The financial industry has developed into one of the core pillar industries of Guangdong's national economy. In the past decade, Guangdong has continued to deepen financial reform and innovation, improve the quality and efficiency of financial services for the real economy, adhere to the bottom line of financial security, and promote the construction of Guangdong's financial strong province to continue to reach a new level.
What innovative measures does Guangdong Finance have in supporting manufacturing and technological innovation? To prevent and resolve major financial risks, what successful experiences and practices do Guangdong have worthy of attention and promotion? How should Guangdong Finance further deepen reform and opening up to achieve greater achievements? In response to the hot issues in the development of Guangdong's financial, Professor Vice President of of Guangdong University of Finance and Doctoral Supervisor of the School of Finance of Guangdong University of Foreign Studies and Foreign Trade, accepted an exclusive interview with Southern Daily and Southern+ reporters.
Financial services for the real economy are at the forefront in the country
Southern Daily, Nanfang+: In the past decade, what outstanding achievements have Guangdong Finance made in serving the implementation of national strategies and local economic development?
Easy to Xingjian: Guangdong’s financial services to the real economy are at the forefront of the country.
In terms of developing green finance and supporting the "3060" goal, Guangdong supports some cities or regions to take the lead in carrying out enterprise carbon account pilot projects; effectively utilize coal to clean and efficiently utilize special re-loans and carbon emission reduction policy support tools; incorporate environmental performance such as enterprise carbon emission information and environmental credit evaluation into the credit approval management process, increase support for green and low-carbon industries, and establish constraints and incentives for carbon control and emission reduction.
Guangdong effectively strengthens financial services and supports the rural revitalization strategy.
First, formulate a risk compensation mechanism for agricultural loans, improve the agricultural credit guarantee system, establish and improve the supporting system for rural property rights mortgage guarantees, improve the rural property rights mortgage registration mechanism, promote the inclusion of rural property rights mortgage financing in the support scope of agricultural loan risk compensation mechanism, and strengthen the market-oriented sharing and compensation mechanism for agricultural loans;
Second, strive for policy banks and to strengthen credit support for modern agricultural industrial parks, leading agricultural industrialization enterprises, farmers' professional cooperatives and other business entities. Policy-based bank branches are encouraged to actively seek policy support from the head office and provide pricing discounts for internal funds transfer for inclusive agricultural loans;
Third, guide rural commercial banks flexibly and innovate credit products and services that support the development of local advantageous and characteristic industries;
Finally, innovate characteristic agricultural insurance varieties, improve the "insurance + futures " model, and reduce the risk of price fluctuations of bulk agricultural products such as live pigs.
supports both manufacturing and technological innovation and has breakthroughs
Southern Daily, South+: What breakthroughs and innovations have Guangdong's financial industry made in key areas and weak links in supporting the economy?
Yixingjian: In terms of financial support for manufacturing, Guangdong implements the "Industry Growth Plan" around the top ten strategic pillar industrial clusters and the top ten strategic emerging industry clusters. Financial institutions are encouraged to form professional service teams, innovatively develop financing products that match corporate characteristics and growth stages, and provide services for enterprises to rationally use financial tools and optimize financing structure. Explore the "partner insurance" mechanism, encourage insurance companies to develop "package" products based on the characteristics of the industry, and comprehensively meet the package guarantee needs of enterprises in the industrial cluster such as credit enhancement, property, employer responsibility, , production safety, etc.; secondly, in terms of optimizing the supply chain financial model to ensure the stability of the industrial chain, Guangdong encourages financial institutions to cooperate with Guangdong's supply chain finance pilot platform to provide financing services for upstream and downstream enterprises in the supply chain; thirdly, improve the diversified financing system that supports the high-quality development of in manufacturing industry. Carry out listing cultivation activities to support high-quality and mature manufacturing enterprises that meet the conditions to go public for financing. Establish a reserve and recommendation mechanism for corporate bond issuance financing projects, organize special connections for financial institutions, and support qualified enterprises to issue corporate credit bonds.
in terms of financial support for scientific and technological innovation, and Guangdong has created a financial service model that matches the entire process of innovation ecosystem of "basic research + technical research + industrialization of achievements + science and technology finance + talent support".Pilot risk compensation for scientific and technological achievements transformation loans to promote the industrialization of scientific and technological achievements; secondly, deepen the investment and loan linkage . Financial institutions are encouraged to make full use of the re-lending policy tools for scientific and technological innovation and expand the issuance of scientific and technological credit. Optimize the credit assessment mechanism of technology enterprises, implement the due diligence exemption system, and implement differentiated tolerance standards for bad luck. Explore new business models such as "loan + external direct investment"; third, strengthen the multi-level capital market function to serve science and technology enterprises. Promote Guangdong Equity Trading Center to accelerate the construction of "technology innovation special board" and "specialized and specialized new board", carry out pilot projects for the use of blockchain innovation, and strengthen cooperation and connection with national securities market sectors; Fourth, strengthen the insurance protection role of technology insurance . It is encouraged to establish a Guangdong Science and Technology Insurance Community to provide all-round insurance protection for enterprises' key core technologies. Insurance institutions are encouraged to develop technology insurance and patent insurance, and continue to deepen the pilot of the first (set of) major technical equipment insurance and the first batch of new materials to apply the insurance compensation mechanism.
persist in preventing and resolving major financial risks
Southern Daily, Southern+: In the past ten years, Guangdong's financial industry has maintained the bottom line of preventing systemic financial risks. What important achievements has Guangdong achieved in preventing and resolving major financial risks? Which of the successful experiences and practices deserve attention and promotion?
Yixingjian:In the past ten years, Guangdong has maintained the bottom line of financial security and persisted in preventing and resolving major financial risks. In 2017, Guangdong took the lead in building the first local financial risk monitoring and prevention center in the country. The platform can identify the path to the formation of risks such as illegal fundraising, illegal securities, and illegal futures and achieve early warning, creating a new model of local financial risk prevention and control. In 2021, Guangdong has achieved the resolution of multiple financial debt risks, and the non-performing loan ratio of , listed company risks, and P2P stock risks continue to decline.
has the following experiences and practices worthy of attention and promotion:
First, builds and operates the Guangdong Provincial Local Financial Risk Monitoring and Prevention Center, and Prevention and Prevention Center uses artificial intelligence , big data, cloud computing , blockchain and other financial regulatory technologies to steadily promote the construction of the "Golden Eagle System" of the local financial monitoring and Prevention System.
Secondly, works together to promote the reform of rural credit cooperatives in the province, opens reform assistance through market-oriented methods, builds a stable development mechanism of "injecting capital, injecting, and injecting intelligence", and merges and reorganizations through various methods.
Finally, the safe exit of the P2P outlet platform and the precise collection of a number of key leading platforms.
In the future, Guangdong needs to continue to strengthen the financial risk warning and prevention mechanism and capacity building.
Gradually promote the docking of institutional rules
Southern Daily, Southern+: The financial interconnection of Guangdong, Hong Kong and Macao has a long way to go. How should Guangdong accelerate the financial interconnection of the three places?
Easy to Jian: First of all, in addition to the docking of platform data docking, payment system docking, credit reporting system, etc., as well as the reform and innovation of financial market connectivity such as Shenzhen-Hong Kong Stock Connect, Wealth Management Connect and Exploring "Insurance Connect", "New Stock Connect" and "Carbon Market Connect", more importantly, needs to gradually promote the docking of institutional rules.
Secondly, with the in-depth advancement of Guangdong-Hong Kong-Macao Greater Bay Area construction, needs to take bigger and faster steps to explore and build a financial rule system that is in line with the international situation, realizes the integration of the financial market, and take the lead in building a financial operation rules and institutional system with Chinese characteristics in line with international practices.
Finally, in order to connect with the offshore RMB offshore market and further solve the problem of interconnection in the offshore market, can consider research and discussion on the pilot opening of offshore account in Qianhai , Nansha and Hengqin based on the IBFs opened in the United States.
Improve the aggregation capacity of high-end financial factors
Southern Daily, Southern+: How can Guangdong achieve a leap from a financial province to a financial strong province in the future? How should Guangdong's financial industry further deepen reform and opening up to achieve greater achievements?
Easy to Jian: In order to achieve a leap from a large financial province to a strong province, Guangdong needs to continue to increase reform and opening up of the financial industry, increase support for the construction of international financial hubs, and enhance the aggregation ability of high-end financial factors.
The further reform and opening up of Guangdong's financial industry is mainly reflected in the following aspects:
promotes the opening up of the financial industry and improves the organizational system of the financial industry. needs to start from the perspective of serving the real economy, especially promoting the development of high-tech industries and meeting the people's needs for a better life, vigorously promote the development of science and technology finance and wealth management industries, and vigorously promote the development of digital finance to improve the efficiency of financial resource allocation;
enrich the innovation of the financial product system and promote high-quality economic development. adheres to financial innovation serving the real economy and scientific and technological innovation, and protects the complexity and diversity of the financial ecosystem and encourages the diversified development of financial product innovation under the principle of maintaining the bottom line of no financial systemic risks. It can be considered to encourage orderly innovation in the fields of financial technology , technology finance, entrepreneurship finance, shipping finance, financial leasing, cross-border finance, financial risk management, and financial cross-border supervision; innovate the green financial product system to help the sustainable development of the economy. In this regard, financial institutions need to be encouraged to develop differentiated financial products, and guide and support qualified financial institutions and enterprises to issue climate bonds, sustainable development-linked bonds, transformation bonds and other green bonds and green bonds financing tool ;
actively promotes the internationalization of the RMB. expands the scope of FT account applicable subjects and deepens the FT account function; continues to improve the facilitation level of cross-border settlement and other services, actively promotes the application of RMB denominated settlement in cross-border fields, and supports Hong Kong and Macao RMB clearing bank to participate in the mainland interbank lending market ; explores the development of digital RMB cross-border payments, and promotes the application of digital RMB in cross-border e-commerce, cross-border tourism and other fields;
actively promotes the interconnection of Guangdong, Hong Kong and Macao financial markets, and accelerates the construction of an international financial hub. further promotes the in-depth docking of the financial markets of Guangdong, Hong Kong and Macao, opens up the onshore and offshore financial markets, promotes the healthy development of multi-level capital markets, and steadily promotes the interconnection of the financial markets of Guangdong, Hong Kong and Macao; and gradually promotes the docking of institutional rules. With the deepening advancement of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, it is necessary to take bigger and faster steps to explore and build a financial rule system that is in line with the international community, realize the integration of the financial market, and take the lead in building a financial operation rules and institutional system with Chinese characteristics and in line with international practices; clarify the positioning of the financial development and financial opening of the central cities of the Guangdong-Hong Kong-Macao Greater Bay Area, and build the Guangdong-Hong Kong-Macao Greater Bay Area into a network-based international financial hub with complementary advantages, cooperative competition and coordinated development.
[Reporter] Li Hualian
[Author] Li Hualian
[Source] Southern Media Group Southern + Client
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