Li Keqiang roadmap for financial reform: the main three directions this year

[ Li Keqiang past six months from the survey routes and speech can be sketched out a relatively sound financial reform roadmap , including not only the establishment of private banks , the interest rate market , the establishment of a deposit insurance system , also involves small loans , financial leasing , rural finance and other financial reforms envisaged ]

Since the end of 2013 , Chinese Premier Li Keqiang visits throughout the investigation , not only repeatedly stressed to stimulate real economic growth , but also the release of policy signals on several areas of financial reform .

Li Keqiang, the route from the past six months of research and speech can be sketched out a relatively sound financial reform roadmap , including not only the establishment of private banks , the interest rate market , the establishment of a deposit insurance system , also involves small loans , financial leasing , rural finance financial reform ideas.

Last year in September , Li Keqiang attended the meeting in Dalian Summer Davos Forum 2013 entrepreneurs had said , which is bound to contain China's economic reform financial reform , China 's determination to promote financial reform is firm .

For financial reform , Li stressed that the focus this year is to do three things: relax market access and promote the interest rate market and the establishment of a deposit insurance system .

Financial reform to the real economy

Downward impact of the economic growth , the State Council promulgated recently been targeted " micro- stimulus" measures, including not only the expansion of small and micro enterprises income tax , further comprising determining a deepening of private capital investment and financing system , and reduce the county rural commercial banks and rural cooperative banks RRR .

In late December , Li Keqiang visits in Tianjin also said : "Financial leasing is a financial innovations to support the real economy , is a ' new heights ' experience in the financial leasing industry we are not rich , talent is not enough , nor supporting policies . perfect. countries find ways to nurture the industry developed , and the industry itself, but also for the service of the real economy . "

March 26 this year , Li Keqiang inspected the Shenyang Han Chinese microfinance company in the Prime Minister 's encouragement, the company responsible expand financing channels breath mention , fiscal support, hope to do the three private banks and other suggestions , Li Keqiang immediately require financial and taxation department heads step up research , try to support. Li said that microfinance services small and micro enterprises , two "small" harmony superposition , the United States will be able to make a big career .

Bank of China [ 0.39% funding research report] Zong , deputy director of the International Institute of Finance, it seems , small loans and financial leasing reform is closely related to stimulate the real economy. Wang Tao , chief economist at UBS Securities also believes that special "micro- stimulus" policies have been out .

By the end of March this year , Li Keqiang visits in Shenyang also said that financial innovation should be the people's business, employment powered support , people feel the most important criterion is a measure of the financial services industry . Forced to this financial reform and innovation.

Chinese government network news pictures showed the central bank governor Zhou Xiaochuan was being accompanied by Li Keqiang visits. After a lapse of one month , April 28 , Li Keqiang chaired a forum held in Chongqing , studies relying on the construction of the golden waterway of the Yangtze River economic belt, is China's sustained economic development provides important support. Zhou Xiaochuan also attended the forum.

And the other key players in the financial sector - central bank vice governor , Yi Gang, director of the State Administration of Foreign Exchange , also has served as deputy director of the Central Financial Work Leading Group Office . Central Financial Work Leading Group is the core of leadership and decision-making sectors of the Chinese economy , it is incumbent leader Li Keqiang .

April 22 , the State Council held a national exchange of experience in financial services in rural areas teleconference . Li Keqiang made ​​important instructions noted that the requirements from the "three rural" development is starting to deepen rural financial reform , foster rural financial market, increase agricultural credit and policy support to implement differentiated deposit reserve system, improve financial supervision and risk control mechanisms.

April 25 , the central bank decided to cut the county rural commercial banks RMB deposit reserve ratio by 2 percentage points , down county rural cooperative banks RMB deposit reserve ratio by 0.5 percentage points. "This reduction is to support the ' three rural ' development ." Zhu Haibin, chief China economist at JP Morgan analysts believe .

In addition, this year on April 23 , chaired by the Prime Minister Li Keqiang, the executive meeting of the State Council pointed out that social capital will be allowed access to some private investment in particular , in the past the government and state-owned investment funds led the field with a natural monopoly .

This year the main three directions

In fact, Prime Minister Li Keqiang had been designated as China 's economic development growth in the bottom line , and he has repeatedly stressed that allow economic growth remained at reasonable intervals to promote employment , while timely disposal to ensure regional does not occur, the system financial risks.

April 25 , the CPC Central Committee Political Bureau held a meeting to study and set the tone for the current economic situation and economic work . According to the observation of the meeting , Zhu Haibin analysis, " steady growth" is still the primary goal, but the list ( and order ) the main policy objectives subtle changes occurred , " pro- reform " came in second place , "structural adjustment" row in the third place.

" Since taking office last March , China's new generation collective leadership emphasis on deregulation and economic reform , so as to promote economic development ." Barclays chief China economist Jian Chang "First Financial Daily" correspondent said .

In addition, Premier Li Keqiang recently in "Seeking Truth" magazine published " a number of issues on deepening economic reform " signed article , the article points out the problems of the domestic financial sector and the direction of financial reform in the field this year .

For the current mode of operation of domestic financial institutions in general , extensive financial and development of rural small and medium financial institutions is lagging behind other issues, Li Keqiang stressed that the focus this year is to do the following three things: relax market access and promote the interest rate market and the establishment of a deposit insurance system .

Li Keqiang, " a number of issues on deepening economic reform ," the article pointed out , the financial sector , although its special features , but the essence is still competitive industry , we also need to promote service improvement through competition , optimize the allocation of resources through the market . To strengthen the supervision of the premise, to expand market access , which allows qualified law initiated the establishment of private capital to small banks and other financial institutions.

According to the " First Financial Daily" reporter, in March this year , the CBRC has approved the first batch of five private banks were piloted in Tianjin, Shanghai , Zhejiang and Guangdong . Including Alibaba , universal , Tencent, etc. 10 Fosun private capital participation.

In addition , the central bank by the end of April release of " China Financial Stability Report ( 2014 ) ," said the private banks are generally smaller , with a small micro-enterprise financing cost advantages and symmetric information advantage, not only can effectively alleviate the small and micro enterprises and the "three rural" financing problems , but also to increase the competitiveness of the financial supply to the real economy , the rich banking organization system .

" The interest rate market is the decision of the cost of capital to the market . Currently, the vast majority of funds are market prices , whether it is the price of stocks, bonds or loans have been let go , leaving the deposit interest rate cap that last a mark . " Li Keqiang ," pointed out a number of issues on deepening economic reform , " the article .

Earlier, the central bank has been fully liberalized lending rates of financial institutions regulation, July 20, 2013 , the central bank lending rates of financial institutions to cancel the limit, let the bills discounted interest rate controls , while lending rates are no longer set up rural credit cooperatives ceiling .

The deposit insurance system on the market of common concern , Premier Li Keqiang pointed out that the establishment of a deposit insurance system is the development of private banks, small banks an important prerequisite and conditions. Can enhance the Deposit Insurance Credit objective of these banks , large banks whom to create a fair and competitive financial market environment, which is conducive to promoting financial sector liberalization and market access reforms.