Deepening Reform Of The Economic System Requires A Series Of Reform Measures At The End Of The Year.

The national development and Reform Commission, which was approved by the State Council in the middle of this year, put forward the key tasks of deepening the reform of the economic system in 2015, putting forward 8 key tasks and 39 annual economic restructuring tasks. Insiders said that at the end of the year, some reform tasks that have not yet been fully implemented are expected to accelerate. In addition to the reform of interest rate marketization and stock issuance registration system proposed in the opinion, the plan for employee stock ownership in the reform of state-owned enterprises is expected to be introduced in the near future, and a series of reform measures at the end of the year are worth looking forward to.

　　 Financial reform Continue to advance

Promoting financial reform is another reform proposed by the opinion. The "opinion" calls for the reform of the interest rate marketization and the implementation of the stock issue registration system.

Insiders said that interest rate and exchange rate reform is the core of financial reform. The pace of reform is expected to accelerate, and prices will play a greater role in the allocation of resources in the market.

Ma Jun, chief economist of the people's Bank of China Research Bureau, believes that the liberalization of deposit interest rate is an important milestone in the marketization of interest rates, but it is not the full process of interest rate marketization. The other two important tasks in the process of interest rate marketization are strengthening the market pricing ability of financial institutions and further clearing the interest rate transmission mechanism. We should let financial markets and institutions use more market interest rates such as SHI-BOR, short-term repo rate, treasury bond yield and basic interest rate as the basis of product pricing, and gradually weaken the dependence on the central bank's benchmark deposit and lending rates. At the same time, through a series of reforms, the interest rate transmission mechanism will be dredged, so that short-term interest rate changes and future policy interest rates will effectively affect various interest rates and yields. The substantive progress in these two areas is an important foundation for the transformation of the new monetary policy framework.

For exchange rate reform, Guan Tao, director of the balance of Payments Division of the former State Administration of foreign exchange, said that exchange rate stability helps to create a favorable financial environment for other reforms. In the long run, exchange rate marketization is the direction and flexible exchange rate policy can be implemented in the future.

The recent IPO restart has booed the market's anticipation of the launch of the stock issue registration system. Market participants analyzed that there are two possibilities for registration schemes. First, following the precedent of the Shanghai free trade area, the Standing Committee of the National People's Congress authorized the State Council to adjust the administrative examination and approval procedures for stock issuance; two, the NPC Standing Committee directly deleted and amended some of the articles of law in the light of the minor changes in the existing securities law, specifically aiming at the reform requirements of registration system.

　　 Finance and taxation reform Material acceleration

According to the opinion, we should implement the general plan of fiscal and taxation reform this year and make new progress in the reform of fiscal and taxation system. We should strive to complete the reform of the camp and increase the resources tax, personal income tax and environmental protection tax.

At present, in addition to the four fields of construction industry, real estate industry, financial industry and life service industry, other industries have completed the reform of "camp to increase". Wang Jianfan, director of the Ministry of Finance and taxation, said at a press conference held by the State Council new office recently that the Ministry of finance is carrying out research and improvement in accordance with the unified plan of the State Council in the remaining four industries, including the financial sector, which will be launched in a timely manner after a certain decision-making process. At present, the improvement of the pilot camps for transportation, postal, telecommunications and some modern services has been pushed aside all over the country.

The industry believes that fiscal and taxation reform is the highlight, and it is imperative to speed up its progress. Jia Kang, director of the Finance Department of the former Ministry of finance, said recently that after giving the top level reform of the overall reform in the third Plenary Session of the 18th CPC Central Committee, the first approval and approval was the tax reform plan. Although fiscal and taxation reform has made progress, it shows signs of not matching the timetable required by the central government, and the progress of the six major tax reforms is slow.

Jia Kang said, first of all, the timetable required by the plan is to be completed in 2015, covering all industries. At present, there is less than 1 months left at the end of the year. Secondly, the resource tax reform has laid a good foundation in 2014, but in 2015 there was basically no matter of resource tax ad valorem coverage to the coal industry. According to logic, it should be extended to mineral products of metal and non-metallic products, including tax adjustment mechanism for water resources coverage. Third, in addition to playing the necessary regulatory role, the consumption tax reform should also match the adjustment of the financial structure between the central and local governments. After the camp is changed to increase, there is no large revenue source. The consumption tax should give a relatively stable income according to the design idea, push it from production link to sales link, and the tax source of the sales link can be handed over to the local government, but there is no further trend in this respect. Fourth, environmental tax, real estate tax and personal income tax should be legislations first. After the completion of legislation or amendment procedures, the actual levy problem can only be considered, but so far the progress has been limited.

　　 Reform of state-owned enterprises New initiatives can be expected

Since September, the central government has promulgated a series of policies and measures related to the reform of state-owned enterprises. The industry believes that after the overall reform of state-owned enterprises, the specific measures will be introduced.

Huang Qunhui, director of the Institute of industrial economics of the Chinese Academy of Social Sciences, said that there should be some detailed system planning in terms of state-owned property rights transactions, restructuring of resource monopolies, etc. the views on employee stock ownership have also been discussed in depth and are expected to be published soon.

Huang Qunhui said that under the guidance of the series of documents on the reform of state-owned enterprises, we should promptly implement reform measures and actively promote the four major tasks of adjusting the functions and layout of state-owned economy, classifying reform and governance of state-owned enterprises, perfecting the modern enterprise system and perfecting the new system of state-owned capital management. Through the promotion of these four major tasks and specific reform measures, the state-owned economy, which is dominated by "new state-owned enterprises", is finally formed. These new state-owned enterprises will meet the requirements of the new situation and become increasingly integrated with the mature socialist market economic system under the decisive role of the market in the allocation of resources.

With the advance of a series of reform measures, the process of mergers and acquisitions of state-owned enterprises will accelerate. Ouyang Zehua, director of the supervision department of the SFC listed company, said recently that with the deepening of the reform of state-owned enterprises, a new wave of M & A is expected to form. At present, more than 90% of the merger and reorganization of listed companies do not require the approval of the SFC. With the adoption of the securities law, the merger and reorganization of listed companies will be abolished in principle. The SFC will continue to promote the market-oriented reform of mergers and acquisitions from the following five aspects: decentralization, decentralization, transparency and efficiency, improving the market mechanism, optimizing the market environment for mergers and acquisitions, and strengthening services.

Huang Qunhui said that under the new normal, the state-owned economy will usher in the second round of strategic adjustment. In the future, the merger and reorganization of state-owned enterprises will follow four paths. First, we should choose industries with relatively high degree of market competition, low industrial concentration and overcapacity. Secondly, we should carry out mergers and acquisitions in areas with natural monopoly. Thirdly, we should restructure or build new state-owned capital investment operation companies through administrative restructuring and relying on mergers and acquisitions of capital markets. The property rights of state-owned assets scattered in many industries and enterprises belong to these state-owned capital investment and operation companies. Finally, the restructuring of central enterprises outside the SASAC regulatory system should also be taken into consideration.