Yang Chengchang, Chief Economist Of The Chinese People'S Political Consultative Conference And Shen Wan Hongyuan: Financial Market Should Transform From Financing Function To Risk Management Function.

On the morning of May 23rd, Xi Jinping, chairman of the CPC Central Committee, chairman of the CPC Central Committee and chairman of the Central Military Commission, visited the economic committee members who participated in the three session of the thirteen CPPCC National Committee.

At the joint meeting, Yang Chengchang, chief economist of the CPPCC National Committee and Shen Wan Hongyuan Securities Research Institute, made a speech on the need to formulate a new perspective for the 14th Five-Year plan.

At the meeting, what issues did the general secretary pay special attention to? What advice did Yang have made? In May 25th, Yang Chengchang received an exclusive interview with the twenty-first Century business reporter on this special joint meeting.

Two cycles promote each other.

? ? ? General secretary Xi Jinping stressed the importance of adhering to a comprehensive, dialectical and long-term vision for analyzing the current economic situation, making efforts to cultivate new opportunities in crisis and opening new bureaus in changing circumstances, giving full play to the potential and role of China as the world's largest market, making clear the strategic direction of structural reform on the supply side, consolidating the basic trend of China's economic stabilization and long-term improvement, and consolidating the basic position of agriculture. We should carry out the task of "six stability" and "six guarantees" to ensure that all decisions and arrangements are rooted in the ground, to ensure the completion of the decisive battle, to build a well-off society in an all-round way, to fight the goal of tackling poverty and tackle hardships, and to promote our country's economy to ride the wind and wave the waves, and to build a stable future.

"The speech of the general secretary has pointed out the general direction for everyone, made clear the judgment of the Central Committee on the economic situation, and further clarified everyone's thoughts." Yang grew up.

Impressed by Yang's growth, the general secretary first talked about the general view of the economic situation. Its core is that the basic trend of China's steady economic growth and long-term improvement will not change because China has unique advantages.

"China has the largest potential market in the world, with the most complete production system in the world, especially the industrial production system. There are 770 million labor force in China, and 800-900 of the about 10000000 new labor force each year are newly graduated college students. The labor structure in China is being optimized rapidly. In addition, the epidemic reflects China's governance advantages and institutional advantages. All of these have determined that the general trend of China's overall health will not change. Yang grew up.

The second thing that keeps Yang growing up is the new pattern of mutual promotion between the two circles proposed by the general secretary. "In the past, we often said that we should make good use of the two major domestic and international markets and make good use of the two major resources. The general secretary clearly put forward a new development pattern with the main domestic cycle as the main body and the domestic and international double circulation promoting each other."

Yang said that this is a new height for economic development. "The cycle emphasizes the smooth flow of the process. The epidemic has disrupted the normal production, distribution, consumption, industrial chain and the circulation chain of Global trade, so the key is to smooth the domestic cycle and international circulation."

In terms of domestic circulation, China has huge market and manufacturing capacity. If we can connect them together, we can greatly strengthen the economic cycle. Once the internal cycle is strong and the dependence on the global economy will decline, even if the external environment changes, the foundation of China's steady economic growth is still reliable.

But the internal cycle is not a closed door policy, but also to open to the outside world and strengthen external circulation is to open up the international supply chain.

Yang told reporters that the general secretary was also very concerned about the employment of young people. "The general secretary is very aware of the new way of employment, including home office, free job hunting, multi position and mutual adjustment among enterprises. All kinds of vocational innovations should be strongly supported. "

Capital market service sinking

As a member of the CPPCC, Yang also put forward his own proposals at the meeting. He put forward four points of view, including insisting on starting from the problem and making efforts to solve the shortcomings and problems in China's economic development during the "13th Five-Year" period. We must persist in the perspective of entrepreneurs so that entrepreneurs can excavate business opportunities in the planning process. We must insist on perfecting the market mechanism, taking the market allocation of the driving factors as the core of reform, and insisting on the differences between the industrial development system and mechanism. We should formulate a targeted industrial development policy.

Among them, Yang growth suggested that the government as a planning maker, the angle of view is easy to start from the government, and forget that the implementation process of development planning requires entrepreneurs to play the leading role. Therefore, from the perspective of entrepreneurs, planning and planning should be made, so that entrepreneurs can excavate huge business opportunities and stimulate investment enthusiasm from planning.

The core of planning depends on the realization of market mechanism. Especially during the "14th Five-Year" period, the promotion of planning through the promotion of factor market reform: improving the market allocation mechanism of factors and improving the efficiency of factor allocation are the fundamental conditions for promoting the development of high quality.

From the point of view of capital elements, every enterprise has capital and needs a market that can be circulated, priced and traded. No matter how big or small, performance or ownership is, it can not deprive enterprises of the rights and interests of trading capital.

Yang Chengchang put forward that China's capital market service needs to sink and provide capital market services and methods for small and medium enterprises, private enterprises and non listed enterprises. We should pay special attention to the chain of capital market focus on serving technological innovation, forming a capital market service system that serves top-down services for the whole company, and properly evaluate the modern elements of science and technology enterprises. We should implement the basic system of establishing the capital market with the registration system as the core, relax the market entry, increase the supervision afterwards, increase the elimination mechanism, and increase the disclosure of information, so that enterprises can choose the market and timing of their own choice. The opening of the capital market will also greatly expand the ability of China's capital market to serve the real economy, small and micro enterprises, science and technology enterprises and overseas enterprises.

"We should design financial products and provide financial services according to the needs of enterprises. Financial markets should not be high above, and we must sink down to truly understand the needs of business operations. Now the relationship between enterprises and financial institutions seems to be a simple relationship between providing capital and obtaining capital, forming a mutual complaining between the two.

To solve this problem, Yang Chengchang believes that the financial market should transform from the function of financing to the direction of risk management. "Financial institutions do not take any risks. Their role is to help people diversify risks and manage risks."

At the same time, risks need to be released. "If risks accumulate over time, they will only accumulate gradually to banks and countries, so risks need to be continuously released." Yang grew up.

(author: Southern finance and Economics National two sessions report group Zhang Sainan, Zheng Shifeng)

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