The capital market has become an important role in the domestic reform.
Lead: many experts believe that promoting the "13th Five-Year" period of economic and social development, to the supply side structural reform as the main line, to grasp the capacity to inventory, to leverage, to reduce cost, make up the short board five tasks, efforts to enhance the quality and efficiency of the supply system, at the same time to push out is matched with the supply side structural reform policy.
The China Development Forum, sponsored by the development research center of the State Council, will be held in Beijing on 2016 in Beijing. Leaders from various departments, such as the central bank, the national development and Reform Commission and the Ministry of finance, attended and made speeches. "Economic Reference News" reporter learned that, according to the "13th Five-Year" period how to implement the supply side structural reform, the experts said, "three to a drop for a" five big task is still the focus, in order to promote structural adjustment, the implementation of the reform policy is indispensable to the corresponding. In the perfect financial market system, will vigorously develop the capital market, reduce business lending for leveraged dependence, and strengthen supervision to prevent risks; in tax reform, will be the main budget management system reform, tax reform, the central and local powers and expenditure responsibility division.
Upgrading and promoting financial reform to reduce enterprise leveraging dependence
Michael Spencer, a professor at the York University and a Nobel prize winner in economics, appears to be on the supply side for the next five to ten years. The reform of the financial system is also necessary in China, in particular the need to create a system of public and private sector cooperation and to encourage high return on investment.
According to the "13th Five-Year" period of financial reform, the people's Bank of Chinese governor Zhou Xiaochuan given the specific direction. He said that the sound is an important content of the financial market system is to make the healthy development of the capital market, China capital market still has great space, in addition to capital market financing demand and improve the corporate governance requirements, but also consider China's economic leverage ratio is too high, especially the business sector borrowing proportion of high GDP the proportion of the development of the capital market, there will be more funds for equity investment, reduce the enterprise to leverage the dependence of borrowing.
Talking about the interest rate and the exchange rate mechanism reform, Zhou Xiaochuan said that the interest rate market has made decisive progress, it should be said that before the end of last year basically completed, that is to say the rate control, whether loans or deposits have been canceled, financial institutions have to decide interest rates. But the central bank, including the interest rate guidance, sound transmission mechanism and other problems need to be improved, the interest rate formation mechanism also needs a perfect process.
Deutsche Bank Group Co CEO Jurgen fee? Chen also believes that the future priority among priorities China financial reform should be the development of an effective interest rate market, and develop a sound interest rate market needs to solve four key problems, one is to set up new policy interest rate target, the overnight interest rate or 7 days repurchase rate; the two is the development of the market interest rate system, thus ensuring the conduction of monetary policy; the three is to improve the monetary policy tools to guide the long-term interest rates; the four is to improve the effectiveness of credit risk pricing and transparency.
With the continuous development of China's financial reform, experts at the meeting have pointed out that we need to pay more attention to strengthening financial supervision and preventing financial risks. Zhou Xiaochuan also emphasized the strengthening of financial macro Prudential management system, the establishment of monetary policy and prudent management of the coordinated financial management system, and the improvement of China's national conditions and international standards of regulatory rules.
Vice chairman of Chinese Banking Regulatory Commission, said Wang Zhaoxing, China financial industry has entered a primary mixed comprehensive management stage, the possibility of financial risks of cross industry and cross market contagion has increased, and some lead to high returns as bait to the illegal activities of social financing risks may also spread to the banking system. However, China's financial risk is controlled, it will not lead to systemic risk, and it will not lead to regional and global financial risks.
Jurgen fee sum? That, with more and more mixed financial products available, according to the current regulatory framework of industry division havetremendous policy arbitrage. China's financial regulatory framework needs to be upgraded, in particular the need to strengthen inter agency cooperation under the current framework.
Promoting structural adjustment with the reform of the route
Xu Shaoshi, director of the national development and Reform Commission, gave the specific direction of the future policy. He said, in order to ensure economic growth in more than 6.5% of the high-speed, innovation will constantly improve macroeconomic regulation and control, prediction, monitoring and early warning to strengthen the economy, strengthening the coordination of fiscal policy, monetary policy, industrial policy, regional policy, investment policy, consumption policy and price policy with the basis of the above regulation in the range further to strengthen the directional control, camera control, create a stable macroeconomic environment for structural reforms.
"We will work hard to break the inertia of thinking and path dependence and promote structural adjustment by means of reform." Xu Shaoshi said that in promoting consumption upgrading, we should vigorously cultivate and expand the consumption hotspots in housing, automobile, information, tourism, health, pension, culture, environmental protection and other aspects, and promote new consumption, lead new supply, and form new impetus. We also strive to expand effective investment, increase the public product and public service investment, start the implementation of a number of major new investment projects, and we encourage private investment and foreign investment to participate in these major investment projects, structural adjustment, efforts to make up the short board, and cultivate new energy.
In terms of simplicity and decentralization, Xu Shaoshi said that it will continue to promote the combination of decentralization and decentralization and the optimization of services. The negative list need to establish full responsibility list and market access to the government, the scope of the maximum reduction of government approval, better play the investment projects online approval and supervision platform, the credit information sharing platform, public resources trading platform and the 12358 platform for price regulation.
In the new urbanization construction, Xu Shaoshi revealed that by 2020, the urbanization rate of resident and household registered population should be increased to 60% and 45% respectively. "Belt and Road Initiative" strategy, the coordinated development of Beijing Tianjin Hebei, Yangtze River economic belt development for the lead, the formation of coastal and River economic belt, along the longitudinal and transverse economic axial belt mainly, shaping the regional coordinated development of the new pattern.
And future international capacity and equipment manufacturing cooperation will focus on steel, railway, electricity and other industries. Xu Shaoshi revealed that foreign investment, project contracting, technical cooperation and equipment export will be adopted to expand multilateral and bilateral capacity cooperation mechanisms. The government will work together with multinational companies to open up the third party market. The management system of "national treatment before admittance plus negative list" is carried out in an all-round way to foreign capital.
Reducing the burden of carrying out the reform of the fiscal and tax system and supporting the real economy
It is worth mentioning that the tax burden for the real economy, this year to the full implementation of replacing business tax with value-added tax(VAT), cancel the establishment of the government funds, Tingzheng and merge a number of government funds, expand the scope of water conservancy construction funds, 18 administrative fees shall be exempted from the scope of small and micro enterprises to expand to all individuals and enterprises, implementation of these policies, than before the reform to reduce the burden on businesses and individuals about 500000000000 yuan.
And this process relies on the reform of the fiscal and tax system. In the "13th Five-Year" in the process, the key part of fiscal reform is undoubtedly Chinese overall economic reform. In response, Lou Jiwei, Minister of finance, said that the reform included budget management system reform, tax system reform, division of responsibilities between central and local governments and responsibilities.
Taking camp to increase, for example, Lou Jiwei said that in May 1st this year, we should start a pilot project to transform business tax into VAT in an all-round way, that is to say, all business of building, real estate, finance and life service is changed from business tax to value added tax. "On this basis, the bill of value added tax will be formulated in accordance with the statutory principle of tax revenue, and the business tax will be abolished."
In addition, for the reform of personal tax, Lou Jiwei said that the personal tax reform plan should be submitted to the State Council for approval, and based on that, we should make relevant laws and proposals, and submit it to the Standing Committee of the National People's Congress to amend the legislation. These procedures must be completed step by step. He said that the current progressive tax system in China is extremely unreasonable, and there are only a few countries in the world to carry out the individual income tax of classification. China has developed a personal tax reform plan which combines taxonomy and expropriation to integrate and classify. It will consider necessary basic deduction, maintenance deduction, maintenance deduction and livelihoods deduction, so as to change the practice of excessive wage increase in the current stage.
In addition, Lou Jiwei also pointed out that there are many drawbacks in the "hook events" and caused a lot of funds left idle, because the linked matters are not practical with the local government. He said that the so-called "hook matter" refers to "key expenditures are related to fiscal revenue and expenditure or the size of the scale of the GDP".
He pointed out that the hooking matters are inconsistent with the flexibility requirements of the total demand management, which are contrary to the new regulation of the budgetary law, and are contrary to the reality of the grass-roots units, which is not conducive to saving money, the effectiveness of expenditures is difficult to raise, and the funds are obviously fragmented.
"It is the direction of the reform of the financial and tax management of the central and local governments to redesign the content of the special transfer payment through the division of the responsibility for the expenditure of the power of affairs." Lou Jiwei said, in this way, China's finance will be more realistic, so our finance will be able to do counter cyclical regulation or there will be more room for countercyclical regulation.
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