The Fourth National Financial Work Conference Will Discuss A New Round Of Financial Reform.

The fourth national attention

The previous 3 financial work meetings were held in November 1997, February 2002 and January 2007 respectively, and each time a financial reform process was launched.

Therefore, the national financial work conference is also highly regarded by all circles.

As early as 2010, 20 ministries and bureaus' general mobilization, including China financial affairs office, China office, State Research Office, finance and Development Commission, Ministry of finance, central bank, Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission and so on, and separately led the 15 major financial topics directly deployed by the State Council, including improving the systemic financial risk prevention system and improving finance.

"The upcoming fourth national financial work conference will be positioned in the post crisis era of crisis digestion."

Ba Shu song, deputy director of the Finance Research Institute of the State Council Development Research Center, said that in the past three meetings, every major change in the financial system came from the response to external shocks, and it also stimulated the endogenous driving force of the financial system reform.

"A key point of this conference is to draw lessons from the problems exposed by the financial industry in Europe and the United States and improve China's financial regulation.

The main contents include: how to improve the macro prudential supervision mechanism? The financial supervision in the whole world is only micro prudential supervision. How to guard against systemic risks? After all, a financial institution and a subprime product problem may lead to systemic risks. How can we strengthen the supervision of large and unable financial institutions? At the same time, many financial innovations in the future are interdisciplinary innovation, which requires closer financial supervision and cooperation among various departments.

This requires us to further improve the financial supervision and coordination mechanism.

On the other hand, the meeting will also focus on how to strengthen financial industry's support for economic pformation, such as strengthening support for rural finance, supporting services, and supporting small and medium-sized enterprises.

Experts generally believe that the lessons of this financial crisis show that we should not focus solely on the risks of individual financial institutions or individual industries. We should guard against systemic risks from a macro and overall perspective. We should quickly establish and improve the framework of macro Prudential management system, and constantly innovate tools and means as an important institutional arrangement to prevent systemic risks.

"Although all previous national financial work conferences have put forward important proposals for financial regulation, the remodeling of the financial regulatory system has been deliberately avoided."

Ding Jianchen, director of the Institute of public policy of the University of foreign trade and economic cooperation, believes that in the financial crisis, China's financial industry has not been greatly affected by the fact that its openness is not very deep. However, in the wake of the increasing internationalization of financial globalization and risk pfer, if financial regulation is not carried out, once the crisis breaks out in China, the Chinese economy will be destroyed and the whole world will be dragged into the abyss.

Wang Guogang, director of the Financial Research Institute of the Academy of Social Sciences, believes that because the US subprime mortgage crisis is caused by the blind spot of financial regulation, the current international financial regulatory reform obviously reflects the regulatory concept that we should focus on strengthening the overall coverage.

How this concept is reflected in the reform of the financial regulatory system in the next 5 years has also become another highlight of this meeting.

Previously, there was a view that under the general trend of the comprehensive operation of domestic financial enterprises, a financial supervision committee should be established that pcends "one line, three meetings".

However, this plan has not been recognized by the senior authorities, but instead it has been replaced by a "perfect financial supervision and coordination mechanism".

Beyond the financial regulatory system, the focus of the reform of the financial system will also be changed.

Zhao Qingming, senior research fellow of the Construction Bank, believes that it is most urgent to deepen the reform of interest rate marketization and exchange rate formation mechanism and maintain the basic stability of the RMB exchange rate.

"From the big trend, the past is mainly based on the reform of financial institutions. These reforms have come to a backwardness. Now they will turn to the interest rate exchange mechanism, these price signals and the reform of the financial market.

At the same time, the focus of financial institutions reform should be shifted from big enterprises to big enterprises and small enterprises. Especially, small businesses should be attached importance to. If the past reform is to emphasize urban finance, the next step is to emphasize both urban finance and rural finance and emphasize rural finance.

Ba Shu Song said.