Financial perspective
Since the end of 2020, China has successively sacrificed heavy regulatory regulatory remediation measures for the fields of platform economy, education and training, information security, etc., so that the capital market has doubts, especially for the fate of private enterprises.
2021 In the second half of the year, in order to regain the private economy after preparing the epidemic to drive the economic recovery, from the end of August that year, the Central Reform Commission meeting proposed that "insisting on regulatory norms and promoting development with both hands"., To convey the tone that encourages and supports the private economy's position without shaking. The Central Economic Work Conference in December last year clearly states that "it is necessary to come down (reality) from institutional and legal perspectives, from policies and policies and policies and policies and policies and policies.Public opinion encourages the development of the private economy and private enterprises. Protect private enterprise property rights and entrepreneurial rights in accordance with the law. Respect the laws of the market, deepen the simplified administration and decentralization, the combination of decentralization and management, and the same ownership enterprises. "Policy information.
After Deng Xiaoping's 1992 South Tour, the 14th National Congress of the Chinese government determined to establish a "socialist market economy system" in 1992 to play the basic role of the market in resource allocation.It is an economic management system that tries to balance between pure capitalism and social goals.China is not opposed to capitalism, but also supports private enterprises.However, China does not allow capitalism to expand disorderly, which will destroy fairness and justice and common prosperity.
For the past 30 years of practice, we have witnessed the iteration of the government and the market between games and running -in, reflecting that China has been trying to use capitalism as a means of economic development, combining with China's socialist consciousness, and exploring one that meets China in accordance with ChinaThe balance of national conditions forms a socialist market economy with Chinese characteristics.During the period, sometimes the repetition caused by the great adjustment of the policy, it is not difficult to understand the market entity, especially the development of private enterprises, and insufficient confidence in government policy.
The conclusion of the Central Economic Work Conference in December last year showed that the Chinese leadership clearly realized that it was not enough to rely on public opinion to build the momentum and official shouting. It must truly implement measures from the system, law and policy levels to support private enterprises.
I want to put forward a few views from personal practical experience.
First, strengthen the rule of law.
For places that need to absolutely protect the rights and interests of private enterprises, legislation should be protected, so that due to the different explanations of different local officials, the interests of private enterprises will be affected or infringed.When private enterprises are treated unfairly, it is necessary to ensure that appropriate legal channels to legally file a complaint.For example, administrative law in Singapore involves control of government power exercised through administrative agencies.Administrative law requires administrative personnel to do fairly, reasonablely, and act in accordance with the law.
We heard that some local officials did not take responsibility or have no such incidents.To solve this problem, the accountability system for the implementation of local officials must be established and implemented.In addition to the appointment and removal of political positions from the top, market feedback and public opinion support can be considered into official incentive assessment mechanisms.
Second, the government should "lead" direction in the macro, but should not be "dominated" or "intervention" market operations.
In addition to industries with national strategic interests, as part of the overall economic management policy, the government can position the industry and the development of the macro leading industry.This often affects the market development and innovation of related industries, and even the efficiency and value creation of market efficiency and value, which hinders the opportunity to make economic cake bigger.Economic cakes are bigger, and the implementation of common prosperity has a better foundation.
In view of this, the official instructions of the relevant officials on strengthening the party organization's leadership of the private economic united front before implementing the officials, and the rectification measures of some enterprises in 2020, including state -owned enterprises, enrollment of shareholders and dispatched governments,Officials are working in private enterprises to strengthen compliance operations. It is necessary to do cautiously to ensure that they truly "respect the laws of the market, deepen simplifying administration and decentralization", and clarify the boundaries between government functions and market functions.
Third, it is necessary for the government to cultivate and solicit more professional talents and let professional people do professional things.
The Central Economic Work Conference in December last year proposed that "the new team must have new weather and new actions, strengthen learning, and become the leadership of the experts and internal entrances."
Great adjustment of policies and rules, or even U's turning, will make market entities be at a loss and affect the willingness and confidence of enterprises to make long -term business development planning.
The more desirable approach is to ensure the coherence and stability of policies and rules.To do this, government officials must have the professional knowledge and ability of the relevant industries, familiarize themselves with the business methods and tricks in the industry, be able to keep an eye on the unhealthy and irregular operations in the company, master the market pulse in time, discover and adopt the marketization method in timeTo solve the problem of budding, such as unfair and irregular market operations, or conducting appropriate and accurate policies and fine -tuning, not allowing market monopoly and other issues to form and zoom in and solidify with time.The "one -size -fits -all" administrative instructions or policies rolling sharply will cause a greater cost of eliminating problems, more severe impact on the society, affecting enterprises' credibility of government governance, and increasing the risk of policies faced by enterprises.
Fourth, establish a system, create the environment, and truly make market discipline play.
In addition to appropriate policies and rules, such as antitrust, maintaining a fair competition environment, and establishing an withdrawal mechanism for marketing principles, some problems can be solved by "market discipline" itself.Therefore, the government can strive to cultivate a complete industry ecosystem, improve corporate governance and industry self -discipline, and create a "fair, orderly, rule of law, and healthy competitive environment".Through a healthy market competition, ensure the survival of the fittest, provide consumers with the best products and services, while reducing the vicious development of corporate monopoly or disorderly expansion.
The author is a guest professor at the National University of Singapore and Nanyang University of Technology
Dean of Li Bai Financial College
I want to put forward a few insights from practical experience.The government should "lead" direction, but should not be "dominated" or "intervention" market operations; it is necessary to cultivate and solicit more professional talents to allow professional people to do professional things; establish a system, create the environment, and truly allow the market to make the market really allow the marketDisciplinary play.
