"Finance is the blood of the modern economy, and financial activities are economic activities, and to promote high-quality economic development, we must strengthen financial functions. On December 26, Tu Yonghong, dean of the Yangtze River Economic Belt Research Institute of Chinese Chinese University and deputy director of the Institute of International Monetary Research, called for deepening the structural reform of the financial supply side, promoting the opening of the financial system, promoting the internationalization of the RMB in an orderly manner, and further improving the ability to provide financial services to the real economy.
Tu Yonghong believes that due to the superposition of the scarring effect and cyclical effect of the new crown epidemic, China currently has problems such as insufficient effective demand, overcapacity in some industries, weak social expectations, many hidden risks, insufficient domestic circulation, complex and severe external environment, rising uncertainty, etc., private investment, import and export stalls, and the "troika" of economic growth is weak. In this context, it is particularly important to give full play to the "live-blooded" effect of finance.
Tu Yonghong said that reform and opening up is China's basic national policy, and high-level financial opening-up will increase new impetus for financial development and is the only way to promote high-quality financial development. To this end, she suggested: "Expand institutional opening-up, improve China's financial ability to optimize the allocation of domestic and foreign resources, and increase new impetus for financial development." ”
Tu Yonghong pointed out that it is necessary to continue to expand institutional opening up and improve the level of investment facilitation. It is necessary to force financial institutions to provide personalized and differentiated financial products and high-level financial services with greater openness and fierce competition, enhance innovation vitality, and continuously improve quality and efficiency. We should take the initiative to set high standards for international rules, steadily expand the opening up of rules, regulations, management, standards and other institutions, and enhance the systematic, integrated and stable financial opening-up. Give full play to the positive role of the 22 free trade zones in the financial opening-up of the first and pilot projects, and increase the opening up in the fields of cross-border capital flows, financial market access, cross-border e-commerce, digital finance, and cross-border RMB, so as to further promote investment facilitation.
At the same time, efforts will be made to create a first-class business environment and enhance the international competitiveness of China's financial market. We will continue to improve the foreign investment management model of "negative list + pre-establishment national treatment" in the financial services industry, benchmark the higher level of opening standards, rules and requirements for the service industry in the CPTPP agreement, attract more internationally renowned financial institutions to enter China, and enhance China's ability to allocate global financial resources. Encourage more large financial institutions to go out, expand their business in major international financial centers and "Belt and Road" countries, better serve Chinese-funded multinational companies going global, enhance China's core position in the global industrial chain, and promote domestic and international dual circulation. We will continue to improve the channels and mechanisms for cross-border capital flows such as Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, Bond Connect and Wealth Management Connect, so as to attract more medium and long-term capital into China and increase competition and financial market vitality.
Tu Yonghong introduced that China has built the world's largest banking system and the second largest insurance, bond and ** market. However, China's financial sector is large but not strong, which is highlighted by the fact that the financial function has not been fully realized, the accelerator and leverage of finance are not high, and the quality and efficiency of financial services for the real economy are poor. Compared with New York and London, the energy level and efficiency of Shanghai's financial center need to be further improved, especially in obtaining the pricing power of the financial market and the right to speak on financial governance.
To this end, she said that Shanghai and Hong Kong should further consolidate their status as financial centers, focus on strengthening their financial functions, and build a financial power in an all-round way. Strengthen the construction of Shanghai's international economic, financial, first-class shipping and scientific and technological innovation "five-in-one" financial center, smooth the financial factor market and cross-border capital flow channels, give full play to the advantages of the digital economy, build a more competitive financial infrastructure, firmly grasp the initiative of RMB interest rate and exchange rate pricing, accelerate the construction of a global RMB asset management center, promote the internationalization of RMB in an orderly and pragmatic manner, and continuously enhance the competitiveness and influence of Shanghai as an international financial center.
Tu Yonghong said that the integration of the Guangdong-Hong Kong-Macao Greater Bay Area has been accelerated, and the framework for the construction of a world-class city cluster has been formed, providing a broad space and solid hinterland support for Hong Kong's financial development. It is necessary to expand the scope and market scale of the Wealth Management Connect, strengthen the financial connectivity between Guangdong, Hong Kong and Macao in terms of law, infrastructure and talent, increase offshore RMB liquidity, and further consolidate Hong Kong's status as an international financial centre and an offshore RMB centre.
In this context, China also needs to actively participate in the global governance of digital economy finance, give full play to China's leading advantages in the field of digital currency and digital payment, make good use of the multilateral central bank digital currency bridge, a new international payment platform, and promote the cross-border use of digital yuanActively apply to participate in the Digital Economy Partnership Agreement, actively participate in global governance in the fields of green finance, digital currency, technology finance, and new financial infrastructure, and continuously promote Chinese standards, Chinese rules, and Chinese management to the world, and improve China's voice in international financial governance.
Tu Yonghong believes that with the opening up of high-level finance, the cross-border allocation of financial resources is more in-depth and extensive, and the linkage and risk contagion between domestic and foreign financial markets are stronger. Therefore, it is necessary to coordinate high-level financial openness and high-level security, strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision, strengthen international regulatory cooperation, and set up necessary firewalls and safety nets to consolidate the foundation of financial security.
*: China ** News Author: Liu Yusong.