Li Jin: China financial reform calls for speech in the South

– twenty on the development of the real economy[editor's note]20 years ago,Deng Xiaoping “speech in the South” core content is advocated as liven,promote the planned economy to the market economy system transformation. After 20 years in Zhejiang on suspicion ofWu YingThe essence is the financial system as liven,monopoly capital and private capital conflict. “Wu Ying should not kill the” Internet discussions,reflects the social reform of the financial system the strong appeal. This newspaper believes,supports the small and medium-sized enterprise and vivid folk capital financial system reform is urgent task. China must once again ideological emancipation,follow the “speech in the South” spirit,to break the monopoly in finance,financial system reform of small and medium-sized enterprises to save,save the real economy in china. Prior to this,the development of the real economy has published 19 review articles,this is the twentieth article.Newspaper commentator Li JinJanuary 18th to February 21st,it is Deng Xiaoping south inspects 20 anniversary day.Deng Xiaoping in 1992 “south make one’s rounds”,is a Chinese contemporary reform history that milepost sense has on the history event. “Southern” significance in where? Simply put,it solved when China reform facing the biggest problem,namely,want to take market economy way problem,is the focus of power and rights.However,Deng Xiaoping’s southern tour speech commemorating the 20 anniversary appears to be political or academic. At present,the media attention is to happen in Zhejiang to save Wu Ying of Dongyang event. It appears to be associated with “speech in the South” spirit has a deep connection,because this matter results in relation to the financial reform and devolution and receive right problem.Wu Ying is a typical bottom figures,one of only 31 young people aged,the failure in usury,abyss,eventually took on suspicion of fraud in this way. People on a fund-raising suspect sympathy,a large part of the existing financial system from dissatisfaction. From the official public materials,fraud charges appear to be established. But public opinion gives the diametrically opposite views. In January 18,2012 the Zhejiang Province High Court of second instance based on fund-raising fraud ruled Wu Ying’s death,just a half a month,the case law has evolved into together events,a man named “Wu Ying case opinion summary”Micro-blogHigh density,daily update relevant comments; China scholars in universities and well-known lawyer sent a letter to the supreme law for the plea; some websites set up “Wu Ying the damn” poll,most voters think Wu Ying sin not unto death.CaseLawOrder and social public opinion so deviation,it is rare. In this sense,the Wu Ying case that Wu Ying is not just as an individual life,people will rise to whether protection market economic reform problem to know. The Wu Ying case,the financial system reform in China: where to go to the problem clearly put forward.Study on the Wu Ying case to study the Wu Ying case in the background. We live in a market economy still needs to be developed in a particular historical period,a folk financial merit the intersection of the era,one’s thirst for capital and current capital supply system conflict has intensified and open period. When the folk finance during normal operation,the relevant departments to it; when there is a problem and severe sanctions,the vicious spiral ought to reflect the time. Small and medium-sized enterprise losses or the tense capital chain,our financial system should provide guarantee is it right?? What is the entity economy development up to standard,or financial group’s own rapid development as the standard,this is the system construction more serious topics.Reform and opening up for 30 years,the financial market is still not fully open,enterprises especially the private enterprise financing from the formal channels can not meet,one will have to look for other channels,can say to do not have private finance is no private enterprises today’s contribution. In the existing capital supply system,folk financing must exist. Because the bank capital supply,there will be a large number of the person that does a business to reach the bank funds.Financial monopoly results,one aspect is that corporate from the formal channels to market prices can not borrow money,on the other hand is the underground financial market extremely active but also extremely dangerous. Private enterprises in recent years dilemma cannot be attributed solely to financial industry monopoly,but further reform and perfect financial system,financial market,break the monopoly,establish a diversified capital supply system,introduced the folk financing management and comprehensive measures,this has become the consensus of Chinese market economy development. How to deal with the current economic difficulties. There are two ways: one is very important to support the real economy,especially to support small enterprises development. The two is to put vivid folk capital,support the development of private enterprises. Two aspects of this comes down to one point,is to solve the current financial system monopoly problem.Politically speaking,killed a Wu Ying,a punish someone as a warning to others. According toPeople ‘s Bank of ChinaA survey report shows,at present only Wenzhou area underground fund high amounts to 160000000000 yuan,as a “village” operation 1000000000 yuan terms,then active in 160 “Wu Ying”. Looking to the country,greatly small “Wu Ying” when thousands of.However,if not from system perspective on the case of Wu Ying,to save the financial order will be out of the question. If the killing of a Wu Ying,folk capital and can enter the financial system,to solve the current financial system monopoly,Wu Ying the great (workBlog,Micro-blogShall). In fact,Wu Ying is killed in the tragedy,will continue to occur.Hear,a famous lawyer,eight years old Zhang Sizhi published a Supreme People’s court’s open letter. In the letter,Zhang Sizhi focuses on the expression of the two viewpoints: first,Wu Ying set mostly into the local entities,a legitimate business category,so no fraud behavior; secondly,”in financial market complex situation,the solution is to open up the market,the establishment of a free,sound financial system,without breaking the arrogance of death penalty to maintain financial monopoly.”The old man put the finger directly at financial monopoly,he not only from the legal and institutional level Wu Ying case made analysis,especially the second,as is the case of dispute of the core.Wu Ying is the core of the problem is to reform the financial system,financial power is placed or collection problem. This with the “speech in the South” background somewhat similar to. 20 years ago,Deng Xiaoping’s southern tour speech is aimed at economic and the problem that control to “speak”,but has not yet taken into account to financial problems. Today’s financial problems have to “open” or “close” the crucial moment,history have striking similarities,and a turning moment has come.Power and right has been the core issue of the reform route. China’s economic reform since 1970 time later period begins,whole 1980 time are in a state of exploration. In planned economy and market economy (at that time called “goods economy”) to swing between. In addition to the initial rural reform is successful,other aspects of reform despite the attempt,but did not find breach. Deng Xiaoping “speech in the South”,the state with a clear goal of reform. Around this goal,the country soon enter the mobilization of state,gather force of reform,reform policy. “Southern”,by local leaders launched a radical decentralization movement. 1980 time also have powers,but its amplitude and width less than the “southern” after decentralization. “Decentralization” released a great reform and development energy,effective impact on the old system,in many respects,destroyed the old system for the existence of economic and institutional basis.If there had been no Deng Xiaoping bring order out of chaos,Chinese reform towards a boat may be in a different direction to go,to be “left” way to go. Deng Xiaoping was in 1992 when he said,who did not reform who stepped down is very powerful,and only he can speak the words.”Deng Xiaoping’s southern tour speech” thoughts are transformed into system. Today socialist market economy basic system,are in the era of the establishment,including the 1994 tax reform,on 1998 the central bank system reform etc.. But after 1990 time metaphase to “catch put greatly small” as the core of the reform of state-owned enterprises. “Catch put greatly small” policy appears in executive process a number of issues,mainly because people can see the loss of state-owned assets. But without this process,state-owned enterprises have no way out. Through the 1990′s restructuring,China basically achieve a relatively balanced economic structure,namely the state-owned enterprise and private enterprise,the balance between large enterprises and small and medium enterprises balance,the balance between state and market.Deng Xiaoping’s southern tour speech greatest legacy is what? Is the spirit of reform,market economy spirit,put authority to enliven the spirit. On the market economy from the theoretical point of view,to further develop and perfect the market economy system reform and the improvement of means,including economic and political aspects of the social system,maximize the action of market economy mechanism,at the same time,make up and correct the market economy mechanism is insufficient,make whole countryman economy and society is comprehensive and healthy the development of.On how to maximize the action of market economy mechanism,should be based on the market economy theory to reveal the mechanism of market competition and market equilibrium (price) precondition,reform and improvement in a variety of social system and habits,so that as much as possible to meet and comply with these conditions.First of all,the market equilibrium exists between the first premise condition of perfect competition. In market economy,each economic main body not to market price decision has the significant influence,between the industry and the regional resources can move freely between each economic main body,capable of equity of access on the market and price information and can freely participate in or withdraw from the market competition.Therefore,let the market economy normal operation,must control the monopoly enterprises and individual existence,reduce and limit of large enterprises on competitive market monopoly,open a variety of market information and eliminate some enterprises and officials about the information monopoly and operation.Secondly,market equilibrium second premise condition is the market exists generally,namely the requirement of market economy in all factors of production and products have the right to ownership and use of clear,use or consumption of the ownership and the use rights must be paid the price through the market,at the same time,the market exists generally,the exchange or trade fair.Obviously,these 20 years,the Chinese state-owned enterprise ownership reform and clear company property right,build and breed includes the capital and labor and other factors of production,market,are conducive to meet the market economic conditions. However,the reform of these respects is only just beginning,need to further expand and deepen. Today,China is in many ways have faced a similar situation before the “southern”,there are some aspects such as financial situation is more grim. Many aspects of the reform does not stop,always is unable to find breach,some areas appear even retrogression phenomenon.There is a strange phenomenon,some places say repeatedly repeatedly shouted to reform,but reform is always halt the troops and wait “”. In some places,some government departments often do two things: the first is in a cocoon around oneself. The second thing “white slavery”. If there is no underground banks,our private enterprises cannot come today,underground why is illegal,because there is no law. Underground banks if it can operate in the sun,the government can tax,can be regulated,can solve the problem of financing small and medium enterprises,to create employment,what is there against it? In fact,civilian capital force is very big,so long as we recognize it,hold it,guide it,it will be possible to economy development brings strong power.Whether the 2011 financial market requirements,or the fourth national financial market expectation theme,the reform of the financial system and promote financial market interest rate market into the domestic financial system reform is the most important question. Because the interest rate is the price of capital in financial markets. If the price is not through the effective mechanism to form,cannot let the interest rate be financial market based on the effective allocation of resources,a mature market. Can say,come nearly 20 years,the marketization of interest rate has been the core of financial reform.No doubt,the current interest rate of financial market price mechanism twist not only financial resource allocation,such as a large number of financial resources is flowing into the real economy but the influx of high risk investment market,which leads to many vulnerable industries and enterprises serious financial crowding-out effect; but in the financial market order is more difficult to establish,such as civilian usury,shadow bank flood,local government financing platforms,the excessive expansion of commercial bank profit growth,huge potential financial risks continue to accumulate. In this case,comprehensively promote the Chinese financial market liberalization of interest rate has been imminent. With the marketization of interest rate and do is open financial market,absorbing civilian endowment participate in market economy,formed a new financial system.The current domestic financial system reform and reform of interest rate market is not mature condition immature,but how to break through the existing interest groups and institutional barriers to promoting the reform of the problem. Because,the current completely distorted the benchmark interest rate system not only leads to the whole financial market resource allocation serious inefficiency,it is also a minority interest and for the vast majority of the interests of plundering the wealth transfer mechanism. The mechanism of the interest relations of path dependence has become the current financial market interest rate market reform is the biggest barrier. Don’t break the interest group hinder financial reform pattern,the domestic interest rates will face significant obstacles. In fact,China’s financial market and the marketization of interest rate is the most important issue interest major adjustment problems,rather than to the reform on financial market facing the impact and influence of the problem.It is difficult to understand,a Wu Ying case can cause world attention,attention degree is not inferior to Deng Xiaoping’s southern tour speech memorial.Good understanding,a Wu Ying case can cause the world attention,and Deng Xiaoping’s southern tour speech is the requirement of the times is very similar to.A planned economy to a market economy,one is monopoly economy to a market economy,the same requirements: decentralization liven.If the past 30 years of reform is “feeling stone to cross a river,so more difficult financial reform may be carrying a head across the river. Across the path is clear,the resistance is strong. Of course,not every man would be drowned in crossing the river,but there will always be people who will become the pioneer of the martyrs,especially without vignettes of private entrepreneurs,sacrificing probability obviously much larger.Instead of rack one’s brains makes Wu Ying folk credit offerings,as exploring how the folk credit opening. If this mapping out the underground financial characteristics make the regulatory framework of the basis,that is Wu Yingzhi. I hope it can arouse the financial sector on the introspection of the reform on financial reform,seeking to reverse driving force.Capital market to be flooded usury disorder. In the tube at the same time,they should consider the next step the government how to delegate,what rights should be put to the society,what right the government should firmly in hand,it is needed to continue to explore. This is the current financial reform focus. The reform of monopoly industries is the main task that economic system reforms. Suit with this photograph,is to promote the folk capital into the financial sector,and in turn into energy,transportation and the social sector,which can not only alleviate the economic development difficult,but also can promote the development of socialism modernization. The reform of monopoly industries is the main task that economic system reforms,and the financial monopoly system reform is the focus of attention.Reform of the financial system of the target point very clear: to support the real economy,especially to support small enterprises development,which is a measure of financial work quality standard. The two is to put vivid folk capital,support the development of private enterprises. This is the way to realize the reform of the financial system. The road is very wide,potential is tremendous.China need again ideological emancipation,even said that China needed a second thought enlightenment,centralization and decentralization issues surrounding a great debate,for China’s reform of logic,which direction should move toward he fang. Of course,southern impossible,Deng Xiaoping as the last authoritarian strongman,we only on him before we can use the word southern. Today we commemorate the 20 anniversary of Deng Xiaoping’s southern tour,need to advocate is “south make one’s rounds” spirit.We need to carry forward “speech in the South” spirit,because the road toward the market hard,contradiction is very complex. Different from 20 years ago is now the focus of debate,the parties are no longer pure ideology “surname company”,”surname endowment” controversy,but a large proportion is different interest groups compete in decentralization issue,always hesitate about what move to make,in liven issues in a dilemma,the game’s actual intensity exceeded in the ideological struggle. Leading cadres of the attitude of reform,the key is not in the head,while in the ass. Head Qingming enlightened is not difficult,difficult in the ass is seated in the interest group there,or sit in people’s side,sitting in the central government and the socialist system with Chinese characteristics. Today’s ideological liberation and reform assault fortified positions,more than in the test of leading cadres of the party spirit and political ethics.Chinese society into a regression,regression to the need to reform the power period,China and therefore need to be “southern” spirit of education,which is not only to save the financial system reform,to save the business,it is to save our country.(the writer of Chinese Enterprise Research Institute,is China’s first million rural households reported,Deng Xiaoping in 1982 December listen to the report of rural reform,the “you have the right to speak” evaluation; Deng Xiaoping “speech in the South” after 1992,in the year the first central to write the market economic system enterprise model,a number of leading the instructions.)

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