event
On December 24, the central bank, the national development and Reform Commission, the Ministry of finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of foreign exchange, the Chongqing Municipal People’s government and the Sichuan Provincial People’s Government jointly issued the plan for Chengdu and Chongqing to jointly build a western financial center. By 2025, the western financial center will be preliminarily completed. The financial system and mechanism have been further optimized, the innovation vitality of financial institutions has been continuously enhanced, the degree of financial openness has been significantly improved, the radiation and agglomeration capacity has been continuously enhanced, the regional strategic position supporting the “going global” of RMB has become more prominent, the financial ecological environment has been significantly optimized, and the financial business environment ranks in the forefront of the country.
comment
It is of great strategic significance for Chengdu and Chongqing to build a western financial center. In October this year, the CPC Central Committee and the State Council issued the planning outline for the construction of Chengdu Chongqing dual city economic circle, pointing out that an important growth pole of high-quality development should be formed in the west, and the market-oriented allocation of capital, labor force, technology and other factors should be accelerated. The landing of the western financial center is of great strategic significance for building a double-layer economic circle in Chengdu Chongqing.
This year’s central economic conference pointed out that “we should deeply implement major regional strategies and regional coordinated development strategies to promote the coordinated development of the East, central, West and northeast regions”. At present, the western region is facing the dilemma of overcapacity in traditional industries and urgent adjustment of economic structure. In the financial field, the major urban circles and regional economic circles in the East monopolize most of China’s financial resources. Therefore, only by establishing financial centers in western cities, gathering regional financial resources and generating aggregation effect, can we effectively feed the western region and promote economic development.
It is conducive to promoting the coordinated economic development of the western region. Western China is rich in resources in population, land, minerals, ecology and culture, but it has been facing the problems of insufficient investment, insufficient resource development and low utilization efficiency for a long time. As mentioned in the western financial center plan, it is expected to promote the revitalization of rural financial services, promote the reform and innovation of green finance, and promote the innovative development of supply chain finance and trade financing, which will play a role from point to area and drive the economic prosperity and development of Sichuan, Chongqing and surrounding areas.
Pay attention to the direction of digital RMB and intellectual property protection. The plan focuses on financial services in the field of scientific and technological innovation, proposes to support Chengdu to accelerate the construction of an intellectual property financing service platform based on blockchain technology, and creatively proposes to explore and promote the market-oriented valuation and transformation financing of scientific and technological achievements, which will be beneficial to “re research and development” enterprises. In addition, the plan also mentioned to steadily promote the pilot of digital RMB, accelerate the implementation of research achievements in financial technology fields such as blockchain, and pay attention to the direction of digital RMB.
Risk warning: the epidemic situation fluctuates beyond expectations; Downstream demand is lower than expected; The effect of production reduction was less than expected.
