The main points of Yi Gang's speech are as follows:
Yi Gang: Monetary policy should adapt to the new stage of development and adhere to the principle of prudence.
Yi Gang said at the 13th Lujiazui Forum that the pressure of inflation and deflation from all sides should not be taken lightly. Considering that China's economy is operating in a reasonable range, near the potential output level, and the price trend is generally controllable, monetary policy should adapt to the new stage of development, stick to the word stability and stick to the normal monetary policy.
Yi Gang: It is predicted that the average annual increase of CPI will be below 2%.
Yi Gang, governor of the central bank, said at the 13th Lujiazui Forum that, from various factors, the trend of CPI in China this year is from low to high, and it is predicted that the average increase of CPI for the whole year will be below 2%.
Yi Gang: It is predicted that the GDP growth rate of China will be close to the potential growth rate.
Yi Gang said at the 13th Lujiazui Forum that China has entered a new stage of development. We have observed that the population structure, resource structure, industrial structure and regional structure are undergoing profound adjustments and changes, which have an impact on potential economic growth and price level. Since last year, despite the severe impact of the COVID-19 epidemic, if we look at the average of last year and this year, we predict that the GDP growth rate of China will be close to the potential growth rate.
Yi Gang: Promote commercial banks to accelerate the formation of a long-term mechanism that dares to lend, is willing to lend, can lend and will lend
Yi Gang, governor of the People's Bank of China, said at the 13th Lujiazui Forum that he would continue to use structural monetary policy tools, give full play to the joint efforts of departmental policies, and guide banks to increase their support for first loans and credit loans on the premise of sustainable business. Encourage banks and enterprises to strengthen loan risk prevention in accordance with the principle of commercial sustainability. In-depth implementation of the project to improve the financial service capacity of small and medium-sized enterprises, strengthen the use of financial technology means, promote the lending and repayment model, and promote commercial banks to accelerate the formation of a long-term mechanism that dares to lend, is willing to lend, can lend and will lend.
Yi Gang: the reform potential of releasing the quoted interest rate in the loan market
Yi Gang, governor of the central bank, said at the 13th Lujiazui Forum that we should continue to deepen the interest rate marketization reform and release the potential of the quoted interest rate reform in the loan market. We will continue to improve the managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, promote internal and external balance, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Yi Gang: With the rapid rise of commodity prices, there are great differences on whether inflation can last for a long time.
Yi Gang, governor of the People's Bank of China, said at the 13th Lujiazui Forum that the global prices of crude oil and other commodities have risen rapidly recently. It is true that the global inflation level has risen in the short term this year, but there are great differences on whether inflation can last for a long time.
Yi Gang: Promote major domestic commercial banks to disclose information related to climate change, and study and promote it to listed companies and other market entities.
Yi Gang, governor of the People's Bank of China, said at the 13th Lujiazui Forum that the financial sector should be encouraged to increase financial support for green industries. Research on carbon emission reduction support tools of directly affiliated units. Establish a climate and environmental information disclosure system. Promote major domestic commercial banks to disclose information related to climate change, and study and promote it to market entities such as listed companies. A unified information disclosure standard will be established in the future.
The main points of Guo Shuqing's speech are as follows:
Guo Shuqing: The monetary policy of developed countries has reached an unprecedented level of easing.
Guo Shuqing, secretary of the Party Committee of the Central Bank and chairman of the China Banking Regulatory Commission, said at the 13th Lujiazui Forum that the monetary policy of developed countries has reached an unprecedented level, which has indeed played a role in stabilizing the market and people's hearts in the short term, but the negative effects that followed need to be shared by all countries in the world.
Guo Shuqing: The most prominent task at this stage is to increase the proportion of direct financing.
Guo Shuqing, Party Secretary of the Central Bank and Chairman of the China Banking Regulatory Commission, said at the 13th Lujiazui Forum that the most prominent task at this stage is to further increase the proportion of direct financing. In the scale of new social financing last year, bond and stock financing accounted for about 37%, and there is still more room for development, especially in the bond market.
Guo Shuqing: Effectively guard against the investment risks of financial derivatives.
At the 13th Lujiazui Forum, Guo Shuqing, Chairman of China Banking Regulatory Commission, said in a video speech that it is necessary to effectively guard against the investment risks of financial derivatives. In the case of early risky financial derivatives, a large number of individual investors participated in the investment. Judging from the mature financial market, the main participants in financial derivatives investment are institutional investors, which is very unsuitable for personal investment and financial management. The reason is that due to uncontrollable or even unpredictable factors, the price of financial derivatives fluctuates greatly, which requires the professional level and risk tolerance of investors. The participation of ordinary individual investors is tantamount to gambling in disguise, and the result of loss has long been doomed. People who speculate in foreign exchange, gold and other commodity futures have little chance of making a fortune, just like those who bet that house prices will never fall, they will eventually pay a heavy price.
Guo Shuqing: Always beware of all kinds of "Ponzi schemes".
At the 13 Lujiazui Forum, Guo Shuqing, Chairman of China Banking and Insurance Regulatory Commission, said in a video speech that we should always be on guard against all kinds of Ponzi schemes. At present, all kinds of scams with high interest rate returns as bait and under the banner of so-called financial technology and internet finance are emerging one after another, the essence of which is illegal fund-raising activities through parcels. Everyone must bear in mind that there will be no pie in the sky, and preaching "guaranteed capital and high returns" is financial fraud. We should consciously be vigilant, enhance risk prevention awareness and identification ability, and stay away from all kinds of illegal financial activities.
Guo Shuqing: Prevent the resurgence of shadow banking.
In the13rd Lujiazui Forum, Guo Shuqing, Chairman of China Banking Regulatory Commission, said in a video speech that we should strictly guard against the resurgence of shadow banking. Different from foreign countries, China's high-risk shadow banking has typical characteristics of "within the system" and "credit-like". After rectification, the scale of shadow banking in China has dropped by 20 trillion compared with the historical peak, but the stock scale is still large, and it is easy to rebound if it is careless. In order to prevent financial institutions from adding leverage through cross-cutting financial products again, we must curb all kinds of new tricks of "quasi-credit" in the initial stage. We must conscientiously implement the new regulations on asset management and ensure the smooth completion of the rectification task of existing asset management products.
Guo Shuqing: Resolutely punish all kinds of illegal public offering of securities.
Guo Shuqing: The stock markets in developed countries soon reached a record high.
At the 13th Lujiazui Forum, Guo Shuqing, Chairman of the China Banking Regulatory Commission, said in a video speech that the prices of financial assets and real estate in developed countries generally rose by a large margin. In particular, the stock market quickly reached a record high level. People who often climb mountains know that the steeper the mountain, the harder it is to climb up and the harder it is to climb down.
The main points of Yi Huiman's speech are as follows:
Yi Huiman: IPO issuance has neither been tightened nor relaxed.
At the13rd Lujiazui Forum, China Yi Huiman, Chairman of China Securities Regulatory Commission said in his speech that IPO issuance has neither been tightened nor relaxed. During the year, there were 156 IPO companies, which achieved normal development and the growth rate was not slow. "We are open to the place where the company goes public, and it is normal to choose independently." Yi Huiman said.
China and Yi Huiman, Chairman of China Securities Regulatory Commission talk about how to treat the overseas listing of enterprises.
At the 13th Lujiazui Forum, China Yi Huiman, Chairman of China Securities Regulatory Commission said that we have always been open to the choice of listing places for enterprises. Choosing a suitable listing place is an independent choice made by enterprises according to their own development needs. Some enterprises are willing to go overseas for listing, while others are willing to return. It is normal to come and go, and we generally support it. It should be emphasized that no matter which market an enterprise is listed in, it must abide by local laws and regulations, establish the consciousness of public companies, and fear the rule of law and investors. Regulators around the world also need to further strengthen their law enforcement cooperation, * * * provide a good regulatory expectation and environment for the market, and * * * crack down on illegal activities. At the same time, we will effectively handle the relationship between openness and security. The prerequisite for an enterprise to go public overseas is to comply with relevant domestic laws, regulations and regulatory requirements.
Yi Huiman: Call on relevant international institutions to establish a more rigorous and scientific index compilation mechanism.
At the 13th Lujiazui Forum, China Yi Huiman, Chairman of China Securities Regulatory Commission said that since the fourth quarter of last year, the prices of some commodities have continued to rise, driven by various factors such as global excess liquidity, unbalanced economic recovery and widening gap between supply and demand. Generally speaking, futures prices change in the same direction as spot prices, but the increase of futures prices is less than spot prices. At the same time, the price discovery and risk management functions of related commodity futures varieties have been well played. A number of domestic industrial enterprises actively use futures option tools of crude oil, rebar, iron ore, cotton and other varieties to effectively hedge the risk of rising raw material prices, and have achieved good results in stabilizing the production and operation of enterprises. It should be pointed out that due to various reasons, the international trade pricing benchmark of some commodities mainly depends on the international spot index and OTC market quotation. Here, we call on relevant international institutions to establish a more rigorous and scientific index compilation mechanism, improve the transparency and binding force of quotations, and improve the efficiency of commodity price discovery, so as to better safeguard the stability and security of the global industrial chain supply chain.
Yi Huiman: Enrich the varieties of stock and bond financing tools and financial futures, and support industry institutions to settle in Shanghai convention and exhibition industry.
At the 13th Lujiazui Forum, China Yi Huiman, Chairman of China Securities Regulatory Commission said that the CSRC will conscientiously implement a series of major decision-making arrangements made by the CPC Central Committee and the State Council on promoting the construction of Shanghai International Financial Center and supporting the high-level reform and opening-up in Pudong New Area, continue to actively participate in the construction of factor markets, support industry institutions to become better and stronger, and optimize the financial legal environment. We will continue to play a leading role in the reform of science and technology innovation board, enrich stock and bond financing tools and financial futures, support industry institutions to settle in Shanghai convention and exhibition industry, further improve the system and mechanism for facilitating foreign investors to invest in China's capital market, accelerate the construction of a higher-level demonstration zone for the rule of law and integrity in the capital market, and make greater contributions to the construction and high-quality development of Shanghai's "five centers".
Yi Huiman: The turnover rate of science and technology innovation board is higher than that of main board and growth enterprise market.
China Yi Huiman, Chairman of China Securities Regulatory Commission said at the 13th Lujiazui Forum that in the past two years, the main indicators of the science and technology innovation board have been running smoothly, and the market liquidity level has basically adapted to its board positioning, investor suitability and trading system arrangement. In terms of turnover rate, in the first five months of this year, the average daily turnover rate in science and technology innovation board was 2.56%, which was higher than that of the main board and the Growth Enterprise Market in the same period. From the perspective of pricing efficiency, the science and technology innovation board relaxed the price limit, optimized the financing and securities lending arrangements, and made the market game more full, which was conducive to accelerating the formation of military intelligence prices. At the same time, the phenomenon of "speculation" has been significantly reduced. After listing, science and technology innovation board Company has also stood the test of the market in corporate governance and continuous information disclosure.
Yi Huiman: Three factors create conditions for the whole market to promote the registration system.
Regarding the feeling of IPO tightening in the market, Yi Huiman, Chairman of China Securities Regulatory Commission said at the 13th Lujiazui Forum that there may be several factors. First, the implementation of the requirements of the new "Securities Law" has made the responsibilities of intermediaries more firm; The second is to strengthen the supervision of shareholders' information disclosure and clarify the relevant requirements such as penetration verification; Third, according to the principle that substance is more important than form, the evaluation system of scientific and technological innovation attributes has been improved and the comprehensive judgment has been strengthened. All these have created conditions for the whole market to steadily promote the reform of the registration system, which is also the proper meaning of handling the relationship between the reform of the registration system and improving the quality of listed companies. At the same time, it is also conducive to preventing the disorderly expansion of capital and maintaining an open, fair and just issuance order.
Yi Huiman: The overall effect of science and technology innovation board's reform is good and meets expectations.
China Yi Huiman, Chairman of China Securities Regulatory Commission said at the 13th Lujiazui Forum that the Science and Technology Innovation Board officially opened the forum two years ago. In the past two years, the CSRC has made great efforts to implement the innovation-driven development strategy, improve the basic system of the capital market, adhere to the working policy of "establishing rules and regulations, non-intervention, and zero tolerance", adhere to the reform concept of marketization, legalization, and internationalization, and grasp the three principles of respecting the basic connotation of the registration system, learning from international best practices, and embodying China's characteristics and development stages to promote the establishment of the science and technology innovation board and the smooth landing of the registration system. Judging from the current situation, the overall effect of the reform is good and in line with expectations.
The main points of Pan's speech are as follows:
Pan, deputy governor of the central bank: There is a high risk of callback in the international financial market.
Pan, deputy governor of the central bank, said that with the rising inflation level and inflation expectations in the United States, the pressure of the Fed's monetary policy adjustment is increasing, which will have an important impact on the global foreign exchange market and cross-border capital flow pattern. The international financial market has a high valuation and strong fragility, and there is a risk of a high callback.
Pan: In the near future, it is planned to launch a high-level opening pilot of foreign exchange management in Shanghai Lingang New Area and some areas of Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Ports.
Pan, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said at the Lujiazui Forum on Thursday that in the near future, he plans to launch high-level foreign exchange management opening-up pilots in Shanghai Lingang New Area and parts of Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Ports, so as to accumulate experience for promoting high-level institutional opening-up in the foreign exchange field.
Pan: Two-way fluctuation of RMB exchange rate will become the norm.
Pan, deputy governor of the central bank, said in his keynote speech at the 13th Lujiazui Forum that the RMB exchange rate fluctuated in both directions and the foreign exchange market operated smoothly. The influencing factors of RMB exchange rate are complex, and two-way fluctuation will become the norm. Pan said that the stability of RMB exchange rate is better than other currencies, the exchange rate is expected to be stable, and the foreign exchange market transactions are rational and orderly. China's economy is improving steadily, monetary policy is in a normal state, the balance of payments is running smoothly, and the foreign exchange market is more mature, which provides strong support for exchange rate stability. In addition, there are many unstable and uncertain factors in the external environment affecting exchange rate changes.
Pan: The RMB exchange rate fluctuates in both directions, which is generally stable and the foreign exchange market operates smoothly.
China's economy maintained a steady recovery trend, which promoted the basic stability of RMB exchange rate at a reasonable and balanced level. China's current account surplus continues to be in a reasonable range, supply and demand in the foreign exchange market are basically balanced, and foreign exchange reserves are steadily rising. China's managed floating exchange rate system, which is based on market supply and demand and adjusted with reference to a basket of currencies, is suitable for China's national conditions and needs to be adhered to for a long time.
Pan: The seasonal demand for foreign exchange in China's foreign exchange market will focus on the next few months.
Pan, deputy governor of the central bank, said in the keynote speech at the 13th Lujiazui Forum that the economic growth gap between major developed countries and China has narrowed. Inflation and inflation expectations in the United States are heating up, and the Fed's monetary policy is facing adjustment pressure. Asset prices in international financial markets are high and fragile. Pan said that the seasonal demand for foreign exchange in China's foreign exchange market will be concentrated in the next few months. Reducing the exchange rate risk of enterprises requires the joint efforts of enterprises, banks and regulatory authorities.
Pan: In recent years, the foreign exchange market in China has developed rapidly, which provides good market conditions for enterprises to hedge their exchange rates.
Pan, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said at the Lujiazui Forum on Thursday that in recent years, China's foreign exchange market has made great progress, providing good market conditions for enterprises to hedge their exchange rates. In the environment of two-way fluctuation of exchange rate, how to manage exchange rate risk has a very important impact on the financial performance of enterprises, especially those with active international business. After years of development, China's foreign exchange derivatives market has a certain depth and breadth, forming a rich product system such as forward, foreign exchange swap, currency swap and option, as well as diversified market participants.