We will unswervingly follow the path of financial development with Chinese characteristics
Interview with Dong Zhiyong, Vice President of Peking University and Dean of the School of Economics
Reporter Wei Chengdong
The Central Financial Work Conference is an important meeting held in the critical period of the beginning of building a modern socialist country in an all-round way, and for the first time put forward the goal of accelerating the construction of a financial power, which is an important meeting of milestone significance in the history of China's financial development. General Secretary Xi Jinping's important speech comprehensively summarized the financial work since the 18th National Congress of the Communist Party of China, scientifically answered a series of major theoretical and practical questions about the development of the financial industry, is an important part of Xi Jinping's economic thought, is an important innovation achievement of Marxist political economy on financial issues, and provides a fundamental follow and action guide for promoting the high-quality development of finance in the new era and new journey.
Reporter: General Secretary Xi Jinping stressed at the Central Financial Work Conference that "the CPC Central Committee has integrated Marxist financial theory with the specific reality of contemporary China and with the excellent traditional Chinese culture", which is the concrete embodiment of the important idea of "two combinations" in the economic and financial fields. Can you talk about how to understand and grasp Marxist financial theory?
Dong Zhiyong: Marxist financial theory is of great significance for us to scientifically understand the new characteristics, new contradictions and new trends of global financial development, especially for the scientific understanding of the current stage of China's financial development and the overall pattern. Integrating Marxist financial theory with the specific reality of contemporary China and the excellent traditional Chinese culture is the fundamental guidance for building a strong financial system that adapts to Chinese-style modernization, and is also another great practice of the Sinicization of Marxism.
Marxist financial theory emphasizes the political and people's nature of financial work. On the one hand, production is the foundation of finance, and serving the real economy is the fundamental purpose of financial work. As the bloodline of the real economy, financial services for the real economy are not only a "return to the origin", but also an important measure to avoid the "transformation from real to virtual" in the Western financial model. On the other hand, adhering to the people-centered approach is the value orientation of Marxist financial theory. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with Comrade Xi Jinping at the core has always emphasized the people-centered development concept, adhered to the supremacy of the people, and taken meeting the people's growing needs for a better life as the starting point and end point.
Since the reform and opening up, especially since the 2th National Congress of the Communist Party of China, China's financial industry has made remarkable progress. In the early days of reform and opening up, because it was difficult for the old financial system to adapt to the socialist market economic system, China began to learn from the Western financial system and explored the establishment of a modern financial system through a series of measures, such as the establishment of a modern commercial banking system, the development of the capital market, and the marketization of interest rates, which effectively promoted economic development. However, it is also necessary to objectively realize that in this process, especially after China has entered a new stage of development, due to different national conditions, it is increasingly impossible to meet the requirements of high-quality development by simply learning from the Western financial system, the quality and efficiency of financial services for the real economy are not high, there are many hidden financial risks, and financial risk problems such as shadow banking and P<>P explosions have emerged. Therefore, we must persist in combining Marxist financial theory with the specific reality of contemporary China and the excellent traditional Chinese culture, take the initiative to build a financial system that adapts to Chinese-style modernization, and promote the great rejuvenation of the Chinese nation with the path of financial development with Chinese characteristics.
Reporter: The Central Financial Work Conference pointed out that strengthening the centralized and unified leadership of the CPC Central Committee over financial work is the fundamental guarantee for doing a good job in financial work. Could you please talk about how to comprehensively strengthen the party's leadership over financial work, and do a solid job in strengthening financial supervision, preventing and resolving financial risks, and promoting high-quality financial development?
Dong Zhiyong: General Secretary Xi Jinping pointed out that "finance is an important core competitiveness of the country" and "the economy is the body, finance is the bloodline, and the two are symbiotic and co-prosperous". Serving the real economy is the origin of financial work, an important measure to meet the people's growing needs for a better life, and an important embodiment of people-centeredness. Serving the people wholeheartedly is the fundamental purpose of the party, and we must always adhere to the party's leadership, and take serving the people as the starting point and end point of financial work on the road of financial development with Chinese characteristics. Only by strengthening the party's centralized and unified leadership over financial work can we ensure the unity of political and popular nature.
First, adhere to the path of financial development with Chinese characteristics. It is necessary to profoundly grasp the political and people-oriented value positions in Marxist financial theory, and pay attention to the orientation of "capital first" in the Western financial system. The development of finance with Chinese characteristics should serve the real economy, serve the national strategy, and meet the growing financial needs of the people. Second, optimize the top-level design of the financial system. Improve the modern financial system with Chinese characteristics, adhere to the concept of systems, and implement political and people's nature in all fields and aspects of financial work. Third, we need to comprehensively strengthen financial supervision, optimize the governance system of the financial market, and coordinate development and security. It is necessary to vigorously promote the construction of an "effective market", improve the basic market system, and improve the efficiency of resource allocation, but also strengthen the guidance of the "promising government" to the market, such as setting up "traffic lights" for capital, delineating the boundaries of rules, and promoting the healthy development of the financial market. Fourth, we should continue to promote financial innovation and development on the track of marketization and rule of law. Financial innovation should not only adhere to marketization and give full play to the role of market resource allocation optimization, but also adhere to the rule of law and prevent and resolve financial risks through laws and regulations. Fifth, improve the financial development guarantee system. Talent is the primary resource, and it is necessary to strengthen the construction of finance with Chinese characteristics, build a world-class discipline, and provide high-quality educational resources for the cultivation of financial talents in China. Science and technology are the primary productive forces, and it is necessary to speed up the construction of financial infrastructure by digital means, including clearing and settlement systems, important payment systems and basic credit systems.
Reporter: At present, China has the world's largest banking system, the second largest insurance, stock and bond markets, and inclusive finance is at the forefront of the world. For the first time, the Central Financial Work Conference put forward the goal of building a "financial power". Can you talk about how you view the change from a "financial power" to a "financial power", and what efforts need to be made?
Dong Zhiyong: The goal of building a "financial power" put forward by the Central Financial Work Conference is a strategic direction based on the new development stage, implementing the new development concept, and promoting high-quality financial development. The characteristics of the "financial power" are that it is large, but the quality and efficiency of financial services for the real economy are not high, the financial supervision, governance capacity and financial autonomy are not strong, and the global competitiveness and voice of finance are insufficient. The construction of a "financial power" will not only contribute to the high-quality development of China's finance, but also promote the formation of a more inclusive and inclusive global financial system and promote the common prosperity of the world. The key to moving from a "financial power" to a "financial power" is to form a financial system with Chinese characteristics that meets the requirements of Chinese-style modernization under the guidance of Marxist financial theory.
Persist in proceeding from the standpoint of the people, combine Marxist financial theory with the specific reality of contemporary China and the excellent traditional Chinese culture, promote the innovation and development of China's financial theory, and build a financial theory system with Chinese characteristics, Chinese style and Chinese style.
Enhance the independence and autonomy of financial development strategies. On the one hand, to improve the framework of modern monetary policy with Chinese characteristics, we should not only pay attention to cross-cyclical and counter-cyclical adjustment, but also maintain reasonable and abundant liquidity, not engage in "flood irrigation", and protect the people's "money bags". On the other hand, we will continue to open up the financial sector to the outside world at a high level. We will steadily expand institutional opening-up, optimize the environment for foreign investment, and attract more long-term capital into China's financial market. Steadily and steadily promote the internationalization of the RMB, improve the cross-border receipt and payment of RMB, and serve the "Belt and Road", etc., to enhance the stability of the international financial order.
Adhere to the unity of universality and particularity, and learn from the beneficial elements of Western financial theory and practice. The path of financial development with Chinese characteristics is not a product of deviating from the general law of financial development, and has common characteristics with the financial development of other countries. Therefore, it is necessary to grasp the history of financial development in the developed countries of the West, sum up the successful experience of cultivating world-class financial institutions and safeguarding the international financial order, and also draw lessons from the "subprime mortgage crisis" and the "European debt crisis."
Actively participate in the formulation of international financial rules. It is necessary to participate in building a fairer, more open, inclusive and win-win international economic and financial system and corresponding institutional arrangements, put forward China's plan for building a new rules-based global governance system, and contribute China's strength to building a community with a shared future for mankind.
Reporter: The Central Financial Work Conference requires that we do a good job in five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Could you please talk about it, compared with the relevant requirements of the last National Financial Work Conference on small and micro enterprises, "three rural" and targeted poverty alleviation, what enlightenment does the proposal of the "Five Major Articles" have for financial institutions to find the right positioning and serve the real economy?
Dong Zhiyong: From the changes in the key requirements of the meeting, it can be found that our party has always emphasized financial services for the real economy, and put forward different development requirements for financial institutions according to the development orientation of different stages. At the time of the last meeting, China was moving towards building a moderately prosperous society in an all-round way, and financial work needed to make more efforts in serving small and micro enterprises, "three rural" and targeted poverty alleviation. In 2020, the first centenary goal was completed as scheduled, and the second centenary goal of building China into a modern socialist country in all respects began a new journey, and the focus of financial work also shifted. Based on this, the Party Central Committee has placed more emphasis on doing a good job in the "five major articles", requiring financial institutions to find the correct positioning and return to the origin of serving the real economy.
Actively respond to the national strategy. Adhere to the innovation-driven development strategy, accelerate the formation of new quality productivity, solidly promote common prosperity, strengthen the construction of ecological civilization, actively respond to the aging of the population, improve the pension service system, and improve people's well-being.
Consolidate the people's financial position. Specifically, science and technology finance should be tilted towards strategic emerging industries to help China's science and technology become self-reliant and self-reliant; Green finance should pay more attention to pollution prevention and ecological protection; Inclusive finance should promote inclusive economic and social development, so that low-income and other vulnerable groups can enjoy equal financial services; Pension finance should combine the characteristics of the elderly, meet their financial needs, and improve their quality of life; Digital finance should give full play to the advantages of digital technology, promote the deep integration of digital finance and various financial services, and solve the difficulties that cannot be solved by traditional finance.
Adapt to global trends. In order for China's financial institutions to take the lead in global competition, they must conform to the global development trend. Accelerate the solution of the "bottleneck" problem in scientific and technological innovation and digitalization, use the "dual carbon" goal to promote green transformation, and respond to the problem of labor structure in the context of global population aging. (China Discipline Inspection and Supervision Daily)