Looking at the overall development situation of financial services from the perspective of the "15th Five-Year Plan" special plan

Xinhua News Agency, Beijing, November 6th. Title: Continuously improve the quality and efficiency of serving the real economy - looking at the overall development situation of financial services from the perspective of the "15th Five-Year Plan"

Xinhua News Agency reporters Wu Yu and Ren Jun

Science and technology innovation companies continue to rely on long-term capital to tackle "stuck-neck" technologies, manufacturing companies use bond financing to promote equipment technological transformation, and businesses such as homestays, daycare, and elderly care are booming with the support of inclusive finance... In the first year of the "15th Five-Year Plan", financial supply continues to increase, the structure continues to optimize, and the quality and efficiency of serving the real economy has steadily improved.

The "15th Five-Year Plan" outline proposes "accelerating the construction of a financial power" and clarifies key tasks and directions; a series of special plans have been released one after another to refine the deployment of financial work and promote the implementation of key financial measures in various fields. Financial "living water" continues to accurately support key areas and weak links, help accelerate the conversion of new and old driving forces, and better serve the overall development situation.

Smooth financial bloodline and empower the real economy

As the first special plan with the theme of "Financial Power", the "15th Five-Year Plan for Building a Financial Power" has been released this year, clarifying the overall strategy and specific plans for financial work during the "15th Five-Year Plan" period.

According to the plan, the overall framework of the modern financial system with Chinese characteristics will be formed by 2030, and the quality and efficiency of financial support for economic and social development will continue to improve; by 2035, a modern financial system with Chinese characteristics that is highly adaptable, competitive, and inclusive will be basically established, laying a solid foundation for building a financial power.

"To achieve the key strategic tasks of the 15th Five-Year Plan, finance must provide higher-quality services for economic and social development. It must anchor the goal of building a financial power, enhance its own comprehensive strength, and promote the leap from large to strong finance." said Tian Xuan, dean of Peking University Guanghua School of Management.

Currently, a construction plan for finance to forge its own strength and support the real economy has been laid out: the "People's Bank of China's "15th Five-Year Plan" Reform and Development Plan" was issued, and nine action plans in related fields were released; special plans in the fields of industry, consumption, green and other fields have made arrangements for financial support...

Guide financial resources to invest in major strategies and key areas. The "15th Five-Year Plan" for improving industrial basic capabilities clearly promotes the special work of "Financial Integration of Science and Technology Industry" and optimizes the basic industrial development ecology; the "15th Five-Year Plan" for the Construction of Beautiful China encourages the establishment of a financial support project library for the construction of Beautiful China to ensure accurate connection between projects and funds; the "15th Five-Year Plan for Industrial Green and Low-carbon Development" proposes innovative green financial services to support the needs of industrial green and low-carbon transformation. A series of special plans anchor the country's strategic needs, guide financial resources to increase investment, and provide strong support for the country's major layout.

Smooth financial "living water" and accurately drip irrigation of weak links. The "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization" proposes to increase medium- and long-term loans for agriculture and rural areas, and the "15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises" opens a special column to deploy special actions to promote small and medium-sized enterprise financing... Financial services continue to extend to the end of the industrial chain and the front lines of counties and villages, and continue to clear the obstruction of capital transmission.

Promote financial services to respond to people’s livelihood expectations. Looking through the special plans, people's livelihood orientation runs through them: continue to expand digital inclusive finance and solve the financing problems of agricultural business entities; improve the credit enhancement system for private small and medium-sized enterprises, promote the collection and sharing of credit information, and clear the information blockage of banks and enterprises; optimize the loan discount policy to reduce the financing costs of residents' consumption and service industry business entities. These arrangements continue to improve the convenience and availability of financial services.

From large projects to small businesses, from factory workshops to fields, financial "living water" moistens thousands of industries and households, providing a steady stream of power for high-quality economic development.

Optimize financial structure and stimulate economic vitality

In Nanshan District, Shenzhen, Hongxin Microna's engineering team is tackling the problem of "fragmentation" of chip design tools. Relying on technological innovation and technological transformation re-loan tools, ICBC issued low-cost loans of over 60 million yuan to support research and development.

At the end of September, financial "Five Big Articles" loans increased by 10.1% year-on-year. Behind the financing support is the resonance between financial supply and economic transformation and upgrading. More funds are flowing into areas such as technological innovation, green and low-carbon, and industrial upgrading, injecting momentum into economic transformation and high-quality development.

Build a scientific and technological financial system that is compatible with scientific and technological innovation, improve the quality and efficiency of financial support for green development and low-carbon transformation, and accelerate the advancement of digital finance... In the "15th Five-Year Plan" Reform and Development Plan of the People's Bank of China, measures to promote the conversion of old and new driving forces and serve the transformation of the real economy are clearly visible.

A number of special plans highlight the green and innovative trend: the "15th Five-Year Plan for Renewable Energy Development" proposes to promote innovation in green financial products and services; the "15th Five-Year Plan for Solid Waste Pollution Prevention and Control" promotes the development of green credit, green bonds and other financial products and services related to the prevention and control of solid waste pollution; and the "15th Five-Year Plan for Industrial Green and Low-Carbon Development" proposes to use supply chain finance and other services to drive upstream and downstream enterprises to implement green and low-carbon transformation.

Expanding diversified financing channels is an important starting point for optimizing the economic structure. The “15th Five-Year Plan” outline proposes to increase the proportion of direct financing.

From high-quality construction of the "Technology Board" of the bond market, to promoting the issuance of infrastructure REITs and asset securitization products for urban renewal projects, to encouraging diversified financial supply in basic industrial fields...a series of special plans continue to improve the multi-category and multi-level financial market system, increase direct financing support, guide long-term capital directly to key areas, and revitalize existing assets.

In the first nine months of this year, bond and stock financing accounted for nearly 50% of the increase in social financing, exceeding the proportion of loans. "The adaptability of financial services to the real economy continues to improve, and it continues to exert greater efforts and take a better role in cultivating and developing new productive forces." said Zhou Zhen, associate professor at Tsinghua University PBC School of Finance.

Promote reform and opening up and improve service efficiency

At the beginning of November, the central bank's main policy interest rate switched from the 7-day reverse repurchase rate to the overnight reverse repurchase rate, aiming to further optimize the short-end interest rate control mechanism through "anchor change" and ensure that policy signals are efficiently transmitted to the real economy.

Behind the optimization of the mechanism is the continuous advancement of financial reform in depth.

Continue to deepen market-oriented reforms, improve market-oriented interest rate formation, regulation and transmission mechanisms, and strengthen the construction of financial market institutions... In the "15th Five-Year Plan for Reform and Development of the People's Bank of China", deepening reforms and institutional construction are placed in an important position and continue to consolidate growth momentum.

A series of special plans use reform and innovation to break the blockages in the flow of factors and better utilize the functions of market pricing and resource allocation. For example, we should actively and steadily develop intellectual property finance, improve the intellectual property value evaluation system, and open up channels for connecting innovation results with capital. Another example is to encourage the establishment of rural revitalization funds in a market-oriented manner and support qualified companies to issue bonds for financing in the field of rural revitalization.

We need power from reform and add vitality through opening up.

Recently, Citi Securities (China) Co., Ltd. was approved to be established, and Visa was approved to prepare a bank card clearing agency in China... The layout of foreign financial institutions in China has ushered in important progress, becoming a new footnote to my country's steady financial opening up.

Promote the internationalization of the RMB, deepen the two-way opening of the financial market, and strengthen cross-border interconnection of financial infrastructure... The financial system is committed to promoting high-level opening up, and special plans in multiple fields are working in the same direction to promote the continuous deepening of financial openness.

The "15th Five-Year Plan for the Development of the Intelligent and Connected New Energy Vehicle Industry" proposes to provide automobile companies with convenient local and foreign currency settlement services and increase export credit insurance underwriting support; the "15th Five-Year Plan for Port Modernization" proposes to promote the in-depth integration of shipping finance, supply chain finance, settlement insurance with cross-border procurement and parts distribution... Financial measures are refined and integrated in multiple fields, and the path to opening up is becoming clearer.

Finance is the blood of the national economy. As a series of special plans come to fruition, the construction of a financial power is accelerated, and high-quality financial development will continue to inject inexhaustible momentum into the real economy and continuously create new prospects for development.