**: Storm Finance Pro Sorted out from Yuan Gangong said.
After the financial work conference in October, we clearly feel that macro policies are working hard and changing, especially in the financial industry, there are new formulations, for example, recently, the Supreme Party Newspaper has published consecutive comments, respectively expounding how to do a good job in science and technology finance, green finance, inclusive finance, pension finance, digital financial work of five major articles. Behind these new changes, in fact, we have systematically pointed out the direction of our economic transformation in the future.
Today, we will focus on sharing a few views of the big V Yuan Gangong on new finance.
At present, the change in the attitude of our senior management towards the financial industry actually represents the transformation of our "old finance" to "new finance". The so-called "old finance" is finance that is in line with the old development pattern, while "new finance" is finance that is in line with the new development pattern.
The old development pattern, summed up in the simplest terms, was an economy that was heavily reliant on real estate and infrastructure, and was largely driven by investment. Therefore, we can see that under the "old finance" model, our banking system is very large, and the real economy is mainly indirect financing, resulting in the main flow of financial resources to real estate. In addition, real estate is in an expansion cycle, and housing prices have been rising, and the appreciation of land rent is mainly divided between local ** and banks.
The financial system, which is dominated by mortgage credit, will inevitably lead to difficulties in obtaining non-real estate industrial finance and small and medium-sized enterprises. The large banking system, coupled with the huge wealth effect of real estate, coupled with a series of inherent deficiencies in China's capital market, has objectively led to inactive direct financing channels and a low degree of capital market development, which has actually exacerbated the imbalance in the distribution of financial resources.
The old financial system has reached the time when it must be reformed, which is not only the will of the top and the top-level design, but the current macro environment in China has completely changed, such as the population has entered a negative growth stage, resulting in the real estate engine stalling, the demographic dividend is declining, and the aging population is intensifying. Therefore, our economic growth needs new growth points outside of real estate-related industries, such as high-tech, new energy and service industries.
We can go to the first three of the five major articles, which correspond to these three growth points - science and technology finance corresponds to high technology, green finance directly refers to the new manufacturing industry represented by new energy, and inclusive finance is to serve more small and medium-sized enterprises and stimulate the dividends of domestic demand.
The rest of the pension finance is to iron out the individual's cash flow cycle in the case of negative population growth and agingDigital finance is to ensure that China will continue to maintain its leading position in the Internet, digitalization and new AI technology revolution.
Of course, the big transformation and adjustment are not so easy.
To some extent, China's financial industry in the past can be said to be "picking up money everywhere" in the context of high economic growth and real estate surge. Now, with the transformation of the macro economy, the financial industry will inevitably move from the stage of "picking up money" to the stage of "finding money".
First of all, the era of lying down and eating the difference between deposits and loans has passed, and banks have long been the profit center of the whole society, and they need to make profits to the society. Second, financial resources should shift from real estate and mortgage loans to support high-tech, manufacturing, and service industries, which requires more credit loans and new mechanisms such as "investment-loan linkage", which actually puts forward higher requirements for the whole process capabilities such as valuation, credit granting, and risk control.
Third, the financing system, which is dominated by indirect financing, should move towards a system that attaches equal importance to indirect financing and direct financing, which is a major opportunity for the development of capital markets and wealth management. However, it should be noted that the problems and challenges in this area are very large, and we are not fully prepared for them, both in the conceptual sense and at the institutional level. The withdrawal of US dollars from the upstream investment market, the issuance of IPOs, refinancing, and the problems faced by the secondary market have all hindered the significant increase in the proportion of direct financing.
As an individual who has been Xi to the shorter adjustment cycle of the past, in the face of such a big transformation, big adjustment and big shift, it will inevitably feel great uncertainty and discomfort. Especially those in the financial industry, the era of giving up illusions and continuing to lie down to make money has passed.