MA: Strengthening financial support for China's economic restructuring

-Ma's speech at the International Financial Forum 2010 Beijing Global Conference was a great pleasure to participate in the International Financial Forum, the theme of which was "global crisis and Recovery: financial contribution to international economic restructuring". Such a theme, very relevant and practical. I think it is very complicated and involves a wide range of aspects. Not only involves the adjustment of the Division of Labor in the financial industry, but also involves the free flow of production factors including labor force, breaking the trade protectionism and the reform of the international monetary system.　　Today, I just want to make some comments on how finance can support China's economic restructuring. Since the reform and opening up, China's economic development goal is not only economic growth, has always included the adjustment of economic structure. "Eleven-Five" since China has also experienced a strong impact of the international financial crisis, "growth" pressure unprecedented, but the Chinese government to increase the pace of economic restructuring has not stopped at a moment, and achieved remarkable results. Investment, consumption, export growth of the three major demand more balanced. In the 2007, the contribution rate of consumption to economic growth exceeded investment for the first time and became the first of the "troika" of national economy, and the contribution rate of consumption to economic growth increased from 50.7% to 52.5% in 2009. Three the industrial structure is more reasonable, the tertiary industry increases the proportion of GDP from the end of the 40.3% to 43.4%, the role of services to promote employment is increasingly obvious.　　With the development of the West, the revitalization of the Northeast and the rise of the central region, the economic growth rate of the western region is higher than that in the east for 3 consecutive years. In the past two years, in the process of the implementation of the international financial crisis package, we have increased the strength of financial support for economic restructuring. While actively guiding the financial institutions to maintain a reasonable credit scale and pace, in accordance with the "Help and control" of the credit policy requirements, increased the "three rural", small and medium-sized enterprises, energy conservation, regional development, strategic emerging industries and promote industrial transfer and other aspects of support. While guaranteeing the need for key projects, the loan management of local government financing platform is strengthened, and the loans to high energy consumption, high emission industry and overcapacity industry are strictly controlled. The implementation of a good differential housing policy to promote the healthy and smooth development of the real estate market.　　While strengthening financial effective supervision and guarding against financial risks, we should actively and steadily promote financial innovation, study and strengthen the ability to maintain financial system, prevent systemic risks and enhance financial sustaining economic development by strengthening the capital restraint and liquidity requirements of banks with systemic importance. One is to strengthen the "three rural" credit support. As at the end of September 2010, the main financial institutions and rural cooperative financial institutions, urban credit cooperatives, village banks and financial companies in foreign currency rural loans balance of 9.3 trillion yuan, an increase of 30.3%, higher than the same period of the loan growth rate of 11.6%, the household loan balance of 2.6 trillion yuan, the year-on-year increase of 29.8%, Higher than the same period of loan growth rate of 11.1%, agriculture, forestry, livestock and fishery loans balance 2.3 trillion yuan, an increase of 19.4%, higher than the same period of the loan growth rate of 0.7%. Second, increase the credit support to SMEs. As at the end of September 2010, the financial institutions of small and medium-sized enterprises loan balance (including bills discounted) 17 trillion yuan, an increase of 20.5%; , small business loans accounted for 34% of the new increase in corporate loans, up 11.7% from a year earlier.　　As at the end of September 2010, a total of 13 small and medium-sized Enterprises issued 14 short-term financing vouchers, raise funds of 600 million yuan, a total of 11 small and medium-sized enterprises set up bills, raise the amount of 3.74 billion yuan, involving 57 small and medium-sized enterprises. The third is to expand the financial support for private investment. The first three quarters of the social fixed assets investment 19.2 trillion yuan, an increase of 24%, after deducting the price factor, the actual growth of 21.4%.　　Among them, the private investment continued faster than the overall investment growth, private investment increased by 28.4%, state-owned and state-controlled investment growth of 19.5%, private investment cumulative growth rate than state-owned and state-controlled investment growth of 8.9%, has 7 consecutive months more than state-owned and state-controlled investment growth. Four is to increase the financial support consumption. In order to tie in with the country to expand domestic demand, especially consumer demand, and accelerate the formation of consumption, investment, export coordination to stimulate the new pattern of economic growth strategy, in recent years, increased financial support consumption.　　The proportion of personal consumption credit in total loan, from 12.3% in the end of 2008, continued to rise to 13.9% in the end of 2009, 2010 years, two or three quarter 14.5%, 15.1%, 15.4%, which strongly promoted the contribution of consumer expenditure to national economic growth. Five is to increase the financial support to the cultural industry. In recent years, financial support to cultural industry development, promote cultural reform has achieved remarkable results. One is the rapid growth of credit for cultural enterprises. As at the end of June this year, according to the preliminary statistics of the People's Bank investigation and Statistics Division, cultural, sports and entertainment category (mainly cultural enterprises) the loan balance of 91.6 billion yuan, an increase of 23.58%, compared with the same period of financial institutions all loans year-on-year growth of 4.38%. This year, a group of cultural enterprises through restructuring to achieve public listing. At present, China's a-share market has about 30 culture-listed enterprises, the total market value of nearly 200 billion yuan, the third is the increase in bond financing.　　By the end of June 2010, cultural enterprises through the inter-bank bond market accumulated short-term financing coupons, medium-term bills and other debt financing tools 55, raise 42.82 billion yuan. Needless to be, despite the 30-year average growth rate of China's economic reform, nearly 10%, the economic structure adjustment has also achieved obvious effect, but the deep-seated contradiction of unreasonable economic structure still exists. From the view of demand structure, the pulling effect of domestic demand, especially consumption, on economic growth is still to be strengthened; from the view of industrial structure, the agricultural base is weak, the industry is not strong, the service industry lags behind, and some industries have overcapacity. From the view of urban and rural areas and regional structure, the development of the Midwest is lagging behind, the living conditions and the basic public service gap between the regions and the urban and rural areas are still large.　　From the factor input structure, the resource consumption is high, the environment pressure is increased, and the constraint of resource environment is gradually protruding. The recent 17 session of the V plenary, through the formulation of China's national economic and social Development of the 12th five-year plan, will speed up the strategic adjustment of economic structure as the next five years to accelerate the transformation of economic development mode of the main direction. "To build a long-term mechanism to expand domestic demand, to promote economic growth to rely on consumption, investment, export coordinated pull change." Strengthen the agricultural basic status, enhance the core competitiveness of manufacturing industry, develop strategic emerging industries, accelerate the development of services, promote economic growth to rely on the first, second, tertiary industries synergy led to change. To co-ordinate urban and rural development, actively and steadily promote urbanization, accelerate the construction of new socialist countryside, promote regional benign interaction and coordinated development. "Significant progress has been made in achieving strategic economic restructuring over the next five years." The increase of residents ' consumption rate, the proportion of service industry and the level of urbanization have enhanced the coordination of urban and rural area development.　　Economic growth of scientific and technological content, unit GDP energy consumption and carbon dioxide emissions significantly reduced, the main pollutant emissions significantly reduce the ecological environment quality significantly improved "goal. In the Twelve-Five-plan proposal, China's determination to vigorously restructure its economy not only shows that the Chinese government is accountable to itself, but is responsible for boosting world economic growth, once again demonstrating that China is a responsible power. The recent introduction of a new round of "quantitative easing" in the United States may have some effect on the growth of the U.S. economy, but the adverse effects on the world economy and economic growth in other countries have emerged. may lead to inflation, it will also increase the balance of payments in emerging market economies to adjust the pressure to increase the risk of economic imbalances, but also caused the outflow of funds, the depreciation of the dollar is more strong expectations, resulting in asset price bubbles.　　We hope that the United States will formulate relevant policies, not only to consider the current, but also take into account the long-term, not only for their own interests, but also to take into account the other countries and the global economy. We have also noted recent reports of currency hyper-hair. It is inaccurate to say simply that the total amount of M2 minus GDP is more than the number of currencies to be issued. Now the M2 is a cumulative number. The amount of money, but also with the reform and opening-up since the overall deepening of economic monetization, will occupy more money, the speed of currency turnover, currency precipitation is also related to the amount of money. In addition, because our country financial market is underdeveloped, the direct financing scale is small, the total amount of M2 will be big.　　Of course, there are other factors that affect the amount of money. I would say that the people's bank, as the central bank, will not be allowed to passCargo expansion. Our policy objective is clear and is to promote economic growth on the basis of maintaining a stable currency. We can see the market, we are watching every moment.　　It can be said that the open market hedging operation has been ongoing. Thank you!