Economic Observer Network reporter Zhang Rui On May 19, Wu Xiaoqiu, former vice president of Renmin University of China and president of the National Institute of Finance, delivered a speech at the inaugural ceremony of the first Shenzhen Financial Forum and Shenzhen Institute of Higher Finance of Renmin University of China, saying that through reform and opening up, China may become the third financial power in the world. He believes that this goal is great and difficult.
Wu Xiaoqiu said that there are many economic, military and trade powers in the world, but only the United States and Britain can truly be called financial powers in his perception. He said that if China wants to become a financial power, it should not only follow the general logic and common characteristics, but also have Chinese characteristics, because there is no big country with more than one billion people in the world to become a financial power.
Wu Xiaoqiu also said that China's realization of a financial power does not mean financial "hegemony". It should not only serve the modernization of the country, but also reflect the universality of finance, and make China's contribution to improving the international financial system.
So, how to realize financial power? Wu Xiaoqiu believes that China should not take shortcuts, but should overcome difficulties. Marketization, legalization and internationalization are three inseparable links.
Wu Xiaoqiu said that marketization is an important way to improve China's financial structure and also the starting point for China to become a financial power. He said that without financial marketization, it would be impossible to meet the increasingly diversified financial needs of the real economy, the residential sector and investors.
Wu Xiaoqiu further said that marketization is the starting point and legalization is the cornerstone. "I attach importance to the role of the system, and I don't like the role of the policy very much. For such a large country, relying on frequent policy changes to try to achieve sustainable economic growth, it will bring great fluctuations." Wu Xiaoqiu believes that the market subject is rational, and with a system design that conforms to the principles of market economy, it is natural to make rational judgments.
"Our people in the office are not necessarily better than entrepreneurs. We need to have this understanding, but we need to improve the system." Wu Xiaoqiu said that this is the key point as well as the difficulty.
In addition, Wu Xiaoqiu also said that if China wants to achieve the goal of becoming a financial power, the RMB should be internationalized. At the same time, the proportion of foreign investors in the Chinese market should continue to increase. Of course, it takes hard work to achieve these goals, but he is still full of confidence.
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Zhang Rui, reporter of Economic Observer
Reporter of Guangzhou Interview Department
Focus on the manufacturing industry in South China, including food, textile, furniture, computer, communication and other electronic equipment.
Email: zhangrui@eeo.com.cn
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