China Economic Weekly-Economic Net News (Reporter Xie Wei) On December 23, the 2023 Annual Meeting (10th) of the China Wealth Management 50 Forum was held in Shenzhen. Shang Fulin, Chairman of the China Wealth Management 50 Forum, former Chairman of the China Banking Regulatory Commission and former Chairman of the China Securities Regulatory Commission, said in his speech that it is necessary to deeply understand the new characteristics of the current economic development, accurately grasp the focus of high-quality financial development, and firmly grasp the key points of preventing and resolving financial risks.
He talked about having a deep understanding of the new characteristics of the current economic development. Shang Fulin pointed out that China is on a new journey of building a modern socialist country in an all-round way, and it is necessary to take a correct view of the new situation of the economy, not only to see the difficulties and challenges that we are currently facing, but also to see the basic trend of long-term improvement in economic development.
* Where does the confidence and confidence come from at the Economic Work Conference?From the perspective of vertical and self-comparison, the overall economic situation is showing a trend of upward improvement. Shang Fulin said that as the world's largest market, demand is steadily being released. High-quality development has been steadily promoted, breakthroughs have been made in the digital economy, green development, and scientific and technological innovation, and reform and opening up have been promoted in depth. Horizontally compared with other major economies, China's economy has performed prominently in the challenges of global recovery, and its growth rate is among the highest among major economies. Over the past decade, China has contributed more than 30% of global economic growth annually on average, and is an important stabilizer and driving force for global economic growth.
He added that China is in a new era, facing major changes unseen in a century, and the external environment is becoming more complex, severe and uncertain, and it needs to coordinate the overall domestic and international situations, not only to withstand external pressure, but also to overcome internal difficulties. In this case, it is even more important to keep in mind that adhering to high-quality development is the last word. As the lifeblood of the national economy, finance is inseparable from its own high-quality development to inject impetus into accelerating Chinese-style modernization. In accordance with the first financial work conference, with the goal of accelerating the construction of a financial power, with the theme of promoting high-quality financial development, and with the deepening of financial supply-side structural reform as the main line, we should grasp the connotation of the road of financial development with Chinese characteristics and serve the economic work in the new era.
Talking about accurately grasping the focus of high-quality financial development, Shang Fulin pointed out that finance plays an important role in the overall situation of Chinese-style modernization.
Especially since the 18th National Congress of the Communist Party of China, the financial sector has deepened its understanding of the nature and laws of finance, regarded serving the real economy as the foundation of its business, and gradually formed a virtuous circle with the real economy, providing strong support for the overall economic and social development. Shang Fulin said that in the new era, the high-quality development of finance should be based on serving the real economy, and achieve its own high-quality development in supporting the real economy to become stronger, stronger and better. With the high-quality development of the financial industry, we will promote the high-quality development of the economy and society, and serve the comprehensive construction of a modern socialist country. ”
The first financial work conference held not long ago clarified the overall requirements for promoting high-quality financial development under the new development pattern, and proposed to do a good job in the construction of a financial power "five major articles", of which "science and technology finance" ranked first. The first economic work conference held in December also put "leading the construction of a modern industrial system with scientific and technological innovation" in the first place.
Shang Fulin said that this reflects the characteristics of the times that economic development in the new era should rely on scientific and technological innovation to enhance development momentum, and also reflects that financial support should find a point of convergence and force with the real economy. To this end, it is necessary to continuously improve the accuracy and effectiveness of financial services in the economic work of serving the new era. Efforts should be made to create a favorable monetary and financial environment, and strengthen high-quality financial services for major strategies, key areas and weak links. Optimize the ability to provide financial services to the real economy, and innovate financial products and services. We will increase financial support for scientific and technological innovation, green transformation, inclusive small and micro enterprises, and the digital economy, serve a new round of scientific and technological revolution and industrial transformation, and promote the construction of ecological civilization and green and low-carbon development.
Shang Fulin also stressed that it is necessary to firmly grasp the key points of preventing and defusing financial risks. Financial stability is the foundation for high-quality economic development, and maintaining the bottom line of risk is a prerequisite for ensuring the stable operation of the financial system. Since the 18th National Congress of the Communist Party of China, China has coordinated financial development and security, resolutely fought a tough battle to prevent and resolve major financial risks, and achieved important results in preventing and resolving financial risks. At the same time, the nature of finance determines that the financial industry deals with risks. The prevention and resolution of financial risks is long-term and continuous, and we must not relax our vigilance at any time.
In the financial sector, although remarkable results have been achieved in reform and development, we should not take lightly the weaknesses in supervision and governance capabilities, and in particular, we should attach great importance to the contagious, hidden, and destructive nature of financial risks. Shang Fulin stressed that building a financial power is inseparable from financial security. It is necessary to improve the financial rule of law, improve the regulatory framework, and prevent risks from transmitting resonances across regions, markets and borders. For financial institutions, it is necessary to continuously improve the risk prevention and control capabilities of financial institutions, follow the basic laws of finance, and adhere to integrity and innovation in view of new industries, new models and new drivers in economic innovation and development.