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By Zhu Hongming, Research Institute of Finance, DRC

Research report No.11, 2018 (Total 5286) 2018-1-12

Abstract: The ultimate goals of financial reform in the decisive period include the improvement of the efficiency of finance service for the real economy and its ability to support economic restructuring, targeting at the promotion of economic growth and the fulfillment of the goal of building a moderately prosperous society on schedule. Intermediate goal points to the establishment of a single, resilient and open-oriented financial market system with orderly competitions, which could boost the encompassing development of the real economy. To build a single and open-oriented financial market system with orderly competitions, we need to promote the unification of the bond market and the asset management market, ease the threshold for market entry and smoothen exit mechanism, enhance the inter-bank competition as well as the competition between the banking sector and capital market, and between the banking sector and insurance sector, and foster qualified competitors, perfect market rules, establish and improve the market infrastructure and optimize financial supervision. To build a resilient financial market system, we need to build a financial system with strong risk-resistant ability, effective risk prevention and treatment mechanism, and normal exit mechanism. To build a financial market system which could boost the encompassing development of the real economy, we need to remove the imbalance between the remuneration structures of the financial and real-economy industries, and curb excessive financial inflation.

Key words: financial reform, decisive period, intermediary target, real economy, encompassing development