that are not worthy of the name; on the other hand, we should carry out business innovation and vigorously develop professional pension products with real pension functions, including pension savings deposits, pension financing and funds, exclusive pension insurance, commercial pension, etc.
Pan Gongsheng, vice president of the central bank and director of the State Administration of foreign exchange
Pan Gongsheng, vice president of the peoples Bank of China and director of the State Administration of foreign exchange, pointed out that the central bank will focus on improving the macro Prudential monitoring, evaluation and early warning system in key areas such as real estate finance, foreign exchange market, bond market, shadow banking and cross-border capital flow, and implement macro Prudential stress test step by step and institutionalize it. Pan Gongsheng said that according to the needs of preventing real estate financial risks and stabilizing land prices, stabilizing house prices and stabilizing expectations, policy tools such as real estate loan concentration ratio, residents debt to income ratio and real estate loan risk weight are being studied to further improve the long-term mechanism for promoting the healthy development of the real estate market. Pan Gongsheng pointed out that the central bank will focus on improving the macro Prudential monitoring, evaluation and early warning system in key areas such as real estate finance, foreign exchange market, bond market, shadow banking and cross-border capital flow, and implement the macro Prudential stress test step by step and institutionalize it. Source: Wind Information Editor: Yang Qian_ NF4425
We will improve the macro Prudential monitoring system in key areas such as real estate finance and shadow banking
Pan Gongsheng pointed out that the central bank will focus on improving the macro Prudential monitoring, evaluation and early warning system in key areas such as real estate finance, foreign exchange market, bond market, shadow banking and cross-border capital flow, and implement macro Prudential stress test step by step and institutionalize it.