Expert interpretation: China's strategic thinking of global financial reform

Through the current profound changes in the international financial system, China should promote a more equitable adjustment of the global financial discourse, actively play a role in the text/Wang Yuanlong (Tianda Research Institute researcher, China Open Forum director) the outbreak and spread of the international financial crisis, fully exposed the existing international financial system of many defects and drawbacks, It is also a strong indication of the necessity and urgency of the reform of the international financial system. At the first financial summit of the G20 leaders, held in Washington, D.C., on November 15, 2008, President Hu Jintao outlined China's basic proposition on the objectives and principles of reforming the international financial system: the objective of the reform of the international financial system is "to establish a fair, just, inclusive and orderly international financial order".　　, and to achieve this goal, we must adhere to the "comprehensive, balanced, progressive, effective" four basic principles. This is China in the world economy, the international financial field in the international financial system reform objectives and basic principles of the issue of comprehensive and systematic innovative ideas. The four of reforming the international financial system has profound connotation, and the goal of reform is also internal unity and mutual Promotion: "Comprehensiveness" emphasizes the overall design, not only to improve the international financial system, monetary system, financial organizations, but also to improve international financial rules and procedures, not only reflect the general rules and principles of Financial Regulation , taking into account the development stages and characteristics of different economies, the "balance" is to pay attention to the overall balance, balancing the interests of all parties to form a wider and more effective participation of decision-making and management mechanisms, in particular, to reflect the interests of emerging markets and developing countries; "gradualism" emphasizes gradual reform.　　In the premise of maintaining the stability of the international financial market, first easy after difficult, phased implementation, through continuous efforts to finally achieve the goal of reform; "effectiveness" requires effectiveness, all reform measures should be conducive to the maintenance of international financial stability, promote world economic development, conducive to improving the well-being of the peoples of the world. The basic contents of China's participation in reforming the international financial system include: to enhance the voice of emerging market countries and developing countries, to give international financial institutions more regulatory functions, to strengthen the supervision of reserve currency issuers, to steadily promote the diversification of the international monetary system and to strengthen regional monetary cooperation.　　In the light of the above objectives, basic principles and basic elements of China's reform of the international financial system, and taking into account the complexity and long-term nature of the reform of the international financial system, we believe that in the future reform of the international financial system, China should first of all focus on the following aspects.　　First, play China's role in Asian financial cooperation. With Asia as its strategic backing, China will play its role in the financial cooperation in Asia and strive for more geo-economic space. Asia is the fastest growing global economy in recent years, Asia's trade and financial integration is an irreversible trend, China's rise can not be separated from Asia, should be based on Asia as a strategic support: first, the smooth and rapid economic development of Asian region can create a good environment for China; second, China in Asiahas taken a more dominant role in the affairs of the World, the promotion of Asia's position in the global economic and political field will effectively promote China's development; again, the process of financial cooperation in Asia has accelerated in the aftermath of the financial crisis, This process will promote the reform of the international financial system and the promotion of the Voice of the Asian countries in the field of international finance, and China should make a difference.　　Of course, the development of Asia can not be separated from China, China has become the largest trading partners in many Asian countries, the rapid development of China's economy has provided important external impetus for the development of these countries.　　Second, to work with emerging markets and developing countries to promote reform. Unite other emerging market countries and developing countries to jointly promote the reform of the international financial system. Emerging market countries and developing countries have many common ideas in the post-crisis international financial system, and if they can unite and work together, they will undoubtedly strengthen their voice in the international financial arena and promote more radical reform of the international financial system.　　Therefore, China should promote the consensus of the emerging market countries and developing countries on the reform of the international financial system through the "BRICS" leaders ' talks and the Sino-African Cooperation Forum.　　Third, to improve China's pricing power in international financial markets. To build an international financial centre, deepen the linkage between Hong Kong and Shanghai, and improve China's pricing power in international financial markets. The establishment of the International financial Center contributes to the improvement of China's financial system and the improvement of the pricing and discourse power in the international financial field, thus promoting the development of the real economy. March 2009, the Chinese government has issued a decision on the construction of Shanghai International Financial Center. In the future, we should further strengthen the implementation of the relevant policies, consolidate the status of Hong Kong as an international financial centre and accelerate the construction of Shanghai's international financial centre.　　At the same time, we should actively explore the rational and effective division of labor and Cooperation between Shanghai and Hong Kong, promote the comparative advantage between the two places and build an international financial center system in line with China's strategic interests.　　Four, enhance the renminbi in the International monetary system status. We should promote the internationalization of RMB and enhance its position in the International monetary system. The internationalization of the renminbi will also help China's position in the international financial system and promote the process of diversification of the international monetary system. Although the internationalization of RMB is a long-term process, it is necessary to start from a strategic point of view to create the necessary conditions for the internationalization of the renminbi. To promote the internationalization of RMB at the same time, it is more important to prevent the possible risks in the process, so that the process of RMB internationalization conforms to the stage of China's economic development and serves the needs of China's economic development. (Source: "Lookout" Newsweek)