Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, wrote an article emphasizing that China's development should be based on its own business and firmly deepen reform in an all-round way. The short-term fluctuation of RMB exchange rate is normal, but in the long run, China's economic fundamentals make it impossible for RMB to depreciate continuously, and RMB market exchange rate will continue to approach PPP.
People's Daily published the article on Friday entitled "The escalation of trade frictions in the United States will not solve any problems", and pointed out that in the financial field, in order to comprehensively optimize the institutional system, market system and product system, we must intensify efforts to develop and improve the capital market, and continue to deepen the reform of interest rate and exchange rate formation mechanism. "No external force can change the direction of China's progress. The Chinese nation must firmly grasp its destiny in its own hands. Whether we can walk more steadily depends on doing our own thing well. According to the article.
We should unremittingly promote opening-up. Finance is an important field of service industry. In order to better serve the real economy and people's life, we must further expand the opening up, enrich the market, innovate financial products and stimulate market vitality. While opening up the financial sector, we must also guard against cross-border capital outflows and hot money speculation, and resolutely avoid the emergence of bubbles in real estate and financial assets. We must make great efforts to solve some outstanding problems, such as population aging, environmental pollution, unreasonable income distribution, unbalanced regional development and inadequate innovation capacity. The financial industry has made great achievements in these aspects, which is also the proper meaning of the structural reform of the financial supply side.
"Recently, the United States has taken a series of measures to escalate trade frictions, which is not surprising to the Chinese government, enterprises and residents. We believe, as always, that this approach of the United States can not solve any problems, harm others and harm the whole world, and that the United States itself will pay a huge price for trade frictions. According to the article.
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