On June 10th, the 13th Lujiazui Forum opened in Shanghai. The theme of this forum focused on “China’s financial reform and opening up under global changes.” , The prevention of financial risks, IPO issuance, RMB exchange rate and other hot issues of concern to the market are elaborated.
Yi Gang, governor of the People’s Bank of China and co-chairman of this forum, said that considering that my country’s economy is operating within a reasonable range, near the potential output level, price trends The overall controllable, monetary policy should be adapted to the new development stage, adhere to the principle of stability, adhere to the implementation of normal monetary policy, especially pay attention to the balance of supply and demand across cycles, and grasp the intensity and rhythm of the policy.
Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, reminded ordinary individual investors in a keynote speech that participating in financial derivatives investment is tantamount to gambling in disguise and losing The result is already doomed. At the same time, we must always be vigilant against all kinds of “Ponzi schemes” that change patterns. There will be no pie in the sky, and the promotion of “guaranteed capital and high returns” is financial fraud. He also said that to strictly prevent the resurgence of shadow banking and prevent financial institutions from using intersecting financial products to increase leverage again, the new tricks of various “quasi-credit” must be contained in the initial stage.
The chairman of the China Securities Regulatory Commission, Yi Huiman, responded to the hot issues of market concern including the pace of IPO issuance and overseas listing of companies. He said that IPO issuance has not been tightened. There is no relaxation either. Of course, in the issuance rhythm, it is necessary to comprehensively consider the market endurance, the liquidity environment, and the coordinated development of the primary and secondary markets, and actively create a new stock issuance ecosystem that meets market expectations.
In response to the market’s concern about the RMB exchange rate, Pan Gongsheng, deputy governor of the Central Bank and Director of the Foreign Exchange Bureau, said that since the beginning of this year, the RMB exchange rate against the US dollar has fluctuated in both directions and is generally stable. The influencing factors are complex, and two-way fluctuations will become the norm. He reminded market entities to adapt to the normal state of two-way exchange rate fluctuations, establish a concept of exchange rate risk neutrality, avoid the “procyclical” and “streaking” behaviors of foreign exchange risk management, and do not bet on the appreciation or devaluation of the renminbi. Long-term bets must be lost.
Yi Gang: Interest rates are generally maintained at an appropriate level
Yi Gang said that monetary policy should pay attention to the impact of structural changes on prices. The aging of the population will lead to an increase in residents’ precautionary savings and a decrease in consumption propensity, thus having a restraining effect on inflation. The green transition will increase price trends.
In response to the much-watched inflation expectations, Yi Gang said that the recent global crude oil and other commodities prices have risen rapidly. The short-term rise in global inflation has become a fact, but whether inflation can continue in the long-term , There are huge differences.
He said that, comprehensively judged by various factors, the trend of China’s CPI this year was low and then high. The annual CPI The average increase is expected to be less than 2%. The external epidemic situation, economic recovery, macroeconomic situation and macroeconomic policies are all uncertain, and inflation and deflationary pressures from all quarters must not be taken lightly.
< div class="contheight">
When it comes to interest rates and exchange rates, Yi Gang said, The current domestic interest rate level is higher than that of major developed economies, but it is still relatively low in developing and emerging economies. , The overall maintenance at an appropriate level is conducive to the stable and healthy development of various markets. We must continue to deepen the reform of interest rate marketization, and release the potential of interest rate reform in the loan market. We must continue to improve the market supply and demand as the basis and refer to a basket of currencies Adjust and manage the floating exchange rate system to promote internal and external balance and maintain the basic stability of the RMB exchange rate at a reasonable and equilibrium level.
Under the premise of maintaining a moderate aggregate policy , The monetary and credit policy will mainly emphasize two major structural aspects. First, solidly promote the development of green finance. Second, adhere to the development of inclusive finance.
Guo Shuqing: The most prominent task at this stage is to further increase the proportion of direct financing
Guo Shuqing said, The most prominent One task is to further increase the proportion of direct financing. In the scale of new social financing last year, bond and stock financing accounted for about 37%. There is still more room for development, especially the bond market has great potential. One of the main shortcomings hindering its healthy growth is that the legal system of the bond market is not sound enough. The fundamental measure is to accelerate the reform of the registration system centered on information disclosure, truly strengthen investor suitability management, and ensure that issuers, intermediaries, and investors strictly fulfill their respective obligations and assume their respective responsibilities in accordance with the law.
When it comes to preventing risks, Guo Shuqing said that this is the eternal theme of financial work, and we must be prepared for danger in times of peace and not let up for a moment. For now, five areas need to be focused on.
First, actively respond to the rebound in non-performing assets. Banking institutions must be urged to classify assets, increase provisioning, and ensure faster and more disposal of non-performing assets .
Secondly, Strictly guard against the resurgence of shadow banking. He said that the stock of shadow banking is still large, and it is easy to be careless. Rebound. To prevent financial institutions from using intersecting financial products to increase leverage again, various new tricks of “quasi-credit” must be contained in the initial stage.
Third , Resolutely rectify all kinds of illegal public issuance of securities. At present, there are still a large number of various products named “private placement” but actually “public placement” in the financial market. Once “fake private placement, true public placement” is discovered, you should Severe punishment in accordance with the law, and prosecute the issuer and other related parties for legal responsibilities based on fraudulent issuance, financial fraud, or false disclosure.
Fourth, effectively prevent financial derivatives investment risks. The participation of ordinary individual investors is tantamount to gambling in disguise, and the result of losses is already doomed. Those who speculate on foreign exchange, gold and other commodity futures will hardly have the opportunity to make a fortune, just like betting that house prices will never fall. People will pay a heavy price in the end.
Fifth, always be alert to all kinds of “Ponzi schemes.” Reward is the bait. There are endless scams under the banner of so-called financial technology and Internet finance. Their essence is drumming and spreading fancy illegal fund-raising activities. Everyone must keep in mind that the sky will not fall out of pie, and promote “guarantee capital and high profit.” “It is financial fraud. We must consciously increase our vigilance, enhance risk prevention awareness and identification capabilities, and stay away from all kinds of illegal financial activities.
Yi Huiman: The IPO is neither tightened nor relaxed
Talking about the technology innovation that officially opened at the Lujiazui Forum two years ago Board, Yi Huiman said, judging from the current situation, the overall effect of the reform is good and in line with expectations. First, the demonstration effect of supporting “hard technology” has initially appeared. Second, the reform’s “experimental field” function has been better brought into play. Third, the overall market operation is stable.
In response to the view that IPO issuance has been tightened, Yi Huiman responded that It is tight, and there is no relaxation; of course, in the issuance rhythm, it is necessary to comprehensively consider the market tolerance, the liquidity environment and the coordinated development of the primary and secondary markets, and actively create a new stock issuance ecosystem that meets market expectations.
As for why market entities feel tightening, Yi Huiman analyzed that there may be three factors: First, implement the requirements of the new securities law. The responsibilities of the organization have been suppressed more solidly; the second is to strengthen the supervision of shareholder information disclosure and clarify the relevant requirements such as penetrating verification; the third is to improve the evaluation system of science and technology attributes in accordance with the principle of substance over form, and strengthen the evaluation of “hard technology”. “Required comprehensive research and judgment.
In response to the issue of companies listing overseas, Yi Huiman said that we have always been open to companies choosing where to list. Choosing the right place for listing is an independent choice made by an enterprise based on its own development needs. The Securities Regulatory Commission will effectively handle the relationship between openness and security. The prerequisite for companies to go overseas for listing is to comply with relevant domestic laws, regulations and regulatory requirements.
Aiming at the issue of making better use of commodity futures functions and hedging price risks, Yi Huiman calls on relevant international institutions to establish a more rigorous and scientific index compilation mechanism to improve the transparency and transparency of quotations. Binding force, and jointly improve the efficiency of bulk commodity price discovery, so as to better maintain the stability and security of the global industrial chain supply chain.
Pan Gongsheng: A pilot high-level opening up of foreign exchange management will be launched in the Shanghai Lingang New Area in the near future.
Pan Gongsheng said that it will be in the Shanghai Lingang New Area in the near future. As well as in parts of the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port, we have carried out pilot projects for high-level opening up of foreign exchange management to accumulate experience for promoting high-level institutional opening up in the foreign exchange field.
With regard to the reform of the foreign exchange management system and mechanism, Pan Gongsheng said that the first is to enhance the facilitation level of cross-border trade under the current account. Deepen the reform of “delegation of control, decentralization, and service” in the foreign exchange field, and establish a foreign exchange supervision system that focuses on credit risk assessment and post-mortem inspection. The second is to steadily and orderly promote the high-level opening of China’s capital accounts. The third is to continuously improve economic and financial management capabilities and risk prevention and control capabilities under open conditions, improve the management framework of “macro prudence + micro supervision” in the foreign exchange market, improve the review mechanism of “anti-money laundering, anti-terrorist financing, and anti-tax evasion”, and maintain the stability of the foreign exchange market And healthy operation.
Pan Gongsheng also spoiled the six key tasks of the recent reform and opening up in the foreign exchange field.
First, enrich the foreign exchange market products and domestic and overseas participants, improve and enhance the China Foreign Exchange Trading Center and the Shanghai Clearing House’s infrastructure system and service capabilities based on Shanghai and serving the world.
The second is to promote the reform of cross-border investment of private equity investment funds. Support private equity investment funds to carry out cross-border industry and industrial investment. Expansion of Qualified Domestic Limited Partners (QDLP) Pilots and Qualified Foreign Limited Partners (QFLP) Pilots to help Shanghai become an important global wealth management and asset management market.
The third is to expand the overseas asset allocation space of Chinese residents. Through the interconnection of financial market infrastructure (Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Bond Connect, etc.), the scale of qualified domestic institutional investors (QDII) will be expanded, the QDII management mechanism will be improved, and the “cross-border financial management” business pilot will be launched in open areas.
The fourth is to facilitate cross-border financing of enterprises.
Fifth is to support cross-border revenue and expenditure of new trade formats such as offshore trade, cross-border e-commerce, and market procurement.
Sixth, it facilitates the overall planning and use of cross-border funds for large enterprise groups. Carry out the pilot project of the integrated domestic and foreign currency fund pool business of multinational companies.