w88 casino News Network (Reporter Fenghou zhouzhou）

“We should unite our thinking, achieve development, and avoid the impact of financial hegemony on the premise of a harmonious society in Greater China”. Xia Bin said to the students seriously.

3month20日, just after dinner time, Ningyuan526The seats are already packed, and students are constantly bringing stools from other classrooms to wait for the economist——The arrival of Xia Bin, director of the Financial Research Institute of the Development Research Center of the State Council.

Today is the fourth session of the postgraduate program hosted by the w88 casino’s graduate departmentGSThe highlight of the cultural festival——Xia BinThe professor talks about currency. Ph.D. students, master's students and undergraduates who come here are crowded and can accommodate200People’s classroom. Xia Bin started with the most cutting-edge trends in currency and spent two and a half hours explaining to the students his views on the most hotly debated issues in the financial world.

First,Xia BinThe professor proposed two seemingly strange phenomena in our country’s economy, namely“There is a lot of money, but the price increase is not high”, and“Credit is small, the economy is still expanding at a high speed”. When he explained these phenomena, he showed a large amount of data to the students. Such as our countryM2(broad money) annual growth rate, each yearCPI(Consumer Price Index) etc. Xia Bin used a chart for students to compare. It can be easily seen from the chart2003Since 16262_16281|, the amount of credit in our country has plummeted, howeverGDPBut it still remains every year10%Growth around.

Next, Xia Bin focused on the three major characteristics of the current currency form and elaborated on the reasons. He thinks,“Loose money and tight credit continue”is the first major feature, and its main manifestations are: money market interest rates and agreement deposit interest rates continue to decline, banks' excess reserve ratios increase and the deposit-loan gap increases, and the prices of some assets (such as house sales, land, gold) are still rising rapidly.“M1ANDM2Growth deviation”Listed by Xia Bin as the second major feature, this phenomenon mainly stems from2005Starting at the beginning of the year,M220817_20829M1. The third major feature is: the total amount of corporate financing has increased significantly, and non-bank financing has increased rapidly. This is related to the increase in business credit of enterprises. Xia Bin said that the reasons for these three characteristics are as follows:1, Foreign exchange reserves continue to increase;2, strengthening financial supervision and constraints on capital adequacy ratio;3, write-off of huge non-performing loans;4, Loan turnover speed is accelerated;5, Bank asset diversification trend (many of bank assets are used to purchase government bonds and policy bank bonds);6, the rapid development of commercial credit.

For these phenomena,Xia BinThe professor said that these characteristics are the inevitable result of internal and external balancing factors (more money, low interest rates) and the deepening of reform. The current money supply trend is loose, andCPIThe low level is mainly restricted by overcapacity.M1ANDM225875_25975

After talking about the monetary mechanism, Xia Bin shared his unique insights on domestic companies listing in foreign countries for the students. He said that it is not necessarily a good thing for companies to list in foreign countries. It actually has many disadvantages for the country's economic development. Xia Bin believes that my country's companies listed abroad are all high-profit companies, and the total income of a small number of foreign listed companies is much greater than that of domestically listed companies. It is the state's huge investment and the cost of laying off a large number of workers that allows them to have beautiful balance sheets. Their listing in foreign countries is certainly beneficial to the company's expansion of international influence, but domestic investors cannot enjoy the performance benefits of outstanding companies. In addition, every company listed in a foreign country has to pay tens or even hundreds of millions of commissions to foreign securities firms and investment banks. If these funds are used for domestic listings, many problems will be solved (such as increasing employment). He went on to say that my country already has a lot of excess foreign currency reserves, and listing them in foreign countries will further affect the internal and external macroeconomic balance. Moreover, if excellent companies all choose to go abroad, and only companies with not particularly outstanding performance are listed on the domestic stock market, it will be very detrimental to the development of the domestic capital market. He particularly emphasized that from the perspective of national strategy, a rising China cannot rely on the capital markets of other countries for a long time. It must form strong domestic financing channels in order to truly become strong.

Finally, he briefly expressed his views on Hong Kong’s economy, financial security and other issues. After several students asked questions,Xia BinThe professor ended the lecture with warm applause.

Link:Character introduction

Xia Bin,1951Year5Moonborn.1978Year to Year198131930_319531985Year to Year198732755_327821987Year to Year199233584_336101993Year2Mounted to the China Securities Regulatory Commission, serving as Director of the Trading Department and Director of the Information Department.1993Year7Month Solstice199535634_356501996Year to Year1998Year8In August, he served as deputy director of the Policy Research Office of the People's Bank of China.1998Year8Month Solstice2002Year9In August, he served as Director-General of the Department of Supervision of Non-Bank Financial Institutions of the People’s Bank of China.2002Year9Month to present, he serves as director and researcher of the Financial Research Institute of the Development Research Center of the State Council.

Researcher Xia Bin's works "China Private Equity Research Report", "Money supply is no longer suitable as the intermediary target of my country's monetary policy", "Current funds for Chinese enterprises are indeed tight", "Financial Holding Companies in China", "Correlation“Investment Fund Law”40761_40792

Researcher Xia Bin1990Won the first prize of the first national outstanding financial paper of the China Society for Finance and Banking("Empirical Research on China's Money Supply Theory"), second prize("Research Report on the Operation Mechanism of China's Science and Technology Loans"). In the same year, he assisted Comrade Chen Yuan and was the lead author in completing the important research project "China's Monetary Policy in the 1990s" commissioned by the State Council for the People's Bank of China.1991Won the title of the first batch of national young and middle-aged experts from the Head Office of the People's Bank of China.1998Won the second prize of the 4th National Outstanding Financial Paper Award of the China Society for Finance and Banking("Correctly Understand my country's Foreign Exchange Reserve Issues"), third prize("Analysis of Changes in Hot Money in Chinese Society")。