论文部分内容阅读
"It was a long time before the Western countries formed their own developed market economic systems. And they paid expensive cost and price. However, China cannot follow the traditional Western way of spontaneous evolution, because we do not have time and space to evolve freely and redevelop. Moreover, we do not have enough money to pay for spontaneous evolution."
"System and market can be built. The combination of economy and politics can compensate for the market defect in China's economy."
From 1994 to 2004, China went through a decade of reform. During the decade, we kept developing, solving problems and moving forward to higher targets. Originally, the China Development Bank was just a government's legal financial institution. In the market, it financed to promote the project and system construction, relying on government credit. It found a developmental financial way which was different from fiscal financing and commercial finance. Every movement of the China Development Bank was about thinking and practicing how to serve our nation in a marketization mode. It took a new look at the relationship between government and market.
The ten-year practice of the China Development Bank made me profoundly realize the great significance of a healthy market system to the development of China's economy. Although we could not finish the market construction within one day, we had to try hard to do it. It was a long time before the Western countries formed their own developed market economic systems. And they paid expensive cost and price. However, China cannot follow the traditional Western way of spontaneous evolution, because we do not have time and space to evolve freely and redevelop. Moreover, we do not have enough money to pay for spontaneous evolution.
I believe that system and market can be built and the combination of economy and policy can compensate for the market defect in China's economy. Developmental finance means we should take advantage of government's resources and high energy to promote the project and system construction by marketizing financing. Benign interaction development will be formed between government and market so that the complete market mechanism would become the endogenous dynamic of economic development.
If we are armed by advanced theory, the effect is striking. After the meeting held in Yan'an, the China Development Bank established the position of developmental finance. It took advantage of high energy of government's credit to promote the project and system construction by financing in all programs. The policy offset the market and system defect and realized the success of program construction and system construction. It became an indispensable part of China's financial system. Between Government and Market: An Extremely Wide Road
"The ten-year Exploration of the China Development Bank built and tamped down the wider and wider 'bridge' between government and market with the goal of market construction. It started a new developmental road which was different from traditional policy-type banks and commercial banks."
At present, the developmental finance construction market has moved from a national key project to urban infrastructure, social bottleneck, livelihood and even "Going Global" field. Financing services extend from a medium to long-term financing in a single program to comprehensive commercial services which serve government class and enterprise class customers. Utilizing development financing theory, we offset the market defect constantly, cultivate and enhance endogenous energy of economic subject development. In this sense, the support that the China Development Bank gives to provincial economy successfully changes from 'giving' to 'producing' by cooperation of economy and politics with market construction at the core.
We can also see the benefits of cooperation of economy and politics from handling the financial crisis. In 2008, under the new situation of 4-trillion economic stimulus plans, people had great hopes for the financing platforms that were set up by the China Development Bank and local governments. During that period, financing platforms increased fast and more and more commercial banks invested loans to the platforms. They made huge contributions to handling international financial crisis, accelerating local government investment and increasing domestic demands.
As the founder of financing platforms, developmental finance guaranteed financing platforms to grow healthily with its special system. By the end of 2011, the loan balance of the China Development Bank financing platforms had been 23737 trillion Yuan, equivalent to 56% of all banks' RMB loan balance and 26% of the national financing platform loan balance of the same period. Nonperforming-loan ratio of financing platforms was only 0.2%.
Finance is a coin. Supporting development and preventing risks are front and back sides of the coin. It is same with financing platforms. They increased the economy. Meanwhile, local governments burdened more debts inevitably. As the economy downside risks were gradually eliminated, people started to pay more attention on the risks of financing platforms and its potential pressure on banking operation. The investigation of the China Development Bank shows that we still need to improve operational modes of some financing platforms. For example, some financing platforms have relatively backward legal-person systems and lack independent markets. Some do not own enough productive assets so that their self-management abilities are weak. It goes against the marketizing operation. The debt repayment systems of some financing platforms are onefold and the repayment mainly depends on government subsidies and transferring the proceeds of land. We found these problems while developing so we have to solve them to develop better.
If developmental finance is the bridge between government and market, finance platforms are abutments and bridge piers that support the bridge. The ten-year Exploration of the China Development Bank built and tamped down the wider and wider bridge between government and market with the goal of market construction. It started a new developmental road which was different from traditional policy-type banks and commercial banks. Maybe this was the unique contribution we made to China's financial ecology and financial system.
"System and market can be built. The combination of economy and politics can compensate for the market defect in China's economy."
From 1994 to 2004, China went through a decade of reform. During the decade, we kept developing, solving problems and moving forward to higher targets. Originally, the China Development Bank was just a government's legal financial institution. In the market, it financed to promote the project and system construction, relying on government credit. It found a developmental financial way which was different from fiscal financing and commercial finance. Every movement of the China Development Bank was about thinking and practicing how to serve our nation in a marketization mode. It took a new look at the relationship between government and market.
The ten-year practice of the China Development Bank made me profoundly realize the great significance of a healthy market system to the development of China's economy. Although we could not finish the market construction within one day, we had to try hard to do it. It was a long time before the Western countries formed their own developed market economic systems. And they paid expensive cost and price. However, China cannot follow the traditional Western way of spontaneous evolution, because we do not have time and space to evolve freely and redevelop. Moreover, we do not have enough money to pay for spontaneous evolution.
I believe that system and market can be built and the combination of economy and policy can compensate for the market defect in China's economy. Developmental finance means we should take advantage of government's resources and high energy to promote the project and system construction by marketizing financing. Benign interaction development will be formed between government and market so that the complete market mechanism would become the endogenous dynamic of economic development.
If we are armed by advanced theory, the effect is striking. After the meeting held in Yan'an, the China Development Bank established the position of developmental finance. It took advantage of high energy of government's credit to promote the project and system construction by financing in all programs. The policy offset the market and system defect and realized the success of program construction and system construction. It became an indispensable part of China's financial system. Between Government and Market: An Extremely Wide Road
"The ten-year Exploration of the China Development Bank built and tamped down the wider and wider 'bridge' between government and market with the goal of market construction. It started a new developmental road which was different from traditional policy-type banks and commercial banks."
At present, the developmental finance construction market has moved from a national key project to urban infrastructure, social bottleneck, livelihood and even "Going Global" field. Financing services extend from a medium to long-term financing in a single program to comprehensive commercial services which serve government class and enterprise class customers. Utilizing development financing theory, we offset the market defect constantly, cultivate and enhance endogenous energy of economic subject development. In this sense, the support that the China Development Bank gives to provincial economy successfully changes from 'giving' to 'producing' by cooperation of economy and politics with market construction at the core.
We can also see the benefits of cooperation of economy and politics from handling the financial crisis. In 2008, under the new situation of 4-trillion economic stimulus plans, people had great hopes for the financing platforms that were set up by the China Development Bank and local governments. During that period, financing platforms increased fast and more and more commercial banks invested loans to the platforms. They made huge contributions to handling international financial crisis, accelerating local government investment and increasing domestic demands.
As the founder of financing platforms, developmental finance guaranteed financing platforms to grow healthily with its special system. By the end of 2011, the loan balance of the China Development Bank financing platforms had been 23737 trillion Yuan, equivalent to 56% of all banks' RMB loan balance and 26% of the national financing platform loan balance of the same period. Nonperforming-loan ratio of financing platforms was only 0.2%.
Finance is a coin. Supporting development and preventing risks are front and back sides of the coin. It is same with financing platforms. They increased the economy. Meanwhile, local governments burdened more debts inevitably. As the economy downside risks were gradually eliminated, people started to pay more attention on the risks of financing platforms and its potential pressure on banking operation. The investigation of the China Development Bank shows that we still need to improve operational modes of some financing platforms. For example, some financing platforms have relatively backward legal-person systems and lack independent markets. Some do not own enough productive assets so that their self-management abilities are weak. It goes against the marketizing operation. The debt repayment systems of some financing platforms are onefold and the repayment mainly depends on government subsidies and transferring the proceeds of land. We found these problems while developing so we have to solve them to develop better.
If developmental finance is the bridge between government and market, finance platforms are abutments and bridge piers that support the bridge. The ten-year Exploration of the China Development Bank built and tamped down the wider and wider bridge between government and market with the goal of market construction. It started a new developmental road which was different from traditional policy-type banks and commercial banks. Maybe this was the unique contribution we made to China's financial ecology and financial system.