After the previous round of expansion, China Economic and Financial entered a downward clearing period. Preventing and resolving financial risks is a prerequisite task for future Chinese financial development.
Deviny is a long -term process, and it takes more than ten years without interference.Li Yang, a member of the Academic Department of the Chinese Academy of Social Sciences and the chairman of the National Financial and Development Laboratory, said that no matter how the current policy adjusts, it is necessary to treat financial risks carefully to prevent the continued deterioration and spread of financial risks.
Li Yang said on November 13 at the World Economy and China 2019 Summit, co -sponsored by the China International Finance Society and the First Financial Society, that China's economic development has entered a new stage, and China and the United States have a forty years.The influence of the international financial crisis in the last round also has no satisfactory explanation and countermeasures, and has also increased the burden of Chinese management financial risks.
Since July, affected by domestic and foreign factors, the strength and rhythm of deleveraging have been adjusted, and the market has no shortage of sounds that financially hope that finance can relax further.Li Yang pointed out that it is necessary to soberly recognize that China's finance has very serious potential risks. The source of financial risks is high leverage, and deleveraging has become the core task of current and future periods.He said that after the previous round of expansion, China has entered a period of downward liquidation. The financial sector can particularly feel pain, but preventing and resolving financial risks is a prerequisite for China's financial development.
Li Yang pointed out that it is necessary to further deepen the reform of interest rates and exchange rates, improve the market -oriented financial system, and create conditions for the market to decisive role in the allocation of resources.In addition, to promote the development of the capital market with a comprehensive vision, pay attention to the role of commercial banks and long -term credit institutions to mobilize savings and promote capital formation.■ Shen Jianguang: Randomly changing the rules the most cracking down on investor confidence
Investors, especially overseas investors, are most afraid of changing the rules at will.Shen Jianguang, vice president and chief economist of JD Finance, believes that overseas investors feel that the market is acceptable, because there are cyclicality and the same globe, but the current government's many practices are for a certain goal such as stock prices. Through various means, various meansChange various established rules.
On November 12, Shen Jianguang said at the media communication organized by JD Finance that why overseas investors are more optimistic than Chinese investors this year?Because overseas investors are not good to see the world, Chinese investors only see Chinese problems, and there is a poor information at home and abroad.
For example, although the U.S. unemployment rate and GDP growth rate have performed well, there are two weaknesses that are difficult to solve in the short term: First, the infrastructure is backward, and the landscapes, trains, roads, etc., which have disrupted over the years, have greatly reduced travel.Efficiency; Second, the decline of the US manufacturing industry is difficult to change. The long -term lack of training in American workers has led to the consistent decline in the proportion of manufacturing in GDP, and the economy is increasingly dependent on the service industry.
At present, most domestic analysts in the United States believe that even if the US economy does not decline next year, the economic downturn is also very obvious.In Shen Jianguang's view, the trade war is also under great pressure on the United States. President Trump is now facing the Federal Reserve to continue to raise interest rates. If tariffs are continuously imposed on China, it is difficult to alternate products and intermediate products imported from China and intermediate products in the short term.The transfer of the industrial chain for at least two to three years, which has a great impact on American inflation and consumers.
Europe also has European issues.He continued that the European economy was recovering, but it was trapped by political issues.The German economy is good, but the biggest problem is the problem of refugees.German Chancellor Merkel responded to refugees from the perspective of humanitarianism, but this is a difficult adaptation process for German society.In the UK, many very modern high -rise buildings in London have just been built. After Brexit, many banks are considering moving away.
In emerging markets, only India and China are relatively good in the BRICS countries. South Africa's economy is still declining. The Russian economy is sluggish. Brazil has recently selected a Trump -style president.Essence
The more global turmoil, China has expanded and opened, and overseas companies have invested money to China.Shen Jianguang said that China's biggest problem is in reform and opening up, and there is still a lot of space to open to the outside world. For example, as soon as the policy is released, BMW, Ford, Tesla and other car companies have increased investment in China.China has a huge domestic market and a relatively stable financial environment. As long as China increases its openness and reform efforts to abolish unnecessary foreign investment restrictions, overseas investors will enter China.
On November 12, Rajesh Agrawal, the deputy mayor of London, who visited China in 12 London Financial Technology companies, said that Shanghai -London is likely to really land in December this year. If it can officially land, more Westerners canYou can buy Chinese stocks.
As far as domestic policies are concerned, the core is not much liquidity, but to improve the business environment, reduce the tax burden, and help enterprises to improve profitability.Shen Jianguang said that the capital market is the most marketable and the most required market. Policy makers need to carefully modify the capital market rules.
Taking listed companies to repurchase stocks as an example, Shen Jianguang believes that many private enterprises are now very difficult. It is a big problem to use funds to repurchase or borrow money to repurchase stocks.During the stock disaster in 2015, the large shareholders of the sudden launch of the market for rescue the market did not allow reduction of holdings under certain conditions, so that the large -scale foreign -funded common fund that was optimistic about China had to consider regulatory risks.■