How to remove financial corruption?

"China Economic Weekly" chief commentator Niu Wenxin

Recently, anti -corruption in the financial industry has continued to deepen and increase its strength. The investigation and punishment of financial cases has been widely launched. From the central to the local government, from managers to operators, from current jobs to retirement, the disappearances are frequent.

On May 6, He Xingxiang, the former vice president of the National Kai -China Bank, was prosecuted; on May 18, Sun Guofeng, the director of the Central Bank Monetary Policy Department, was investigated; on June 10, Feng Heian, former director of the Shandong Securities Regulatory Bureau, was investigated ...

There is no doubt that it is very fast to eradicate financial corruption. After all, once financial corruption causes losses, it is often an amazing amount. However, we are also worried: under the current financial operation mechanism, the pressure of anti -corruption is still large.

It is said that in the context of the short -term financialization, the survival of small and medium -sized private enterprises. For example, in 2020, the outbreak of the new crown pneumonia. In order to help private small and medium -sized enterprises relieve difficulties, financial aspects increased their loans to them, but the loan was put down, but the deadline was short. As the epidemic improved, the central bank's currency tightened, and the bank had to recover the "epidemic loan", which caused small and medium -sized enterprises to face greater operating pressure. Later, the policy of "renewal and non -loan" was introduced before the situation was relieved.

This is the question: the central bank's monetary policy is relaxed and tightened, and the bank lending and lending can be switched instantly, but does the real economy, especially manufacturing enterprises? From the purchase of raw materials to the organization to produce, to sales, repayment, and the invalid investment during the epidemic period (such as the living employee life, corporate equipment maintenance, etc.), it must be able to return to the bank The owed "epidemic debt" is a short -term task that can be completed in a short time?

Not only now. In 2010, monetary policy suddenly shifted from extreme loose to extreme tightening. What was the result? A large number of small and medium -sized business owners have returned bank loans by usury loans. Contrary to the situation of the real economy, by 2012, China's "national finance" has gradually entered a good situation, and illegal fundraising and "mouse association" and other financial chaos have been reported.

In recent years, China Finance has paid more attention to the feelings of the real economy, but a key issue of China Finance -short -term financial issues has not been able to get effective cracking. The short -term financial resources that can meet the demand for industrial capital are becoming increasingly scarce. This scarcity will inevitably lead to the strength of financial capital relative to industrial capital. So, is "strong financial" one of the soil that constitutes financial corruption?

Therefore, it is necessary to pull back financially to serve the real economy, and we must severely eradicate corruption in the financial field. At the same time, we should also seriously reflect on: What is the root cause of financial corruption?

The scarcity of long -term financial resources means that the financial scale and term structure have not fully matched the economic volume and structure. If we do not meet, the root of financial corruption will be difficult to eradicate.

Historical experience has long proven that the shorter the financial period, the more serious the financial market, the more impetuous, the more empty, and the desertation from the real economic needs, and the more they are fascinated by the real economy. Therefore, we have called for a long time: Chinese finance must implement supply -side structural reforms. The core is the long -term finance, that is, the establishment of "mainly capital finance, supplemented by monetary finance, mainly equity finance, supplemented by debt finance", in line with it, in line with The financial structure of China's economic structure characteristics can go out of the financial road of Chinese characteristics.

(This article published in "China Economic Weekly", No. 11, 2022)

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