The Next Step In Financial Reform Is To Return To The Real Economy.

Financial reform has always been a major component of China's reform.

Since the third and fifth plenary session of the eighteen Central Committee of the Communist Party of China, we can see that there has been a change in the concept of financial reform. That is to say, financial reform must serve the real economy. Finance itself has no goals. Its goal is to serve the good real economy. So what are the problems in the real economy and what problems the real economy has to solve? That is the problem that finance needs to solve.

So we say that the next step in financial reform is to go back to the real economy.

In view of our current task of the real economy, we feel the importance of developing direct financing more than ever. Therefore, we see that regulators have unswervingly proposed to restore IPO and accelerate the registration system. If we do not take such measures, the so-called innovation and entrepreneurship will increase in investment.

So the development of capital market is more important than ever before. The central authorities can see clearly.

At present, domestic and foreign research institutions generally believe that the potential growth rate of China's economic growth during the "13th Five-Year" period is 6%~7%. Under such a background, the general requirement for financial reform is to accelerate the improvement of the efficiency of financial services in the real economy.

Specifically, it can be broken down into the following tasks:

First, provide a benchmark for effective market operation.

The socialist market economy is the market in the allocation of resources to play a decisive role in the allocation of resources is to pfer, and the pfer process is very important basis for price: in addition to the price of goods and services, more important price is the price of finance, we call it the benchmark.

The price is three: first, interest rate; second, exchange rate; third, risk-free yield curve.

These three are the benchmark for our financial operation, and also the benchmark for our macroeconomic operation. Therefore, we must accurately and scientifically carry out this benchmark in 13th Five-Year, so that our resource allocation can be efficient.

We look at the marketization of interest rates. As we all know, not long ago, the people's Bank of China has announced that the ceiling on deposit interest rates has been released.

After the liberalization of the deposit interest rate ceiling, we discovered that

The reform has not been completed, and the next task seems to be more serious, because there are three tasks to be solved.

First, interest rates are determined by supply and demand in the market.

If you want to do this, you can't control supply and demand. You can't tie the hands of the operators to make a decision, so the market-oriented reform of interest rate is to say that it seems to be a reform of a rate, in fact, it is a liberation of quantity.

Second, there are many market interest rates, and the effective interest rate should be a system and interrelated.

To make the market interlinked, we must allow all funds to be pferred freely between markets, so breaking the blockade is a task.

Nowadays, corporate bonds, interbank market and exchange market are not related to each other. One of the important reasons is that the current system does not relate to them, but they are actually interrelated, so there are arbitrage and a lot of speculation happens. Therefore, we must break this blockade and let them link up.

Third, the monetary authorities should have the ability and mechanism of marketization in regulating interest rates.

In other words, it does not mean that regulation of interest rates is marketization, because interest rates are highly likely to be highly administrative, so we must change the central bank's operation mechanism.

Secondly, the second task of decomposition is to pass.

To support entrepreneurship and innovation, we should help to play a key role in investment.

Whether in the past, now or in the future, investment is still

One of the main engines of growth.

But now the investment growth rate has dropped faster. We used to average 26% annually, and the annual fixed asset investment increased by 26%. Now it has slipped to about 10%, which is also one of the important reasons for the slowdown of the economic growth.

Therefore, financial reform must also keep investment at a certain rate of growth.

So the question is: how can finance support the upturn of investment growth? The answer is to develop direct financing.

From a professional point of view, indirect financing has its advantages, such as supporting large-scale production and serving industrialization, but it can not support new ideas, can not support innovation, and is difficult to adapt to the drastic changes in economic structure. In other words, the most serious negative impact of economic fluctuations is the banking system, which is indirect financing.