 In the process of forming the dual circulation pattern, what transformation and adjustment should China's financial industry make in order to better cooperate and promote the dual circulation? This is not only a new task and challenge for the Chinese financial industry, but also a new opportunity for its development. Firstly, from the evaluation of the dual cycle development pattern, it can be seen that the current level of openness of China's financial market is significantly lagging behind the level of openness of China's real economy, and there is still great room for improvement in supporting the dual cycle. The development of China's economy has reached a new stage of transformation, and more attention is paid to the positive interaction between internal and external circulation. On the one hand, the global and Chinese industrial chains and supply chains are being rearranged, while China's economic activities and investment scale in the "the Belt and Road" economies are constantly improving, regional cooperation is deepening, and China's internal industrial transformation needs more financial resources to support technological innovation innovatively. At the same time, on the other hand, the current international monetary environment has also brought new demand for RMB denominated financial assets, and China has the conditions to seize the current time window to promote the opening of the financial market. Secondly, in the process of dual circulation, the financial system needs to make innovative adjustments to better serve technological innovation and industrial transformation. With the continuous advancement of China's economic transformation, the growth space of the infrastructure and real estate industries that previously drove rapid economic growth is gradually weakening. The driving force of China's economic growth will increasingly rely on technological innovation and industrial transformation to improve total factor production efficiency and enhance the innovation capacity of the Chinese economy. The history of financial system development indicates that technological innovation cannot be separated from the cooperation and support of market-oriented and efficient financial systems. Specifically, compared to the traditional economy, the new economy has different industrial operating characteristics, and these differentiated industrial operating characteristics will bring different demands for financial services. With the transformation of Chinese industries, the new task facing the Chinese financial system is how to transfer financial resources from traditional industries to these new economic fields through financial innovation, thereby promoting the progress of the entire economic transformation. This requires in-depth research on the characteristics of the new economy in China's financial system. There are many segmented industries in the new economy, and China's financial system has the conditions to further study the new characteristics of related industries and promote innovation in the financial system serving the new economy. Thirdly, in the context of a dual economic cycle, China's financial system should pay more attention to inclusive finance, emphasize serving small and medium-sized enterprises, and serve a wider range of long tail customers. From the current development of China's financial system, it can be said that the branch network layout and other aspects are already quite large. The branch network of several major banks in China should be said to be leading among global peers, and online services have made significant progress. However, at the same time, it should be noted that there are still some small and medium-sized enterprises that do not have bank accounts, and some people may rarely use bank services. How to provide good financial services to these groups through the development of inclusive finance and the use of new technological means should be an important aspect of China's dual cycle development in the next step, and also to achieve2035An integral part of the annual growth goal of doubling again. Fourthly, the dual economic cycle requires the Chinese financial system to pay more attention to sustainable development finance and green finance. In the new stage of development, China is increasingly emphasizing sustainable development, actively controlling carbon emissions, and emphasizing that "green waters and green mountains are golden mountains and silver mountains". How can such strategic changes be reflected in the financial system? The current Chinese financial system plays an important leading role in the development of green credit and green bond markets. How can we expand green finance to include green investmentESGIn areas such as investment, promote a broader awareness of green development in China's financial system, and translate this concept into specific financial products, financial service projects, and investment projects. From the current progress, it can be seen that the green development concept of China's financial system has been preliminarily established. However, there is still a significant gap in how to translate the green development concept into specific investments and financial products, and the Chinese financial system needs to continue to make efforts. Fifthly, China's financial regulatory system needs to actively adjust and innovate in its openness. The transformation process of the economic and financial system is actually a process of changing the allocation of financial resources. During this process, there will be significant changes in the distribution of risk and return in the entire financial system, which requires the financial regulatory system to actively make adjustments. This includes the gradual blurring of the boundary between finance and technology in the development of China's fintech industry, and the need for regulatory agencies to maintain effective regulation of these risks while leaving room for innovation, in order to avoid large-scale regulatory arbitrage. Secondly, how to maintain an effective regulatory framework for macro prudential and micro prudential supervision of China's financial system under open financial market conditions, and how to actively enhance China's participation in international financial governance and expand the influence of China's financial regulatory system in the context of the increasing international influence of the RMB and the continuous opening of China's financial market How to promote regional cooperation through financial cooperation is an important task for China's future financial system to promote openness and innovation in the new environment. Overall, in the process of forming the dual circulation pattern of the economy, the Chinese financial industry is also facing many new tasks proposed by the new dual circulation pattern. These tasks can be both a challenge to the existing financial system and a huge growth space for the future of the Chinese financial system.  |
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