Huang Qifan: The RMB anchor the US dollar is not a long -term plan

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Huang Qifan: The RMB anchor the US dollar is not a long -term plan

2022-05-15 00:08:24 14 ℃

Zhongxin Jingwei, May 14th. Huang Qifan, a researcher at the National Innovation and Development Strategy Research Association of the Chinese Academy of Sciences, said at the 2022 Tsinghua Wudaokou Chief Economist Forum that the anchor of RMB was established in a timely manner, promoted the better service of the real economy, combined with China's national conditions development Green Finance and accelerate the development of technology finance and finance for small and medium -sized technology companies to better serve the five financial issues of common wealth.

Huang Qifan mentioned that the only thing to deal with challenges can only be reform, open and innovative. It is necessary to stimulate the vitality of China, the largest single market in China, to build a strong gravitational field for global factors, and to maximize the vitality of China's largest single market. Determination.

Huang Qifan believes that the efforts to do a good job of finance are the main directions of deepening reforms in the next stage, key fire types to activate innovation, and key areas of expanding opening up.

Huang Qifan pointed out that five problems in the financial field are worthy of in -depth research. The first is to establish an anchor of RMB in time. At present, RMB issuance is still anchored to a certain extent, although there are various reasons for history and reality, but from China's future international status and development needs, it is by no means a long time. The currency of a country should be anchored to the tax content of its own GDP, and anchor it on its own national debt credit. Only in this way can you have your own coinage tax. Only with its own independent currency anchor, with its own national debt yield curve, can there be a real monetary policy, and the pricing of all domestic financial assets is benchmark. This problem seems to be more and more urgent in the current increasingly complicated international game and needs to be studied.

The second is to promote financial better to serve the real economy. An important factor of the low productivity growth rate and the low contribution to GDP is the mismatch of the factor, especially the financial mismatch. In the past few years, the real estate industry was unique, housing prices were abducted in the Chinese economy, and a large amount of capital wrapped the bank loan disorderly into the real estate industry. What kind of financial systems do you need to support behind "Living in Housing"? For another example, the current average income level of the financial industry is several times the manufacturing industry, and the profit of financial listed companies accounts for half of the profit of all listed companies. The central government clearly requires a certain proportion of the manufacturing industry, so we must think about what kind of finance needed for the high -quality development of the service manufacturing industry?

The third is to develop green finance in combination with China's national conditions. At present, on the one hand, under the goal of "dual carbon", my country's green financial business has developed rapidly, but as the basis of green financing, the certification standards and systems on emission reduction and green are still being explored. On the other hand, China's resource endowment determines that it is impossible to eliminate the coal electrical unit overnight. This transformation requires a process. Even if the "30 · 60" goal is achieved in the future, coal power is still an important supplement. Therefore, in this process, the financial sector cannot talk about coal color changes, but instead should based on the national conditions development service green transformation financing system, that is, "transformation and financing." This is not only the need for China, but also the need for developing countries.

The fourth is to accelerate the development of science and technology finance for small and medium -sized technology companies. Over the years, many angels investment and venture capital have also emerged in China, but many institutions lack identification of real advanced technology. Often, foreign main institutions have invested, and domestic institutions have followed up. Repeat construction and low level competition. In the previous round of consumer Internet, these giants were put into heavy positions by foreign capital. In this round, can these institutions in China seize opportunities in the forefront of digital economy, biological economy and green economy?

Fifth, how finance can better serve common prosperity. To reduce income gap and achieve common prosperity, an important channel is to allow ordinary people to better obtain property income. Even ordinary employees, in addition to normal salary income, should create conditions to make them with investment income. For example, the development of annuity is one of the three pillars of the pension system. Allowing enterprise annuity to invest in the capital market through a marketization method, which not only creates conditions for employees to share capital value -added income, but also transport a steady stream of long -term capital for the capital market for more than one fell swoop. This is a way for the common prosperity of financial services. There are many similar things, and systematic research needs. (Zhongxin Jingwei APP)