OVERMAN FORUM

Actively promote the marketization process of financing in the field,, not only revitalize the domestic financial, but also meet the needs of the international financial development.In general,, the stock and bond market financing channels such as "direct financing" and called "indirect funding" from the way private capital financing through bank loans. Throughout the international community, whether it is market-oriented countries represented the United States, Britain, or Germany,, on behalf of the Bank of Japan the dominant countries, the proportion of direct financing has been temporarily more than 50% of the total financing, and there is an increasing trend. Compared to mainstream international finance market, China is still relatively dependent on indirect financing, only about 40% the proportion of direct financing.Specific to the situation in China, the direct financing market channels in favor of risk aversion,, the market itself while avoiding disadvantages.
and reform it in other parts, such as the interest rate market, the exchange rate mechanism reform closely together to advance and retreat.Previously, many scholars and industry insiders are looking forward for the RMB internationalization "set" of the timetable, "five", "ten", and the brightest argument heard.However, Ding Jianping view,, RMB internationalization not happen overnight. The current reform of the FTA just stay on the cross-border level, distance offshore renminbi transactions there is a large distance, to the progressive realization of RMB internationalization, only one step forward."Achieving RMB internationalization first step,, is to balance onshore and offshore renminbi spreads." Ding Jianping that the price reform to guide all reforms, if prices are not straightened out, then everything can not start. Therefore, you first need to start FTA places is how convergence spreads RMB onshore and offshore.Secondly,, the need to give tax incentives to some extent in order to attract trade and investment on,, but there was accusation of "tax-free paradise" lesson, a more appropriate way is to follow the example of Singapore,, a modest discount.The most important reform initiatives is to be completely relaxed for RMB account.Currently in the offshore yuan market, foreign capital just use yuan arbitrage, while the FTA, Shanghai and Hong Kong through train program hopes to provide reflux for these markets, the cumulative means of funding to allow offshore renminbi truly serve the real economy in China . However, the current holder of overseas yuan but because of institutional problems and prohibitive financing market for China FTA only temporarily to circumvent the relevant issues through a negative list.
survival of the fittest, but also to better promote the enterprises to accelerate their transformation to win with efficiency financing. And with respect to the fetters heavy indirect financing, direct financing more flexible, for the Internet, such as a higher acceptance of new things all the chips, but also easier to form a multi-level derivatives market.Dry Yunfeng believe, accelerate the construction of multi-level capital market is a prerequisite for the development of direct financing. Nine new countries asked to "make the market play a decisive role in allocating resources," and only perfect capital markets,, to be able to guide rational capital into direct financing platform. Can then be supplemented by promoting the wealth management industry, promoting and financing,, so that people no longer talk about the mere mention of the IPO,, attention and positive interaction between investment and financing capital markets.However.
both the exchange rate reform or financing market reforms, these relate to the price of the financial sector reforms should be very cautious."China's price reform last century the mid-1980s, brought a series of economic and social problems, and this is the lessons of history." Shi Jianxun noted that the mid-1980s, China adopted the reform of production prices, leading to daily necessities one day a price,, causing people's buying spree. Two-tiered system of production reforms,, led some people to reselling two-track indicators and reselling approval, formed a corruption.Shi Jianxun stressed that reforms in the financial sector may lead to greater price risk,, the difficulty is beyond the expected. He pointed out that this also with the international board stocks if you want to open,, attempts to prevent hot money from overseas to finance the real economy, how to rule out other hot topics are closely related.FTA pilot reformSpeaking of financial reform, will have to mention Shanghai Free Trade Zone. Since last September the FTA listing, foreign banking institutions registered in the region up to 22, now there are more foreign banks in the application. Waigaoqiao standing on the footbridge looking ahead, some foreign banks LOGO street everywhere,, a local source told reporters that the entry of foreign banks here to let office worth double, and even some residential flats also brought out the youth.In this experimental plots FTA, financial reform and innovation and cross-border trade and investment system innovation,, is the formation of a mutually reinforcing each other's unique landscape.Among these, facilitating cross-border RMB transactions and ultimately realize the internationalization of RMB is the highlight of the Shanghai Free Trade Area of � inancial reform.
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