Huang Qinglong, president of Wang Bao, delivered a public welfare speech on Hong Junpei Culture and Education Foundation.

Huang Qinglong, president of Wang Bao, delivered a public welfare speech on Hong Junpei Culture and Education Foundation.

(Taiwan Business Daily News) on April 12, the Hong Junpei Culture and Education Foundation and the Taiwan Business Daily invited Wang Bao president Huang Qinglong to give a lecture on "Cross-Strait exchanges and Social Progress" at the National Sun Yat-sen Memorial Hall. President Huang talked about cross-strait exchanges with his background in news communication and media management for many years, and made a systematic introduction to the current situation of Chinese mainland, which benefited the public a lot.

Huang Qinglong started with the "eight principles of Xi" recently implemented after Xi Jinping took office. He said that the idea of "making some people rich first" in the Deng Xiaoping era has become the high-handed, conservative but open economic system that we are familiar with in the past. With the development over the past 60 years, the power of the Communist Party is closed, giving rise to the problem of privilege and corruption. The same was true of Taiwan's KMT at that time. In order to check and balance these problems, Taiwan finally achieved an economic miracle through the opening of party bans, newspaper bans, and various "ten innovations in the country." Xi Jinping's "Xi's eight principles" has a certain flavor.

Huang Qinglong, president of Wang Bao, delivered a public welfare speech: Taiwan cannot stay out of the wave of reform in China.

Huang Qinglong, president of Wang Bao, said that the third Plenary session of the CPC Central Committee last year decided China's policy for the next decade, of which the most concern was the establishment of a leading group for comprehensively deepening reform and the establishment of the National Security Council, both of which were led by General Secretary Xi Jinping and aimed at further consolidating his power. Huang Qinglong said: China is both the factory of the world and the market, and it is closely connected with the world. China has a deep understanding of its own position on globalization, and there are too many internal problems. If we do not carry out structural reform, the economy will not be able to resist external pressure.

After the third Plenary session of the CPC Central Committee, after a shortage of money in June and a slow economic growth rate of 7% in the second quarter, Taiwan businessmen felt that this year's economic undercurrent was surging and surging, and they were no longer as optimistic about China's prospects as they used to be. The most obvious situation is that China's economic growth has slowed, from ten-digit economic growth in the past to 7.5% this year, while China's local fiscal debt is serious, indicating that the previous model of relying on government investment to boost economic growth can no longer be effective.

The third Plenary session of the CPC Central Committee mainly involves the establishment of new anti-corruption mechanisms and institutions, economic reform programs (the core of which is to adjust the central and local tax distribution system), and plans for the transformation of local government functions. At the third Plenary session of the third CPC Central Committee, the Shanghai Free Trade Zone will only serve as a "model" for the central government to introduce policies to promote economic transformation in various places.

The new anti-corruption mechanism includes three main contents. First, local courts are independent of local governments and local political and legal commissions, which are directly led by Beijing through the Supreme Court, and funding and personnel are decided by the Supreme Court. The second is to separate the Supervision Bureau and the Anti-Corruption Bureau from the administrative sequence, follow the model of the Federal Bureau of investigation, and become an independent top-down independent body, not under the leadership of local governments and party committees. The third is to strengthen the role of the people's Congress. Strengthen the immunity of NPC deputies, make NPC deputies truly act as people's deputies, exercise supervision over officials on behalf of the people, and endow them with greater impeachment power through legislation.

The second content is the continued reform and opening up of the economy. Among them, the policies of agriculture, rural areas and farmers widen the gap between the rich and the poor due to the development differences between cities and villages due to the policy bias. In the process of urban development, it also aggravates the problem of land annexation. Some farmers who have lost their jobs or land are transformed into floating population to make a living in cities and towns, thus bringing the problems to cities and towns. In a vicious circle, the issue of agriculture, rural areas and farmers continues to expand into a national social phenomenon.

This problem also occurred in the early days of Taiwan, so the past experience of rural reform was regarded as a very important learning object by the mainland, and our rural credit ministry and farmers' associations became the indicators of their rural finance. In addition, rural urbanization, the liberation of the rural household registration system, railway construction, etc., the former urban and rural households and the enjoyment of resources are uneven, resulting in the phenomenon of population crowding into the cities. At present, the mainland is carrying out plans for the economy of domestic demand and moving to the west. The reform of the household registration system is undoubtedly an important milestone.

China's financial industry is currently dominated by six major state-owned commercial banks. The assets of these six banks account for 2/3 of the total assets of commercial banks, and each of the four banks in China Industrial and Peasant Construction accounts for more than 25 per cent of GDP. This pattern makes it easy for banks to make money by lending to other large state-owned enterprises, which themselves dominate industries such as energy, transport, telecoms and commodities. However, it is not as convenient for ordinary people to borrow or obtain financial services as in Taiwan, and small and medium-sized enterprises are springing up in China. The third Plenary session of the CPC Central Committee has made important changes in finance.

At present, if China's financial reform is to continue to deepen, it needs several fundamental breakthroughs: the first is the market-oriented reform of interest rate, the second is the exchange rate reform, the third is the establishment of deposit insurance mechanism, and the fourth is the internationalization of RMB. All financial reforms are designed to achieve more marketization, which gives different financial institutions equal opportunities for competition; for small and medium-sized financial institutions, the most important thing now is not to become bigger but stronger.

In the interest rate section, the interest rate marketization plan has been reported to the State Council. The short-term goal is to establish and improve the independent pricing mechanism; the short-and medium-term goal is to improve the central bank's ability to regulate and control interest rates; and the medium-term goal is to fully realize the marketization of interest rates.

With regard to the marketization of interest rates, the Wall Street Journal said that there is still a ceiling on deposit rates in mainland banks, harming the interests of consumers and making banks rely too much on the profits brought by interest spreads. In the part of exchange rate, analysts believe that the fluctuation range of RMB exchange rate will be gradually expanded, the frequency and intensity of central bank intervention in the market will be reduced, market participants will be expanded, more financial institutions and enterprises will be introduced into the interbank foreign exchange market, and foreign exchange trading products will be enriched.

In the part of capital account, speeding up the convertibility of capital account will also be an important part of the next stage of financial reform. According to authoritative sources, the convertibility of capital projects may be accelerated and a breakthrough will be made in the next two to three years.

With regard to the deposit protection system, the Wall Street Journal reported that the third Plenary session of the CPC Central Committee will establish the reform of the banking industry, starting with the establishment of a bank deposit insurance system to start private capital into the banking industry. Xinhuanet also pointed out that the relevant regulatory authorities have stated that they will liberalize market access and encourage private capital to set up banks.

In addition, the internationalization of the renminbi will also be highlighted at the plenum, mainly in loosening capital controls, including reducing obstacles to overseas funds investing in China's stock and bond markets. After years of rapid growth, the challenges of the mainland's economic structural imbalance and transformation and upgrading are becoming greater and greater, and this third Plenary session of the CPC Central Committee has become the best time for a new generation of mainland leaders to promote reform. China is already a part of globalization. Taiwan's "anti-China" or "fear of China" sentiment should calm down and have a clear understanding of the situation in order to make the best layout of the world in this torrent.

Huang Qinglong, president of Wang Bao, small file

President Huang Qinglong graduated from the Department of Journalism of the National Chengchi University, a visiting scholar of the East Asia Institute of Columbia University in the United States, and a visiting scholar of the Northeast Asia Policy Research Center of the Brookings Institution in the United States. he was a reporter of the United Press, director of the political group of the Independent Evening News, chief editor of the China Times Evening News, director of the China Times network contribution department, and chief editor of the China Times.

Hong Junpei Culture and Education Foundation 103 commonweal speech