"When will the reform of state-owned enterprises become serious? When will the real estate tax be introduced and how will it be collected? When will cross-provincial and remote medical settlements be available to all people? How will air pollution control be implemented?" The National Two Sessions in 2017 are about to open.

Recently, many readers and netizens have raised questions such as the above through the newspaper's two sessions hot spot survey system.

These issues are the "hard bones" faced by the reform as it enters the deep water zone. They often affect the whole body, or affect employment, or are related to the formulation of laws, or are in urgent need of fiscal and taxation system reform. They are all related to the development of the real economy and the land system.

Reform, financial risk prevention and control are closely related.

Difficulty 1: Market-oriented reform. In recent years, the reform of state-owned enterprises has lagged behind. This is undoubtedly a "hard nut" that cannot be bypassed in comprehensively deepening reform.

Many experts said that state-owned enterprises currently have four main problems: first, some state-owned enterprises have high asset-liability ratios and highly concentrated equity; second, corporate governance is irregular, bloated institutions and heavy burdens; third, the layout of state-owned assets is unreasonable and professionalization is not enough.

Strong; fourth, the administrative color is outstanding.

Today, the reform of state-owned enterprises is no longer a simple micro-enterprise reform issue, but an important part of macro-structural reform.

From a macro-financial perspective, whether the reform of state-owned enterprises can be smoothly promoted affects monetary policy transmission, interest rate liberalization, and financial stability; from an industrial development perspective, because state-owned enterprises monopolize upstream industrial sectors such as energy and telecommunications, their operations

Efficiency affects the cost, efficiency and export competitiveness of downstream industries such as the service industry.

In addition to these "hard bones", Li Zuojun, deputy director of the Institute of Resources and Environmental Policy of the Development Research Center of the State Council, said that the difficulty of this year's supply-side structural reform is also reflected in two aspects.

First of all, in the past, administrative means were mainly used to promote supply-side structural reform, which was relatively easy and easy to achieve results in the short term.

The next step is to use more market-oriented means to promote supply-side structural reform.

Since the central government proposed "supply-side structural reform" and the five major tasks of "cutting overcapacity, destocking, deleveraging, reducing costs, and making up for shortcomings" at the end of 2015, my country's economic and social development has made a lot of progress.

However, like all reforms, supply-side structural reform is also a difficult task. There will be twists and turns in the process, and many problems will be exposed. In 2016, coal prices soared, and housing prices in first- and second-tier cities soared.

The leverage ratio rose instead of falling.

"Supply-side structural reform must be completed using market means and must be promoted by market mechanisms." However, Li Zuojun also admitted that market-based means are more complex than administrative means, and more issues need to be considered, and the difficulty will further increase.

Difficulty 2: Systemic reform Li Zuojun also said that the supply-side structural reforms implemented in our country over the past year or so mainly relied on structural adjustments, but there was less promotion of institutional reforms that caused problems such as overcapacity and excess inventory.

"These institutional problems are precisely the main problems and problems that must be faced in deepening the supply-side structural reform." Li Zuojun said.

Feng Qiaobin, a member of the 50-member New Supply Economics Forum and a professor at the Department of Economics of the National Academy of Administration, believes that supply-side structural reform involves five major elements, namely labor, land, capital, innovation and institutions.

Behind these five elements are a series of deep-seated problems of institutional mechanisms.

In terms of capital elements, Feng Qiaobin said that my country's financial institutions have problems such as over-emphasis on large scale, comprehensive business and a large proportion of state-owned enterprises. However, private, professional and inclusive financial institutions that are subject to formal supervision are not as important in terms of quantity or scale. It’s far from enough in all aspects.

This requires systematic reform of the financial system.

In terms of streamlining administration and delegating power, Feng Qiaobin said that significant progress has been made in the early stage, but the advancement process involves core issues such as information connectivity and consistency of rules among governments at all levels across the country, and requires continued deepening of reforms.

Difficulty Three: Focus on Preventing Risks "There is still a big difficulty in the current reform, which is how to balance short-term interests and long-term interests, and make a choice between long-term pain and short-term pain." Guest guest at Chongyang Institute of Financial Studies, Renmin University of China

Researcher Dong Ximiao said.

In the context of the current macro deleveraging, many experts believe that Internet financial means can be used to solve the problem of difficult and expensive financing, especially the financing problems of small and medium-sized enterprises.

Dong Ximiao said that Internet finance has developed rapidly in the past few years, which has alleviated the problem of financing difficulties to a certain extent, but it can also easily accumulate financial risks.

Therefore, in the process of promoting reform, we must not only see the short-term promotion effect brought by Internet finance, but also pay attention to long-term financial stability, and remain highly vigilant against financial risks and the formation of asset bubbles.