Article 1
The Influence of China's Financial Marketization Reform on Economic Development
The deepening of financial marketization affects the economic development of China, and the economic structure has also changed. Based on this, this paper mainly summarizes the connotation of financial marketization, analyzes the reform of financial marketization from different angles, and discusses the relationship between financial marketization and economic growth and economic structure optimization.
[Keywords:] financial marketization; Reform; Economic development; affect
Through the exploration of financial marketization, we realize that socialist economy is usually a market economy. To make it develop healthily and rapidly, it is necessary to change the traditional planned economy model to a market economy model. In this process, financial marketization plays a more important role. Economic marketization reflects the requirements of financial marketization to some extent. Theoretically speaking, economic marketization is the premise of financial marketization.
1 Overview of financial marketization in China
1. 1 the connotation of financial marketization in China
Finance is the main product of the development of socialized commodity economy, and it is also the general name of monetary financing. The development of commodity economy has brought China into the market economy, and gradually broadened the financial execution channels. It not only improves the efficiency of capital allocation in China, but also expands financial institutions to a certain extent, meeting the needs of all aspects of financial activities. With the reform of economic system and the development of commodity economy, people begin to pay attention to the role of finance. Around the development of commodity economy, finance has also begun to reform gradually. The main purpose of financial reform is to realize the transformation from planned economy to market economy. Therefore, China's financial marketization is a process from planned finance to market finance. China's financial marketization has rich connotations, different connotations from different angles, different financial execution methods and different contents. According to the implementation mode, we can conclude that the content of financial marketization includes three aspects: the first is to improve the planned operation of credit activities and establish relevant implementation systems according to the market mechanism; The second aspect is to broaden financing channels by developing direct finance; The third aspect is to restore the regulatory role of the interest rate mechanism and promote the marketization of interest rates. According to the financial constitution, we can draw five aspects of financial marketization: reshaping the financial system according to the development of market finance; Turn state-owned banks into real financial institutions through commercial transformation; Gradually improve the financial market system; Improve the direct financial supervision and establish a sound financial system; By improving the foreign exchange management system, we will expand the scope of financial opening to the outside world.
1.2 procedures for financial marketization reform in China
In recent years, the market-oriented reform of China's financial industry has focused on deregulation and gradually established a multi-level market-oriented financial system. For the relaxation of access management, there are both internal and external relaxation of the financial industry. Internal relaxation is mainly to encourage private capital to enter the financial market and promote the property rights reform of financial institutions. Encourage private capital to participate in the reform of capital increase and share expansion in banking, securities and insurance industries. In addition, it also supports private capital to participate in microfinance companies. On the premise of strengthening management and preventing risks, the financial industry has increased the participation of private capital and further enhanced its ability to serve agriculture, countryside and farmers.
In the process of market-oriented reform, the financial industry also encourages financial innovation, circumvents administrative control in various ways, and constantly responds to various market demands. In the process of financial marketization reform, interest rates and exchange rates have also been reformed, a market-oriented interest rate system has been constructed, the application of market-oriented products has been expanded, and the marketization of interest rates has been promoted. In the process of promoting interest rate reform, it is necessary to improve the central bank's interest rate regulation system, dredge interest rate transmission channels and establish interest rate pricing mechanism. In the exchange rate reform, floating exchange rate is managed on the basis of market supply and demand, which keeps the stability of RMB exchange rate. In the reform of financial marketization, we will expand the opening of the financial industry to the outside world and support financial institutions to carry out domestic and foreign activities in various ways.
2. The impact of financial marketization reform on economic development
2. 1 Impact of financial marketization reform on private economy
There is a positive correlation between financial marketization reform and economic development. Through the reform of financial marketization, a mature financial market has been formed, which has made the financial system more perfect and promoted the social and economic development. The main reason is that a perfect financial market can reasonably guide social resources and use more resources in the production field, thus promoting economic development.
To some extent, the higher the degree of financial marketization, the more developed our economy will be, especially the private economy will develop rapidly. With the continuous improvement of the status of private economy in China's national economy, it has gradually become the overall driving force and source of China's economic growth. It is also the main way to increase employment opportunities and promote industrial transformation. Under the background of economic development dominated by private economy, its credit financing has hindered the development of private enterprises; At the same time, it is not conducive to the overall economic and social progress of China. With the reform of financial marketization and bank interest rate, the property rights of state-owned commercial joint-stock system have become clearer, and the business objectives of state-owned banks have also begun to change. Some private enterprises with good benefits have also begun to receive support, which has solved the problem of lack of private funds and promoted the development of local private enterprises.
2.2 the impact of interest rate reform on economic development
The reform of real interest rate has promoted economic development. China's financial system is dominated by state-owned banks, which occupy a monopoly position, resulting in weak competitiveness among banks and relatively low efficiency in the use of bank loans. Loans from some non-state-owned enterprises account for only a small part. It shows that the fundamental reason for the inefficient allocation of financial resources in China is that the interest rate mechanism has not played its application role. With the gradual deepening of financial market-oriented reform, the adjustment of bank interest rates has reduced the proportion of interest rates used by state-owned banks, which not only improved the competitiveness within the banking industry, but also improved the operational efficiency and utilization efficiency of funds, and promoted the rapid development of China's economy.
2.3 the impact of the improvement of the degree of monetization on economic development
In the reform of financial marketization, the degree of monetization has been improved, the level of financial deepening in China has been continuously improved, the efficiency of financial intermediaries has been further strengthened, and the ratio of actual income to output has gradually expanded in the process of industrial development. It directly promotes economic development and expands the scope of economic development.
3 Conclusion
The reform of financial marketization has expanded the scope of China's economic opening and solved the problem of foreign trade. In addition, the marketization of interest rates has been continuously promoted, and a market benchmark interest rate system has been established, further strengthening the market pricing mechanism. The exchange rate reform has gradually enhanced the flexibility of the RMB exchange rate and effectively adjusted the market supply and demand. This series of institutional changes constantly promote the economic development of China. Generally speaking, the reform of financial marketization has fundamentally promoted economic marketization.
Main references
[1] Lei Xiaoyu. The influence of financial marketization on the development of private economy ―― An empirical study based on 1999-2007 [J]. Business Times, 20 14 * * * 28 * *: 57-58.
[2] Research on the process of financial marketization in various regions of China and its impact on macro-economy ―― an empirical study based on investment and farmers' income [D]. Chongqing: Chongqing University, 20 10.
the second
On the Development Prospect of International Finance
Abstract: With the continuous development of China's economic level, some problems have emerged in the international financial field, which have attracted more and more attention in the international arena. On the basis of this article, it gradually evolved into an internal and external balance problem. Under different historical conditions, international financial theory can be divided into three stages: germination, formation and development. At the same time, the increasingly serious global trade imbalance and the global financial crisis triggered by the American subprime mortgage crisis put forward new requirements for the development of international financial theory.
Keywords: financial theory; Currency; External balance; Economic crisis;
In recent years, new problems have emerged in the field of international finance. In the field of international finance, it has also attracted great attention from the international community, and international finance has therefore become the forefront of the economy. Policies and markets that can achieve external equilibrium; The New palgrave Dictionary of Monetary Finance explains International Finance and Motivation of International Finance Research under Various Conditions. The meaning of external balance is defined as "a threat that constitutes its international obligations, not a country's external debt path." On the basis of existing research, this paper studies this problem from the perspective of international finance, currency and finance under the constraints of external balance and internal checks and balances, and puts forward a solution on the basis of external balance scheme. As an independent discipline, international finance embodies the unity of history and logic. Gradually evolved into an internal and external balance problem. Under different historical conditions, international financial theory can be divided into three stages: the formation and development of flower buds.
First of all, international financial theory is still in its infancy.
This period was mainly before the Second World War, and the major economies of all countries were closely related to trade. The foreign balance of payments in this period is reflected in the existence of the price and cash flow mechanism of the gold standard through the foreign trade balance. From15th century to17th century, mercantilist currency was the only form of wealth, which was more or less the standard of measurement and the currency of national wealth. The principle of mercantilism, represented by Thomas Munsell, is to expand commodity exports, restrict commodity imports, generate trade with money, increase trading currency, and the currency keeps growing in constant movement.
Second, the formation of the theory of the international financial period
At this stage during the Second World War, it was implemented in the Bretton Woods system until the early 1970s. Most countries try their best to achieve the external balance goal of the United States. In fact, the dollar reserve obtained from the external balance target controls the output of the dollar to ensure the stability of gold and the dollar. This function of the Bretton Woods system is one of the important driving forces to achieve the goals of internal equilibrium and external equilibrium, thus promoting the development of international financial theory.
1. Research on the Relationship between Internal Equilibrium and External Equilibrium In his masterpiece "Balance of Payments", Mead first directly and completely discussed the internal and external equilibrium relationship under different economic conditions and analyzed the goal of realizing internal and external equilibrium in the country. It is also mentioned in the History of International Finance that the Nobel Peace Prize is also of great significance. It is worth mentioning that, although the perspective of external balance extends to the whole balance of payments, including capital flows, including trade balance, his analysis of internal and external balance does not analyze the influence of capital flows on internal and external balance in a consistent and detailed way, nor does it clearly show that it is carried out under the background of his policy measures and his main goal is to fix the exchange rate system. In fact, under the conditions of floating exchange rate system and international capital flow, the conflict between internal and external equilibrium is more profound. This is an open economic system, and in the external environment under modern conditions, their descendants have made breakthroughs in research. Mead Johnson initially analyzed the existing problems. Therefore, the theory of international finance is more abundant and complete.
2. Compared with before, the internal and external balance mechanism to achieve the goal focuses on the implementation mechanism, the basic ideas of policy regulation and policy analysis. The focus of this period has been clearly put forward. During this period, Keynesian economic thought actively intervened in this research, and the content was embodied in the combination of various policy tools to achieve internal and external equilibrium under the fixed exchange rate system.
Third, the development period of international financial theory.
At this stage, the collapse of Bretton Woods system, the flow of international capital and the rapid development of floating exchange rate system replaced the fixed exchange rate system. Under the new historical conditions, the economic problems of countries with internal equilibrium and external equilibrium are more complicated and profound, attracting international financial theory as the main research object, balancing internal and external, and achieving rapid development at the same time. With rich basic content, complete system, strong logic and distinctive features, it is an independent discipline in the late 1990s. As early as the implementation of the floating exchange rate system, a considerable number of people were able to spontaneously adjust the balance of payments, international capital flows, conflicts caused by exchange rate changes and the internal and external balance of policies, focusing on the analysis of exchange rates and the mainstream analysis of exchange rates in the asset market during this period. The results show that it is impossible to adjust the internal and external balance only by the exchange rate. Under the historical conditions that international capital flows, external balance and more serious conflicts have greatly deepened the economic interdependence between countries, the study of internal and external balance can be realized simultaneously in a deeper and more comprehensive stage.
Fourthly, the development trend of international financial theory.
Nowadays, after so many years of development, international finance has made great progress and been widely used in policy practice.
1. Development and application of intertemporal equilibrium theory Since the 1980s, the development of cross-equilibrium analysis methods has been more integrated into the micro-foundation of analyzing international financial problems.
2. Further research on the theory of international financial crisis. The American subprime mortgage crisis triggered by the financial crisis has spread from developed countries to emerging market countries, and from the financial sector to the real economy. Since the 1930s, it has been rare for it to spread widely, have great influence and have a strong impact. In this regard, domestic and foreign economists and people from all walks of life have begun to make some explanations. Simple training intensity is analyzed from Marx's virtual capital theory. For a developing country and a rising country like China, the world financial situation will be full of many unknown factors. * * * Author: college of international business shenyang normal university * * *
References:
Jiang Boke, Yang Changjiang. On the Disciplinary System of International Finance [J]. Journal of Fudan University * * * Social Science Edition * *, 2000, * * * 5 * *: 67-76.
[2] Jiang Boke. The development trend and theoretical frontier of international financial theory [J]. Financial research. In 2002, * * * 9 * *: 7- 17.
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