Abstract: “Serving the real economy, preventing and controlling financial risks and deepening financial reform” are the three major tasks in the financial field of our country at present and in the future. Around the three major tasks, China will comprehensively promote the reform of the financial supervision system, and through the institutional integration and system construction of the supervision system, form a market situation of strong supervision and strict supervision, effectively promote the transformation and upgrading of the relationship between finance and real economy. The vision of the development of the relationship between finance and real economy is the virtuous circle between them. Therefore, finance and real economy should take their respective roles. Real economy should focus on developing productive forces to improve the quality of output at the supply side, promote capital accumulation and capital accumulation. Finance should focus on optimizing the allocation of resources to serve the real economy. Tools to promote capital concentration, the two should be clearly positioned to avoid functional overlap or misuse, in order to promote each other and achieve a virtuous circle between finance and real economy.
Abstract: Based on panel data covering 98 countries in the world from 1980 to 2014, this paper empirically examines the impact of real exchange rate undervaluation on economic growth and examines the differences caused by the level of development of the economy and the exchange rate system And joined the empirical evidence of China. The study found that: (1) The undervaluation of the real exchange rate as a whole will promote economic growth. (2) The economic effects of the undervalued real exchange rate will be gradually weakened with the improvement of the development level of a country, that is, the role in the high-income countries is relatively small and in the middle-income countries is relatively significant. (3) For countries with fixed exchange rate system, the real exchange rate undervaluation will promote economic growth; but for countries with floating exchange rate system, it will hinder economic growth. (4) The real exchange rate undervaluation mainly promotes economic growth by promoting industrial growth and driving exports.
Abstract: Financing bills have always been a hot topic. On the one hand, small and medium-sized enterprises are eager to use bills to reduce financing costs; on the other hand, in order to prevent financial risks, the bill law clearly stipulates that they should not engage in pure financing bills business without real transactions or creditor-debt relationship.Undevelopedsupervise technical means, resulting in model of the development of the bill market has been delayed. With the development of financial science and technology, block chain technology has emerged, which has the characteristics of distributed accounting, decentralization, asymmetric encryption, timestamp, intelligent contract, traceability and so on. It has broad application prospects in the field of bills. Starting fromfeasibility of block chain technology in supervision of financing bills, this paper studies three block chain systemson the basis of existing centralized transaction model,data block chain, bill credit rating block chain and bill transaction block chain and makes in-depth analysis to effectively supervise financing bills. As for supervision, we should strive to build a bill market management method that can not only meet real capital needs of small and medium-sized enterprises and serve real economy, but also effectively supervise and control market risks.
Abstract: Since 2018, the explosion of structured deposits has aroused common concern. The reason of scale changes and regulatory implement have triggered comprehensive discussions. How to solve the problem of the supervision of structured deposits has become the top priority. Through a comprehensive review of the international regulatory reform of structured deposits in recent years, this paper summarizes the main regulatory experiences of international organizations and national regulatory authorities in terms of defining product attributes, improving internal mechanisms, strengthening investor suitability management, strengthening compliance sales, and full information disclosure. Based on the development status and basic characteristics of China’s structured deposits, this paper provides beneficial support and policy inspiration for the next step of strengthening the targeted supervision of structured deposits.
Key words: structured deposits; regulatory reforms; international implications