A few days ago, the book "Excerpts from Xi Jinping's Discourse on Financial Work" edited by the Institute of Party History and Literature of the Central Committee of the Communist Party of China was released nationwide. To this end, this issue of "Theoretical Research" specially invited Professor Gao Yiwei of the Economics Teaching and Research Department of the Party School of the Central Committee of the Communist Party of China to write an article, he believes that to build a modern socialist financial power, it is necessary to deeply grasp its basic connotation, actively explore the law of financial development in the new era, constantly deepen the understanding of the nature of socialist finance with Chinese characteristics, and gradually embark on a road of financial development with Chinese characteristics.
Professor Gao Yiwei of the Economics Teaching and Research Department of the Party School of the Central Committee [National Academy of Administration].
People's nature: Adhere to the people-centered value orientation
Financial work must adhere to the people-centered value orientation, adhere to the financial services for the real economy as the fundamental purpose, adhere to the prevention and control of risks as the eternal theme of financial work, adhere to the deepening of financial supply-side structural reform, adhere to the overall planning of financial opening and security, and adhere to the general tone of seeking progress while maintaining stability. This requires the financial work to practice the party's purpose, the financial system to improve its political position, adhere to political principles, firm political direction, maintain political determination, and always keep in mind that the party's purpose is to serve the people wholeheartedly, and the people's position is the party's fundamental position, and it is also the fundamental position of financial work under the party's leadership.
Inclusion:
Let everyone have the right to access financial services together
The purpose of financial inclusion is to enable everyone, especially the disadvantaged groups in society, to have access to high-quality financial services in a timely and dignified manner and at the right price when they need financial services. Financial inclusion is consistent with the concept of "sharing" development. The economic value of inclusive finance lies in helping to adjust the imbalance between supply and demand in finance, especially in the financial structure, so as to achieve the purpose of finance to better serve the real economy. The social value of inclusive finance lies in helping vulnerable groups such as low-income people and small and micro enterprises to access financial services, so that everyone has the right to enjoy financial services fairly. In essence, financial inclusion helps disadvantaged groups gain the right to develop and prosper equitably, and its important value lies in promoting inclusive economic growth and social harmony.
Safety:
Maintain the bottom line of no systemic financial risks
From the perspective of the history of financial development, the financial crisis is not a small probability event, but a financial history is a history of crisis. The financial industry is characterized by high debt management, and one of the fundamental characteristics is that there are large externalities, coupled with the existence of information asymmetry, which makes the financial industry inherently extremely vulnerable. Financial market reform and financial innovation have exacerbated financial vulnerabilities to a certain extent, which in turn are accompanied by high risks and high contagion. Financial institutions are different from ordinary enterprises, and once something goes wrong, it may lead to systemic financial risks. The characteristics of finance require that financial supervision must be strict, the financial market and financial institutions must be supervised according to law, and illegal financial activities must be strictly prohibited and severely cracked down, so as to better guard against financial risks and safeguard the interests of investors.
Marketization:
Give play to the decisive role of the market in the allocation of financial resources
The Central Financial Work Conference pointed out that "adhere to the track of marketization and rule of law to promote financial innovation and development". In essence, a market economy is an economy in which the market determines the allocation of resources, and practice has proven that the allocation of resources by the market is the most efficient way of allocating resources. To improve the level of market-oriented allocation of financial resources, on the one hand, it is necessary to vigorously develop the capital market, optimize the financing structure, and better play the role of the capital market hub; On the other hand, it is necessary to steadily promote the market-oriented reform of interest rates, so that interest rates can give full play to their role in guiding the allocation of resources.
Internationalization:
Enhance the ability to allocate resources in global financial markets
International and domestic experience has shown that improving financial competitiveness through high-level global competition in an open environment is an inevitable requirement for building a financial power and the only way out for the financial industry to become bigger and stronger. The overall level of China's financial industry has been significantly improved in the process of internationalization. In this process, the corporate governance and profitability of financial institutions have been continuously improved, and the market competitiveness and anti-risk ability have been improved, which has promoted the innovation of financial products and financial services. The opening up of the mainland's financial industry to the outside world has maintained the principles of independence, gradual and controllable, and the pace of opening up has been very well grasped, achieving a "double improvement" in the efficiency of resource allocation and financial stability.
Technology:
Enhance the ability and efficiency of financial services for the real economy with financial technology
"If you want to do a good job, you must first sharpen your tools." Finance's initiative to embrace technology is not only the result of competition in the financial industry, but also the result of its own needs. A history of finance itself is a process of continuous innovation and development of finance. Driven by financial technology, the form of money is developing from physical currency to digital currency, and financial services are developing from face-to-face dialogue to remote mobile Internet. The fundamental reason why finance and technology can be combined so well is that the two have a natural coupling, and the financial industry itself is an information-intensive industry, and information is very important to the financial industry. On the one hand, the coupling of technology and finance has greatly improved the efficiency of financial services for the real economy. On the other hand, fintech continues to optimize traditional financial functions.
Source: Financial Times Client Reporter: Xie Jingjing Editor: Yu Siqing Email: [email protected]