The outline proposes to build an international financial center with strong global resource allocation function, which is compatible with China's economic strength and the international status of RMB. Specifically, it includes seven points: enhancing the ability of financial services to the real economy, building a RMB financial asset allocation and risk management center, seizing the opportunity to accelerate the high-level financial opening up, promoting the free use of RMB and the convertibility of capital projects, building an asset management center with global influence, building a financial technology center with global competitiveness, and creating an excellent financial ecology in line with international standards.
"One perspective is efficiency-serving the real economy, and the other is security-preventing and controlling financial risks." Xu Qiyuan, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, told the newspaper, "The main content is to serve the real economy. At the same time, it also emphasized the prevention and control of financial risks, including the risk 17 times. "
Sun, director of the Financial Research Center of Fudan University, believes that based on the global economic environment, China currently has "three good cards" for economic development, and the rules for building an international financial center put forward by Shanghai in the Outline can be regarded as the concrete contents of making good use of the "three good cards".
Finance serves the real economy.
"The first good card is the second-generation demographic dividend characterized by high savings and the resulting dual-structure consumer market. Head consumption demand will promote the technological upgrading of China enterprises. Most low-and middle-income groups will rely on the three-stream advantages of' logistics, information flow and capital flow' gradually formed in China to reduce costs and improve efficiency, so as to do a good job in online mass market services, thus stimulating the long tail effect of consumption (demand side) brought by the scale of traffic. " Sun said:
The outline puts forward that enhancing the ability of financial services to the real economy includes giving full play to the institutional innovation function of science and technology innovation board, vigorously developing inclusive finance, actively developing green finance, and encouraging the development of commercial endowment insurance.
Sun believes that to fully activate the market of high-net-worth people and the market of low-income people, it is not for financial investment, but for the consumer market, creating a cross-border and "internal circulation" scene, and truly combining financial services with the internationalization of cross-border use of RMB.
"As long as the market is up, there will be demand in the market. We can make commodities, futures and innovative financial products, which can be copied and extended." He said.
Effectively prevent and control risks
Sun believes that the second good card is the government's ability to raise funds and allocate public resources. In addition to the investment in infrastructure construction such as hardware, it is also necessary to focus on helping the market solve people's livelihood problems and establish a good market environment. Strengthening market vitality (matching supply and demand, internal and external circulation) requires system construction and strengthening supervision ability.
"We have been calling for the key to the construction of Shanghai International Financial Center is system construction, which reflects marketization, internationalization and rule of law." He said.
The outline proposes that Shanghai should create an excellent financial ecology that is in line with international standards, including speeding up the integration of financial rule of law with international standards, exploring and practicing institutional innovations such as securities representative litigation and national securities and futures dispute mediation, improving the financial supervision system, building a unified local financial supervision platform, improving the social credit system, exploring financial tax reform, and strengthening financial risk management.
Xu Qiyuan pointed out that the "Outline" mainly expounds the prevention and control of financial risks from the following angles: First, in terms of financial market risks, there are financial risks in advance prevention and early warning, emergency plans after the event, and security resolution. Second, in the development of financial technology, it is necessary to fully evaluate the potential risks of the integration of new technologies and businesses, and establish and improve the risk prevention mechanism of financial technology. Third, in the process of promoting the financial opening policy, we should also pay attention to the principles of risk prevention and control and steady progress.
Developing digital finance and inclusive finance.
"The third good card is the first-Mover advantage of innovative business (supply side)." Sun said:
He pointed out that there are a large number of young and promising technical backbones on some tracks in China. They have achieved the first level of related services in the world, such as the information technology represented by Huawei SMIC and the cost-effective advantages of base station production, as well as the platform service competitiveness of e-commerce platforms such as Tmall, JD.COM, Pinduoduo and Tik Tok. Therefore, the technical ability driven by innovation and the professional ability of venture capital can fully emerge in today's world stage, which can meet the needs of internal circulation and long-term marginalization.
"The core business content of an international financial center is digital economy and digital finance." Sun said:
In his view, supply and demand are developing synchronously. Corresponding to this dual structure, Huawei, ZTE and China are at the forefront of matching high-quality consumers in China, such as chip design and vaccines. Low-income people reduce costs through the platform of digital economy and traffic consumption, and a large amount of consumption traffic supports low-end enterprises.
Therefore, the outline mentions the development of "digital finance" and "inclusive finance" many times in the chapter on building an international financial center.
According to the outline, Shanghai will vigorously develop inclusive finance, give full play to the role of financial institutions and local financial organizations, improve the financing service system for small and medium-sized enterprises, improve the government financing guarantee and re-guarantee system, improve the credit incentive policy and optimize the risk sharing mechanism. Innovate digital inclusive finance products and services to support the development of supply chain finance. Strengthen the tripartite information docking between government, banks and enterprises, and deepen the application of big data in inclusive finance. Explore the construction of a regional financial service information sharing platform for small and micro enterprises. The outline also mentioned that it is necessary to strengthen the construction of financial infrastructure system, support the upgrading of Shanghai's financial infrastructure, and build Unicom's global digital financial infrastructure.
The outline also mentioned that it is necessary to expand the cross-border use of RMB and actively promote the use of RMB in commodity trade, foreign project contracting, cross-border electronic commerce and other fields.
Promote the integration of the Yangtze River Delta
It is worth noting that the outline also puts forward many contents related to the integration of the Yangtze River Delta.
The Outline points out that it is necessary to support the Yangtze River Delta Eco-Green Integration Development Demonstration Zone to declare the construction of a green financial reform and innovation pilot zone, actively participate in the formulation of international green financial standards and the construction of the Yangtze River Delta regional technology and finance reform pilot zone, increase financial support for scientific and technological innovation in the Yangtze River Delta region, and promote the integration of services such as payment and settlement and credit guarantee in the Yangtze River Delta.
Xu Qiyuan said that the "Outline" grasps the Yangtze River Delta Economic Belt as the hinterland of Shanghai's international financial center, and at the same time incorporates the development of Shanghai's international financial center into the national regional development strategy. Specifically, it includes the following aspects: supporting the Yangtze River Delta Ecological Green Integration Development Demonstration Zone to build a green financial reform and innovation pilot zone, building a regional technology and finance reform pilot zone in the Yangtze River Delta, and promoting the integration of payment and settlement, credit guarantee and other services in the Yangtze River Delta. Study and establish the cooperation mechanism of financial science and technology supervision in the Yangtze River Delta. Support the Credit Information Center of the People's Bank of China to achieve full coverage of corporate and individual lending information in the Yangtze River Delta region.
"It can be said that Shanghai International Financial Center will play a leading role in the development of the Yangtze River Delta Economic Belt in terms of green finance, technology and finance, financial technology supervision and credit information system, and promote financial integration in the Yangtze River Delta region in terms of payment settlement and credit guarantee." Xu Qiyuan said.