w88 casino News Network (CorrespondentFan Yangyue） On the evening of June 26, the lecture series "Financial System in China's Economic Development and Transformation" was held at the w88 casino。Professor Yi Zhihong, Vice President of Renmin University of China, was invited to give the lecture. Professor Qian Aimin, deputy dean of the International Business w88 casino of the w88 casino, presided over the event and made wonderful comments.

Yi Zhihong pointed out that after more than 30 years of reform and development, China has reached a historic turning point. How to reform and design the future-oriented financial system to support China's economic development in the future is a very big lesson. She first raised four questions: whether the Chinese economy will continue to grow rapidly for 30 years, why the most profitable Chinese banking industry has a low valuation, why the returns of China's stock market are low, and whether Internet finance means "the wolf is coming".

It is reported that China’s GDP exceeded 9 trillion last year, and its per capita GDP reached 5,414 US dollars. Yi Zhihong believes that this number is iconic. A per capita GDP of more than 5,000 US dollars is considered to be the easiest for the economy to enter the "middle-income trap". Many countries have entered the middle-income trap. After waiting for income, the economy began to stagnate. This situation has occurred in Latin American countries, including Chile and Brazil. Yi Zhihong revealed that as of June 1, the employment rate of college graduates was only 49%. Compared with previous years, the employment rate is very serious, and the employment of college students is a reflection of the entire economic state.

Regarding the challenges faced by China’s economic development and transformation, Yi Zhihong analyzed that China’s per capita GDP has exceeded US$5,000. China’s economy has entered the middle and late stages of industrialization and urbanization. It is facing problems such as slowing economic growth, great pressure to adjust economic structure, increasing pressure for industrial upgrading and innovation, and an aging population. In addition, the investment-driven, export-oriented economic growth model at the expense of resource consumption and the environment is unsustainable.

Yi Zhihong believes that the core issue of China's economic development and transformation is to deepen reform, and it is particularly important to establish an internal growth mechanism that balances market leadership and government regulation, including strengthening market mechanisms and transforming government functions.

Regarding the issue of banks’ low valuation in the capital market, Yi Zhihong explained that from 2003 to 2013, the net profit of the banking industry increased nearly 50 times to 1.42 trillion, and the total assets increased 5 times to more than 150 trillion. Compared with the international level, it is a brilliant performance statement. However, in China’s capital market, the bank’s stock market net rate is lower than its net assets. She believes that the main reason The reason is that the banking industry will face relatively large impacts in the future. First, the acceleration of interest rate liberalization will further intensify competition in the banking industry, which will shrink the interest rate spread between deposits and loans. The second is the impact of the Internet. E-commerce has big data, including transaction data and customer data, which solves the problem of information asymmetry in the financial industry in the past. The risks of lenders and credit risks will be effectively solved through the information technology of the Internet.

The Shanghai Composite Index has been declining since 2007, but the stock markets in the United States, Europe and even some new market countries such as Brazil and South Africa have recovered and even reached historical highs. Can the financial system that has supported China's rapid economic development over the past 30 years continue to support China's economic transformation and development? Yi Zhihong believes that the financial system itself, including financial system functions, bank competitiveness, and capital markets, also faces challenges. She pointed out that the basic functions of the financial system are to mobilize funds, share risks, provide liquidity, and provide information through financial intermediaries and financial markets. In 2013, my country's financial system The basic pattern of the financial system is that bank capital is 150 trillion, trust industry assets are 12 trillion, insurance industry assets are 8 trillion, and securities industry assets are 1.4-1.5 trillion. The absolute dominance of banks is far greater than the scale of direct financing, and it does not reflect the risk diversification function of the financial system.

Finally, Yi Zhihong mentioned four key words for the outlook for the development of the financial system: deregulation, two-way opening up, balanced development, risk management and control, allowing market mechanisms to play a role, deregulation at the core, accelerating the development of multi-level capital markets, and gradually macro-prudential supervision and coordination. The financial system will shift from mainly serving large enterprises to serving small enterprises in the future. With technological innovation and massive data, technical problems supporting small and micro finance have been solved, and the banking industry must be prepared for danger and respond quickly.

The International EMBA Famous Teachers’ Lecture Hall regularly invites domestic and foreign experts, scholars, and business elites to hold lectures and forums to make the International EMBA courses practical and timely. The content involves many aspects such as economics, management, art, Confucianism, Buddhism, Taoism, and other humanistic contents.

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CCTV link:http://finance.cnr.cn/gundong/201406/t20140627_515741009.shtml