Director Of The Central Bank Research Bureau: How To Reform Financial Regulation?

At present, many financial institutions carry out highly leveraged investment arbitrage in financial markets. Financial markets are tightly bound with various kinds of accidents. They often form a small market shock. Overemphasizing market stability may force central bank money to be put in. Under this institutional pattern with obvious moral hazard characteristics, the size of shadow banking assets is bound to further expand in the shortage of overall capital level, leading to higher leverage and potential risks.

In today's " People's Financial Summit Forum Xu Zhong, director of the research bank of the people's Bank of China, delivered a speech entitled "financial security is changed, not guaranteed." in the face of complex financial risks, the strategy of "taking insurance as the main force" is a passive defense, which may lead to risk prevention, and actively promote reform is the fundamental way.

Xu Zhong pointed out that although the separate supervision system played a positive role in the relatively simple financial period in history, with the rapid development of all kinds of financial holding companies and cross industry financial products, China's financial system, like cars that have been driving for many years, is also a problem. That is also a problem. Relying solely on routine maintenance and maintenance, it is no longer possible to ensure driving safety.

Against this background, I believe that "Bao" is a passive defense. It is bound to backfire in order to protect and protect, which may lead to risks and the bottom line. "Change" is a positive action, and actively promoting reform is the fundamental way to guard against and defuse risks. He believes that the "individual insurance" is the most important factor for the orderly, dissolving of individual, local and short-term risk factors.

He said that this led to the failure of the market mechanism to play a decisive role in the allocation of resources, solidifying and exacerbating the original structural contradictions, increasing risks and increasing risks. The real estate market regulation policy is the outstanding performance of the concept of "taking the insurance as the dominant factor".

He also said that the result of this is the hidden guarantee on the micro level, the prevalence of rigid payment, and the unlimited rescue of the lender of last resort of the central bank on the macro level, resulting in a serious incentive distortion and the risk of moral hazard. He said: in the past, every time we have financial risks in China, we all deal with the risk of debt in the strategy of governance.

He believes that the risks, difficulties and problems facing China today are partly due to the gradual failure of gradual reform, which is the result of incomplete and incomplete reform. Only by comprehensively deepening reform can we effectively break away from the institutional roots behind risks and difficulties, and maintain financial stability and financial security.

He pointed out that the breakthrough of financial reform is mainly to reform the existing separate supervision system so as to adapt to the increasingly obvious pattern of comprehensive management. The central bank should strengthen the function of macro Prudential Management and guard against systemic financial risks. It focuses on two aspects:

First, we should rectify the awareness of the regulatory institutions and the tendency of industry protection under the current system, co-ordinate the supervision of important financial infrastructures, establish a system of trading report pool covering the whole market, enhance market transparency, and carry out penetrating supervision, so as to achieve full coverage of risk supervision.

The two is to give the central bank the importance of the system. Financial institution And regulatory power of financial holding companies in order to prevent systemic financial risks. Only by doing so can we create a stable financial environment for other financial reforms.

Wu Xiaoqiu, vice president of Renmin University of China, proposed that the financial regulatory system reform could adopt the "Shuangfeng mode". On the one hand, the central bank maintained the stability of the system, and on the other hand, the prearranged arrangement weakened the market risk. He did not approve of the unified management of the central bank or the establishment of a higher level coordinating body.

Wu Xiaoqiu thought that some reforms could be made. He suggested that the functional structure of "one line and three meetings" should be adjusted, and the supervision of transparency should be enhanced. We must put the systemic risk ahead, prevent the outbreak of market risk, reduce the market risk and maintain the security of the whole financial system.

He believes that the soul of finance is liberalization. Without liberalization, there will be no financial facilitation, no financial disintermediation, no structural changes in finance, no financial progress. China's financial liberalization is far from enough, and China's financial innovation is far from enough. As for the added value of China's financial industry more than that of the United States, the data are far from reliable.

　　 SFC: without stability, nothing can be said of it.

Jiang Yang, vice chairman of the China Securities Regulatory Commission, said at the forum that the real economy is the foundation of the national economy. The real economy decides that the virtual economy and capital market must start from the internal demand of the real economy, play the role of optimizing the allocation of resources, guiding the flow of elements, managing risks and wealth, and providing continuous support for the revitalization of the real economy.

But whether the capital market can play its due role and how much it can play is the first and decisive factor for stability. Jiang Yangcheng: stability is the main keynote, stability is the overall situation. The Party Central Committee with Comrade Xi Jinping as the core attaches great importance to the reform, development and stability of the capital market.

He said in his speech that China's capital market intermediaries have always been open, but also need to have a bottom line. As an independent third party, good service is the basic professional ethics. We must abide by the law and discipline, and act responsibly. We should act as gatekeepers, keep good entry points, and be responsible for the law, the public and the market. The SFC will strengthen supervision, urge intermediaries to return to their duties, clear up the black sheep in time, and maintain the credibility of the industry and investors.

For listed companies, Jiang Yang said that in the process of revitalizing the real economy, the group of listed companies should make good use of the capital market, actively plan transformation and upgrading, speed up the cultivation of new kinetic energy, consolidate and develop the existing advantages. At the same time, we should cherish and cherish the capital market platform, standardize governance, enhance transparency, strengthen shareholder returns, fulfill social responsibilities and achieve sustainable development. Of course, for those listed companies that can not walk or keep up with or have major violations, we must strictly enforce the mandatory delisting system to achieve survival of the fittest and enhance market vitality.

He also mentioned that investors have made important contributions to the development of the capital market. On the one hand, the majority of small and medium-sized investors should strengthen risk awareness and rational investment; on the other hand, with all kinds of asset management products entering the market, institutional investors should understand rules and behave well, strictly abide by the bottom line of morality and conscience, faithfully carry out "honest, trustworthy, diligent and conscientious" professional ethics, strengthen law abiding compliance consciousness, and jointly safeguard and protect the good order of capital market.

　　 CIRC: three "never"

In the speech, Liang Tao, vice chairman of the China Insurance Regulatory Commission, put forward three "never": never allow insurance companies to become the "financing platform" of the internal controllers, and never make insurance a tool for a few speculators to amass huge amounts of wealth in a short time.

Liang Tao mentioned that the Insurance Regulatory Commission will always put the risk prevention in a prominent position. Only by sticking to the "insurance industry surname insurance", will the insurance industry develop wider and wider. He expects the premium income to exceed 3 trillion yuan in 2016, the total assets of the insurance industry is close to 15 trillion yuan, and the overall risk of the industry is controllable. Next year, we must put risk prevention in a more important position to ensure that there is no systemic financial risk.

He also mentioned that the insurance industry will lead the insurance industry to provide risk support and financial support for major strategies such as "one belt along the way", coordinated development of Beijing, Tianjin and Hebei, and new urbanization. We should focus on helping the agricultural supply side reform, expand the coverage of agricultural insurance and raise the standard of protection, so that agricultural insurance will become a strong backing for supporting agriculture, benefiting farmers and reducing poverty.

Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission, said that the supply of credit should be optimized and the economy vigorously supported. Transformation and upgrading 。 We should establish a credit committee system and urge the banking sector to set up a creditor Committee for enterprises with large debts. In accordance with the principle of "one enterprise and one policy", we should study the measures to increase loans, stabilize loans, reduce loans, and restructure, so as to ensure concerted efforts and concerted efforts among member banks.

Turning to the short board of finance, he pointed out that we should promote the development of Inclusive Finance from the following aspects: improving the institutional system, expanding service channels, enriching service means, innovating financial products, and promoting the full coverage of basic financial services. We should promote the implementation of measures to reduce the financing cost of enterprises by reducing the cost of financing intermediate links, improving the assessment system of commercial banks, promoting the establishment of private banks and developing small and medium-sized financial institutions.

In addition, we must speed up financial innovation and improve the financial services mode of science and innovation enterprises. To explore a new financial service mode suitable for China's science and technology innovation and start-up enterprises, and steadily push forward the pilot project of loan and loan linkage, so as to better achieve the matching of risks and benefits with the combination of "credit investment" and "equity investment", and effectively increase the financial supply to science and technology enterprises. "He said. For more information, please pay attention to the world clothing shoes and hats net report.