1, capital account opening: a challenge to financial stability

Under the background of continuing to promote the opening up of financial markets at a higher level, China's capital account has been gradually opened.

On the one hand, opening the capital account will bring about the free flow of international financial capital, and the direction and quantity of capital flow are uncertain, which may lead to economic problems such as inflation, fiscal deficit and internal and external economic imbalance to varying degrees.

On the other hand, the convenience of capital circulation contributes to the transfer of financial assets, and the steady growth of domestic economy will attract the outflow of foreign capital.

2. Opening the securities market: competition and risk management.

Article 11 Financial opening policies and measures will advance the time limit for canceling the foreign share ratio of securities companies, fund management companies and futures companies to 2020, which will further expand the openness of the securities industry, attract more professional and mature institutional investors from abroad, and promote the development of China's securities market.

Challenge: On the one hand, the entry of these foreign financial institutions into China will not only help to improve the securities market environment, but also promote the development of domestic secondary market and related enterprises. On the other hand, the entry of foreign financial institutions not only strengthened the financial ties between China and the international community, but also expanded the sources of funds for China's financial industry.

3. Opening the bond market: the crisis brought by market linkage.

It is an important measure for China to open the bond market by supporting foreign-funded institutions to conduct credit rating on various bonds in the China inter-bank bond market and the exchange bond market.

On the one hand, the expansion of the overseas use of RMB and its inclusion in the SDR currency basket have provided good conditions for the opening and expansion of the bond market.

On the other hand, through the opening of the bond market, advanced systems and concepts are introduced to promote the improvement of China's trading methods and trading systems.

(b) Measures: Establish a prevention system.

In order to effectively prevent and resolve systemic financial risks, we must grasp the characteristics of systemic financial risks in the process of financial opening up and accelerate the construction of a prevention system.

1. Improve the management framework of macro-prudential and micro-supervision.

2, improve the financial market infrastructure and legal system construction.

(1) First, further improve and upgrade the infrastructure construction of the financial market, such as improving the information platform of the bond market, broadening the way for international rating agencies to enter the China market, continuing to attract foreign investment by improving the transparency of the financial market, deepening the development of the capital market, and gradually optimizing the opening level.

(2) Secondly, in the issuance, trading, information disclosure, withdrawal and other aspects of the financial market, we should improve the investor protection mechanism, establish and improve laws and regulations in related fields, realize the standardization of financial market transactions, and ensure the fairness of competition among domestic and foreign financial institutions.

3. Deepen financial market reform and improve the level of opening up.

The high level of financial market opening has put forward higher requirements for China's systemic risk management and control ability.