1. The fiscal policy is more active and promising, the fiscal deficit ratio is moderately increased, the issuance scale of national debt and local government special bonds is greatly increased, the tax reduction and fee reduction are intensified, the fiscal expenditure structure is greatly optimized, and the expenditure in key areas is effectively guaranteed. A prudent monetary policy is more flexible, moderate and accurate, maintaining a reasonable increase in the money supply and social financing scale, improving cross-cycle design and regulation, and achieving a long-term balance between steady growth and risk prevention.
2. Promote banking financial institutions to continuously increase the disposal of non-performing loans. The accumulated disposal of non-performing loans in three years was 5.8 trillion, exceeding the sum of the previous eight years.
3. At present, China's economic and financial development still faces many difficulties and risk challenges. Internationally, affected by the epidemic, the supply chain cycle of the global industrial chain has been blocked, international trade and investment have shrunk, market volatility of risky assets such as stocks, bonds and commodities has intensified, and uncertainties such as international economic and trade frictions and geopolitical evolution have increased significantly. At home, financial stability is facing new challenges due to the epidemic. First, under the impact of the epidemic, some enterprises, especially private enterprises and small and micro enterprises, face difficulties, and the risk of debt default may rise. Second, the financial risks caused by the epidemic may lag behind, and there is upward pressure on non-performing loans in the later period. It is necessary to pay attention to the further deterioration of risks in some small and medium-sized financial institutions. Third, there is still great uncertainty about the development trend and impact of the epidemic, so we need to pay attention to the operation of the stock market, bond market and foreign exchange market.
4. Some large enterprises have complex equity relations, many affiliated enterprises, large financing amount and many financial institutions, which have an important impact on regional financial stability. The overall operation of China's financial industry is stable, the scale of assets and liabilities of financial institutions is growing steadily, the profitability is basically stable, the risk hedging ability is constantly enhanced, the overall operation of the financial market is stable, and the risk of stock pledge financing is constantly decreasing. The downward pressure on the quality of banking assets and the frequent financial fraud cases of listed companies deserve attention.
5. The risk of stock pledge financing is reduced. With the orderly progress of preventing and resolving the risk of stock pledge, the A-share market generally operated smoothly in 20 19. By the end of 20 19, the scale of stock pledge of A-share listed companies was 579 billion shares, down 8.76% from the previous year, the first decline in ten years, and the risk of stock pledge financing was reduced.
6. The newly revised Securities Law has greatly increased the penalties for illegal acts such as fraudulent issuance. However, the current criminal law is still light on securities and futures crimes such as fraudulent issuance and illegal information disclosure, which does not fully reflect the principle of "a legally prescribed punishment for a crime". It is suggested that the criminal law should be revised and improved as soon as possible, and the punishment for fraudulent issuance, illegal information disclosure, market manipulation and other criminal acts should be increased. It is suggested that the promulgation of the new Securities Law should be taken as an opportunity to enrich the supervision power, optimize the allocation of supervision resources, strengthen the supervision of the securities market after the event, and increase the investigation and punishment of illegal acts. Give full play to the litigation function of representatives of investor protection institutions, and build a mechanism for protecting the rights and interests of small and medium-sized investors with China characteristics.