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Private capital into the financial sector
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Private capital into the financial sector


Recently, the establishment of a comprehensive financial reform pilot area in Wenzhou has caused widespread concern, for a time, all the analysis and speculation surfaced, said Foreign media analysis, Wenzhou financial reform indicates that China''s monetary policy will be relaxed, the money supply The emergence 暖春. In this regard, the experts put forward different views, Wenzhou financial reform and monetary policy are two different things, the "Wenzhou reform" will not result in the money supply floodgates.

To break the monopoly to make an inventory of private capital

For the "Wenzhou financial reform" and "monetary policy easing," these two concepts, the experts believe that they belong to different levels. NDRC Investment Institute "to promote the development of the private financial health" group leader KERNEL pointed out in an interview with this reporter, the monetary policy is based on the macro-control policy, focused on the total amount of short-term policy adjustment camera; Wenzhou financial reform is to try to solve the deep-seated problems in the financial sector reform pilot policy, the foothold focusing on medium-and long-term "structural adjustment", is gradually breaking down on the supply of money supply and flow of state-owned monopoly.

Break the financial industry, the state-owned capital monopoly, lowered the threshold of private capital into the financial field, recently most of the recommendations on financial sector reform. The Wenzhou financial reform, an important goal is to solve the problem, to break the monopoly to make an inventory of private capital. Premier Wen Jiabao has expressed private capital into the financial sector is to break the monopoly, Wenzhou pilot some successful experience to promote the country.

KERNEL Wenzhou financial reform on the one hand to crack a long time private enterprise, SME financing difficulties "problem, on the other hand also helps to promote private finance incremental reform of state-owned stock of financial sector reform. "Release" due to the current financial structure of the pattern, the monetary policy, the more benefit the state sector, "revenue", the private small and medium enterprises is even "worse". At the same time, the private lending localized risk will also increase. The purpose of the "Wenzhou reform" in fact, is to let the private finance more efficiently and more safely serve the financing needs of the development of private enterprises greater access to space, which will be opened up for private capital.

The size of the reservoir and to play a complementary role

Wenzhou financial reform, there is a focus on the restructuring of the financial structure through institutional innovation, build economic and social development to match the diversified financial system, to provide experience for the country''s financial reform. Wenzhou financial breakthrough test area is breaking the bank monopoly reconstructed competitive and orderly financial ecological economist Gu Shengzu. Including giving the the private financial legalization build a diversified, multi-channel, multi-level financial system. Wenzhou plan in three to five years, mainly by private capital, initiated the establishment of 50 village banks.

If the large state-owned banks likened to a large "reservoir" to construct a diversified financial system can be described as the construction of more small "reservoir" small "canals". KERNEL think Wenzhou essence of the reform is to promote private enterprises diversified financing channels and standardization, water equivalent is not a big "reservoir" (monetary easing in the general sense), but some more build outside the "reservoir" water and water supply channels, so that the large "reservoirs" small "reservoir" small "canals" between complementary role to play.

Compared to the large "reservoirs" small "reservoir" and small "canals" with the fate of private SMEs with natural match. The KERNEL analysis, Wenzhou, one of the "conception" of the reform should be based on financial reform to promote the optimization of the financial structure, and to establish a diversified, multi-level, financial service system to meet the needs of a variety of economic type of financing. In general, the state-owned banking system more in service availability and state-owned enterprises, large enterprises to match small and medium-sized local the type private financial naturally with Private SMEs match, "grassroots financial relying geopolitical, relatives of the credit system, rely on higher interest rates to compensate for the small-scale and high-risk disadvantage, the development of those familiar with the local, based on local services local small and medium-sized private financial help fill a large banking system exists blind spot ", and promote fairness and efficiency of the allocation of financial resources within the range of the whole society.

Not monetary policy, local water

The expert pointed out, the "Wenzhou financial reform" and "monetary policy easing," not necessarily linked the Wenzhou reform does not mean that monetary policy will be local water. "This is two different concepts, monetary policy is the problem of macro-control, Wenzhou reform is structural reform", the Research Office of the Chinese Academy of Social Sciences finance the Bank had recently told this reporter, Wenzhou financial reform is a long-term thing. control of the financial system, it will affect the direction of the next 5 to 10 years of financial reform, and long-term institutional and monetary policy in the short-term.

KERNEL said, Wenzhou financial reform of the private sector, private enterprises, private capital, both for the present, the future and long-term, are good news, but the pilot reform will not lead to the global monetary easing, it will not The relaxation of the monetary policy of the state-owned sector, and therefore can not be the policy of monetary policy simply interpret the warm spring signs.

Has just pointed out, relax monetary policy depends on the external environment changes. Highly uncertain future economic trends, monetary policy is relaxed or not is really difficult to predict. Now mainly depends on the economic situation in Europe, high uncertainty, monetary control policy has caused great difficulty.