近日，清华大学国家金融研究院院长、五道口金融学院副院长田轩在专访时围绕深化金融体制改革和当前我国经济运行中的新情况新问题进行分析解读。
近期这一套增量政策组合拳，是为了稳定经济增长、化解金融风险，进而在中长期实现产业转型升级，推动经济转向高质量发展。
房地产行业的健康平稳发展依然是我国经济持续稳定运行的重要支撑之一，只是其角色和定位发生了适应性调整与转变。当前形势下，让金融资源有力、有效支持房地产，成为实现房地产行业稳定与转型发展的关键。
关于股市发展，长期来看还是要看上市公司盈利水平，这主要取决于企业的创新性，以及公司制度或者公司治理水平。让更多机构投资者进入，这是未来资本市场发展的一个方向。
关于“制定金融法”，作为金融领域的基本法，要遵循安全原则、公开原则和公平原则，此外还强调监管。金融市场平稳有序运行，需要强化穿透式监管、全链条监管。
一、一揽子政策推动经济向上向好
1. 一揽子增量政策相继落实落地，可以说非常密集和及时，在您看来相较以往有哪些特点或者说创新点？
9月26日召开中央政治局会议以来推出的一揽子增量政策目标非常明确，包括降低存款准备金率、实施有力度的降息、促进房地产市场止跌回稳、努力提振资本市场等，政策措施非常有针对性。政策工具也有很大创新。从9月24日开始，多项增量货币政策出台，然后是财政政策。9月24日的国新办发布会上，中国人民银行行长潘功胜提出创设两项结构性货币政策工具，一项是证券、基金、保险公司互换便利，一项是股票回购、增持再贷款。这两项货币政策工具原来没有，是专门为资本市场注入流动性并支持其稳定发展而设计的。财政部部长蓝佛安在10月份的国新办发布会上介绍，中央财政还有较大的举债空间和赤字提升空间，这给了我们很大的想象空间。还有一点就是增强宏观政策取向一致性。去年中央经济工作会议提出“把非经济性政策纳入宏观政策取向一致性评估”，这就能避免“合成谬误”。一揽子政策密集出台后，我了解到，各项政策从实施到落地包括反馈、调整环节，也都要全链条贯通进行评估。一揽子增量政策让我们耳目一新，很大程度上提振了市场信心。
2. 从目前状况来看，一揽子增量政策实施后起到怎样的作用？后续还会不会有新的政策出台？
从数据来看，这些政策已经产生了一些效果，首先推动了股市回暖。楼市也开始有一些回暖迹象，有一些朋友又在讨论去哪里看房。从10月份数据看，制造业采购经理指数（PMI）为50.1%，再度升至荣枯线之上。总体感觉，当前经济运行出现的一些新的情况和问题不是一天形成的，解决这些问题需要一个消化的过程。现在大家非常期待能够出台相关政策，和货币政策相配合来化解地方债务、提升国内有效需求，我觉得假以时日政策会有所体现。这次推出一揽子增量政策，给了市场一个明确的信号，就是要提振经济。
二、金融资源有力有效支持房地产
1. 您提到了楼市，有观点认为这些增量政策其中一个很大的目的是救房地产，短期内政策有没有效果主要看房地产有没有起色，您赞同吗？
我不完全同意。如果说一揽子增量政策是为了救房地产，那这个格局就小了。这一套增量政策组合拳，是为了稳定经济增长、化解金融风险，进而在中长期实现产业转型升级，推动经济转向高质量发展。毫无疑问，房地产在过去相当长一段时间内对我国经济发展作出了重要贡献，但2021年以来房地产市场经历了比较大的调整，房地产投资收缩，对GDP贡献率下降。这次一揽子增量政策力度非常大，包括取消限购、限售、限价，降低住房公积金贷款利率、住房贷款的首付比例、存量贷款利率，还有新增实施100万套城中村改造和危旧房改造、年底前将“白名单”项目的信贷规模增加到4万亿元，一系列政策是非常有力的。但是这一系列政策不是为了救房地产，更多是着眼全局，进一步稳定经济增长，防范化解金融风险，最终能够适应产业转型升级需要，走高质量发展之路。评估政策实施效果，房地产市场止跌回稳是一个重要指标，同时还要看其他指标，比如扩大内需、有效投资、化解地方债风险等，以一系列指标连同房地产市场止跌回稳形成一个矩阵来评估一揽子增量政策成效，而不仅仅看房地产指标。
2. 这波操作是不是真的可以让房地产市场止跌回稳，未来还有没有想象空间？
这次政策力度空前，比如广州取消居民家庭在本市购买住房的各项限购政策，加上之前降低存量贷款利率、住房贷款的首付比例等，对老百姓购房和供房成本都产生了较大影响。从数据看，确确实实一手房、二手房的看房量、交易量出现回暖，尤其在一些一线城市和热点城市。不过，房地产有自己的周期，楼市不景气有多方面复杂原因。中央出台这些政策是第一步，地方还要用好存量政策，让增量政策落实下去，切实改善房地产企业融资环境。时代在进步，社会在发展。虽然以房地产为主要驱动的经济增长模式已经成为过去，但值得注意的是，经济驱动模式的切换，并不意味着房地产行业成为可有可无的产业。过去较长一段时间内，房地产行业对经济增长发挥了极为重要的推动作用，未来还会继续发挥重要作用。因此，我们可以说，房地产行业的健康平稳发展依然是我国经济持续稳定运行的重要支撑之一，只是其角色和定位发生了适应性调整与转变。当前形势下，让金融资源有力、有效支持房地产，成为实现房地产行业稳定与转型发展的关键。未来应从以下几个方面重点施策。一方面，保持房地产信贷政策的连续性与稳定性。满足房地产企业的合理融资需求，避免因信贷过度收紧而导致企业资金链断裂，引发系统性风险。比如，对于经营稳健、信用良好的房地产企业，金融机构应按照市场化原则给予足额的信贷支持，确保其在建项目顺利推进。另一方面，积极创新金融产品与服务模式。鼓励金融机构开发多元化房地产金融产品，如针对购房者合理住房消费的信贷产品，这类产品既可以满足居民刚性和改善性住房需求，又能够通过合理的风险定价和贷款期限设置保障金融机构的资金安全。同时，运用房地产投资信托基金等创新融资工具，为房地产企业提供长期稳定的资金来源，帮助盘活存量资产，优化企业资产负债结构，促进房地产市场长期稳定发展。此外，还要引导房地产行业转型发展，加大对绿色建筑、智能住宅等领域的金融资源投入，推动行业向绿色、低碳、智能方向转型，实现可持续发展。
三、鼓励支持长期资金入市
1. 刚才您也提到了股市，这是老百姓很关心的问题。股市确实迎来了一波行情，震荡调整后趋于平稳，您怎样看待这一态势？
股市这一波势头起来，毫无疑问是政策利好，包括央行降息降准以及后续一系列政策出台，让投资者参与热情升温，风险偏好出现了变化。但长期来看，还是要看上市公司盈利水平，这主要取决于企业的创新性，以及公司制度或者公司治理水平。现在A股市场还是以散户为主，但这不是我们期待的健康市场。举个例子，美国股市个人投资者非常少，但如果看100年前的美国股市，绝大多数也是个人投资者，经过一轮又一轮股市震荡调整，个人投资者意识到自己缺乏相应的金融知识、金融素养做个股投资，需要通过专业的投资机构进行资产配置，慢慢地个人投资者退出了资本市场。不过并不是真的退出，只是不再亲自操盘，而是通过机构来投资。让更多机构投资者进入，这是未来资本市场发展的一个方向。
2. 怎样让个人投资者信任机构，去帮他们做价值投资呢？
这是个很好的问题。要提高机构投资者的投资能力，客观上讲目前仍然有较大差距。不知道你有没有买公募基金，不管跌50%、60%甚至70%，照样收取管理费，这是不合理的。所以，一方面要提高机构投资者的投资水平，另一方面可以考虑吸引国外机构投资者进入。国外机构投资者参与，能够与本地机构投资者形成良性竞争，同时也为个人投资者提供更多金融产品和服务，丰富投资渠道。
3. 党的二十届三中全会提出，支持长期资金入市。这释放了什么信号？
今年4月份召开的中央政治局会议明确提出，要积极发展风险投资，壮大耐心资本。耐心资本不是个新词，早就在学术界广为讨论，它的逻辑就是长期资金，不受短期经济波动周期影响，能够支持企业长期发展。长期资金有一级市场和二级市场两个维度。一级市场又叫创投市场，企业处于初创期，专注于科技创新，未来具有很高的成长性，但可能尚未盈利。初创企业科技创新的一个重要特点是不确定性较大、失败率较高，银行家天生是厌恶风险的，不可能给这些企业提供贷款，因此需要股权投资、风险投资。风险投资中，更多的是所谓“长钱”，即耐心资本，他们投早、投小、投长期、投硬科技，持有公司股权并陪伴公司成长。现在一些大企业，比如苹果、微软、亚马逊、特斯拉等，早期规模很小的时候也获得过风险投资。希望养老基金、企业年金、保险资金这类长期资金能进入一级市场，让“长钱”能够穿越周期，陪伴企业成长。对于二级市场来说，长期资金入市也非常重要。这需要更多机构投资者参与，不用那么急躁关注每天、每月、每季度的涨跌，而更多关注原创性的科技创新，加快发展新质生产力。
四、让金融有效服务实体经济
1. 还有一个大家比较关注的问题，前段时间针对金融行业出现的一些问题网上有很多议论，您如何看待？
去年底召开的中央金融工作会议提出，深刻把握金融工作的政治性、人民性。这一定位是非常准确的。同时，金融业本质上也是服务业，是为实体经济服务的。确实，过去若干年金融领域出现了一些乱象，我觉得主要是金融监管方面存在问题。要加强监管，让金融监管“长牙带刺”、有棱有角，让金融真正回归到为实体经济服务的本源。举个例子，去年中央金融工作会议提出，做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章，“金融”都在后面，什么意思呢？就是要用金融手段、工具、力量支持经济社会发展。支持科技创新，这是科技金融；守护绿水青山，这是绿色金融；促进共同富裕，这是普惠金融；解决人口老龄化问题，这是养老金融；支撑数字经济发展，这是数字金融。让金融回归本源，其实就是优化资源配置，更好服务实体经济。其中重要的一点，就是要全面强化穿透式监管，让金融这样一个具有高度不确定性、信息不对称的行业在阳光下运行。今年两会我提了一个代表议案，关于提升金融伦理素养和推广金融伦理教育。国外高校很多已经开设相应的商业伦理和金融伦理必修课，培养更高质量的复合型金融人才，这点非常重要。金融行业门槛较高，金融市场存在信息高度不对称问题，各类金融产品和服务眼花缭乱，普通老百姓真的是搞不明白。在这种情况下，如果能加强金融伦理教育，让金融从业人员具备更高的职业操守，对金融存在敬畏之心，真正意识到自己是服务行业，一定程度上也有助于消除老百姓对金融行业的误解。
2. 刚才提到做好金融“五篇大文章”，这会给普通老百姓的生活带来哪些影响，可不可以举例说明？
比如科技金融，就是用金融手段支持科技创新。现在科技发展日新月异，我们日常使用的手机、移动互联网、扫地机器人、AI大模型等，背后都有金融支持。包括国内的百度、阿里、京东，国外的苹果、谷歌等互联网公司，也都有金融支持，早期有风险投资，上市后有二级市场。再比如普惠金融，金融机构通过开发设计相关金融产品，帮助偏远地区的居民更加便利地享受金融服务；通过创新金融产品和服务，为青年创新创业提供支持，帮助他们实现人生追求和梦想。
五、强化穿透式监管、全链条监管
1. 党的二十届三中全会提到“制定金融法”，您觉得金融法的重点在哪里，要遵循什么样的原则？
我的理解，金融法是一部涵盖金融市场、金融机构、金融活动、金融产品和服务等方方面面的法律。作为金融领域的基本法，要遵循这样几个原则。首先是安全原则，守住金融安全，守住不发生系统性金融风险的底线。在金融活动中，高收益必然伴随高风险，需要通过立法防范化解风险。其次是公开原则，就像我前面说的，金融市场存在信息高度不对称问题，需要通过立法加强信息披露管理，降低信息不对称，让投资者在掌握更充分信息的前提下作出相应的投资决策。最后是公平原则，通过立法创造更加公平、更有活力的市场环境，让不同类别的投资者在一个公平的金融市场竞争博弈。金融法还强调监管。金融市场平稳有序运行，需要强化穿透式监管、全链条监管。加大对金融违法犯罪行为的惩处力度，相关国家的经验可以借鉴。在一个成熟的资本市场，如果有财务造假、欺诈发行、内幕交易、操纵市场等违法违规行为，将面临组合拳式惩罚。一是天价的行政处罚，让违法成本大大高于违法所得，这不是目的，而是震慑。二是通过集体诉讼帮助中小投资者获得赔偿，在我们这里叫特别代表人诉讼。中小投资者因为投资规模较小，往往没有精力和能力去起诉违法企业，怎么办呢？以美国为例，会有专业律师代表所有利益受损的投资者起诉违法企业，一旦起诉成功获得赔偿，律师会把赔偿分给中小投资者，同时自己拿到20%至30%的赔偿金额。三是行刑衔接，行是行政的行，刑是刑事的刑。对于资本市场的违法违规行为，不仅要实施行政处罚，还要把刑法和证券法打通，进一步提高违法违规成本。
2. 党的二十届三中全会提出“构建产业资本和金融资本‘防火墙’”，这个“防火墙”是什么？
这个提法非常有针对性。当前，产业资本有向金融端渗透的趋势，建立“防火墙”实际上是避免金融风险传导至实体经济，本质上还是要守住不发生系统性金融风险的底线。建立“防火墙”，是要把产业端和金融端的利益区分清楚，避免产生利益冲突。但也不能因噎废食，还是要充分发挥金融支持实体经济作用，切实通过金融手段配置资源，让稀缺资源配置到最优质的资产、最需要的产业上去，进而支持产业发展。
3. 目前很多外资机构已参与到部分金融业务试点中，这会给金融行业带来什么影响？
金融市场开放对一个国家的经济发展有非常重要的作用。有学者研究发现，金融市场的开放可以促进一个国家GDP总额大概提高1个百分点。市场开放了，国外机构投资者参与进来，一方面能够大大降低龙头企业融资成本、提升本土企业治理水平，还能分散风险，对科技创新有着积极促进作用。另一方面会产生“鲇鱼效应”，让老百姓有更多投资选择，倒逼本土金融机构加速转型升级，提升服务质量、投资研发能力等，形成良性竞争氛围。推动金融市场开放，当然是值得鼓励的。但同时也要注意吸取南美等地区的经验教训，避免过快开放引发金融市场剧烈震荡、货币贬值等风险。金融市场开放是必须要走的路，但要审时度势，稳健有序开放。
翻译：
Tian Xuan, Dean of the National Institute of Finance, Tsinghua University, Vice dean of the Wudaokou School of Finance: Financial resources are strong and effective to support real estate and encourage long-term funds to enter the market
Recently, Tian Xuan, dean of the National Institute of Finance of Tsinghua University and vice president of the Wudaokou School of Finance, analyzed and interpreted the new situation and problems in deepening the reform of the financial system and the current economic operation in China in an exclusive interview.
The recent combination of incremental policies is to stabilize economic growth, defuse financial risks, and then achieve industrial transformation and upgrading in the medium and long term to promote high-quality economic development.
The healthy and steady development of the real estate industry is still one of the important supports for the sustained and stable operation of China’s economy, but its role and positioning have undergone adaptive adjustment and change. Under the current situation, making financial resources strong and effective support for real estate has become the key to achieving stability and transformation of the real estate industry.
As for the development of the stock market, in the long run, it still depends on the profitability of listed companies, which mainly depends on the innovation of enterprises, and the level of corporate system or corporate governance. Let more institutional investors enter, which is a direction for the future development of the capital market.
As for the “enactment of the Financial Law”, as the basic law in the financial field, it should follow the principles of safety, openness and fairness, and emphasize supervision. The smooth and orderly operation of the financial market requires the strengthening of penetrating supervision and whole-chain supervision.
First, a package of policies to promote economic growth
1. The package of incremental policies has been implemented successively, which can be said to be very intensive and timely. In your opinion, what are the characteristics or innovative points compared with the past?
Since the meeting of the Political Bureau of the CPC Central Committee was held on September 26, the package of incremental policy goals has been very clear, including reducing the reserve requirement ratio, implementing aggressive interest rate cuts, promoting the real estate market to stabilize, and making efforts to boost the capital market. There have also been significant innovations in policy tools. Starting on September 24, a number of incremental monetary policies were introduced, followed by fiscal policies. At The State Council’s press conference on September 24, Pan Gongsheng, governor of the People’s Bank of China, proposed the creation of two structural monetary policy tools, one is the swap facility for securities, funds and insurance companies, and the other is the share repurchase and relending. These two monetary policy instruments, which were not previously available, were specifically designed to inject liquidity into capital markets and support their stable development. At the press conference of the State New Office in October, the Minister of Finance, LAN Foan, introduced that the central finance still has a large space for borrowing and deficit improvement, which gives us a lot of room for imagination. Another point is to enhance the consistency of macro policy orientation. Last year, the Central Economic Work Conference proposed that “non-economic policies should be included in the assessment of the consistency of macro policy orientation,” which can avoid the “fallacy of synthesis.” After the intensive introduction of a package of policies, I learned that all policies from implementation to implementation, including feedback and adjustment links, should also be evaluated through the whole chain. The package of incremental policies is refreshing to us and has boosted market confidence to a large extent.
2. From the current situation, what is the role of the incremental package policy after its implementation? Will there be new policies in the future?
Judging from the data, these policies have had some effect, first promoting the stock market recovery. The property market has also begun to show some signs of recovery, and some friends are discussing where to look. From the October data, the manufacturing purchasing managers’ index (PMI) was 50.1%, again rising above the line of expansion and contraction. The overall feeling is that some new situations and problems in the current economic operation did not form in a day, and solving these problems requires a process of digestion. Now we are very much looking forward to the introduction of relevant policies, in conjunction with monetary policy, to defuse local debt and boost effective domestic demand. I think that will be reflected in the policy over time. The launch of a package of incremental policies has given the market a clear signal that it is necessary to boost the economy.
Second, strong and effective financial resources to support real estate
1. You mentioned the property market. Some people believe that one of the major purposes of these incremental policies is to save the real estate market. In the short term, the effect of the policy mainly depends on whether the real estate market has improved.
I don’t entirely agree. If the package of incremental policies is to save the real estate, then this pattern is small. This combination of incremental policies is to stabilize economic growth, defuse financial risks, and then achieve industrial transformation and upgrading in the medium and long term, and promote the economy to high-quality development. There is no doubt that real estate has made an important contribution to China’s economic development in the past quite a long period of time, but since 2021, the real estate market has experienced a relatively large adjustment, real estate investment has contracted, and the contribution rate to GDP has declined. This package of incremental policies is very strong, including the cancellation of purchase restrictions, sales restrictions, price limits, reducing housing provident fund loan interest rates, housing loans down payment ratio, stock loan interest rates, and the new implementation of 1 million sets of urban village transformation and renovation of old houses, the “white list” project credit scale increased to 4 trillion yuan before the end of the year, a series of policies are very powerful. However, this series of policies is not to save the real estate, more is to focus on the overall situation, further stabilize economic growth, prevent and resolve financial risks, and ultimately meet the needs of industrial transformation and upgrading, and take the road of high-quality development. To evaluate the effect of policy implementation, the real estate market recovery is an important indicator, but also look at other indicators, such as expanding domestic demand, effective investment, resolving local debt risks, a series of indicators together with the real estate market recovery to form a matrix to evaluate the effectiveness of a package of incremental policies, rather than just looking at real estate indicators.
- Can this wave of operations really make the real estate market stop falling and stabilize? Is there room for imagination in the future?
This policy is unprecedented, such as the cancellation of various restrictions on the purchase of housing by resident families in Guangzhou, coupled with the previous reduction of the stock loan interest rate and the down payment ratio of housing loans, etc., which has had a greater impact on the cost of buying and housing for ordinary people. From the data point of view, it is true that the number of homes and transactions of second-hand homes have picked up, especially in some first-tier cities and hot cities. However, real estate has its own cycle, and there are many complex reasons for the downturn in the property market. The introduction of these policies by the central government is the first step, and local governments should also make good use of the stock policy, let the incremental policy be implemented, and effectively improve the financing environment for real estate enterprises. The Times are progressing and society is developing. Although the economic growth model mainly driven by real estate has become the past, it is worth noting that the switch of the economic driving model does not mean that the real estate industry has become a dispensable industry. Over a long period of time, the real estate industry has played an extremely important role in promoting economic growth and will continue to play an important role in the future. Therefore, we can say that the healthy and steady development of the real estate industry is still one of the important supports for the sustained and stable operation of China’s economy, but its role and positioning have been adjusted and changed. Under the current situation, making financial resources strong and effective support for real estate has become the key to achieving stability and transformation of the real estate industry. In the future, we should focus on the following aspects. On the one hand, maintain the continuity and stability of the real estate credit policy. To meet the reasonable financing needs of real estate enterprises, avoid the excessive tightening of credit resulting in the break of the corporate capital chain, resulting in systemic risks. For example, for real estate enterprises with stable operation and good credit, financial institutions should provide adequate credit support in accordance with market-oriented principles to ensure the smooth progress of their ongoing projects. On the other hand, actively innovate financial products and service models. Encourage financial institutions to develop diversified real estate financial products, such as credit products for buyers’ reasonable housing consumption, such products can not only meet the rigid and improved housing needs of residents, but also ensure the capital security of financial institutions through reasonable risk pricing and loan term setting. At the same time, innovative financing tools such as real estate investment trusts are used to provide long-term and stable funding sources for real estate enterprises, help revitalize stock assets, optimize the structure of corporate assets and liabilities, and promote the long-term and stable development of the real estate market. In addition, it is necessary to guide the transformation and development of the real estate industry, increase financial resources investment in green buildings, smart housing and other fields, and promote the transformation of the industry to the green, low-carbon and intelligent direction to achieve sustainable development.
Third, encourage and support the entry of long-term funds into the market
- Just now you mentioned the stock market, which is an issue of great concern to the people. The stock market has indeed ushered in a wave of volatility and then leveled off. What do you think of this situation?
This wave of momentum in the stock market is undoubtedly a positive policy, including the central bank’s interest rate cut and a series of subsequent policies, so that investors have warmed up enthusiasm for participation, and risk appetite has changed. However, in the long run, it still depends on the profitability of listed companies, which mainly depends on the innovation of enterprises, as well as the level of corporate system or corporate governance. Now the A-share market is still dominated by retail investors, but this is not the healthy market we expect. For example, there are very few individual investors in the US stock market, but if you look at the US stock market 100 years ago, the vast majority of individual investors were also individual investors. After repeated stock market shocks, individual investors realized that they lacked the corresponding financial knowledge and financial literacy to invest in individual stocks and needed to allocate assets through professional investment institutions. Slowly, individual investors withdrew from the capital markets. However, it is not really out, but no longer personally trading, but through the institution to invest. Let more institutional investors enter, which is a direction for the future development of the capital market.
- How can individual investors trust institutions to help them make value investments?
That’s a good question. To improve the investment ability of institutional investors, objectively speaking, there is still a big gap. I do not know if you have bought a public fund, no matter whether it has fallen by 50%, 60% or even 70%, the management fee is still charged, which is unreasonable. Therefore, on the one hand, we should improve the investment level of institutional investors, and on the other hand, we can consider attracting foreign institutional investors to enter. The participation of foreign institutional investors can form healthy competition with local institutional investors, but also provide more financial products and services for individual investors, and enrich investment channels.
- The Third Plenary Session of the 20th CPC Central Committee proposed to support the entry of long-term funds into the market. What signal does that send?
The Political Bureau meeting of the Central Committee held in April this year clearly proposed that we should actively develop venture capital and strengthen patient capital. Patient capital is not a new word, has long been widely discussed in academia, its logic is long-term funds, not affected by short-term economic fluctuations cycle, can support the long-term development of enterprises. Long-term funds have two dimensions: the primary market and the secondary market. The primary market is also called the venture capital market. Enterprises are in the initial stage, focusing on scientific and technological innovation, and have high growth in the future, but may not be profitable yet. An important feature of technological innovation in start-ups is greater uncertainty and high failure rate. Bankers are inherently risk-averse and cannot provide loans to these enterprises, so equity investment and venture capital are needed. In venture capital, more is the so-called “long money”, that is, patient capital, they invest early, invest small, invest long-term, invest hard technology, hold the company’s equity and accompany the company’s growth. Now some big companies, such as Apple, Microsoft, Amazon, Tesla, etc., also received venture capital when they were very small in the early days. It is hoped that long-term funds such as pension funds, enterprise annuities, and insurance funds can enter the primary market, so that “long money” can pass through the cycle and accompany the growth of enterprises. For the secondary market, long-term funds are also very important. This requires more institutional investors to participate, pay less attention to the daily, monthly, quarterly ups and downs, and pay more attention to original scientific and technological innovation, and accelerate the development of new quality productivity.
Fourth, let the financial sector effectively serve the real economy
- There is another question that everyone is concerned about. There has been a lot of discussion on the Internet about some problems in the financial industry recently.
The Central Financial Work Conference held at the end of last year proposed to deeply grasp the political and people’s nature of financial work. This bit is very accurate. At the same time, the financial industry is essentially a service industry, which serves the real economy. It is true that in the past few years, there have been some turmoil in the financial sector, mainly due to problems in financial regulation, I think. It is necessary to strengthen supervision and make financial supervision “long teeth and thorns” and angular, so that finance can truly return to the source of serving the real economy. For example, last year’s Central Financial Work Conference proposed to do a good job in science and technology finance, green finance, inclusive finance, pension finance, digital finance five major articles, “finance” are in the back, what does it mean? We will use financial means, tools and strength to support economic and social development. Support scientific and technological innovation, which is science and technology finance; Protecting green water and green mountains is green finance; Promoting common prosperity, which is inclusive finance; To solve the problem of aging population, this is the pension finance; To support the development of the digital economy, this is digital finance. To return finance to its roots is actually to optimize resource allocation and better serve the real economy. One important point is to comprehensively strengthen the penetrative regulation, so that the financial industry, which has a high degree of uncertainty and asymmetric information, can operate in the sunshine. At this year’s two sessions, I put forward a motion on behalf of the NPC and CPPCC to improve financial ethics and promote financial ethics education. Many foreign universities have set up corresponding business ethics and financial ethics required courses to train higher quality composite financial talents, which is very important. The financial industry has a high threshold, the financial market has a highly asymmetric information problem, and all kinds of financial products and services are dazzling, and ordinary people really do not understand. In this case, if financial ethics education can be strengthened, financial practitioners can have higher professional ethics, have a heart of awe for finance, and truly realize that they are a service industry, to a certain extent, it will also help eliminate common people’s misunderstanding of the financial industry.
- Just mentioned the “five major financial articles”, what impact will this bring to the lives of ordinary people, can you give an example?
For example, science and technology finance means to support scientific and technological innovation. With the rapid development of science and technology, our daily use of mobile phones, mobile Internet, sweeping robots, AI large models, etc. are backed by financial support. Including domestic Baidu, Ali, Jingdong, foreign Apple, Google and other Internet companies, also have financial support, early venture capital, after the listing of the secondary market. Another example is inclusive finance. Financial institutions help residents in remote areas to enjoy financial services more conveniently by developing and designing related financial products. Through innovative financial products and services, we provide support for young people’s innovation and entrepreneurship, and help them realize their life pursuits and dreams.
Fifth, strengthen penetrative supervision and whole-chain supervision
- The Third Plenary Session of the 20th CPC Central Committee mentioned the formulation of a financial law. What do you think is the focus of the financial law and what principles should be followed?
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