Securities Times He Jueyuan
On April 16, at the 2022 Tsinghua PBCSF Global Financial Forum, Lu Lei, deputy director of the State Administration of Foreign Exchange, introduced the content of the “2022 China Financial Policy Report” released on the same day. Lu Lei pointed out that in the face of complex and ever-changing new situations and new challenges, it is necessary to further leverage the basic resource allocation and risk management functions of the financial system to enhance the ability to serve the real economy. In terms of financial institutions, better inter-temporal resource allocation and risk management are required to stabilize the real economy in a counter-cyclical manner.
Lu Lei pointed out that judging from the changes in the internal and external situation since last year, we need to pay attention to various risks and challenges. Externally, first, global inflation exceeded expectations and generally rose. Second, the conflict between Russia and Ukraine has led to a rapid rise in global energy and food prices and continued high volatility. The third is that the Fed will likely raise interest rates quickly and substantially and shrink its balance sheet. Domestically, first, the mutant strain of “Omicron” has led to an increase in the pressure of imported epidemics facing my country. Second, the pressure of financial risk prevention and control in the process of economic transformation cannot be ignored.
“In the face of complex and changing new situations and new challenges, it is necessary to further exert the basic resource allocation and risk management functions of the financial system, and enhance the ability to serve the real economy.” Lu Lei said that financial institutions should better carry out cross-border Resource allocation and risk management in the long-term, and counter-cyclical stabilization of the real economy by supplementing and apologizing. First, financial institutions need to actively guide the flow of financial resources to fields such as technological innovation, green and low-carbon, and advanced manufacturing, develop more products and services that meet the needs of science and technology, small enterprises, and sunrise industries, promote the optimization and upgrading of financial structures, and promote economic growth. Quality development. Second, financial institutions should further do a good job in inter-temporal risk management, actively make good use of the natural advantages of financial institutions in price discovery, overcome pro-cyclical thinking, effectively manage and adjust their own pro-cyclical behaviors, and explore inter-temporal opportunities to compensate for apologies with abundance. Risk management methods play a greater role in preventing financial risks, especially major financial risks.
In the financial market, it is necessary to improve competitiveness and the ability to absorb risks. The first is to enhance the competitiveness of the financial market. Further expand the opening of the financial market to the outside world, enhance the endogenous driving force for the optimization and upgrading of the financial market through reform and opening up, adhere to the principles of marketization, rule of law, and internationalization, continue to actively introduce international financial industry standards and guidelines, and improve the professional quality of financial practitioners and comprehensive capabilities to enhance the modernization of corporate governance of financial institutions. The second is to enhance the risk-absorbing capacity of the financial market, effectively play the role of finance as a risk “market maker” in the macro economy, play the role of the financial market as a reservoir, and effectively hedge, absorb and transform the risk contradictions accumulated in the economic operation. Create a favorable financial environment for “six stability” and “six guarantees”.
Lu Lei pointed out that financial management departments must stick to the bottom line and ensure the stable and healthy operation of the financial system. Maintaining financial stability, safeguarding financial security, and strictly controlling financial risks are the duties of financial regulators. The first is to speed up the implementation of the Financial Stability Law. The second is to speed up the establishment of a financial stability guarantee fund in line with my country’s national conditions. The establishment of financial stability funds is a common tool used by developed economies in Europe and the United States to build financial safety nets. If my country wants to build a financial power, it also needs to make the financial stability guarantee fund an important part of my country’s national reserve fund pool for the disposal of major financial risks and a long-term mechanism for financial stability. It is necessary to continue to improve the management and use of financial stability guarantee funds, innovate the sources of financial stability guarantee funds, formulate detailed rules for the use of financial stability guarantee funds, and form an efficient financial safety net that complements and cooperates with existing deposit insurance funds and industry guarantee funds. .
Lu Lei pointed out that it is necessary to promote the improvement of management ability and theoretical innovation in practice. On the one hand, it is necessary to build a macro-guidance + micro-response “two-in-one” economic and financial management system with expectation management as the core. On the other hand, we should focus on promoting innovative theories and laying a solid foundation for monetary and financial management. Make good use of our financial management experience in successfully addressing macro and micro challenges.
Lu Lei said that finance is an important core competitiveness of the country. Under the current situation, it is necessary to adhere to the original mission of financial services to the real economy, adhere to the party’s unified and centralized leadership of financial work, give full play to core functions such as resource allocation and risk management, and build The new development pattern of “dual circulation” of currency and finance effectively prevents and controls financial risks, deepens financial reforms and accelerates high-quality economic development, and constantly writes a new chapter in the high-quality development of China’s financial industry in the new era in practice.
(Editor: Wen Jing)