On January 15, a number of people from the financial and financial sectors attended the “Global Wealth Management Forum Shanghai Suhewan Summit”, and spoke on market concerns such as local government debt risks, promoting opening up, supporting technological innovation, and rectification and development of asset management institutions.
Xu Hongcai: Proactive Fiscal Policy Should Improve Efficiency
Vice Minister of Finance Xu Hongcai
Xu Hongcai, Vice Minister of Finance, stressed that in 2022, the Ministry of Finance will follow the decisions and deployments of the CPC Central Committee and the State Council, adhere to a proactive fiscal policy to improve efficiency, pay more attention to precision and sustainability, ensure the intensity of fiscal expenditures, accelerate the progress of expenditures, and implement new reduction measures. Tax and fee reduction policies, moderately advanced infrastructure investment, Party and government organs insist on a tight life, strictly abide by fiscal discipline, resolutely curb new local hidden debts, and strengthen fiscal policy and coordination.currencyPolicies are coordinated and linked, and cross-cyclical and counter-cyclical macro-control policies are organically combined to stabilize the macroeconomic market and keep the economy operating within a reasonable range.
Talking about local government debt risks, Xu Hongcai said that in recent years, the Ministry of Finance has firmly established a bottom-line thinking, adhered to “opening the front door and blocking the back door”, strengthened the whole process management of “borrowing, using, managing and repaying” local government bonds, and constantly improved prevention and resolution. Institutional system for local government debt risk to improve fiscal sustainability.
One is to balance the relationship between investment promotion and risk prevention. When determining the scale of new local government debt, strive to achieve a balance between promoting investment and preventing risks, and resolutely prevent excessive debt growth from affecting fiscal operations.
The second is to give full play to the role of local government special bonds in promoting effective investment. Instruct local governments to follow the principle of “funds follow the project”, focus on the weak areas of economic and social development, focus on supporting major infrastructure construction projects with obvious economic and social benefits and strong driving benefits, and resolutely do not “sprinkle pepper noodles”.
The third is to strengthen the full life cycle management of local government special bonds. Guide local governments to reasonably grasp the rhythm of special bond issuance, promote the formation of physical workload as soon as possible, avoid bond funds being idle, implement penetrating monitoring of special bond projects, carry out full life cycle performance management, and consolidate the management responsibilities of competent departments and project units.
The fourth is to resolutely investigate and punish all kinds of illegal and illegal borrowing activities. Strictly block the “back door” of illegal debt financing, focus on strengthening risk source control, harden budget constraints, improve normalized supervision mechanism, strengthen inter-departmental information sharing and coordinated supervision, organize and implement accountability in accordance with laws and regulations, and make discoveries together , Investigate and punish together, hold accountable together, reverse investigation responsibility, and pursue lifelong accountability.
Liu Guiping: Steady progressinterest rate、Exchange Rate Market Reform
Chinese peopleBankVice President Liu Guiping
Chinese peopleBankVice President Liu Guiping said that “dual circulation” is a systematic project and a dynamic optimization process. It is necessary to adhere to the problem orientation, uphold the concept of openness, stimulate market vitality, enhance innovation capabilities, and further expand the breadth and depth of the “dual circulation”.
In terms of promoting opening-up, Liu Guiping emphasized that the financial sector should focus on the orderly and effective implementation of existing financial opening-up measures, and make steady progress.interest rate, exchange rate market-oriented reform, solidly promote the interconnection of financial infrastructure, expand the financial cooperation space of the “Belt and Road”, continuously improve the reform of the financial supervision system, firmly hold the bottom line of no systemic financial risks, and strive to build a new A financial system adapted to the development pattern.
“It is necessary to fully tap the potential of my country’s large market capacity, and make overall plans for domestic demand to drive economic development.” Liu Guiping said that the dual functions of monetary policy tools in terms of total volume and structure should be fully utilized, and the transmission mechanism of monetary policy should be cleared to provide economic development. Effective capital supply to promote the construction of more conducive to the income growth of urban and rural residentsChangheA financial product and service system for consumption upgrades supports urban and rural residents to increase their willingness to consume and enhance their ability to sustain consumption.
Liu Guiping said that it is necessary to give full play to the leveraging role of market-oriented monetary policy tools for continuous conversion, in-depth implementation of the project to improve the financial service capabilities of small and micro enterprises, and further increase support for initial loans, loan renewals, and credit loans, and continue to crack down on small and micro enterprises. The problem of corporate financing has laid a solid foundation for the sustainable and healthy development of the national economy.
In terms of promoting scientific and technological innovation, we must closely focus on the financing needs of “stuck necks”, promote the improvement of the financial innovation system, especially give full play to the role of the capital market in promoting scientific and technological innovation, support and improve the innovation ecosystem with benign interaction between technology, industry and finance, and form it as soon as possible. A virtuous circle of “technology-driven-modern finance-real economy”.
In addition, it is necessary to fully understand the special status of rural development in the “dual cycle”, and solidly promote the rural revitalization strategy. It is necessary to accurately grasp the financial needs of industrial development in rural areas, especially poverty-stricken areas, continue to consolidate and improve the financial policy system supporting rural revitalization, and solidly provide financial services for food security, seed industry development, and new agricultural business entities.
Cao Yu: Guaranteefinancial management、Non-compliant short-term wealth management products are cleared
Cao Yu, Vice Chairman of China Banking and Insurance Regulatory Commission
Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, introduced that through the joint efforts of all parties,BankindustryinsuranceThe transition period rectification of the asset management business has been basically completed by the end of 2021, which is generally in line with expectations.
As of the end of 2021, capital-guaranteed wealth management and non-compliant short-term wealth management products have been cleared, and most banks have completed the rectification of wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time, laying a solid foundation for the healthy development of bank wealth management business.insuranceAsset management products have basically achieved net worth transformation, and product investment operations have been further standardized. The proportion of financing trusts has continued to decline, the channel business has dropped significantly, and the cumulative drop of non-compliant trust projects has exceeded 80%. Some high-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the situation of idling funds and deviating from real to virtual has been fundamentally reversed.
Cao Yu said that the development of professional and characteristic institutional teams will be accelerated.The China Banking and Insurance Regulatory Commission will continue to adhere to the principle of “mature one, approve one”, and steadily promote wealth management companies andinsuranceApproval for the establishment of asset management companies, do a good job in evaluating the operation of established institutions, actively explore the model path for small and medium-sized banks to set up wealth management companies, implement policies to expand opening up and introduce foreign capital, and build an ecosystem where each exhibiting its strengths, organic cooperation and coexistence system.
At the regulatory level, he emphasized that the China Banking and Insurance Regulatory Commission will continue to improve the regulatory rules for the asset management business of the banking and insurance industry, and gradually form a regulatory system that runs through the main business lines of the regulatory agency, covering corporate governance, investment operations, sales of consumer insurance, risk internal control, etc. key link. It is necessary to consider the differentiated characteristics of the banking and insurance asset management business, and adhere to the strict implementation of the unified standards for the new asset management regulations, which are consistent with the regulatory requirements for similar businesses of other asset management institutions.
It will continue to strengthen the building of professional supervision capabilities, adhere to institutional supervision as the basis, coordinate coordination function supervision and behavior supervision, strengthen off-site monitoring and big data screening functions, and early detection and early disposal of asset management business risks.
It will increase the intensity and frequency of on-site investigations and on-site inspections, and comprehensively use means such as supervision reminders, supervision notifications, and administrative penalties to maintain high pressure and deterrence against violations.
(Article source: Chinasecuritiesnewspaper)
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