China'S Downward Pressure On The Economy Is Not That Big For The Time Being.

The global sharing finance 100 person forum, Shenzhen spring summit, was held by the global shared finance 100 person forum.

Director of the global shared finance 100 person forum Academic Committee and director of the people's Bank Financial Research Institute

At the meeting, the downward pressure on China's economy may have been released for a short period. From the first quarter of 2016 to the first quarter of 2018, China will enter the "new normal prosperity".

Yao Yudong believes that as China's economy is likely to enter the new normal prosperity, the supply side reform will have to be fought and delayed, especially because the economy will still exist for a long time.

In the short term, some of them rebounded, complacent and bungled.

To make China's economy prosperous for a long time, we need to implement the structural reform of the supply side of the central government, and put the reform in place in the spirit of "artisan spirit", which is the most fundamental guarantee.

Yao Yudong pointed out that

Has entered the new normal, from high-speed to medium to high speed pformation, and the "L shape" growth is an inevitable trend.

"The growth rate of '13th Five-Year' 6.5% will fall to about 5% in the '14th Five-Year' period, which is a big trend.

With the improvement of the per capita economy, the economy is becoming bigger and more mature, and there will be some fluctuations in the growth of the new normal "L shape".

Yao Yudong pointed out that there have been some positive signs in the domestic macro-economy, for example, in March, the new supply index of Minsheng Bank rose sharply from 37.5 last year, hitting a new high since July 2015.

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Li Daokui, Professor Freeman of the school of economics and management, Tsinghua University, said in the Symposium on economic growth and financial development in the post crisis era, although the renminbi joined the SDR, it was not a hard currency and the international community did not believe in the renminbi.

The more you issue money, the more skeptical the international community will be, so monetary policy should be cautious.

Li Daokui said that if we make a little bit more money, it will create global speculation about the depreciation of the renminbi.

This conjecture with our stock market instability and lack of legal basis will form a new risk point for the world economy.

On the contrary, China should adopt a more proactive fiscal policy.

The debt level of the central government can be raised appropriately so as to give financial investment to some local debts.

At present, Treasury accounts for only 17% of GDP in China, and this proportion has dropped in recent years.

So there is still room for China's fiscal policy.

In order to reduce corporate debt, Li Daokui agreed that Chinese enterprises should implement debt restructuring, but not a simple debt to equity swap.

Banks should keep relevant information about bad debt enterprises and establish a credit system.

In the process of debt restructuring, we should talk about the rule of law and rules, and loans for bad enterprises must be cleared according to legal procedures.