More than 20 years' experience of opening to the outside world tells us that, on the one hand, China's economic development benefits from the resources and technology introduced from abroad, from China's participation in the division of labor and cooperation among countries, from the prosperity of the world economy and the gradual improvement of the international economic order; On the other hand, opening to the outside world will also have a great impact on China's social economy from all aspects. Especially when the reform of China's financial system becomes the next tough battle in the process of marketization, opening to the outside world will bring more and more challenges and constraints to the reform of China's financial industry.
Let me talk about my views on the current situation of China's financial organization system reform from five aspects.
(1) The financial organization system has been continuously improved and perfected.
At present, China has initially established a relatively sound financial organization system with various commercial banks, securities companies and insurance companies as the main body. By the end of 2007, the total assets of all financial institutions (including securities and insurance companies) reached 210.8 trillion yuan, of which the total assets of deposit money banks were 14. 1 trillion yuan, accounting for 64.7%. This situation shows that the organizational system of banks has been further improved, the securities financial institutions have developed in a standardized way, and the insurance institutional system has been continuously improved.
(B) the establishment of a multi-level financial market system
With the establishment of the socialist market economic system and the new financial system, China's financial market is developing in constant exploration. At present, the financial market system with clear division of labor has basically taken shape and has become an important part of the socialist market economic system.
(3) Gradually establish an indirect control mode.
1984, the people's bank of China began to exercise the functions of the central bank. In the following 10 year, China's monetary policy mainly adopted direct regulation, that is, controlling the currency by controlling the loan scale. After entering the 1990s, this traditional practice encountered severe challenges, mainly in the following aspects: First, with the diversified development of financial institutions, the coverage of national bank loan scale control gradually narrowed; Second, the rapid development of foreign trade, especially since 1993, foreign exchange accounts for a substantial increase, money supply channels have changed, and the contribution rate of national bank loans to money supply has declined.
(4) the basic framework of the current foreign exchange management system
At present, China has initially established a foreign exchange management system based on market exchange rate and characterized by "RMB convertibility in current account and foreign exchange control in capital account". Of course, the "foreign exchange control of capital account" mentioned here is actually not all capital accounts, and it is also in the process of relaxation.
Financial legalization.
After years of hard work, China's financial legal framework has basically taken shape. Banks and their related laws and regulations have been gradually improved. 1995, China People's Bank Law, People's Republic of China (PRC) Commercial Bank Law, People's Republic of China (PRC) Negotiable Instruments Law and People's Republic of China (PRC) Insurance Law were successively promulgated and implemented, which laid the framework of China's financial legal system. Since then, the Guarantee Law and the National People's Congress Standing Committee (NPCSC)'s Decision on Punishing Crimes of Disrupting Financial Order have been promulgated one after another, and the Contract Law has been improved recently. Legally confirmed and consolidated the beneficial experience accumulated in the process of financial system reform and financial industry development in China, thus marking the legalization and standardization of China's financial industry.
The above five points are my views on the current situation of financial institution reform.