Sustainable Growth Of China'S Financial Crisis In The Next Ten Years

Many people disagree on the future development of China's economy. In many mainstream media in the west, there is such a saying: China's economy is now a vast lost ship in the Pacific Ocean.

Chen Yulu believes that such a statement is "untenable".

Because our country is carrying out a comprehensive and deepened reform, through comprehensively administering the country according to law, and through a comprehensive and strict administration of the party to achieve the goal of a well-off society in an all-round way, the path and objectives are very clear.

Chen Yulu said that in the overall deepening of reform, the financial reform in 2015 has been placed in the most important position.

The five aspect will start in sequence.

One of the most likely to be launched is the deposit insurance system of banks.

The introduction of this system is a prerequisite for the full marketization of interest rates. At the same time, it is also a very important reform general character, which is to break the rigid concept of confrontation in our traditional system.

The second is the registration system of stock issuance in capital market.

This is the node, to promote the rapid development of multi-level capital market construction, and through the securitization of assets to achieve our new round of great changes in the enterprise.

Third, with the implementation of the Shanghai and Hong Kong links and the implementation of the free trade zone policy, we will gradually promote the change of capital account liberalization.

Fourth, we should build a unified and open bond market with mature governance.

Fifth, we should further enrich the formation mechanism of China's large national debt market and the risk-free benchmark interest rate based on the starting point of local debt issuance.

The risk mechanism of risk-free benchmark interest rate is the most important foundation for China's monetary policy to achieve pformation.

Before the real formation of our treasury bond market, our risk-free benchmark interest rate is hardly a very good curve.

It is difficult for China's capital market to pform from quantity to price.

Chen Yulu said that the above reform is based on four comprehensive foundations, and is listed as the five major clue of financial reform in the most important 15 years in the comprehensive deepening reform.

The direction of these five clues is that he thinks that the core goal is to realize the sustainable growth of China's no financial crisis during the new normal period in the next ten years.

"2025 is a very important year for us."

According to Chen Yulu, according to the 2011 research by the macroeconomic research team of Renmin University, by 2025, the total amount of our economy will become the number one in the world.

The average growth rate of China's economy and the US economy is 7 percentage points higher than that of the United States. By 2025, we can surpass the RMB to us dollar exchange rate.

But at the same time, according to the UN standard, by 2025, the proportion of the aged population aged 65 to 14% of the total population in China has reached the standard of the aging society.

When these two objectives aggregate, achieving a sustainable growth without financial crisis becomes a very important task.

We must build on the basis of China's successful completion of its industrial revolution and form the framework of our modern financial system with Chinese characteristics, so as to ensure the realization of this goal.

How to build a modern Chinese characteristic under the new normal

Chen Yulu explained his understanding from three aspects.

First, deepening finance.

Among them, we must unswervingly adhere to the methodology of reform and opening up.

In the next ten years, to truly modernize China's financial system, we must adhere to the two methodologies of reform and opening up.

Second, the new modern financial system must serve the completion of our industrial revolution.

The construction of China's modern financial system and the stability of our banking system are regarded as a financial power.

On the one hand, we must improve its competitiveness. On the other hand, we must stick to stability.

However,

Development, the unique role of investment banking system in the optimization of industrial structure, and its efficiency, we should accept.

At the same time, we should take prudent supervision by macro finance to avoid the outbreak of financial systemic risk, which is a lesson we should accept.

The third aspect is the industrial strategic arrangement of "13th Five-Year", "14th Five-Year" and the next ten years. What should finance serve in the new normal? We should find a very accurate list of the important points of force.

Chen Yulu said: "if these three parties can advance organically in deepening reform, China, which has a sustainable growth without financial crisis under the new normal, will surely be presented to the whole world. As long as we turn the corner, China's road to revival will be a smooth road after 2025."