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Wang Wei: Wenzhou Financial Reform Pilot &Nbsp; Innovation Not To Be Encouraged

2012/4/13 18:39:00 10

Financial Reform Economic System Private Finance

In the past ten years, China

Economic operation mechanism

It is an indisputable fact to return to the government control track, especially the 4 trillion yuan investment since the subprime mortgage crisis. Most of them invest in the state-owned enterprise system. In addition, the ministries and local governments have over developed land reserves, state-owned enterprises have been privileged in operation, credit scales, public access channels and tax arrangements and other social and public resources have fully cooperated. China's economy has actually entered the new planned economic era dominated by the NDRC.

Wenzhou

Financial reform

The introduction of the plan is a landmark event in the direction adjustment.

China's financial reform started in the mid 80s of last century. At the second China financial annual meeting, the blue book with capital market as the breakthrough point was put forward. It looked forward to a tear in the planned financial system, and it soon came to an end in line with price reform and macroeconomic regulation.

In the early 90s of last century, a group of active financial returnees in Beijing, represented by the "liaison office", tried to operate a stock market independently of the system. The dream of the "white paper" also became a historical memory after being integrated into the strict securities regulatory system in a few years.

Since then, the design of financial centers such as Shanghai and Tianjin has been introduced successively, but basically it is a gesture to integrate with the international market, and it has little to do with the reform of the financial system itself in line with the matching of local governments and urban development.

Finance is institutional arrangement, and financial reform is institutional innovation. It is not only to improve the technological level of regional concentration, service enrichment, tool increase, incentive mechanism or political level improvement.

In this sense, the Wenzhou financial reform plan is clear about the rationality of private finance, while putting regulatory power down to the local level. This is a breakthrough.

According to the author, the core of Wenzhou's finance is private finance. The significance of Wenzhou's financial reform pilot lies in the development of non-governmental finance throughout the country.

On the contrary, if Wenzhou's financial reform is regarded as a system of state finance, it will even become a bigger setback if we use the traditional way of supervision to kill the private financial forces.

The folk character of Wenzhou's finance

Wenzhou has always been a neglected town in the planned economy and society, and there is not much investment and industrial operation of state-owned enterprises. This has provided the first batch of experimenters with no historical burden and restriction after the reform and opening up.

The culture of Wenzhou inherited the pulse of the Yongjia school in the Southern Song Dynasty, advocating "benefit and justice" and "Tao not leaving the apparatus".

This pragmatic spirit and diligence made Wenzhou the most influential private economic center since the 30 years of reform and opening up.

Clothing, electrical appliances, trade and hardware manufacturing represent the first generation of Chinese entrepreneurs in the market, not only in China but also in the world.

Active

Private finance

It really supports Wenzhou's private economy.

A large number of small and medium-sized enterprises and individuals who are well-known for financial intermediation such as guarantee, mortgage, factoring, leasing, exchange, settlement services, financial investment and so on are gathered here.

Although the names of the companies are unimaginably low-key in clothing, wholesale, beauty and real estate intermediaries, the huge amount of capital they have accumulated is effectively invested in various industries by selecting the most capable entrepreneurs and entrepreneurs, and promoting Wenzhou to become the most competitive and vigorous new city in China.

To affirm the private enterprises and economy in Wenzhou, it is necessary to affirm the non-governmental finance in Wenzhou.

The core of Wenzhou's finance lies in its folklore, private capital, private lending, private management and industry self-discipline.

In view of the relatively small scale, mainly serving the short-term financing and value-added services of SMEs, this is an indispensable force to make up for the shortage of mainstream financial industry.

Persisting in the folk character of Wenzhou's finance is the touchstone for the success of Wenzhou's financial reform.

For a long time, private finance has been severely demonized. Usury, illegal fund-raising, money laundering, underground banks and other words are commonly used to equate folk financial painting, and institutions and individuals involved in non-governmental finance are frequently to blame and trembling with fear.

In fact, those positive and innovative private finance is just beyond regulation, not illegal finance.

Although there have been some commercial fraud and credit crises in Wenzhou, the mainstream and direction of private finance has always been positive and valuable, like the more serious frauds and technological bankruptcies in the same period of the state-owned financial system.