Weekly Regulatory Updates2024 No. 6Period
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CentralLine: Accelerate the introduction of laws and regulations such as the Financial Stability Law
On January 26, Pan Gongsheng, Secretary of the Party Committee and Governor of the People's Bank of China, presided over a meeting of the Party Committee (Enlarged) to convey and study the spirit of the important speech of the General Secretary at the opening ceremony of the seminar on promoting high-quality financial development for major leading cadres at the provincial and ministerial levels, and to study and deploy implementation measures. Members of the party committees of the People's Bank of China attended the meeting.
The meeting pointed out that it is necessary to effectively prevent and resolve financial risks in key areas. Promote the construction of financial safety nets, improve risk monitoring, assessment and early warning capabilities, improve the early correction mechanism of financial risks with hard constraints, and give full play to the role of industry security and financial stability guarantee. In accordance with the principles of marketization and rule of law, cooperate with local ** and relevant departments to steadily and effectively resolve risks in key areas and key institutions. Strengthen legal safeguards for financial stability, and accelerate the introduction of laws and regulations such as the Financial Stability Law.
People's Bank of China).Comments
Accelerating the introduction of laws and regulations such as the Financial Stability Law will ensure the continuity of the basic functions and services of financial institutions, financial markets and financial infrastructure, continuously improve the ability of the financial system to resist risks and serve the real economy, curb the formation and expansion of financial risks, and prevent systemic financial risks. China Securities Regulatory Commission: Promote the inclusion of market value in the assessment and evaluation system of central and state-owned enterprises
From January 25 to 26, the China Securities Regulatory Commission held the 2024 system work conference to summarize the work in 2023, analyze the capital market situation, and study and deploy the key work in 2024. Yi Huiman, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, made a work report and made a concluding speech.
The meeting pointed out that it is necessary to accelerate the construction of a valuation system with Chinese characteristics, support listed companies to become better and stronger through market-oriented mergers and acquisitions, promote the inclusion of market value in the assessment and evaluation system of central and state-owned enterprises, and study the constraints on low-valued listed companies from the perspective of information disclosure.
SFC).Comments
With the change of the assessment indicators of the State-owned Assets Supervision and Administration Commission, the operating efficiency of central enterprises and state-owned enterprises may continue to improve in the future, and the attention of funds to the benign changes of enterprises will also be increasing. With the continuous improvement of return on net assets, total labor productivity, and operating cash ratio, the fundamental foundation of the "valuation system with Chinese characteristics" may be more solid.
The State Administration of Financial Supervision and Administration has deployed and implemented the relevant work of the urban real estate financing coordination mechanism
On January 26, the State Administration of Financial Supervision held a meeting to deploy and promote the implementation of the urban real estate financing coordination mechanism. Li Yunze, Secretary of the Party Committee and Director of the State Administration of Financial Regulation, attended the meeting and emphasized that it is necessary to thoroughly implement the spirit of the first financial work conference, accelerate the implementation of the urban real estate financing coordination mechanism, more accurately support the reasonable financing needs of real estate projects, and promote the steady and healthy development of the real estate market.
The meeting pointed out that the first attaches great importance to the stable and healthy development of the real estate market. At the beginning of January this year, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision issued the Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism, requiring cities at and above the local level to establish an urban real estate financing coordination mechanism. The coordination mechanism is an important measure to implement the decision-making and deployment of the first financial work conference, meet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination, and promote the virtuous cycle of finance and real estate.
State Administration of Financial Supervision and Administration).
Comments
The State Administration of Financial Supervision and Administration held a meeting to deploy and implement the relevant work of the urban real estate financing coordination mechanism, which is of positive significance for guiding the regulatory bureaus to cooperate with the local government and housing and urban development departments to carry out relevant work in a steady and orderly manner, jointly promote the implementation of the coordination mechanism, and promote the stable and healthy development of the real estate market.
viewDotPolyCokeZheng Liansheng: Promote financial stability with high-quality economic development
Zheng Liansheng, a researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences and director of the Financial Risk and Financial Supervision Research Office, recently wrote an article pointing out that economic and financial symbiosis and co-prosperity, high-level economic construction and high-quality economic development are the most effective ways to deal with financial risks, and they are also the root causes. In the future, it is necessary to ensure financial stability with high-level construction and high-quality development, seek progress while maintaining stability, promote stability through progress, establish first and then break down, and enhance new quality productivity by strengthening independent innovation, major technological breakthroughs and distributed innovation. Appropriately increase the use of credit, reduce local high-cost liabilities and low-level investment, eliminate ineffective investment and even negative effect investment, optimize the new development model of real estate, promote the virtuous cycle of real estate and finance, effectively reduce the macro leverage ratio, open up the obstruction link from easy money to easy credit, enhance economic vitality, prevent and resolve risks, improve social expectations, and ensure financial stability.
China Social Science Network).
Chen Daofu: Research on China's Financial Development in the Context of "Two Overall Situations".
**Chen Daofu, deputy director and researcher of the Institute of Finance of the Development Research Center, recently wrote an article pointing out that finance plays an important role in the development of the national economy, plays a key role, and interacts with economic development. In the new era, China's financial sector is in the process of development, improvement and transformation, and is facing the new demand for economic transformation to innovation-driven high-quality development. This requires us to rethink the position and role of finance in the national economy in the context of the "two overall situations" in light of domestic and foreign development. China's finance and development reform and finance form a synergy, jointly serve the development of the real economy, and play a special role in realizing the optimal allocation of resources under the guidance of the national strategy in a market way. In order to build a useful, efficient and safe modern financial system that adapts to the development environment and serves the national strategy, in the next five years, China should focus on realizing a virtuous cycle of finance, industry and science and technology, improve a sustainable policy-based financial system, coordinate financial openness and financial security under the new development pattern, and build a supervision, regulation and risk prevention and disposal mechanism that is compatible with the modern financial system with Chinese characteristics.
People's Forum, Academic Frontiers).
National Laboratory of Finance and Development, Chinese Academy of Social SciencesIt was established in 2005 and was formerly known as the "Financial Laboratory of the Chinese Academy of Social Sciences". It is the first national-level financial think tank in China that crosses both social and natural sciences. In June 2015, on the basis of absorbing a number of other new think tank research institutions of the Chinese Academy of Social Sciences, it was renamed as the "National Finance and Development Laboratory". In November 2015, it was approved as one of the first 25 national high-end think tanks by China.
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