Expert Consultation Meeting on "The RMB Internationalization Report 2019"
2019-03-15 IMI
Zhang Jie
Qian Zongxin, on behalf of the research group, first introduced the progress of RMB Internationalization Report 2019. The report, with the theme of “Quality Development and High-level Financial Opening-up”, highlighted that RMB internationalization required quality economic development. He also introduced the logic, structure and conclusions of the report and made some suggestions.
Qian Zongxin
During the expert discussion, the participants shared their perspectives and suggestions on the theme, structure and conclusions of the report. Wei Benhua said that the policies made in reform and opening up imposed influences on economic growth and structural adjustment respectively. He remarked that the report made an accurate selection of its theme with detailed supporting content, but some expression should be improved, and he gave specific analyses and modifications on each chapter.
Wei Benhua
Chen Weidong deemed that high-level opening-up should be a long-term goal. We should identify the essence of RMB internationalization and then discuss in what aspects high-level opening-up could be appropriate and stimulative to RMB internationalization. Since financial liberalization has different content in different times, it would be unreasonable to simply equalize openness to absorbing foreign investment. Infrastructure construction should be the foundation of RMB internationalization. We need to assess each infrastructure with consideration of technology advancement, policy adjustments and changes in foreign relations. The report should also include management measures responding to new features and factors in the market.
Chen Weidong
E Zhihuan made some suggestions in regard with the content and logic of the report and noted that the market witnessed great changes last year. Apart from understanding changes in the system and policies, we need a further analysis of the market, especially the analysis on the rules of the changes.
E Zhihuan
Guo Jianwei said that the report laid much emphasis on offering policies and statistics, but it should make a structural analysis besides the general analyses of the indicators. RMB internationalization could be push forward through regionalization in the first place, in which the report could help to decrease its path dependency via stronger publicizing. He also mentioned that the financial institutions and companies should improve their management level and risk control system.
Guo Jianwei
Qu Fengjie pointed out that the common challenge of every year’s report was the coordination of the professional external conditions and the unsatisfying basic conditions of RMB internationalization. She offered some suggestions on the report’s logic and said that she would like to see more elaboration on some concepts and logic.
Qu Fengjie
Sun Lujun considered the infrastructure construction as the micro-foundation for RMB internationalization and financial opening-up the macro one, and the latter should be more than the opening-up in the financial market. He gave two suggestions for expressions, namely the conclusions should be more concise and the diction more precise.
Sun Lujun
Zhang Xiaopu supposed that a quality development required a modernized financial system and to deepen reform, we should seek momentum from openness. Thus, financial openness was necessary and essential to realize RMB internationalization. It would also be a guarantee for efficient allocation of financial factors and an engine for quality growth.
Zhang Xiaopu
Tu Yonghong analyzed the logic of the report: high-level opening-up is the foundation of quality growth, and high-level opening-up together with quality growth form a solid foundation of RMB internationalization. She emphasized that the financial sector should facilitate the real economy.
Tu Yonghong
Finally, Chen Yulu made a concluding speech. He suggested that the theoretical logic of the report should be more rigorous and profound. In a macro context, we need to position the significance of opening-up, especially a high-level opening-up. A high-level financial opening-up required a high-level financial management. Thus, we should accurately identify the core of financial supply-side reform. In addition, he advised that the report should elaborate on the competition-oriented principle and the relationship between further opening up and financial supply-side reform.
Chen Yulu
