Wang Qishan: Chinas finance cant take the crooked road of speculation and gambling, and cant take the evil road of Pangs fraud

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 Wang Qishan: Chinas finance cant take the crooked road of speculation and gambling, and cant take the evil road of Pangs fraud


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.

The following is the full text:

Distinguished guests

Welcome to the second Bund financial summit.

At present, the novel coronavirus pneumonia epidemic has been raging around the world in the past century, which has been deeply affected by the global changes in international politics, economy, science, technology, culture and security. The world economy has been in deep recession, economic globalization has been facing adverse currents, unilateralism and protectionism are flourishing, and the international environment is becoming increasingly complex. The world has entered a period of turbulent change.

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.

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.

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.

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From October 23 to 25, the CF40 held the second Bund financial summit in Shanghai with the member organizations of the organizing committee. Ma Yun, CO chairman of the United Nations High Level Group on digital cooperation, attended and delivered a speech.

Among them, Ma Yun burst out many golden sentences.

1. Ma Yun said Chinas finance has no systemic risk because there is no system

Chinas finance has no systematic risk, because no system, our finance is still a Youth, and has not yet fully matured. He pointed out that there was a lack of a healthy financial system, and that drought killed people and floods killed them. Innovation must pay a price. We should take responsibility for the future. We should not manage the future in the way of yesterday.

2. At present, Chinas banks are still pawnbrokers, harming many entrepreneurs

3. We cant deny the whole Internet finance because of P2P

Today, we cant deny the whole Internet technology to financial innovation because of P2P. In fact, if thousands of P2P companies in China make mistakes in financial companies, are there problems in other places?

4. Either European or American or advanced, we should consider connecting with the future

In fact, supervision and management are two things. The supervisor is looking at your development and only when there is a problem in the management. However, we are not competent in management now. Good innovation is not afraid of supervision. But we are afraid of yesterdays supervision. We cant manage the airport by the way of managing the railway station, and we cant manage the future by yesterdays approach.

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How dare you! Ma Yun: Chinas banks or pawnshop ideas, harmed many entrepreneurs! There is no systemic risk in Chinese finance because there is no system (source: video synthesis)

Ma Yun said at the Bund summit in Shanghai on October 24 that the listing price of ant financial was determined in Shanghai last night. This is the first time that the largest listing in the history of mankind has been priced outside New York. Five or even three years ago, we didnt dare to think about it, but the miracle happened.

7. We need expert papers, not policy experts

8. It is abnormal that the degree of innovation is far ahead of regulation

Digital currency may redefine currency. Today, digital currency is far from the time to compete with the standard. It is the time to create value. This is not normal when the level of innovation is far ahead of regulation. Todays finance does not need digital currency, but tomorrow, developing countries and millions of young people need it.

9. Innovation must pay a price and take responsibility for the future. Innovation without risk is killing innovation.

10. The impact of the new epidemic situation is far more than the technical issues discussed at present, and its influence is no less than that of World War II

Today, mankind has come to the most critical moment. We must not underestimate this epidemic. It is a force that forces human progress, and its influence is no less than that of World War II. As far as finance itself is concerned, its huge impact is far more than the technical issues discussed at present.

Ma Yun: innovation must pay a price and take responsibility for the future. Innovation without risk is killing innovation (source: video synthesis)