Over the past 30 years of reform and opening up in China, especially in the last decade, finance has played an important role in macro-control, and its function of regulating economic operation and serving the economy and society has been continuously enhanced. However, we have to admit that China's financial system is not perfect at present, and the reform needs to be deepened and steadily advanced.
First of all, finance plays an extremely important role in modern economy.
First of all, the core position of finance in modern economy is determined by its own special nature and function. At present, China's economy is a socialist market economy, and the market economy is essentially a developed monetary credit economy or financial economy. If the financial operation is normal and effective, the collection, financing and use of social capital will be fully effective, the allocation of social resources will be reasonable, and it will play a positive role in promoting the virtuous circle of the national economy.
Secondly, finance is an important lever to adjust macro-economy in modern economy. Due to the defects of cyclical prosperity and recession of market economy, it is necessary to carry out timely macro-control. Finance plays a very important role in establishing and perfecting the national macro-control system. The financial industry is a link between all aspects of the national economy. According to the needs of macroeconomic policy, the state can formulate monetary policy through the central bank and use various financial control means to adjust the money supply, structure and interest rate in a timely manner, so as to adjust the scale, speed and structure of economic development and promote economic development on the basis of stabilizing prices.
Finally, in modern economic life, monetary fund, as an important economic resource and wealth, has become the lifeline and medium to communicate the whole social and economic life. Almost all modern economic activities are inseparable from the movement of money and capital. From the domestic perspective, finance connects the production and operation of various departments, industries and units, connects every member of society and thousands of households, and becomes an important lever and means for the state to manage, supervise and regulate the operation of the national economy; Internationally, finance has become the link of international politics, economy, cultural exchange, international trade, introduction of foreign capital and international economic and technological cooperation.
Second, the report of the 17th National Congress on financial system reform.
As an important aspect of economic reform, financial system reform has been highly valued by the party and the state in recent years. The report of the 17th National Congress of the Communist Party of China clearly pointed out that it is necessary to promote the reform of the financial system, develop various financial markets, and form a modern financial system with diversified ownership and management forms, reasonable structure, perfect functions, high efficiency and security. Improve the competitiveness of banking, securities and insurance. Optimize the capital market structure and increase the proportion of direct financing through multiple channels. Strengthen and improve financial supervision to prevent and resolve financial risks. Improve the RMB exchange rate formation mechanism and gradually realize capital account convertibility. Deepen the reform of the investment system and improve and strictly implement the market access system. Improve the national planning system. Give full play to the guiding role of national development plans, plans and industrial policies in macro-control, and comprehensively use fiscal and monetary policies to improve the level of macro-control.
It can be seen that the understanding of finance in the report of the 17th National Congress has risen from a service tool to a basic element of social and economic development. This change in understanding is not only an inevitable turning point for the development strategy of building a well-off society in an all-round way to a certain stage, but also an inevitable turning point for social construction to focus on improving people's livelihood, and it is also an inevitable turning point for China's economy to truly realize modernization and integrate into the mainstream economy of the world.
Three, the current defects and deficiencies of China's financial market system
1. The marketization of financial entities is not perfect. Government financing is mandatory; The independence of the central bank is not strong, with strong administrative flavor and weak regulation; The commercialization transformation of state-owned commercial banks is not complete; Residents have poor awareness of financial risks.
2. The market object lacks financial innovation. Due to the lack of various liquidity credit instruments issued to the society, the market liquidity is insufficient. Most financial assets are concentrated in bank deposits. Although the country has recently introduced stock index futures, there are still few investment channels, which is not conducive to the development of financial markets and the effective transformation of savings into investment.
3. The market structure is unbalanced. Compared with the capital market, China's money market has small capacity and imperfect structure, which also restricts the further development of the capital market and intensifies the speculation and volatility of the stock market. Within the money market, the bill market develops slowly; Within the capital market, the national debt market and the stock market are developing rapidly, while the corporate bond market is lagging behind, and the fund market is developing slowly and irregularly, so institutional investors cannot stabilize the market.
4. Imperfect laws and regulations. Large state-owned financial institutions bully small and medium-sized institutions with their unique policy advantages and gain competitive advantages; Due to the asymmetry of information, the interests of individual investors are vulnerable to infringement; The policy is vague, the law has loopholes, and illegal business operations occur from time to time.
Four, implement the spirit of the 17th National Congress, and promote the reform of the financial system.
1. "Promote the reform of the financial system, develop a variety of financial markets, and form a modern financial system with diverse forms of ownership and operation, reasonable structure, perfect functions, high efficiency and security. Improve the competitiveness of banks, securities and insurance. "
Financial system reform needs to be implemented in various financial markets. Banks, securities and insurance operate different financial products, but they play an important coordinating role in implementing macro-control policies, regulating the flow of market funds and promoting domestic demand in production and life. The modern financial system requires the financial industry to respond quickly to the pattern of sound and rapid economic development on the basis of China's current national conditions, and realize diversification of financial products, flexibility of management mode, enterprise management structure, high efficiency of departmental functions and refinement of internal control system.
Improving competitiveness is not an empty talk. Really grasp the market and grasp yourself. Starting from improving its own management level, we should innovate more financial products that conform to the market operation, provide more services recognized by the market, and realize the deep-seated meaning that "the market promotes finance and finance promotes the market".
"Optimize the capital market structure and increase the proportion of direct financing through multiple channels."
Encouraging private financing, further optimizing the function of resource allocation and forming a complementary effect with formal finance can increase the proportion of direct financing and reduce the credit pressure of small and medium-sized enterprises on banks.
Direct financing should not be limited to the idle funds of individual residents, the funds of various activities of administrative departments, enterprises and institutions and governments at all levels. At the same time, actively listed to absorb accumulated capital, improve the absorption and storage efforts, expand the lending chassis, and further reallocate capital in place, so that the capital in the market can be fully circulated, and the momentum of sustained economic development can be stabilized and expanded.
"3." Strengthen and improve financial supervision to prevent and resolve financial risks. "
Improve the democratic supervision mechanism and strengthen the study and inspection of the internal control system. Strengthen the supervision of leading cadres, especially those in power departments, on the management and use of people, property and key positions, and improve the systems of questioning, accountability, economic responsibility audit, resignation and recall.
Vigorously promote the construction of financial ecological environment, and a suitable financial ecological environment is an important foundation for the healthy development of the financial industry. At present, China's financial industry is in an important turning point and an important period of development, so it is particularly important to further strengthen and improve the financial ecological environment. We must constantly optimize the financial ecological environment and promote the harmonious development of economy and society.
"Development is for the people, development depends on the people, and the fruits of development are shared by the people." People-oriented is the core of Scientific Outlook on Development, and it is also the core of the development and construction of financial market in Scientific Outlook on Development. To establish a people-oriented capital market, we must strengthen the institutional and basic construction of the capital market, so that the capital market can really play the intermediary role of resource allocation. People-oriented capital market, the first thing is to improve the relevant laws and regulations system and form a good market environment to protect the interests of small and medium investors.
"Improve the RMB exchange rate formation mechanism and gradually realize capital account convertibility."
Exchange rate reform is of great significance in domestic financial reform. A more flexible exchange rate will make domestic enterprises face different market conditions, and all measures of capital market reform will inevitably be coordinated with this, making overall plans and minimizing the friction caused by economy and society.