From October 30 to 31, the Central Financial Work Conference, the highest-level important meeting in my country’s financial field, was held in Beijing. From 1997 to 2017, our country has held five national financial work conferences, all of which played a key role in critical periods.
The difference between the two words from the “National Financial Work Conference” to the “Central Financial Work Conference” reflects the strengthening of the party’s centralized and unified leadership over financial work. The meeting proposed for the first time the construction of a “financial power”, which provided fundamental guidance for high-quality financial development.
Build a financial power
Moving from a financial power to a financial power is an integral part of building a strong country and rejuvenating the nation. The Central Financial Work Conference pointed out that finance is the blood of the national economy and an important part of the country’s core competitiveness. It is necessary to accelerate the construction of a financial power, comprehensively strengthen financial supervision, improve the financial system, optimize financial services, prevent and resolve risks, and firmly Move the path of financial development with Chinese characteristics and promote high-quality financial development in our country.
To move towards a financial power, the Central Financial Work Conference proposed “eight insistences” – adhere to the centralized and unified leadership of the Party Central Committee on financial work, adhere to the people-centered value orientation, adhere to the fundamental purpose of financial services to the real economy, adhere to the prevention of Risk control is an eternal theme in financial work, we insist on promoting financial innovation and development on the track of marketization and rule of law, we insist on deepening financial supply-side structural reform, we insist on coordinating financial openness and security, and we adhere to the general tone of seeking progress while maintaining stability.
When analyzing the situation faced by high-quality financial development, it should be noted that various contradictions and problems in the current financial field are intertwined and influence each other, and some are very prominent. There are still many hidden economic and financial risks, and the quality and effectiveness of financial services for the real economy are insufficient. The financial chaos and corruption problems persist, and financial supervision and governance capabilities are weak.
To this end, the meeting emphasized that the financial system must “resolve to fundamentally solve these problems.” Serving the real economy and serving people’s lives is the foundation of finance. It is necessary to deeply grasp the political and people-oriented nature of financial work, with the goal of accelerating the construction of a financial power, with the theme of promoting high-quality financial development, with the main line of deepening the financial supply-side structural reform, and with the purity, professionalism, and professionalism of the financial team. Combat effectiveness is an important support, with the focus on comprehensively strengthening supervision and preventing and defusing risks.
Chinese peoplebankcurrencyZou Lan, director of the Policy Department, said that the Central Financial Work Conference pointed out the direction for high-quality financial development.Improve the modern monetary policy framework with Chinese characteristics and accelerate the modern centralbankInstitutional construction, improving the “dual-pillar” regulatory framework of monetary policy and macro-prudential policy, improving the base currency injection and money supply regulatory mechanisms, and adhering to the people’s supremacy not only meet the needs of economic development, but also resolutely cannot let thecommon peopleYour banknotes have become “hairy”, so you must protect themcommon peopleMoney bag in hand.
Finance must provide high-quality services
To provide high-quality services, the Central Financial Work Conference proposed “three focuses” and clarified the development path – first, strive to create a good monetary and financial environment and effectively strengthen high-quality financial services for major strategies, key areas and weak links; second, Efforts should be made to build modern financial institutions and market systems to unblock the channels for funds to enter the real economy; third, efforts should be made to promote high-level financial opening up and ensure national financial and economic security.
Specifically, we must always maintain the stability of monetary policy, pay more attention to cross-cyclical and countercyclical adjustments, and enrich the monetary policy toolbox. Optimize the capital supply structure, use more financial resources to promote technological innovation, advanced manufacturing, green development and small, medium and micro enterprises, vigorously support the implementation of innovation-driven development strategies and regional coordinated development strategies, and ensure national food and energy security. Do a good job in technology finance, green finance, inclusive finance,pensionFive major articles on financial and digital finance.
In addition, we should optimize the financing structure, better leverage the hub function of the capital market, promote the deepening and solidification of the stock issuance registration system, develop diversified equity financing, vigorously improve the quality of listed companies, and cultivate first-class investors.bankand investment institutions. Promote high-quality development of the bond market. At the same time, we will steadily expand institutional opening up in the financial sector, improve cross-border investment and financing facilitation, and attract more foreign financial institutions and long-term capital to develop businesses in China. Enhance the competitiveness and influence of Shanghai International Financial Center and consolidate and enhance Hong Kong’s status as an international financial center.
Li Bin, director of the Macro-Prudential Administration Bureau of the People’s Bank of China, said that the country will enhance its ability to serve the real economy.Optimize the layout of large, medium and small financial institutions and build a bank-basedcredit, bond market, stock market, venture capital, etc., a comprehensive and multi-level financial support service system. Continue to improve financial services such as technological innovation, small and micro enterprises, green, and “agriculture, rural areas and farmers”. Promote the internationalization of RMB in an orderly manner and improve the ability of cross-border RMB business to serve the real economy. Deepen the institutional opening of the financial market, promote the construction of Shanghai and Hong Kong as international financial centers, and give full play to the hub function of financial services.
ChinasecuritiesZhang Wangjun, director of the Market Supervision Department of the Supervision and Administration Commission, said that we should continue to deepen our understanding of the regularity of the development path of finance with Chinese characteristics, accelerate the construction of a modern capital market with Chinese characteristics, better exert the hub function of the capital market, and better serve the financial industry. Quality development and the overall situation of Chinese-style modernization.
Comprehensively strengthen supervision, prevent and resolve risks
To comprehensively strengthen financial supervision, the Central Financial Work Conference emphasized that it is necessary to effectively improve the effectiveness of financial supervision, bring all financial activities into supervision in accordance with the law, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, and eliminate supervision gaps. and blind spots, strictly enforce the law, dare to show the sword, severely crack down on illegal financial activities, and deal with the risks of small and medium-sized financial institutions in a timely manner.
To effectively prevent and resolve financial risks, it is necessary to grasp the relationship between rights and responsibilities, speed and stability, and to identify risks early, warn them early, expose them early, and deal with them early. From promptly handling the risks of small and medium-sized financial institutions, to establishing a long-term mechanism to prevent and resolve local debt risks, from promoting a virtuous cycle of finance and real estate, building a new model of real estate development, to preventing cross-regional, cross-market, and cross-border risk transmission and resonance, this meeting All have put forward clear requirements to firmly adhere to the bottom line of preventing systemic financial risks.
For the real estate field, the meeting specifically proposed that it is necessary to improve the main supervision system and capital supervision of real estate enterprises, improve the macro-prudential management of real estate finance, meet the reasonable financing needs of real estate enterprises of different ownerships equally, make good use of the policy toolbox according to city policies, and better support rigid and rigid policies. Improve the demand for affordable housing, accelerate the construction of “three major projects” such as affordable housing, and build a new model of real estate development.
In this regard,CICCAnalysis shows that new home sales have been overall weak this year, with commercial housing sales falling 4.6% year-on-year from January to September, putting continued pressure on the cash flow of real estate companies; at the same time, the sales performance of private enterprises was significantly weaker than that of central state-owned enterprises, with 42 of the top 100 real estate companies Taking central state-owned enterprises and 32 private enterprises without insurance as examples, the sales growth rate from January to September increased by 12% year-on-year and decreased by 14% year-on-year respectively. In this context, the meeting’s proposal to “meet the reasonable financing needs of real estate companies of different ownerships equally” is particularly critical to stabilizing the cash flow of real estate companies and mitigating their credit risks. Policies to support housing demand in various regions may continue to be effective in the future.
Strengthen the centralized and unified leadership of the Party Central Committee
The Central Financial Work Conference pointed out that strengthening the centralized and unified leadership of the Party Central Committee on financial work is the fundamental guarantee for doing a good job in financial work. The upgrade from the “National Financial Work Conference” to the “Central Financial Work Conference” is a clear manifestation of strengthening the party’s leadership in financial work.
The meeting pointed out that it is necessary to improve the system and mechanism of the party’s leadership in financial work, give full play to the role of the Central Financial Commission, and do a good job in overall coordination and control. Give full play to the role of the Central Financial Working Committee and effectively strengthen party building in the financial system. Give full play to the role of the financial committee and financial working committee of the local party committee and implement local responsibilities.
Among the “eight insistences”, “upholding the centralized and unified leadership of the Party Central Committee on financial work” is placed first, which is also the transformation of political and institutional advantages into financial governance effectiveness. This is the successful experience of my country’s financial reform and development in the past.
Judging from the practice of China’s financial reform and development, it is under the party’s strong leadership and correct guidance that our country’s financial system has effectively supported the overall economic and social development, resolutely fought the battle to prevent and resolve major risks, and worked hard to build a moderately prosperous society in an all-round way as scheduled and achieve the first Made important contributions to the centenary goal.
In March this year, the Central Committee of the Communist Party of China and the State Council issued the “Reform Plan for Party and State Institutions”, which covers many areas of financial supervision, including the establishment of the Central Financial Commission, the establishment of the Central Financial Working Committee, deepening the reform of local financial supervision systems, etc., which have further strengthened the The Party Central Committee provides centralized and unified leadership over financial work.
Compiled from CCTV News, Xinhua News Agency, etc.
Xinhua Commentary: Accelerating the construction of a financial power is an inevitable choice for development
How to achieve the goal of becoming a financial power?Accelerate the improvement of financial industry service capabilities around the five major finance
(Source of article: China Fortune Network)
Article source: China Fortune Network
Original title: “Financial Power” was mentioned for the first time, and the Central Financial Work Conference released an important signal
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