Where to start financial w88 online live casino under the economic “new normal”
Wu Weixing
(Source: "Securities Daily"2015Year1month10日A3version)
The downturn of the real economy has caused“New Normal”China’s financial w88 online live casino has to be carried out under the background2015Pay more attention to the growth of the real economy
China’s economy enters“New Normal”, the urgency of economic transformation and upgrading is particularly prominent, and the pursuit of w88 online live casino dividends is even more urgent. The Third Plenary Session of the 18th CPC Central Committee particularly emphasized that the main task of China's economic w88 online live casino is market-oriented w88 online live casino and that the market should play a decisive role in resource allocation. The main function of finance is to allocate resources. China's financial w88 online live casino is undoubtedly the top priority of China's economic market-oriented w88 online live casino.2014is an important year for the launch of China's financial w88 online live casino. Various reforms in the financial field are impressive, including the design of the deposit insurance system, the admission of private banks,”Shanghai-Hong Kong Stock Connect”9135_91962015The further deepening of financial w88 online live casino is gathering momentum. In order to ensure the smooth operation of the economy, China's financial w88 online live casino is expected to continue to accelerate the pace and continue to deepen its implementation. It can be expected that, according to the blueprint of the Third Plenary Session of the 18th CPC Central Committee,2015The focus of financial w88 online live casino in 2020 will still be concentrated on several key areas such as interest rate marketization w88 online live casino and banking w88 online live casino, capital market w88 online live casino, RMB internationalization, and capital account opening.
The market-oriented w88 online live casino of interest rates is of great significance to the macro and micro levels of China's economy. It is generally believed that the marketization of RMB interest rates will basically liberalize loan interest rates, and the floating range of deposit interest rates will gradually expand. The marketization of RMB interest rates will wait for the final liberalization of deposit rates. In fact, there are two core issues in the interest rate market w88 online live casino. The first is of course the gradual liberalization of the interest rate control system, but the other indispensable thing is the continuous improvement of the market-oriented pricing mechanism and participation mechanism.2014In 1997, as the last step of interest rate liberalization, the upper limit of the floating range of the deposit interest rate was determined by the base interest rate1.1Expand to1.2times. At the same time, some iconic policies and systems have also been introduced one after another, providing broad space for the formation of market-based interest rate pricing mechanisms and participation mechanisms. The issuance of the "Deposit Insurance Regulations (Draft for Comments)" indicates that the deposit insurance system may be2015Officially implemented in 2004, the system further improved the risk response mechanism of the banking system under the background of interest rate liberalization. At the same time, the commercial bank bankruptcy exit system based on this has broken the banking system“Government Credit”, establishes an exit mechanism for commercial banks, provides a supporting disposal mechanism for problems that may arise after interest rate marketization, and relieves worries about the advancement of interest rate marketization. On the other hand, the corresponding market-based pricing mechanism is also being continuously explored.SHIBOR, on the basis of reference interest rates such as inter-bank repurchase and treasury bond yields, we strive to promote large-denomination certificate of deposit business to provide a smooth transition for market-oriented pricing. At the same time,2015It is expected that in 2020, the launch of new varieties of treasury bond futures products will be accelerated, the product categories will be improved, and its price discovery function will be actively exerted. On the other hand, the diversification of financial market participants will also be further promoted in order to achieve a higher degree of market-oriented pricing and diversified participation.
Closely related to interest rate liberalization is banking industry w88 online live casino. With the introduction of the deposit insurance system and the expectation of the introduction of bank bankruptcy regulations, the w88 online live casino of the banking industry in response to the interest rate liberalization process will be imminent. In the banking industry, which mainly uses indirect financing methods, its w88 online live casino focus is to improve its capabilities in management, pricing, risk control and services to improve the efficiency of resource allocation. First of all, in the context of interest rate liberalization, the extensive lending model is no longer sustainable. Banks should effectively find the integration point with the transformation and upgrading of the real economy and establish a profit model that can cope with market competition. Second, banks’ own risk management capabilities urgently need to be strengthened. The advancement of interest rate liberalization means that business competition among banks continues to intensify. At the same time, Internet finance’s competition for funds will also intensify. Both at the asset and liability management level and at the credit management level, higher requirements are put forward for banks’ risk management levels. Only when risks are controllable can commercial banks achieve business w88 online live casino and innovation. It can be expected that, in order to achieve these two goals,2015In 2019, the mixed ownership w88 online live casino of commercial banks will be actively promoted, trying to revitalize the banking system from the corporate system, allowing private assets to participate in the interest rate marketization process, using equity diversification to accelerate changes and improve banking industry performance. At the same time,2015The scope of private bank pilot projects is likely to be further expanded in 2010. In particular, private banks dedicated to the community field and the Internet field may become an important part of the construction of a multi-level banking system. Private banks have their own characteristics in their business models, and rely on advanced technologies such as big data and cloud computing to further improve indirect financing services through business diversification w88 online live casino and business model innovation, and drive progress in the entire banking industry in terms of inclusive finance.
With the changes in China's economic growth model, capital market w88 online live casino is both necessary and inevitable. in economy“New Normal”In the context of the current situation, reforms in the field of direct financing play a fundamental role in economic growth. Estimated2015In the year, our country will use“Stock issuance registration system”Implementation-based,“Shanghai-Hong Kong Stock Connect”and“Shanghai and Shenzhen Stock Connect”and other measures serve as a bridge to further clarify the delisting system, so that my country's multi-level and three-dimensional capital market can be formed and fully exert its functions, give full play to the value discovery function of the capital market, improve the quality of the securities market, and revitalize market participation. At the same time, we will take the w88 online live casino of local bond issuance as an opportunity to gradually enrich our country's bond investment varieties, further expand bond investment entities, promote the development of asset securitization products, and strive to improve the unity of the bond market, provide an effective basis for the formation of the yield curve, improve the efficiency of capital market resource allocation, and provide support for economic growth.
The transformation and upgrading of China’s economy is closely related to economic globalization. The process of capital account opening and RMB internationalization is also expected to be in progress2015There will be further action in the year. Relying on“Shanghai-Hong Kong Stock Connect”Mechanism and“Free w88 Zone”Construction and other measures, my country’s capital account is expected to be further opened, laying a foundation for the internationalization of the RMB.201512428_125462015It may still be difficult to achieve complete openness of the capital account and complete free flow of funds immediately in 2012. But in general,2015The capital account w88 online live casino in 2020 will be closely related to China’s foreign development strategy.“One Belt, One Road”12722_12882
In general,2014The year set a good tone for China’s financial w88 online live casino,201513184_13220“New Normal”China’s financial w88 online live casino has to be carried out under the background2015In 2019, more attention was paid to the growth of the real economy, and efforts were made to actively promote financial w88 online live casino while maintaining a stable economic growth rate to avoid triggering systemic risks.
(The author is the Dean of the w88 casino of Finance, w88 casino, and the Director of the Applied Finance Research Center, a key research base of the w88 casino)
Attachment: Original report link
http://zqrb.ccstock.cn/html/2015-01/10/content_43342.htm
