w88 casino News Network (Reporter Luan Qingbo)China’s financial reform has gone through more than 30 years. What kind of ups and downs has China’s financial industry experienced during this period? What will be the next step in financial reform? Where should residents and businesses caught in the "flood" go?4month15日19:00Integrity Building102, Professor Huang Yiping, deputy director of the National Development Research Institute of Peking University, gave an in-depth analysis of "The Logic and Prospects of China's Financial Reform".

Professor Huang Yiping

Professor Huang Yiping put forward a comprehensive view of China's financial reform process, that is, there are outstanding points and lagging behind, and achievements and shortcomings coexist; the strengths lie in establishing systems and developing scale, while the shortcomings lie in opening the market and improving the level of institutional governance. Professor Huang pointed out that after more than three decades of hard work, China's financial system has become relatively complete and is not much different from developed countries. As the world's third largest bond market, the scale of financial assets has increased significantly, but the market has not really played its role. The lack of governance levels of financial institutions, and problems with the governance structure and behavior of large state-owned commercial banks that have been listed, all need to be resolved. The reason is that changes in development strategy are the core. Compared with the view that "the main line of China's thirty-year economic reform is marketization", Professor Huang used the "dual-track system" to summarize the above issues. First, China's marketization is different from other countries in that it retains the original state-owned economy and planning system, thereby retaining economic stability; second, it retains the original mechanism, avoids too much political resistance, and carries out new reforms on the premise of ensuring vested interests. In addition, incomplete and asymmetric marketization and the transformation of the core of the reform from planning to the market have distortions in factors. He used the example of "unified purchasing and marketing" to explain: lowering rural purchase prices and urban purchase prices leads to a reduction in residents' living expenses and a reduction in enterprise production costs, which leads to the "redistribution" of the marketization process from residents to enterprises. As economic growth accelerates, the mechanism becomes increasingly unbalanced. In summary, the "dual-track system" exists in the parallelism of state-owned and planned, private and market, as well as relatively thorough product marketization and distortion of factor markets.

Professor Huang sorted out the process of reform. The financial sector was small before the reform.80In the mid-1990s, the reform shifted from rural to urban areas, focusing on the reform of state-owned enterprises, and the core was the issue of property rights.90In the mid-1990s, the first "dual-track" reform crisis included fiscal crisis, industry-wide losses of state-owned enterprises, and banking crisis. He summarized his personal understanding of past financial reforms: the growth model is difficult to sustain, it has an impact on efficiency, and regulatory practices are difficult to sustain. Fast-growing, unsustainable, uncoordinated and unbalanced factor market distortions and disguised subsidy support, unfair income distribution, and low resource efficiency ultimately lead to a decline in the effectiveness of capital project management.

Students’ questions on site

When talking about changes in future reforms, Professor Huang Yiping said that the steps and sequence are difficult to predict. The first is relatively thorough marketization. Multiple financial crises have proven that financial openness must have a certain degree. It is not best to liberalize all controls. There are risks in the short-term capital flows of enterprises and countries. The next step in reform is to adhere to the pace of financial reform that has gone through 35 years. The core of the reform is the price allocation flow of funds and the behavioral supervision of financial institutions. The reform program is simply summarized as follows: marketization of interest rates on a domestic scale and internationalization of the RMB on an international scale. The specific work of the latter is divided into three levels: Let the international marketThere will be more opportunities to use RMB, making the investment and use of RMB more convenient, and giving international investors the confidence to hold RMB.

Professor Jiang Xianling, Vice Dean of the w88 casino of International Economics and w88Concluding remarks

Photograph of guests and staff

This event is hosted by the International w88 Society of the w88 casino.

Attachment:Huang Yiping，Vice Dean of the National w88 casino of Development, Peking University，Professor of China Economic Research Center, supervisor of master's and doctoral students，Expert member of China Economic Forum of 50, expert of Unize Economic Research Institute，Formerly served as Managing Director of Citigroup, Head of Asia-Pacific Economic and Market Analysis Department, Chief Economist, and Visiting Researcher of the World Bank。