Abstract: Finance is the core of modern economy, which is active in finance and economy. Financial stability and economic stability. Doing a solid job in stabilizing finance is not only an important task to prevent and resolve major risks, but also an important prerequisite for maintaining sustained and healthy economic development and promoting high-quality economic development. It is necessary to clarify the focus of stabilizing finance and work hard to stabilize financial services, financial policies, financial operations, financial markets and financial openness; We will not only actively and steadily launch short-term measures to stabilize finance, but also focus on building a long-term mechanism to stabilize finance, consolidate the economic system foundation for stabilizing finance, improve the macroeconomic policy framework for stabilizing finance, and improve the financial risk response mechanism.
习近平同志在中央政治局第十三次集体学习时指出，金融是国家重要的核心竞争力，金融安全是国家安全的重要组成部分，金融制度是经济社会发展中重要的基础性制度。改革开放以来特别是党的十八大以来，我国金融业发展取得历史性成就，金融改革开放有序推进，金融产品日益丰富，金融服务普惠性增强，金融监管得到加强和改进。但也应清醒认识到，我国金融业的市场结构、经营理念、创新能力、服务水平还不适应经济高质量发展的要求，诸多矛盾和问题仍然突出，防范化解系统性金融风险、提高金融服务实体经济能力的任务还很艰巨。深刻认识稳金融，扎实做好稳金融工作，既是防范化解重大风险的重要任务，也是保持经济持续健康发展、推动经济高质量发展的重要前提。
Clarify the focus of stabilizing finance and create a stable and safe financial environment for economic development.
Finance is the core of the modern economy and the blood of the real economy, and the two coexist and prosper together. On the one hand, financial activities, economic activities; Financial stability and economic stability. On the other hand, the economy is booming and finance is booming; Strong economy and strong finance. To do a solid job in stabilizing finance, we must improve the ability of financial services to the real economy, meet the needs of economic and social development and the people, focus on stabilizing financial services, financial policies, financial operations, financial markets, and financial openness, and continuously deepen structural reforms on the financial supply side to create a stable and safe financial environment for effectively coping with the downward pressure on the economy, preventing and resolving major risks, and promoting high-quality economic development.
Stabilize financial services. Serving the real economy is the bounden duty of finance, the purpose of finance and the fundamental measure to prevent financial risks. For some time, China’s financial system has a tendency of "deviating from reality to virtuality". Problems such as idling of funds within the financial system, self-circulation or excessive flow to the real estate market have caused the financing cost of the real economy to rise, and problems such as difficult and expensive financing for enterprises have become prominent. To stabilize financial services is to focus on solving the problems of financial "detachment from reality to emptiness", self-idling, self-circulation, etc., especially to solve the problems of financing difficulties and expensive financing for private enterprises and small and micro enterprises. Financial institutions should take serving the real economy as the starting point and end result of financial work, allocate more financial resources to key areas and weak links of economic and social development, and better meet the diversified financial needs of the real economy.
Stabilize financial policy. The Central Economic Work Conference held at the end of last year pointed out that a prudent monetary policy should be moderate, maintain a reasonable and sufficient liquidity, and improve the transmission mechanism of monetary policy. This has released a clear signal to stabilize the financial policy. At present, we should pay attention to the following aspects: First, smooth interest rate transmission channels. We should grasp the ultimate goal of monetary policy, continue to promote the reform of interest rate marketization, and strengthen the forward-looking guiding role of monetary policy. The second is to improve the credit transmission efficiency of monetary policy. Commercial banks play an important role in the credit transmission of monetary policy. To improve the credit transmission efficiency of monetary policy, it is necessary to strengthen competition, improve the market-oriented operation level of commercial banks, improve the credit resource allocation efficiency and risk management ability of commercial banks, and reduce the improper intervention of local government departments on commercial banks. Third, pay attention to the coordination of monetary policy and fiscal policy. While implementing a prudent monetary policy, we should give full play to the role of fiscal policy, reduce the cost of enterprises through large-scale tax reduction and fee reduction, stimulate the willingness of enterprises to invest, and guide enterprises to expect steady economic growth in China. At the same time, under the premise of controlling the total debt scale, the scale of local government special bonds will be greatly increased, and the local government debt risks will be handled steadily.
Stabilize financial operation. In the past period, China’s financial sector has a wide range of risk points, accumulated potential risks and hidden dangers, and the fragility of financial operation has increased. With the continuous strengthening of financial supervision, various measures to prevent and resolve financial risks have been introduced one after another. China’s financial risks have generally converged, the stability of financial operations has been significantly enhanced, and the tough battle to prevent and resolve financial risks has achieved initial results. But we should also see that the task of stabilizing financial operation is still very arduous. It is necessary to take effective measures to continue to focus on solving financial risks in key areas such as local government debt and real estate market, further lay a solid battle to prevent and resolve financial risks, and create a stable and safe financial operating environment for supply-side structural reform and high-quality economic development.
Stabilize the financial market. Capital market is an important part of financial market, and strengthening the construction of capital market system is an important guarantee to stabilize financial market and enhance the ability of financial services to the real economy. We should pay attention to improving the quality of listed companies, strengthen the governance of listed companies, strictly withdraw from the market and disclose information, effectively protect the interests of investors and reduce administrative intervention in market transactions. Further deepen the reform of financial markets and financial institutions, alleviate the phenomenon of information asymmetry and market segmentation in financial markets, improve the credit evaluation system, develop the bond market, and maintain the reasonable and moderate development of non-credit financing. At the same time, pay close attention to the possible negative impact of short-,medium-and long-term changes at home and abroad on China’s financial market, identify and predict risks in advance, introduce and implement risk disposal measures in time, and stabilize financial market expectations.
Stabilize financial openness. Expanding the opening up of the financial industry is not only the need to build a modern economic system, promote the formation of a new pattern of comprehensive opening up, accelerate the internationalization of the RMB, and deeply participate in global economic governance, but also the need to promote the recovery and development of the world economy and establish a more just and reasonable international financial order. To promote financial opening, we should be active and steady. First of all, effectively deal with the impact of the Federal Reserve’s interest rate hike and other factors on China’s financial opening up, and prevent serious capital outflows and sharp depreciation of the exchange rate due to changes in the external environment. Secondly, take external factors as long-term variables to maintain financial stability, expand financial openness, prevent and resolve financial risks, and maintain steady economic growth, prepare for a rainy day, accurately judge and properly deal with the risk resonance that may be caused by changes in the external environment. Third, put the task of financial reform and opening up in place, and study and promote new measures of financial reform and opening up in a timely manner according to changes in the international economic and financial situation and the needs of China’s development strategy.
Coordinate implementation and take the initiative to do a solid job in stabilizing finance.
To do a solid job in stabilizing finance, we should make overall plans and take the initiative to deepen the structural reform of the supply side of the financial industry on the basis of clarifying the focus of stabilizing finance, actively and steadily introduce short-term measures to stabilize finance, and strive to build a long-term mechanism to stabilize finance, and work hard to consolidate the economic system foundation of stabilizing finance, improve the macroeconomic policy framework of stabilizing finance, and improve the financial risk response mechanism.
Consolidate and stabilize the economic system foundation of finance. The healthy development of the real economy is an important foundation for preventing and resolving risks and doing a good job in stabilizing finance. It is necessary to implement the spirit of the Central Committee, accelerate the reform of the economic system, improve the property rights system and the market-oriented allocation mechanism of factors, make the market play a decisive role in resource allocation, give better play to the role of the government, improve the efficiency of resource allocation, enhance the vitality of micro-subjects, build a solid institutional foundation for steady economic growth, and provide strong support for stabilizing finance. Deepen the market-oriented reform of the financial system with the market-oriented reform of interest rate, exchange rate and national debt yield as the core; Supported by the inter-bank market, foreign exchange market, bond market and stock market, we will constantly improve the financial market system, financial institution system, financial product system and the institutional mechanism of financial services to the real economy, and consolidate the institutional foundation for long-term and stable financial development. Improve the system of financial practitioners, financial institutions, financial markets, financial operations, financial governance, financial supervision and financial regulation, and standardize financial operations.
Improve the macroeconomic policy framework for financial stability. There is a strong internal correlation between macroeconomic policies such as fiscal policy and monetary policy and financial stability. According to the deployment of the Central Economic Work Conference held at the end of last year, we should strengthen the countercyclical adjustment role of fiscal policy and monetary policy, continue to implement a proactive fiscal policy and a prudent monetary policy, focus on stabilizing aggregate demand, and create a good macroeconomic environment for stabilizing finance. The proactive fiscal policy should be strengthened to improve efficiency, implement larger-scale tax reduction and fee reduction, and greatly increase the scale of local government special bonds; A prudent monetary policy should be moderately tight, maintain reasonable and abundant liquidity, improve the transmission mechanism of monetary policy, increase the proportion of direct financing, and solve the problems of financing difficulties and high financing for private enterprises and small and micro enterprises.
健全金融风险应对机制。防范化解金融风险特别是防止发生系统性金融风险，是金融工作的根本任务。要加快金融市场基础设施建设，稳步推进金融业关键信息基础设施国产化，健全及时反映风险波动的信息系统。加强金融业反腐败力度，强化对金融机构、金融监管部门主要负责人和中高级管理人员的教育监督管理。强化对重要金融市场的监控，保持防泡沫、去杠杆、防风险的政策定力，继续推进金融机构和金融市场去杠杆。重视房地产市场的风险管控，坚持“房子是用来住的，不是用来炒的”定位，建立健全房地产市场稳健发展的长效机制。加快财税体制改革，理顺中央与地方财政关系，稳步化解地方政府债务风险。完善经济可持续发展的体制机制，稳定市场预期和人民币汇率预期，保持国际收支稳健和人民币汇率相对稳定。
（作者为中国社会科学院财经战略研究院院长、习近平新时代中国特色社会主义思想研究中心特约研究员）
本版制图：张芳曼 郭 祥
《 人民日报 》（ 2019年03月20日 09 版）
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