Abstract
Finance plays an important role in the economic development of the new era. In the historical process of further deepening reform and opening up, the financial industry should upgrade the level of supervision and strengthen the ability of risk prevention so as to realize the strategic goal of serving the real economy. Based on background, it's necessary to analyze the limited openness and protectionist behavior of the financial industry in developed countries, and then review the important achievements of Chinese financial industry in opening up and reform. In the new historical period, China should attach great importance to the work of financial security from the basic national conditions, improve the level of supervision and risk prevention, strengthen abilities of technological innovation, especially gradually expand the two-way reciprocal opening in the financial field, and introduce social capital into the real economy through deepening reform and effective use of financial means, so that finance can return to serving the real economy. The aim is to promote the healthy development of the national economy in the new era, and constantly improve Chinese comprehensive competitiveness in the world economic system.
Highlights
Finance is the blood of the real economy
With the complex international and domestic economic situation, China must clearly recognize that during its primary stage of socialism for a long time, the principle of development for people’s benefits should be upheld and the national interests should always be put first, to ensure that the financial industry effectively serves the development of the real economy and to enhance its comprehensive competitiveness in the world economic system
This article analyzes the issues related to further opening up and deepening the reform of the financial industry in the new era, and puts forward specific proposals to promote financial services for the real economy
Summary
Developed countries have long prided themselves on their high degree of financial freedom, but they have imposed restrictions on foreign investment under the nominal openness. From the whole financial sector of the United States, the major shareholders of major American banks are basically controlled by American capital, and foreign financial institutions have a small proportion of shares. Once foreign capital holds more than 10% of the shares in US businesses, US Foreign Investment Committee will examine them, and the results of their review of them do basically say “no.” At the same time, the United States indirectly suppresses other countries’ financial markets through credit rating agencies. In 1999, US Congress passed the Foreign Banks Regulation Promotion Act and the Federal Deposit Insurance Company Improvement Act to strengthen supervision, and passed the Financial Services Modernization Act to guide financial innovation for comprehensive operation. After Trump came to power, the financial supervision of the United States was further strengthened, and opportunities for participation of foreign investment institutions were restricted. Peaks” financial supervision model, which consolidated the central position of the Federal Reserve System, and introduced the Business Behavior Regulatory Authority and the Prudential Financial Regulatory Authority to perform their duties, in order to improve the mixed operation ability of American financial groups
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