On October 25, the official website of the People's Bank of China released a short but weighty news: Pan Gongsheng presided over a meeting of the party committee to convey and study the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, and deploy specific measures to accelerate the construction of a "financial power".
This is not only a "routine study", but also a "starting gun" for the next stage of reform of China's financial system. This is the prelude to the "general program" of financial policy in 2025, indicating that a series of major reforms will be accelerated. There are three key words: "financial power" + "central bank system" + "implementation of key tasks".
First, adhere to the unified leadership of the Party Central Committee over financial work and further promote the comprehensive and strict governance of the party
It is necessary to always take the study and implementation of the spirit of the Party Central Committee as the primary task (that is, the implementation of the "first issue" system), systematically plan the ideas and priorities of financial work on the basis of deep understanding and understanding, ensure that all tasks are implemented, and regularly check the progress and continuous improvement.
It is necessary to persist in the rectification work of central inspections, audits, and other problems pointed out for a long time, coordinate and grasp it to the end to ensure that rectification is in place and the mechanism is perfect.
Adhere to the correct orientation of selecting and employing people, cultivate a team of high-quality financial talents who are loyal to the party, honest and honest, and dare to take responsibility, and create a good atmosphere of integrity and self-discipline and entrepreneurship.
Continue to consolidate the achievements of implementing the spirit of the eight central regulations, resolutely oppose formalism, bureaucracy, hedonism and extravagance, unremittingly strengthen the construction of work style, always maintain a high-pressure anti-corruption situation, and achieve a long alarm bell and a positive style and discipline.
The second is to establish a scientific and sound monetary policy system
It is necessary to balance three pairs of relationships: immediate and long-term relationships; supporting the relationship between the real economy (such as enterprises and employment) and ensuring the health of the financial industry itself; The relationship between the domestic economy and the international environment.
According to the actual operation of the economy and finance, grasp the strength, timing and rhythm of monetary policy - take action when it is time to take action, stop when it is time to stop, give full play to the effect of the policy, and provide strong support for stable economic growth and high-quality development.
At the same time, it is necessary to continuously optimize the framework and mechanism of monetary policy to make policy implementation more effective and smoother transmission, and ensure the "smooth flow of government orders".
We will continue to deepen the reform of the RMB exchange rate to make the exchange rate more flexible and market-oriented, while maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level to avoid ups and downs.
The third is to establish a comprehensive and effective macro-prudential management and financial risk prevention and control mechanism
From an overall perspective, we should pay attention to the chain reaction of changes in the economic cycle and risks (for example, if an institution goes wrong, will it trigger a "domino effect"), strengthen the monitoring, assessment and early warning of systemic financial risks, and continuously expand the coverage of supervision.
Further strengthen the functions of the central bank in macro-prudential management and maintaining financial stability, and ensure the smooth operation of various financial markets such as the stock market, bond market, and foreign exchange market without major ups and downs.
Continue to cooperate with relevant departments to focus on the following risk mitigation work:
support the steady development of local small and medium-sized banks and other financial institutions; help resolve the debt risk of local government financing platforms; Promote the stable and healthy development of the real estate market.
In this process, it is necessary to strictly abide by financial discipline, market rules and regulatory requirements to prevent people from taking advantage of loopholes and "messing around", and avoid "moral hazard" (that is, acting recklessly because of the bottom line).
At the same time, we will accelerate the improvement of the financial stability guarantee system, such as setting up a stronger risk relief mechanism and accelerating the legislative work in the financial field, so that supervision can be followed by laws and regulations to be more standardized and powerful.
Fourth, continue to promote financial supply-side structural reform
Focus on the "five major articles": science and technology finance, green finance, inclusive finance, pension finance, and digital finance, so that financial services can more accurately match the needs of the real economy and better support key areas and weak links in the economy (such as small and micro enterprises, rural revitalization, scientific and technological innovation, etc.).
Specifically:
improve the science and technology financial policy system, make finance more powerful and effective in supporting scientific and technological innovation, and help "stuck neck" technological breakthroughs; Promote banks, insurance, securities and other financial institutions to be more reasonable in scale, structure and geographical distribution, avoid gathering in the field of making money and ignoring the needs of people's livelihood; build a standardized, transparent, open, dynamic and risk-resistant financial market system; build a safe and efficient financial infrastructure, such as payment and clearing systems, credit information platforms, etc., to provide a solid "foundation" for financial operations; Steadily promote the research and development and practical application of digital yuan, explore more use cases, and improve payment efficiency and security.
To put it simply, it is to make the financial system more optimized and efficient, and truly serve the people, enterprises and the overall development of the country.
｜五是稳步推进金融高水平开放，同时坚决守住国家金融安全底线
具体怎么做？
推动人民币国际化：在国际贸易和投资中更多使用人民币，减少对美元的依赖； 有序扩大金融市场开放：让外资更便利地进入中国股市、债市，也支持国内机构稳妥走出去，实现“双向流动”； 发展离岸人民币市场：支持香港等地的人民币离岸中心建设，让人民币在海外更方便使用； Improve cross-border financial services: make foreign trade and investment more convenient and efficient for enterprises; support Shanghai and Hong Kong to build international financial centers and enhance the global influence of China's finance; Create an independent and controllable cross-border payment system: build a safe, efficient and multi-channel RMB cross-border payment network (such as CIPS), which does not rely on foreign systems to ensure the security of capital channels; Strengthen international financial cooperation: Actively participate in the formulation of global financial rules, carry out bilateral and multilateral financial diplomacy, and promote a fairer and more rational global financial system.
To put it simply, the door to opening is steadily open, and the bottom line of security is firmly maintained, so as to enhance China's international financial competitiveness while ensuring that national financial security is not threatened.
This meeting is ostensibly a "conveying spirit", but in fact it is a "system upgrade" of China's financial system.
It tells us that the future of finance is not a casino that "makes quick money", but an infrastructure that "supports innovation, stabilizes people's livelihood, and connects the world". As investors, we must learn to understand the "flow of funds" from the "policy language": the more the country attaches importance to the direction, the more likely it is to give birth to the "core assets" of the next decade.
