【观点】中国财富管理50人论坛学术成员纪敏：如何有效提升金融服务经济转型升级的能力？

10月21-22日，中国财富管理50人论坛学术成员纪敏在全球财富管理论坛•2023上海苏河湾大会的主题论坛“金融业未来趋势与发展展望”上发表主题演讲。

纪敏分享了关于金融如何高质量服务实体经济转型升级的几点认识。他表示，当前从需求结构、投资结构、供给结构来看，中国经济的转型升级正在加快；金融结构也在不断服务于经济转型升级，科技型企业贷款、绿色贷款、高技术制造业中长期贷款显著提高，随着实体经济转型升级加快，我国金融业在信用评价、风险控制、组织架构以及政策支持和监管优化等方面，还面临一些挑战。未来，要从三方面有效提升金融服务实体经济转型的能力，一是鼓励金融机构创新和专业化发展；二是提升金融机构持续服务实体经济的能力；三是不断增强金融服务实体经济的市场化、法治化水平。

党的二十大系统擘画了中国式现代化的宏伟蓝图。站在新的历史起点上，面对百年未有之大变局的外部环境，面对实体经济持续转型升级的内部环境，金融服务实体经济正面临重大机遇和挑战，对高质量发展提出了更高要求。

一、中国经济的转型升级正在加快

从需求结构看，消费升级逐步展开，物质消费中改善性住房、汽车销售，服务消费中健康、文旅等占比持续上升。据有关估算，我国住房销售中的改善性需求占比已超过六成，汽车销售中新能源汽车渗透率超过85%，服务消费占比超过40%。从投资结构看，农业现代化、制造业转型升级、高技术产业投资占比持续上升。从供给结构看，优质农产品、高技术制造业、清洁能源占比持续上升。今年上半年机电产品出口占比近六成，如新三样等；2022年清洁能源占比已超过四分之一，高技术制造业增加值占比已近16%。 CXO UNION-CXO联盟（cxounion.cn）

二、中国经济转型升级对金融高质量发展的机遇和挑战

中国经济转型升级加快，也反映在金融结构上。过去一个时期，科技型企业贷款、绿色贷款、高技术制造业中长期贷款显著提速，占比持续提升。截至2023年6月末，高技术制造业中长期贷款余额2.5万亿元，同比增长41.5%，连续3年保持30%以上的较高增速；我国绿色信贷规模居世界首位，截至2023年6月末，本外币绿色贷款余额达到27.05万亿元，同比增长38.4%，高于各项贷款增速27.8个百分点。2023年9月末，制造业中长期贷款余额同比增长38.2%，比各项贷款增速高27.3个百分点。 CXO UNION-CXO联盟（cxounion.cn）

同时要看到，随着实体经济转型升级加快，我国金融业在信用评价、风险控制、组织架构以及政策支持和监管优化等方面，还面临一些挑战。对科技型企业融资为例，信用评价上难以用传统的现金流折现方式进行；风险控制上，难以用传统的抵押担保方式进行；组织架构上，传统的总分行制可能与之不尽适应；政策支持和监管优化上，还有需要进一步改善的空间，比如投贷联动的创新，就需要针对收益风险平衡特点，在资本监管、增值收益认定、风险补偿方面作出必要调整。再比如支持绿色转型发展，就需要在绿色溢价内部化方面作出必要的政策支持和监管安排。

三、有效提升金融服务经济转型升级的能力

一是鼓励金融机构创新和专业化发展。适应实体经济产业结构调整、创新驱动发展、专业分工不断深化的趋势，在监管和政策上，鼓励金融机构细分市场领域，围绕现代农业、科技创新、绿色转型、数字经济、普惠小微等经济转型的关键领域，通过适当发展专业化机构、健全专业化信用评价和风控体系、鼓励专业化产品和工具创新、规范发展中介服务组织和服务外包等途径，鼓励金融机构走专业化发展和差异化竞争的路子，有效提升服务实体经济的专业化水平。

二是提升金融机构持续服务实体经济的能力。实体经济转型升级需持续增大研发投入，风险和成本将会上升，也会对金融可持续服务实体经济能力带来挑战。对此，一方面需要金融机构自身在降本增效上下功夫，另一方面，也需要政策给予适当支持。未来一个时期，要通过丰富资本补充工具、加大盘活存量资产力度、增加财政注资和风险补偿、推动利率市场化释放资金成本下行空间等多种途径，帮助金融机构降低资金成本、增强资本实力，增强其服务实体经济的可持续能力。

三是不断增强金融服务实体经济的市场化、法治化水平。实体经济转型升级以及金融服务能力的提升，归根到底来自市场化、法治化水平的提升。要进一步深化金融供给侧结构性改革，建制度、不干预、零容忍，持续健全制度法规，减少监管自由裁量度，坚决依法打击违法违规行为，持续优化营商环境，促进公平竞争，持续释放金融有效支持实体经济转型升级的活力。 CXO UNION-CXO联盟（cxounion.cn）

翻译：

Ji Min, academic member of China Wealth Management 50 Forum: How to effectively enhance the ability of financial services to transform and upgrade the economy?

On October 21-22, Ji Min, an academic member of the China Wealth Management 50 Forum, delivered a keynote speech at the theme forum “Future Trends and Development Prospects of the Financial Industry” at the Global Wealth Management Forum 2023 Shanghai Suhewan Conference.

Ji Min shared several understandings on how finance can serve the transformation and upgrading of the real economy with high quality. At present, from the perspective of demand structure, investment structure and supply structure, the transformation and upgrading of China’s economy is accelerating. The financial structure is also continuously serving the economic transformation and upgrading, and the loans to science and technology enterprises, green loans, and medium and long-term loans to high-tech manufacturing industry have significantly increased. With the acceleration of the transformation and upgrading of the real economy, China’s financial industry still faces some challenges in terms of credit evaluation, risk control, organizational structure, policy support and regulatory optimization. In the future, we should effectively improve the ability of financial services to serve the transformation of the real economy from three aspects: First, encourage the innovation and professional development of financial institutions; Second, enhance the ability of financial institutions to continue to serve the real economy; Third, we will continue to enhance the marketization and legalization of financial services to the real economy. CXO UNION-CXO联盟（cxounion.cn）

The Party’s 20 major systems have drawn up ambitious blueprints for Chinese-style modernization. Standing at a new historical starting point, facing the external environment of great changes unseen in a century and the internal environment of continuous transformation and upgrading of the real economy, the financial service real economy is facing major opportunities and challenges, and has put forward higher requirements for high-quality development.

The transformation and upgrading of the Chinese economy is accelerating

From the perspective of demand structure, consumption upgrading has gradually begun, and the proportion of improved housing and automobile sales in material consumption, and health and cultural tourism in service consumption has continued to rise. According to relevant estimates, the improvement demand in China’s housing sales has accounted for more than 60%, the penetration rate of new energy vehicles in automobile sales has exceeded 85%, and service consumption has accounted for more than 40%. From the perspective of investment structure, the proportion of investment in agricultural modernization, manufacturing transformation and upgrading, and high-tech industries continued to rise. From the perspective of supply structure, the proportion of high-quality agricultural products, high-tech manufacturing, and clean energy continues to rise. In the first half of this year, exports of mechanical and electrical products accounted for nearly 60%, such as new three kinds; In 2022, clean energy will account for more than a quarter, and the added value of high-tech manufacturing will account for nearly 16%. CXO UNION-CXO联盟（cxounion.cn）

Opportunities and challenges of China’s economic transformation and upgrading to high-quality financial development

The accelerated transformation and upgrading of China’s economy is also reflected in its financial structure. In the past period, loans to science and technology enterprises, green loans, and medium – and long-term loans to high-tech manufacturing industries have accelerated significantly, and their proportion has continued to increase. As of the end of June 2023, the balance of medium and long-term loans of high-tech manufacturing industry was 2.5 trillion yuan, an increase of 41.5% year-on-year, maintaining a high growth rate of more than 30% for three consecutive years; China’s green credit scale ranks first in the world, as of the end of June 2023, the balance of local and foreign currency green loans reached 27.05 trillion yuan, an increase of 38.4%, higher than the growth rate of all loans 27.8 percentage points. At the end of September 2023, the balance of medium and long-term loans in the manufacturing industry increased by 38.2% year-on-year, 27.3 percentage points higher than the growth rate of various loans. CXO UNION-CXO联盟（cxounion.cn）

At the same time, it should be noted that with the acceleration of the transformation and upgrading of the real economy, China’s financial industry still faces some challenges in credit evaluation, risk control, organizational structure, policy support and regulatory optimization. For example, it is difficult to use the traditional discounted cash flow method to evaluate the credit of technology enterprises. In terms of risk control, it is difficult to use the traditional mortgage guarantee method; In terms of organizational structure, the traditional head office system may not be suitable for it. In terms of policy support and regulatory optimization, there is still room for further improvement, such as the innovation of investment and loan linkage, it is necessary to make necessary adjustments in capital supervision, recognition of value-added income and risk compensation in view of the characteristics of income and risk balance. For example, to support the development of green transformation, it is necessary to make necessary policy support and regulatory arrangements in the internalization of green premium.

Effectively enhance the ability of financial services to transform and upgrade the economy

First, encourage innovation and professional development of financial institutions. To adapt to the trend of industrial restructuring, innovation-driven development, and deepening specialization of the real economy, in terms of regulation and policy, financial institutions are encouraged to segment the market, focusing on the key areas of economic transformation such as modern agriculture, scientific and technological innovation, green transformation, digital economy, and inclusive small and micro. By appropriately developing specialized institutions, improving specialized credit evaluation and risk control systems, encouraging the innovation of specialized products and tools, standardizing the development of intermediary service organizations and service outsourcing, financial institutions are encouraged to take the path of specialized development and differentiated competition, and effectively improve the professional level of service for the real economy.

Second, enhance the ability of financial institutions to continue to serve the real economy. The transformation and upgrading of the real economy needs to continue to increase R&D investment, and the risks and costs will rise, which will also bring challenges to the ability of finance to sustainably serve the real economy. In this regard, on the one hand, financial institutions themselves need to work hard to reduce costs and increase efficiency, on the other hand, it also needs appropriate support from policies. In the coming period, it is necessary to help financial institutions reduce the cost of capital, enhance their capital strength, and enhance their sustainable ability to serve the real economy by enriching capital replenishment tools, intensifying efforts to revitalize stock assets, increasing fiscal injection and risk compensation, and promoting interest rate liberalization to release the downward space of capital costs. CXO UNION-CXO联盟（cxounion.cn）

Third, we will continue to enhance the marketization and legalization of financial services to the real economy. In the final analysis, the transformation and upgrading of the real economy and the improvement of financial service capabilities come from the improvement of the level of marketization and rule of law. It is necessary to further deepen the structural reform of the financial supply side, establish institutions, non-intervention, zero tolerance, continue to improve institutions and regulations, reduce regulatory discretion, resolutely crack down on illegal activities in accordance with the law, continue to optimize the business environment, promote fair competition, and continue to unleash the vitality of the financial sector to effectively support the transformation and upgrading of the real economy.

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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