Wang Qishan: Chinas finance cant take these three crooked, devious and evil ways

 Wang Qishan: Chinas finance cant take these three crooked, devious and evil ways

Distinguished guests

Welcome to the second Bund financial summit.

We should also see that mankind has entered a new era of interconnection. The interests of all countries are closely linked, and their destiny shares weal and woe. Economic globalization is still a historical trend. The rapid iteration of science and technology, and the continuous emergence of new industries, new formats and new models have provided new impetus for economic and social development. The only right choice for the world is to unite in the fight against the epidemic, overcome difficulties and win-win cooperation. We should strengthen our confidence by thinking about history, culture and philosophy, recognize the general situation from a comprehensive, dialectical and long-term perspective, be brave in innovation, distinguish new opportunities in crisis, and open up new situations in the process of reform.

Distinguished guests, China has entered a stage of high-quality development. At the same time, the complexity and severity of the external environment are also rising. The problem of unbalanced and inadequate development remains prominent. We will adhere to the general tone of seeking progress while maintaining stability, implement the new development concept, and accelerate the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international dual circulation promoting each other.

The new development pattern focuses on adapting to changes. In recent years, Chinas economic market and resources at both ends of the international macro cycle momentum has been significantly weakened, and the contribution of domestic demand to economic growth has become increasingly strong. In the future, Chinas economic potential for domestic demand will continue to release. We will adhere to the supply side structural reform, continue to expand domestic demand, rely more on the domestic market, and improve the effectiveness of the supply system on demand. Continuously improve the high-level dynamic balance of demand pulling supply and supply creating demand.

The new development pattern focuses on the transformation mode. It is necessary to shift the driving force of Chinas economic growth from factor driven to innovation driven, from investment driven to consumption and investment driven, from both sides of the external world to independence and openness, so as to eliminate the obstruction of factor flow, smooth the national economic cycle, link production and consumption on a larger scale, expand the scope of trade, promote the deepening of division of labor, improve production efficiency and promote wealth creation.

The new development pattern focuses on further deepening reform and expanding opening-up. It is necessary to remove deep-seated institutional and institutional barriers, let the market play a decisive role in resource allocation, give better play to the role of the government, stabilize development expectations, policy expectations, and institutional expectations, create a more administrative, international and convenient business environment, build a new open economic system of a higher level, and be more proactive We should make good use of the two markets and resources at home and abroad to form new advantages in international cooperation and competition.

Ladies and gentlemen, finance is the core of modern economy. Exploring the road of financial development with Chinese characteristics is a long-term, complex and arduous task. At present, the global financial and economic environment is changing dramatically. We should not only stick to the bottom line, but also flexibly deal with the risks and challenges, and be brave in eliminating the old and establishing the new.

We should attach equal importance to financial innovation and supervision. In recent years, new financial technologies are widely used and new formats emerge in endlessly, which not only brings convenience to efficiency, but also enlarges financial risks. There are ideals, but they cannot be idealized. We should find a balance between encouraging financial innovation, stimulating market vitality, expanding financial openness and financial supervision capacity. We should strengthen the basic and institutional construction, improve the quality of the team, strengthen the means of supervision, and integrate management into service, so that the financial industry can better support the high-quality development of the economy.