Guo Shuqing, Yi Gang, and Yi Hui are full of big voices!Lujiazui Forum Reveals New Trends in Monetary Policy and Financial Reform

Original title: Guo Shuqing, Yi Gang, and Yi Huiman made big voices!Lujiazui Forum Reveals New Trends in Monetary Policy and Financial Reform

As the global industrial chain and supply chain are facing major impacts, economic globalization is facing changes, and China’s economy is entering high-quality development, what new connotations have China’s financial reform and opening up given? How does the financial reform and opening up respond to the trend of counter-globalization? How to better serve the high-quality economic development?

On June 10th, the thirteenth meeting held in ShanghaiLujiazuiAt the forum, the leaders of China’s financial authorities gave authoritative answers.

Chinese peoplebankPresident Yi Gang said that it is necessary to continue to improve thecurrencyImplement a regulated and managed floating exchange rate system to promote internal and external balance and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

Chinese peoplebankGuo Shuqing, party secretary and chairman of the China Banking and Insurance Regulatory Commission, stated that it is necessary to accelerate the digital transformation of traditional financial services, so that financial institutions can serve the real economy more accurately and prevent financial risks more accurately.Actively respond to the rebound of non-performing assets and strictly guard against shadowsbankResurgence, resolutely rectify all kinds of illegal public issuance of securities, effectively guard against financial derivatives investment risks, and always be vigilant of all kinds of “Ponzi schemes.”

The chairman of the China Securities Regulatory Commission, Yi Huiman, said that it is necessary to maintain the strength of reform, adhere to the “hard technology” positioning, further improve the relevant rules, and continue to improve the quality and efficiency of the science and technology innovation board service technology innovation.

　　Keep the reform constant

　　Adhere to the “hard technology” positioning

At present, the world economic structure is undergoing profound changes, and the development of the epidemic is still full of uncertainties. The major developed economies implemented large-scale fiscal stimulus and loose monetary policies, which stabilized market confidence to a certain extent and reversed the economic downturn. Problems such as flooding of liquidity, sharp fluctuations in asset prices, and rising fragility in the international financial market have come.

Yi Huiman, chairman of the China Securities Regulatory Commission, said that in this context, countries are paying more attention to the key role of technological innovation in economic transformation and actively fostering the function of long-term and healthy economic development. In order to respond to the impact of the epidemic and achieve high-quality economic development, the Chinese government has deeply promoted supply-side structural reforms, accelerated the implementation of innovation-driven development strategies, and strived to promote a high-level cycle of technology, capital, and the real economy, which is important for the effective use of capital market functions. Higher requirements.

Yi Huiman focused on setting up a science and technology innovation board and piloting the reform of the registration system, expounding the results and future directions of China’s capital market reform. Judging from the current situation, the overall effect of the major reform of promoting the establishment of the science and technology innovation board and piloting the registration system is relatively good and in line with expectations.

First, the demonstration effect of supporting “hard technology” has initially appeared. As of the end of May, there were 282 companies listed on the Science and Technology Innovation Board, with a total market value of nearly 4.1 trillion yuan. The IPO financing on the Science and Technology Innovation Board was 361.5 billion yuan, more than 40% of the total A-share IPO financing in the same period. In 2020, the R&D investment of sci-tech innovation board companiesOperating incomeThe median of the ratio is 9%, the average proportion of R&D personnel in the company’s total staff is 28.6%, and the average number of invention patents is 104, which are higher than other sectors. The sci-tech innovation board has gathered a group of sci-tech innovation companies in the fields of integrated circuits, biomedicine, and high-end equipment manufacturing, and the quality of “hard technology” is gradually emerging. In 2020, listed companies on the Science and Technology Innovation BoardNet profitA year-on-year increase of 59% was significantly higher than the overall market level.

The second is that the reform’s “test field” function has been better brought into play. The sci-tech innovation board pilot registration is a major exploration of incremental reforms, and adheres to information disclosure as the core, and is committed to the issuance, listing, trading, delisting, refinancing,M&AReorganizationA series of institutional innovations have been carried out in other aspects, and experience that can be replicated and promoted has been formed, which provides a useful reference for the reform of stock markets such as the Growth Enterprise Market. For example, a diversified and inclusive listing standard has been set, and 19 unprofitable companies have already been listed on the Sci-tech Innovation Board, and companies with special equity structures and red chip companies have also successfully listed on the Sci-Tech Innovation Board, further stimulating market vitality. For another example, the Sci-tech Innovation Board has significantly relaxed the implementation conditions of equity incentives. 116 companies have launched equity incentive plans, accounting for about 41% of the total number of companies on the Sci-tech Innovation Board, effectively mobilizing the enthusiasm and creativity of scientific and technological talents.

Third, the overall market operation is stable. In the past two years, the main indicators of the Sci-tech Innovation Board have been operating steadily, and the level of market liquidity has basically adapted to its sector positioning, investor suitability, and trading system arrangements. From the perspective of turnover rate, in the first five months of this year, the overall daily turnover rate of the Sci-tech Innovation Board was 2.56%, which was higher than that of the Main Board and ChiNext in the same period.From the perspective of pricing efficiency, the Science and Technology Innovation Board has relaxed the price limit and optimizedMargin tradingArrangements and market games are more adequate, which is conducive to speeding up the formation of equilibrium prices. At the same time, the phenomenon of “speculation in new” has decreased significantly. After going public on the Sci-tech Innovation Board, they have also initially withstood market tests in terms of corporate governance and continuous information disclosure.

With the continuous advancement of reforms, the concept of a registration system centered on information disclosure has become more and more popular, the sense of responsibility of market entities has increased significantly, the survival of the fittest mechanism has been further improved, the market rule of law supply has made breakthroughs, investor protection channels have become more smooth, and the market Expectations are clearly stable, and the overall market ecology is showing positive changes.

However, Yi Huiman also pointed out: “We are also soberly aware that the establishment of the Science and Technology Innovation Board and the pilot registration system are groundbreaking and breakthroughs, and various institutional arrangements need to be continuously improved in practice. Some new situations and new developments have emerged in the reform. The problem is that the Sci-tech Innovation Board will inevitably go through when it matures. We must maintain our reform strength, stick to the’hard technology‘ positioning, further improve relevant rules, and continue to improve the quality and efficiency of the Sci-Tech Innovation Board’s services for technological innovation.

　　Promote the development of green and inclusive finance

　　Smooth transition during the transitional period of green transition

In the new situation, China’s capital market reform emphasizes technological innovation.Well, currencyCreditWhere will the policy focus? Yi Gang, Governor of the People’s Bank of China, said that monetary policy should pay attention to the impact of structural changes on price stability. Considering that my country’s economy is operating in a reasonable range, near the potential output level, price trends are generally controllable, and monetary policy should be in line with the new development stage. To adapt, adhere to the principle of stability, adhere to the implementation of normal monetary policy, especially pay attention to the balance of supply and demand across cycles, and grasp the strength and rhythm of the policy.

Currently, domesticinterest rateAlthough the level is higher than that of major developed economies, it is still relatively low in developing countries and emerging economies, and the overall level is maintained at an appropriate level, which is conducive to the stable and healthy development of various markets.

Yi Gang said that we must continue to deepeninterest rateMarket-oriented reforms will unleash the potential of interest rate reforms in loan market quotes. It is necessary to continue to improve the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies, to promote internal and external balance, and maintain the basic stability of the RMB exchange rate at a reasonable and equilibrium level. On the premise of maintaining a moderate amount, the monetary and credit policy mainly emphasizes two major structural aspects.

First, solidly promote the development of green finance. Achieving the goal of carbon peak and carbon neutrality is a major strategic decision made by the Party Central Committee. The People’s Bank of China is actively using structural monetary policy and other tools to take multiple measures to help the economy’s green transformation and the achievement of carbon peak and carbon neutral goals.

Specifically, the first is to improve the green finance standard system. The People’s Bank of China, China Banking Regulatory Commission and other departments have earlier formulated standards for green bonds and green credit. At the same time, it will work closely with relevant EU departments and other parties to jointly promote the convergence of green classification standards. The second is to establish a climate and environmental information disclosure system. Promote major domestic commercial banks to disclose climate change-related information, and research and promote it to market entities such as listed companies. In the future, a unified information disclosure standard will be established. The third is to encourage the financial sector to increase financial support for green industries. Research on carbon emission reduction support tools that reach the entity. The fourth is to guide financial institutions to guard against climate change risks. The People’s Bank of China has carried out stress tests on climate change risks for financial institutions, and continues to monitor and evaluate the progress of green transformation of financial institutions. It is necessary to fully consider the actual conditions of the investment cost, expected service life and depreciation of the existing infrastructure, properly design the transition parameters and dynamic risk weights, and strive to achieve a smooth transition during the transition period of the green transition.

Second, persist in developing inclusive finance. In recent years, we have continued to increase financial support for small and micro enterprises and individual industrial and commercial households to ensure employment and people’s livelihood, increase income and promote consumption, thereby stabilizing the fundamentals of the economy. Always adhere to the principles of marketization and rule of law, improve incentive compatibility mechanisms, and strengthen commercial banks’ credit risk management and control capabilities.

“At present, inclusive small and micro loans have supported more than 36 million small and micro enterprises and individual industrial and commercial households. We will continue to use structural monetary policy tools and leverage the combined efforts of departmental policies to guide banks to increase first loans under the premise of sustainable business. , Credit loan support. Encourage banks and enterprises to strengthen loan risk prevention in accordance with the principles of commercial sustainability. In-depth development of the financial service capacity improvement project for small, medium and micro enterprises, strengthen the use of financial technology, promote the loan-on-demand model, and promote the accelerated formation of commercial banks A long-term mechanism for daring, willing, able, and meeting loans.” Yi Gang said.

　　Deepen the reform of decentralization, management and service

　　Coordinate the development and security of the foreign exchange field

Under the new situation, what measures will China’s financial opening up take? Pan Gongsheng, deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, stated that he will coordinate development and security, and continuously reform and improve the foreign exchange management system and mechanism that is compatible with the new development pattern of a higher level of open economy.

Specifically, the first is to enhance the facilitation level of cross-border trade under the current account. Deepen the reform of “delegation of control, decentralization, and service” in the foreign exchange field, and establish a foreign exchange supervision system that focuses on credit risk assessment and post-mortem inspection.

The second is to steadily and orderly promote the high-level opening of China’s capital accounts. Coordinating transactions and exchange links, coordinating cross-border RMB and foreign currency management, coordinating capital account opening and risk prevention, promoting the opening of a few non-convertible items in an orderly manner, and improving the facilitation level of convertible items. Focusing on the internationalization of the renminbi and the two-way opening of the financial market, we will actively support Shanghai to build a renminbi financial asset allocation and risk management center to expand the breadth and depth of the renminbi financial market.

The third is to continuously improve economic and financial management capabilities and risk prevention and control capabilities under open conditions, improve the management framework of “macro prudence + micro supervision” in the foreign exchange market, improve the review mechanism of “anti-money laundering, anti-terrorist financing, and anti-tax evasion”, and maintain the stability of the foreign exchange market And healthy operation.

Pan Gongsheng pointed out that the recent reform and opening up in the foreign exchange field will promote the following key tasks: First, enrich foreign exchange market products and domestic and foreign participants, and improve and upgrade China Foreign Exchange Trading Center and Shanghai Clearing House’s infrastructure system based in Shanghai and serving the world. And service capabilities.

The second is to promote private equity investmentfundCross-border investment reform. Support private equity investment funds to carry out cross-border industry and industrial investment. Expansion of Qualified Domestic Limited Partners (QDLP) pilots and Qualified Foreign Limited Partners (QFLP) pilots to help Shanghai become an important global wealth management and asset management market.

The third is to expand the space for Chinese residents’ overseas asset allocation. Through the interconnection of financial market infrastructure (Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Bond Connect, etc.), expand qualified domestic institutional investors (QDII) Scale, improve the QDII management mechanism, and launch “cross-borderFinancial management“Tong” business pilot.

The fourth is to facilitate cross-border financing of enterprises. In recent years, the People’s Bank of China and the State Administration of Foreign Exchange have established and improved a comprehensive macro-prudential policy framework for cross-border financing. Enterprises can independently borrow foreign debts within a certain amount according to their net assets.Some innovative companies, especially small, medium and micro innovative companies, have relatively small net assets in the early stages of growth and a low ceiling for cross-border financing.Zhongguancun, Shanghai Free Trade Zone and other regions have launched foreign debt facilitation pilot projects, granting qualified high-tech enterprises a facilitation quota for independently borrowing foreign debt, and supporting the construction of the Shanghai Science and Technology Innovation Center.

“Fifth is to support the cross-border revenue and expenditure of new trade forms such as offshore trade, cross-border e-commerce, and market procurement. The sixth is to facilitate the overall use of cross-border funds of large enterprise groups. Pilot projects for multinational companies’ integrated domestic and foreign currency fund pools will be launched. In the near future. And we will also beShanghai LingangThe new area and parts of the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port have carried out pilot projects for high-level opening of foreign exchange management to accumulate experience for the promotion of high-level institutional opening in the foreign exchange field. “Pan Gongsheng said.

　　Preventing risks is an eternal theme

　　Be wary of various “Ponzi schemes”

In the process of China’s financial reform and opening up, preventing risks is an inevitable topic. Guo Shuqing, secretary of the Party Committee of the People’s Bank of China and chairman of the China Banking and Insurance Regulatory Commission, said that after three years of tackling major financial risks, the financial risks we faced in the past have shown a trend of convergence. However, preventing risks is the eternal theme of financial work. We must be prepared for danger in times of peace and not let up for a moment. For now, we need to focus on the following aspects:

First, actively respond to the rebound in non-performing assets. The extension of the principal and interest of loans for small, medium and micro enterprises affected by the epidemic is expected to result in a certain proportion of bad ones eventually turning into bad ones.some placesreal estateThe tendency to bubble financialization is serious, a considerable number of government financing platforms are under great pressure to repay debts, and the debt default ratio of some large and medium-sized enterprises has increased, which has exacerbated the credit risk of banking institutions. The situation facing some small and medium-sized financial institutions is even more severe. Banking institutions must be urged to categorize their assets, increase provisioning, and ensure that they can dispose of non-performing assets more quickly.

Second, strictly prevent the resurgence of shadow banking. Different from foreign countries, my country’s high-risk shadow banking has typical “in-system” and “quasi-credit” characteristics. After rectification, the scale of my country’s shadow banking has fallen by 20 trillion yuan from the historical peak, but the stock is still large, and it is easy to rebound with a little carelessness. To prevent financial institutions from increasing disorderly leverage through intersecting financial products again, various new tricks of “quasi-credit” must be contained in the initial stage. It is necessary to conscientiously implement the new regulations on asset management to ensure the smooth completion of the task of rectifying existing asset management products.

Third, resolutely rectify all kinds of illegal public issuance of securities. There are still a large number of products called “private equity” in the financial market that are actually “public equity.” Many of the past illegal fund-raising cases were essentially illegal public offerings of securities. The number of participants in these products has exceeded the 200-person limit, and the issuers are actually targeted at unspecified investors, causing serious damage to the market, society and the people. Once “fake private placements or true public placements” are discovered, they shall be severely punished in accordance with the law, and the issuer and other related parties shall be held accountable for fraudulent issuance, financial fraud, or false disclosure.

Fourth, take effective measures to prevent investment risks in financial derivatives. In the case of financial derivatives where risks occurred in the previous period, a large number of individual investors participated in the investment. From the perspective of mature financial markets, institutional investors are mainly involved in financial derivatives investment, which is very unsuitable for personal investment and financial management. The reason is that, affected by a variety of uncontrollable or even unpredictable factors, the price of financial derivatives fluctuates greatly, which places high requirements on the professionalism and risk tolerance of investors. The participation of ordinary individual investors is tantamount to gambling in disguise, and the result of the loss is already doomed.Those who speculate on foreign exchange, gold and other commodity futures will hardly have the opportunity to make a fortune, just like bettingHouse pricePeople who never fall will end up paying a heavy price.

Fifth, always be vigilant against all kinds of “Ponzi schemes.” At present, various scams using high interest returns as bait, under the banner of so-called financial technology, Internet finance, etc., are emerging in an endless stream. In essence, they are drumming and spreading fancy illegal fund-raising activities. Everyone must bear in mind that there will be no pie in the sky, and the promotion of “guaranteed capital and high returns” is financial fraud. It is necessary to consciously increase vigilance, enhance risk prevention awareness and identification capabilities, and stay away from all kinds of illegal financial activities.

(Source: International Finance News)

(Editor in charge: DF372)