Macro-Finance Salon (No. 80) Series of the 19th CPC National Congress (No. 4): Reviewing the Regulatory Reform in the Framework of the Financial Industry
2017-12-09 IMI
Wei Gejun first introduced the changes in the concept of the regulatory reform. He generalized the changes in China’s financial concept into four stages and summarized basic concepts of each stage. He pointed out that the financial regulatory reform had entered a new phase, that is, financial concepts had embraced new changes since the Party’s 18th National Congress and particularly since 2017. Mr. Wei also introduced the attention and emphasis that President Xi had attached to financial security, financial system for economic development, and his views on the relationship between market value and social value of the financial industry, on which Mr. Wei gave his further explanation.
Based on China’s financial development course and problems, Wei Geijun introduced the evolution of China’s financial regulation pattern. He thought the main aim of China’s financial development is to enhance the market value of the financial industry since the reform and opening up. Later, he introduced new regulatory policies put forward at the Fifth National Financial Work Conference and the reason of these policies. Mr. Wei pointed out that this stage is featured with the pursuit of a balance between social value and market value. Based on international practices, he discussed the essence of the reform of regulatory system from the perspective of the division and combination of regulation and summarized new regulatory concepts of this year. At last, he pointed out difficult issues of the regulatory reform to be solved in the future and shared his views on regulatory reform and regulatory conditions.
After the speech, Wei Geijun answered questions about the trade-off between regulation and innovation, the realization of regulatory coordination within the framework of new policies, the relationship between financial regulatory reform and real economy reform and education for investors, etc.
At the end of the conference, Zhang Jie, director of IMI, presented Wei Gejun the letter of appointment as the mentor of “Gintong Global Talents Program” and highly appreciated and thanked him for his speech.
