Huang Qifan, a special professor of Fudan University: Establish an anchor of RMB in time

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Huang Qifan, a special professor of Fudan University: Establish an anchor of RMB in time

2022-05-15 12:09:18 13 ℃

Beijing Business Daily (Reporter Liu Sihong) On May 14, the 2022 Tsinghua Wudaokou Chief Economist Forum was held online. Huang Qifan, a special professor of Fudan University, said in a round table that it was a good efforts to make a good efforts to make good finance. It is the main direction of deepening reforms in the next stage, the key fire types to activate innovation, and the key areas of expanding opening up.

Among them, Huang Qifan pointed out that one is to establish an anchor of RMB in a timely manner. 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, this status quo is by no means a long -term plan. In his opinion, the currency of a country should be anchored on the tax content of its own GDP, and anchor it on its own government debt credit. Only in this way can we have its 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. Now there are many problems. To support the financial system? In addition, the average level of income 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 what kind of finance does it need to think about 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, my country's green financial business has developed rapidly under the target of dual carbon, 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 China cannot eliminate all the coal electrical units 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 technologies and innovative unicorns. They are often invested by foreign main institutions. Domestic institutions have followed up. Some areas have even formed new duplicate construction and low -level competition. Can these domestic institutions seize opportunities in the forefront of the digital economy, biological economy and green economy? Huang Qifan said that he was very looking forward to and was equally worried.

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.