Since the second half of 2002, China has gradually emerged from the Asian financial turmoil, and China's financial reform has entered a new stage. At present, China's financial reform is mainly centered on "health, standardization and specialization". For health and standardization, many reforms coexist. Deal with the problems encountered in the financial storm and make it develop healthily through standardization. For specialization, it is mainly emphasized that the financial industry and financial supervision should operate more deeply in accordance with the laws of market economy.
Basic work, improve accounting standards to make them more in line with national conditions and economic operation laws. For example, in the past, asset losses could not be offset and accrued, which obviously could not fully reflect the real situation of enterprise operation and had a negative impact on enterprise operation, bank loans and securities market. Therefore, the country further improved the accounting standards around 200 1 and 2002.
In the banking field, there are many non-performing assets, insufficient capital and unreasonable loan classification. For large financial institutions, on the one hand, the state revised accounting standards, on the other hand, it implemented a five-level loan classification system to find out the real situation of non-performing assets of banks. For non-performing assets, divestiture requires supplementary capital injection. After that, banks with good operating conditions were issued and listed, which improved the governance structure and enhanced transparency, forcing them to carry out financial and risk management. The reform of medium-sized financial institutions, including commercial banks and city commercial banks, is based on the principle of financial losses, and those with good benefits have become listed companies. For rural credit cooperatives, this part of assets accounted for 10% of the entire financial system, and the non-performing rate reached 50% at that time. In order to solve this problem, we reformed and designed a positive incentive system to mobilize the enthusiasm of all parties, motivate those who do well and restrain those who do poorly.
In the field of securities, there are ups and downs, the quality of listed companies is poor, and the order of issuance and trading is chaotic. The problem of non-tradable shares in listed state-owned enterprises, that is, the coexistence of legal person shares and tradable shares, is very irregular, which greatly affects investor confidence and the development of the stock market. Therefore, in 2005, the state promoted the reform of non-tradable shares and solved this problem.
In the field of insurance, life insurance companies are in a large area of spread loss and their financial situation is very unhealthy. Through the financial system, the state allocates some resources, including foreign exchange reserves and gold reserves, to improve the capital status of these insurance companies and make them basically qualified.
In the field of supervision, in 2003, the China Banking Regulatory Commission (CBRC) was established separately from the People's Bank of China, which clarified the objectives and responsibilities of the three professional regulatory agencies, namely CBRC, CIRC and CSRC, and clarified the responsibility relationship between financial supervision and macro-supervision.
Summary of financial events in the fourth stage: A.20011211,China officially became the143rd member of the World Trade Organization (WTO). B On March 26th, 2002, China UnionPay was established. C QFII business and QDII business were opened in June 2007 and June 2002 respectively. D On April 28th, 2003, China Banking Regulatory Commission was formally established, and a separate supervision system of "one line, three meetings" was established. On June 29th, 2003, Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) was formally signed. F On October 28th, 2003, the People's Republic of China (PRC) Securities Investment Fund Law was passed. G In 2003,165438+16 October, China People's Property Insurance Co., Ltd. was successfully listed in Hongkong. H On February 6, 2003, 65438+65438, Central Huijin Investment Co., Ltd. was established, and the reform of foreign exchange management system was further deepened. 1. On June 365438+ 10, 2004, the State Council issued "Several Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market" j. From June 365438+ 10, 2004 to June 365438+ 10, 2009, the state-owned commercial banks were joint-stock. K On October 25th, 2004/kloc-0, 10, the gate for direct entry of insurance funds into the market was officially opened. L. On April 29th, 2005, the pilot reform of non-tradable shares of listed companies was launched. M On June 23rd, 2005, Bank of Communications successfully went public, which started the listing of state-controlled commercial banks. On July 2, 2005, the reform of RMB exchange rate formation mechanism was launched and steadily advanced. At the end of February 2006, China's foreign exchange reserves ranked first in the world. P On June 5, 2006, the State Council issued "Several Opinions of the State Council on the Reform and Development of Insurance Industry". Q: On June 3rd, 2006, the Anti-Money Laundering Law of People's Republic of China (PRC) was passed. R On June 4th, 2007, Shanghai Interbank Offered Rate (Shibor) was officially put into operation. On March 20th, 2007, China Postal Savings Bank was established in Beijing.
The fifth stage: during the subprime mortgage crisis in the United States: coping with the global financial crisis and keeping pace with the reform of the global financial governance system?
In September 2008, the bankruptcy of Lehman Brothers triggered a global financial crisis, and China's financial reform and development once again entered a new stage under the impact of the external crisis. The main task in the financial field at this stage is to cooperate with the country to cope with the global financial crisis, seize the opportunity and keep up with the pace of global financial governance system reform.
The main content of financial reform at this stage is to make a lot of revisions and major improvements in the financial field in view of the major challenges posed by the global financial crisis to macro-control and the financial system. It mainly includes: correcting the financial crisis caused by insufficient capital, excessive leverage ratio and complex derivatives, strengthening the supervision of leverage ratio in the trading department of the financial system, increasing financial stability measures, and adopting centralized liquidation of counterparties in the clearing system.
A very important reform at this stage is to establish and improve the macro-prudential management framework. In view of the obvious procyclical problems in the financial system, some countercyclical factors are introduced into the financial system to make the economy cold when it is good and help when it is bad.
In short, at this stage, the international financial field has reflected on the financial crisis and established new rules, orders, standards and supervision, and we have also learned from these measures.
Summary of financial events in the fifth stage: A. On April 8, 2009, the pilot project of RMB settlement of cross-border trade was launched and gradually extended to the whole country. B On May 1 day, 2009, the Growth Enterprise Market was officially launched. C. On May 22, 2009, the new share issuance system began to implement the first phase of reform, and then gradually improved. D.2065438+April 00, margin trading was officially launched. E.2065438+June 2, 20001day, third-party payment was brought into the supervision system. On the 20th11April14th, the People's Bank of China announced the national social financing scale for the first time. G.2011On May 3rd, China banking industry implemented new regulatory standards. F. 20 12, the regulatory framework for the protection of financial consumers' rights and interests has been basically established.
The sixth stage: during the 18th National Congress, financial reform and development: marketization, internationalization and diversification?
Since the 18th National Congress of the Communist Party of China, China has emphasized the comprehensive deepening of reform and opening up, which is mainly reflected in promoting the marketization, internationalization and diversification of the financial industry.
Regarding marketization, the Third Plenary Session of the 18th CPC Central Committee pointed out that letting the market play a decisive role in the allocation of resources and applying it to the financial field is to realize the marketization of interest rates and exchange rates. The process of interest rate marketization began in 2004, following the idea of loan first, deposit later, large amount first, small amount later, foreign currency first and local currency later. After the financial crisis, interest rate marketization accelerated, and finally the floating ceiling of deposit interest rate was abolished in 20 15, and interest rate marketization was almost completely realized. Exchange rate marketization, 1993 foreign exchange system reform, 1996 announced the convertibility of current account. In 2005, the exchange rate system was suddenly reformed, and a managed floating exchange rate system was implemented based on market supply and demand and with reference to a basket of currencies. After three adjustments in 2007, 20 12 and 20 14, the daily fluctuation range of RMB against the US dollar was expanded to 2%, and the People's Bank of China withdrew from normal foreign exchange intervention. The new exchange rate system requires to reflect the balance of international current account, that is, the exchange rate is mainly determined by the supply and demand relationship in the foreign exchange market.
Internationalization, with the improvement of China's comprehensive national strength and the international hopes placed on China, the pace of RMB internationalization has gradually accelerated. China has mainly done the following work to promote it: signing agreements with other countries to use local currency in bilateral trade and investment; Bilateral central banks carry out local currency swaps; Formulate RMB clearing banks. In addition, regarding the convertibility of capital projects, in the past, we were convertible of FDI, while the degree of convertibility of other investment projects was not high, and there were many prior approvals. At present, prior management is gradually liberalized, and more is to strengthen supervision after the event. As for SDR, China officially joined SDR in 20 16, which provided a strong endorsement for the further implementation of RMB internationalization.
Regarding diversification, based on the efforts of reform and opening up for nearly 40 years, our financial market has basically achieved health, standardization and specialization. At present, marketization and internationalization are also proceeding in an orderly manner. It is these processes that provide courage and confidence for the diversified development of China's finance. Especially the current Internet finance, the country is studying the basic framework to encourage and standardize the development of Internet finance, and these processes all reflect the diversified characteristics of the new stage of China's financial reform.
Summary of financial events in the sixth stage: A.2065438+On July 20, 2003, the control of loan interest rate of financial institutions was fully liberalized. B.2065438+On August 22nd, 2003, the State Council officially approved the establishment of China (Shanghai) Pilot Free Trade Zone, and made a breakthrough in financial reform in the zone. C.2065438+On March, 2004 1 1, China Banking Regulatory Commission determined the first batch of pilot programs for private banks. D.201April 10, Shanghai and Hong Kong stock market trading interconnection mechanism was piloted. E.2015165438+1October 30th, the IMF Executive Board recognized RMB as a freely usable currency and RMB joined SDR. F.20151010 On October 24th, the People's Bank of China no longer set the floating ceiling of deposit interest rate, and the last mile of interest rate liberalization was completed. G.2065438+August 2005 1 1 Perfection of the quotation rules of the middle price in the inter-bank foreign exchange market (referred to as 81/exchange reform) has improved the market guidance of the middle price of the exchange rate. H.2065438+On March 3, 2005 1 day, the State Council officially promulgated the Deposit Insurance Ordinance (hereinafter referred to as the "Regulations"), and decided to formally implement it on May1day. I 201511kloc-0/3. The General Office of the State Council issued the Guiding Opinions on Strengthening the Protection of Financial Consumers' Rights and Interests. J.20 16 12.8, the Shanghai bill exchange led by the central bank was officially launched.
Seventh stage: Since 20 17, the financial industry has entered a new stage of steady development, strong supervision and risk prevention. ?
2065438+In July 2007, the fifth national financial work conference was held. Taking this meeting as the demarcation point, China's financial industry has entered a stage of steady development, strong supervision and risk prevention.
The current trend is to guard against risks and strengthen supervision. The specific decision will raise the strengthening of supervision to the height of the important principles of financial work, set up the National Financial Stability and Development Committee in the system, and emphasize the accountability of regulators. The banking industry mainly includes the following tasks: First, innovate supervision and support enterprises to deleverage. We will promote market-oriented debt-to-equity swaps, continue to guide and improve the House Committee system, and broaden the channels for the disposal of non-performing assets in commercial banks. Second, strengthen supervision and curb improper arbitrage. Unify the regulatory rules and strengthen the supervision of non-credit business and off-balance sheet business. Third, optimize supervision and guide the steady transformation of banks. Strengthen the banking industry's support for the real economy, especially small and medium-sized enterprises and private enterprises, and promote the banking industry to establish and improve a comprehensive risk management system.
In the face of the complicated international political situation in the new period, only healthy finance and finance with controllable risks are the finance that China's economy needs in the new period. The new era is facing the trend of international anti-globalization. Only by letting finance return to its origin and serving the real economy can China's financial industry develop healthily. On the 40th anniversary of the reform and opening up, China's financial industry will continue to advance along the steps of "reform" and "opening up".
Major financial events at this stage: a. Since a.20 17, the People's Bank of China and five ministries and commissions have completely stopped ICO projects. B.2065438+In September 2007, the People's Bank of China issued the Notice on Implementing the Directional Reduction of the Deposit Reserve Ratio in inclusive finance. C.2017165438+10 In mid-October, the central bank and five ministries and commissions jointly issued the Guiding Opinions on Regulating Asset Management Business of Financial Institutions. E.2017110 China decided to cancel the single foreign investment access for Chinese banks and financial asset management companies. On March 20 1818, the National People's Congress deliberated and approved the establishment of the Bank of China Insurance Regulatory Commission, and no longer retained the CBRC and CIRC. G.2065438+On March 26th, 2008, China crude oil futures was officially listed on the Shanghai Futures Exchange.
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