First, the financial system reform to solve the problem
In the past 20 years, China's financial system reform has made great progress. From the establishment of the central bank to the separation of commercial banks and policy banks; From the emergence of non-bank financial institutions to the operation of the securities market; From the rise of the lending market to the development of the futures market; China's financial industry has made great achievements from canceling the loan scale to developing open market business. However, with the further deepening of China's economic system reform and the requirements of the market economy system itself, especially in the context of economic globalization, the rapid development of information technology and the accelerated pace of financial internationalization, the shortcomings of China's existing financial system are gradually exposed, and there are many problems in financial macro-control, supervision, organizational system of financial institutions and financial market system. But to sum up, there are only three important problems to be solved in the domestic financial system reform, namely, diversification of investment subjects, marketization of interest rates and separation of business.
(1) Diversification of investors. The limitation of ownership leads to the monopoly of state-owned banks in China. Due to the lack of necessary competition between banks, on the one hand, the reform of state-owned banks is insufficient and inefficient; On the other hand, the development of non-state-owned banks is lagging behind and it is difficult to meet the financing requirements of non-state-owned economy. At present, the non-state sector accounts for 74% of industrial added value, 63% of GDP added value, but less than 20% of total financial assets. Therefore, to reform the existing financial system, we must first break the restrictions of ownership and develop a new system. Without the development and competition of the new system, the reform will not succeed. The primary task of financial system reform is to develop non-state-owned banks and non-state-owned financial institutions. Therefore, we must vigorously develop non-state-owned banks and non-state-owned financial institutions that finance non-state-owned industries, relax the "threshold" for market access and exit, allow those economic entities with good benefits to enter the financial market for transactions, and let those economic entities with operating losses, insolvency or even illegal operations withdraw from the financial market in an orderly manner. Of course, when developing non-state-owned banks and non-state-owned financial institutions, the state must properly solve the two problems of deposit guarantee and industry supervision, and treat them equally with state-owned banks and state-owned financial institutions.
(2) Marketization of interest rates. Judging from the whole price system in China, due to the effective introduction of market economy, all prices have basically been liberalized, but the interest rate as the price source of financial products has not been liberalized, and it is still regulated by the state. The non-marketization of interest rate setting not only directly affects the adjustment of the base currency, making it lack of the most accurate standard to judge the macro money supply and the effect of monetary policy, but also affects the implementation of other monetary policy tools. Therefore, China's financial system reform and China's macroeconomic reform require the establishment of an effective interest rate adjustment mechanism under market conditions.
(3) Separate operation and mixed operation. Since the 1929 financial crisis, there has been a pattern of separation in the international financial field, mainly represented by the United States, Britain and Japan. 1986, Britain completed the financial "big bang" reform, allowing banks to merge securities companies; 1998, a financial "earthquake" occurred in Japan, allowing financial institutions to operate various financial businesses across industries. 1999 1 12. At this point, the three giants of separate finance have experienced a historical process from mixed operation to separate operation, and then from separate operation to mixed operation, and the mixed operation mode has become the general trend. It was in 1995 that China formally established the separate operation system after the Commercial Bank Law was passed. However, in the tide of global financial liberalization and economic integration, under the new situation of joining wto, it is bound to face strong challenges from foreign financial industries. Similarly, domestic banks are currently facing the problem of increasing the proportion of direct financing and reducing the proportion of indirect financing. As a result, the intensification of industry competition has led to a decline in bank profit margins and an increase in operational risks, forcing many banks to consider seeking their own business development from the development of the securities market. Therefore, various financial innovations with mixed operation orientations have quietly emerged, and mixed operation has become an inevitable choice for domestic financial enterprises. However, in view of the fact that the mixed operation system once brought great risks to the financial market and macro-economy, it is still necessary to make steady preparations for mixed operation under the condition that the legal system is still not perfect and the financial market supervision and internal control capabilities are weak. Specifically, it includes: First, improve the financial legal system as soon as possible on the basis of initially establishing the legal framework of the financial industry; Secondly, improve the corporate governance mechanism of commercial banks, especially the four major state-owned commercial banks, so that all kinds of business activities have necessary constraints and reasonable incentives; Third, speed up the listing process of financial enterprises and make full use of the capital market to expand the capital scale in order to cope with the competition of foreign financial department stores; Fourth, pay attention to personnel training and change some knowledge structures. Fifth, gradually increase the communication channels between the money market and the capital market, and strengthen the internal relations between the two markets.
Second, the idea of deepening the reform of the financial system
(1) Strengthen the macro-control and financial supervision of the central bank. In order to strengthen the macro-control and supervision function of the central bank, the central government put forward two major measures: first, reform the management system of the People's Bank of China, reform the establishment of branches according to administrative divisions, appropriately retain or merge existing municipal branches, and strengthen financial supervision of branches; Second, strengthen financial supervision and internal management of financial enterprises according to the Law of the People's Bank of China, the Law of Commercial Banks and the Core Principles of Effective Banking Supervision of the Basel Committee on Banking Supervision. Specifically, we should proceed from the following five aspects: (1) further improve the financial supervision system of the central bank, formulate various businesses of financial enterprises and improve management methods, (2) improve the responsibility system of financial supervision, (3) strictly examine the qualifications of senior managers of financial institutions, (4) formulate unified accounting subjects for commercial banks, and (5) further strengthen the balance of payments statistics and strive to improve the accuracy and effectiveness of statistics.
(2) Further deepen the reform of state-owned commercial banks. The reform of state-owned commercial banks should focus on the following three aspects: First, actively promote the reform of the organizational system of specialized banks. According to the modern company system model, a professional bank with independent legal person and institutions according to administrative divisions should be transformed into several national commercial banks and several local commercial banks. Specifically, state-owned commercial banks should appropriately liberalize some branches and set up local commercial banks controlled by state-owned commercial banks. Among them, local commercial banks are controlled or controlled by national commercial banks, but they are not branches of national commercial banks. National commercial banks and local commercial banks are independent legal entities. Each bank still implements the general branch system and has branches, but the scale has been greatly reduced compared with the current professional banks. State-owned commercial banks focus on large cities and large and medium-sized enterprises, while local commercial banks mainly serve local small enterprises and individual operators. Second, strengthen the internal management of state-owned commercial banks. The main measures are: (1) state-owned commercial banks should have legal capital, operate independently and bear their own risks. From 65438 to 0998, the government took measures to make the capital adequacy ratio of state-owned commercial banks reach more than 8%. (2) Improve the corporate governance structure of state-owned commercial banks, and improve the president responsibility system under the supervision of the board of supervisors and the board of directors. From 65438 to 0998, the central bank has decided to establish a board of supervisors in state-owned financial enterprises. (3) Strengthen the construction of internal control system of financial institutions, establish a relatively independent internal audit and supervision system under the vertical leadership of the Head Office, and improve the asset liability ratio management, loan review and loan separation, loan guarantee and mortgage system and credit asset quality management responsibility system. (4) Reflect the effective assets of financial enterprises in accordance with market rules and prudent accounting principles, improve the classification and evaluation methods of bank credit assets with reference to international practices, and modify the system of drawing and writing off bad debt reserves of financial institutions. Third, deepen the reform of property rights system. Due to the single ownership structure, state-owned commercial banks still have the common disadvantages of state-owned enterprises, such as vague property rights, absence of owners and lack of incentive and restraint mechanisms. Therefore, the ultimate realistic choice of state-owned commercial banks is to implement joint-stock system.
(3) Vigorously develop non-state-owned commercial banks. Under the financial reform policy with public ownership as the main body, it is necessary to build new commercial banks and non-bank financial institutions and their branches from outside the system, pay attention to breaking monopoly and introducing competition mechanism. For example, some regional joint-stock commercial banks have gradually developed to the whole country, and urban commercial banks have been established on the basis of urban credit cooperatives, allowing a number of foreign banks to engage in RMB business, which are necessary supplements to the shortcomings of the system. Therefore, before opening to the outside world, we must open to the inside. The focus of domestic opening-up is to vigorously develop non-state-owned financial institutions. In the case that the loans of wholly state-owned banks are inclined to large and medium-sized enterprises, and the direct financing ability of small and medium-sized enterprises is limited, we will vigorously develop non-state-controlled joint-stock local commercial banks, so that local commercial banks can completely get rid of the situation of no distinction between government and banking, and no distinction between banks and enterprises. This is not only conducive to unblocking the financing channels of small and medium-sized enterprises, actively supporting the development of small and medium-sized enterprises, especially the development of non-public economy, but also conducive to adjusting China's economic structure and industrial structure and enhancing the vitality and competitiveness of the national economy.
(4) Cultivate and develop financial markets and expand the proportion of direct financing. The development of the financial market should be gradual, both to speed up the pace and to highlight the key points. At present, short-term financing market should be the focus of development. At present, commercial credit is not standardized, and the liquidity of commercial paper is extremely poor, which greatly limits the deepening of financial market. It is necessary to speed up the development of the bill market in the near future and provide market conditions for short-term financing of enterprises. At the same time, expand the interbank lending market, make the short-term financing of the financial industry mainly market financing, and correspondingly reduce the loans of the central bank, thus creating conditions for the expansion of the central bank's open market business. During the Tenth Five-Year Plan period and beyond, the focus of financial market development will be the long-term capital market, which will enable China's capital market to enter the stage of standardized development, and accordingly develop the floating property market and investment banking, and optimize the allocation of resources by using market mechanisms. On the basis of standardizing the management of investment funds, we should develop institutional investors, especially open-end investment funds, gradually open the investment fund market, expand the capacity of the securities market, and make the securities financing grow synchronously with the gross national product.
(five) the implementation of interest rate marketization. At present, China's interest rate structure is fixed at both ends and changes in the middle, that is, the interest rates in the lending market and the repurchase market are liberalized and marketized, and the refinancing rate is controlled by the central bank, which is necessary; The deposit and loan interest rates are also determined by the central bank. Because the central bank controls both ends (refinancing interest rate and deposit and loan interest rate), while the lending market and repurchase market are small in transaction scale, limited in transaction subjects, and the market is in a divided state, the liberalized lending interest rate and repurchase interest rate form an island and cannot play much role. Since the refinancing rate is controlled by the central bank, it cannot and does not need marketization, so the choice of interest rate marketization can only be made from the other side. Because there is great risk in liberalizing deposit interest rate at present, the key to interest rate marketization lies in liberalizing loan interest rate.
There are several different ways to liberalize the loan interest rate. First, let it go completely without any restrictions. This is a truly market-oriented approach. Second, it sets the maximum or minimum interest rate. Third, the scope of interest rate changes is specified. The second and third modes have been implemented in a certain range, which is a semi-market mode with great limitations. Therefore, the best choice may be to adopt the first method. If you want to choose one of the second and third methods, I hope that the upper limit should not be set too low, the lower limit should not be set too high, and the range of activities should not be set too small. Otherwise, interest rate marketization is of little significance.