As a rising emerging country, China is facing economic transformation. Therefore, how to develop the financial market and choose a special national financial policy direction has become a difficult problem that we must make a choice as soon as possible. Learning from the experience of developed countries will undoubtedly make us take fewer detours. Although the development path of financial markets and corresponding financial policies in developed countries are different, we can still sum up something worthy of our in-depth study and discussion.
In the past, we always strengthened the dominant position of banks in the financial market and formed a bank-led financial system. Referring to the successful experience of foreign countries, this is inevitable in the early stage of financial market development. At present, China's financial market has gone through a certain stage of development. At this time, we should give full play to the role of the stock and bond markets, that is, the securities market should play its own market function and economic function. To give full play to the role of the securities market, we should consider the problem from the perspective of promoting the balanced development of banks, securities and insurance and optimizing the development pattern of China's financial industry. In addition, it is necessary to optimize the allocation of resources by adjusting the development level of the financial market, accelerate the development of the money market, promote the coordinated development of the repurchase market, interbank lending market, short-term financing bill market and commercial paper market, further enhance the breadth and depth of the market and enhance the liquidity management function. We should also actively guide the development of money brokerage business and attach importance to the role of professional intermediaries. For the stock market, we should actively improve the multi-level stock market. The main board market and small and medium-sized board market should continue to receive enough attention; Actively strengthen the construction of GEM, and improve the IPO mechanism and refinancing system of GEM. It is necessary to promote the development of the capital market, further improve the basic system construction of the capital market, improve the reform of the stock issuance system, improve the issuance efficiency, and actively promote the reform of the delisting system of the main board and small and medium-sized board; Improve the delisting mechanism of GEM companies. The practice of foreign developed capital markets shows that there are great differences between different levels of capital markets because of the different characteristics of investment and financing parties. To promote the development of the bond market, we must establish an effective and clear market structure, so as to give full play to the market's resource allocation function and promote the establishment of a long-term mechanism for market innovation. At the same time, it is necessary to expand the money market, insurance market, futures market, trust market and property rights market.
Banking is the dominant financial market. Only by improving the market innovation ability, overall risk prevention ability and international competitiveness of the banking industry can we truly meet all aspects of social demand for financial services. Among them, financial innovation is the key point, changing the pattern of financial resources allocation dominated by banks into that dominated by capital markets, thus changing the regulation mode and mechanism of monetary policy and effectively transforming social idle funds such as urban and rural residents' consumption into funds needed for enterprise operation and economic operation. In order to meet the demand for funds for enterprise development.
Accelerate the marketization of interest rates. First of all, according to the requirements of relevant national laws, develop a multi-level corporate bond market and gradually change the situation that commercial banks provide medium and long-term debt funds to enterprises. Then, a new stock trading market based on the network system of securities companies is established, which is characterized by the trading of stocks in the market, thus stimulating the development of the equity investment market. Third, establish various types and levels of investment funds, especially industrial investment funds, not excluding overseas industrial investment funds, and encourage urban and rural residents to invest in the real economy.
As far as the insurance market is concerned, more efforts should be made in multi-level system, channel support and multi-theme economy. This includes not only the endowment insurance system, agricultural insurance support system, life insurance system and commercial insurance system, but also the development of reinsurance market. However, the support of national policies for the multi-insurance market has not really been put in place. In view of the expanding demand in the domestic insurance market, it is necessary to initially build a security system that can enable relevant insurance companies and insurance companies to share risks and effectively hedge risks to the greatest extent and scope. This requires the joint participation of the government, enterprises, insurance companies and individuals.
In addition, the multi-level connotation of financial market should also include the richness of market products, and the fixed income market and derivative markets such as asset securitization and stock index futures should become the focus of future development. In 20 13 years, the bond market will usher in a period of rapid development. First of all, on the basis of actively developing convertible bonds and separate transactions of convertible bonds, actively promote the market-oriented corporate bond issuance supervision system to improve the issuance and trading efficiency. Secondly, the construction of relevant basic systems is accelerating, such as the credit responsibility mechanism of bond market subjects, bond credit rating system and guarantee system, bond issuance information disclosure system, bond entrusted management system and creditor meeting system, as well as studying various measures to promote centralized and unified supervision of corporate bond market, promoting the establishment of a unified and interconnected bond market and promoting the coordinated development of interbank market and exchange market.
China's financial industry has been opened to the outside world. Therefore, the scientific strategic layout of China's financial market is of great significance to further promote the reform of China's financial system, improve and stabilize the domestic financial market, and then revitalize the modern financial service industry.