Economic Observation｜The Central Financial Work Conference released three major signals
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The Central Financial Work Conference was held in Beijing from October 30 to 31. This important meeting related to the development of China’s financial industry analyzed the situation facing high-quality financial development and deployed financial work for the current and future periods. Many experts said in interviews with reporters from China News Service that by analyzing the key points of the meeting, we can understand the three major signals released by the meeting.
First, be a good “promoter” of high quality
The meeting pointed out that it is necessary to promote high-quality financial development in China. High-quality development is the primary task of building a modern socialist country in an all-round way, and finance must provide high-quality services for economic and social development. The specific content related to it covers all aspects such as monetary policy, serving the real economy, capital markets, and high-level financial opening.
Cheng Shi, chief economist of ICBC International, believes that in the new situation where challenges and opportunities coexist, this meeting emphasized that “finance is the blood of the national economy and an important part of the country’s core competitiveness.” The return of finance to its origins, Reform, innovation and opening up are important supports to support the high quality of the real economy. Forging iron requires one’s own strength. The strong support of finance to the economy cannot be separated from the steady development of finance itself.
He believes that we must adhere to integrity and innovate, and do five major articles on technology finance, green finance, inclusive finance, pension finance, and digital finance to help China-style modernization.
Regarding monetary policy, Pang Ming, chief economist and director of the research department of Jones Lang LaSalle Greater China, believes that judging from the content of the meeting, there is still room for moderate easing and reasonable growth in the quantity of currency and total social financing, and the comprehensive financing costs of enterprises and There is still room for personal consumption credit costs to stabilize and decline, and there is room for structural, policy-based, and developmental financial development tools to step up their efforts in serving high-quality development. It is expected that monetary policy will maintain targeted, precise, and sustained development. force.
The second is to take over the “mission letter” of risk prevention
Focusing on hidden economic and financial risks and financial regulatory governance capabilities, the meeting emphasized the need to comprehensively strengthen financial supervision and effectively prevent and resolve financial risks.
Liu Jing, chief economist of HSBC Global Research Greater China, said that the transformation of the economic structure and the endless emergence of financial innovation have affected the efficiency of financial resource allocation to a certain extent, causing problems of funds being diverted from real funds to virtual funds and regulatory arbitrage. This meeting laid the foundation for future agile and efficient financial supervision, making the development of the financial industry more in line with the transformation needs of the real economy and promoting the healthy development of the entire financial system.
It should be noted that this meeting focused on a number of key risk areas, such as resolving local government debt problems, resolving real estate risks, strengthening foreign exchange market management, and handling risks of small and medium-sized financial institutions.
Wen Bin, chief economist of China Minsheng Bank, believes that in terms of preventing and defusing financial risks, this meeting further proposed specific measures to cooperate with fiscal debt, eliminate the soil for the formation of hidden debt, and give full play to the positive role of local debt.
The chief economist of CITIC Securities clearly pointed out that the meeting mentioned improving macro-prudential management of real estate finance. Since August, with the implementation of a series of policies, the real estate market has gradually recovered. In the future, the construction of the three major projects of rigidity, improvement and security will become the real estate industry. The main development direction of finance.
The third is to strengthen the work “baton”
Looking back at history, the “National Financial Work Conference”, as the highest-level meeting in China’s financial field, has been held every five years since 1997. The most recent fifth National Financial Work Conference was held in July 2017.
Wen Bin bluntly said that after six years, the highest-level meeting in the financial field was held again and has been upgraded to the Central Financial Work Conference. The meeting proposed: “Strengthening the centralized and unified leadership of the Party Central Committee on financial work is the fundamental guarantee for doing a good job in financial work. It is necessary to improve the system and mechanism of the Party’s leadership of financial work, give full play to the role of the Central Financial Committee, and do a good job in overall coordination and control. Give full play to the role of the Central Financial Working Committee and effectively strengthen party building in the financial system. Give full play to the role of the financial committee and financial working committee of local party committees and implement local responsibilities.”
Lian Ping, chairman of the China Chief Economist Forum and vice president of the Shanghai Economic Association, said that according to the previous party and state institutional reform plan, in order to strengthen the centralized and unified leadership of the Party Central Committee on financial work, one is to establish the Central Financial Commission, and the other is to The Central Financial Working Committee was established. This meeting is also the first time that the Central Financial Work Conference has entered the public eye after the establishment of the Central Financial Committee and the Central Financial Working Committee, highlighting the centralized and unified leadership of the Party Central Committee on financial work.
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