Finance has dual characteristics of functionality and profitability. Whether the relationship between the two can be balanced determines whether the financial institutions can be stable and far sighted
We should uphold integrity, promote justice, and promote righteousness, realize our own value in serving the real economy, obtain reasonable returns in promoting high-quality development, and realize the symbiosis and co prosperity of economy and finance
In order to transform the sewage treatment plant, Zhejiang Zhien Environmental Protection Industrial Park will apply for a loan from the bank in 2023. Unexpectedly, the industrial park has not only obtained the credit of 20 million yuan from the Bank of Taizhou, but also the loan interest rate has declined by nearly 30% compared with similar loans.
Why do interest rates fall? It turned out that through the Taizhou Digital Intelligence financial service platform, the staff of the Bank of Taizhou confirmed that the loan met the "green loan" standard, so they took the initiative to give preferential interest rates to support the green transformation of enterprises. Let the industry be greener, let enterprises move forward with light clothing, and financial institutions take the initiative to yield profits, vividly reflecting the business philosophy of giving consideration to justice and interests and putting justice first.
Finance has dual characteristics of functionality and profitability. Whether the relationship between the two can be balanced determines whether the financial institutions can be stable and far sighted. At the opening ceremony of the seminar on promoting high-quality financial development for major leading cadres at the provincial and ministerial levels, General Secretary Xi Jinping stressed that "we should adhere to the combination of rule of law and rule of virtue, and actively cultivate a financial culture with Chinese characteristics", and profoundly expounded the practical requirements of five aspects of financial culture with Chinese characteristics, one of which is to "benefit from righteousness, not just profit". "Justice comes first, and people are never tired of taking it". Justice and benefit are organically unified. Only by giving consideration to both justice and benefit can we achieve both justice and benefit, and only by balancing justice and benefit can we achieve win-win results. The financial industry should establish a correct business concept, put the practice of "profit based on righteousness, not just profit oriented" into practice, adhere to creating value and profits in effectively serving economic and social development, and achieve the unity of social and economic benefits.
"Righteousness first and benefit later will bring honor, and benefit first and benefit later will bring disgrace". The excellent traditional Chinese culture has always advocated thinking of righteousness for profit and putting righteousness first. It is opposed to forgetting righteousness for profit and being mercenary. In China's traditional business groups, the business principles of Shanxi merchants, the business philosophy of Anhui merchants, and the value pursuit of Zhejiang merchants, all contain the economic ethics of giving consideration to both justice and benefit. In the Qing Dynasty, an Hui merchant bought a large number of grains. In the year of famine, he did not take the opportunity to increase the price, but sold all grains at a reduced price. He said: "It is a great benefit to enable people to survive the disaster year and recover." The financial industry should adhere to the principle of making the past serve the present, draw nutrition from the excellent traditional Chinese culture, correctly understand "righteousness" and "benefit", and constantly polish the "background" of financial culture with Chinese characteristics.
Finance is the lifeblood of the national economy. Only by balancing justice and benefit can we maintain a healthy cycle. Since the Third Plenary Session of the 18th CPC Central Committee formally proposed "developing inclusive finance", the coverage of financial services in China has gradually expanded, and the availability of financial services in key areas has continued to improve. As of the end of August last year, the balance of loans for inclusive small and micro enterprises had reached 27.4 trillion yuan, and micro credit for poverty alleviation population with preferential interest rates and financial and political subsidies has been granted more than 960 billion yuan, supporting more than 23 million households. Take Caichuan village in Xihaigu area of Ningxia as an example, the proportion of poor people in this village once reached 79%, and the annual per capita net income was less than 2000 yuan. Through the financial poverty alleviation model of "industry leading+capable people driving+financial assistance", the Postal Savings Bank has "loaned" farmers out of poverty. While looking at a broader field, "small and micro foreign trade fair" opens up the financing pain points of small and micro foreign trade enterprises. Agricultural insurance and apple futures help farmers prevent risks. In "small scenes", inclusive finance releases "great energy" to promote economic and social development. On the way forward, the financial industry should further strengthen the correct concept of justice and benefit, integrate social responsibility into the whole process of enterprise development, and play a greater role in serving the national strategy, local development, people's production and life, etc.
Today, we are comprehensively promoting the building of a strong country and national rejuvenation with Chinese style modernization. The financial industry should give play to its own business characteristics and provide high-quality services for economic and social development. Whether it is to help the overall revitalization of rural areas, support the sustainable development of small and micro business entities, or provide appropriate and effective financial services for special groups such as low-income people in cities and towns, it is the "righteousness" that the financial culture with Chinese characteristics must adhere to. To adhere to the path of financial development with Chinese characteristics, we must consciously resist such concepts as mercenary and money first, uphold integrity, promote justice, and promote righteousness, realize our own value in serving the real economy, obtain reasonable returns in promoting high-quality development, and realize the coexistence and common prosperity of economy and finance. We should do a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and make greater efforts to benefit the people, so that the people can better share the achievements of modernization.
At a National Two Sessions, when talking about rural finance, General Secretary Xi Jinping asked: "Is money really used by farmers?" It is the goal of the financial industry to use money where it should be. On the new journey, adhering to the value orientation of taking the people as the center, actively cultivating and promoting the financial culture with Chinese characteristics, implementing the practical requirements of "profit based on righteousness, not profit oriented", and adhering to the fundamental purpose of financial services for the real economy, the path of financial development with Chinese characteristics will be wider and wider, The financial industry will also be able to write its own wonderful chapter in better supporting the Chinese style modernization.
People's Daily (February 19, 2024, Version 5)
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(Editor in charge: Wei Jia, Qu Yuan)
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