To prevent and resolve financial risks, the financial management department has the latest deployment. The financial stability and Development Commission of the State Council recently held a special meeting and proposed that "with regard to real estate enterprises, we should timely study and put forward effective risk prevention and resolution response plans, and put forward supporting measures for the transformation to a new development model." The people's Bank of China recently approved the establishment license of two financial holding companies, which will establish financial holding companies for non-financial enterprises that actually control many types of financial institutions according to law and bring them under supervision, so as to promote non-financial enterprises to effectively isolate finance and industry and prevent cross infection of risks. At the level of system construction, this year's government work report proposed for the first time to "establish a financial stability guarantee fund" in order to improve the ability of systematic and cross industry financial risk prevention and control. At present, China's financial risks are converging day by day, the stability foundation is more solid, and the "safety net" of the financial supervision system is gradually woven. Looking forward to the future, we will hold the bottom line of no systemic financial risk. As the top-level design of the financial stability system, the formulation and promotion of the financial stability law will be accelerated. Take multiple measures to prevent and resolve risks At present, preventing and resolving financial risks is still the eternal theme of financial work. In the field of real estate, the financial stability and Development Commission of the State Council recently held a special meeting and proposed that "with regard to real estate enterprises, we should timely study and put forward effective risk prevention and resolution response plans, and put forward supporting measures for the transformation to a new development model." Subsequently, the people's Bank of China, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, the State Administration of foreign exchange and other departments successively released positive signals to promote the healthy and stable development of the real estate market. In addition, the people's Bank of China recently approved the establishment license of China CITIC Financial Holding Co., Ltd. (Preparatory) and Beijing Financial Holding Group Co., Ltd. "Since accepting the applications of the two enterprises to establish financial holding companies in June and August 2021, the first batch of licenses of the two financial holding companies have been implemented in less than a year, which fully reflects the importance of supervision on the standardized development of financial holding companies, further complements the shortcomings of financial supervision, and helps to prevent systemic financial risks." Zheng Chenyang, a researcher at the Bank of China Research Institute, believes that. The people's Bank of China said that in the next step, it will continue to adhere to the principles of marketization and legalization, adhere to the "two unwavering", carry out the examination and approval of accepted enterprises according to law and regulations, and promote other qualified enterprises to apply for the establishment of financial holding companies in a steady and orderly manner. The "establishment of a financial stability guarantee fund" first proposed in this year's government work report has aroused widespread concern in the market. This is not only a major institutional arrangement to prevent and resolve financial risks, but also a new exploration. "The establishment of a financial safety net is of special significance for the current stable and stable financial development." Li Peijia, a senior researcher at the Bank of China, pointed out that on the one hand, under the background of shrinking demand, slowing supply and weakening expectations, financial institutions will face an increased risk of asset deterioration in the future, especially the increasing difficulties and challenges faced by some small and medium-sized financial institutions. The establishment of the financial stability guarantee fund is conducive to the rapid disposal of problem institutions, the procedural and marketization of the disposal process, and the purpose of reducing the disposal cost. On the other hand, the establishment of financial stability guarantee fund is also an important part of building the safety net of the financial system. Through the disposal and assistance of problem institutions, it can effectively maintain public confidence and the stability of the financial market, prevent the spread of financial risks to other industries, and ensure that there are no systemic risks. Financial stability guarantee fund attracts attention The financial stability guarantee fund has a precedent abroad. According to Wang Yifeng, chief financial analyst of Everbright Securities, from the practice of developed economies, the financial stability guarantee funds mainly include the orderly liquidation fund of the United States, the single disposal fund of the European Union and the German financial market stability fund. Most of these funds are led by the financial department, and the sources of funds are divided into pre accumulation and post collection. At present, the specific system design of China's financial stability guarantee fund has not been officially announced. Insiders expect that the fund will be jointly funded by government departments and financial institutions to participate in the construction, form an effective cooperation between the government and institutional forces through market-oriented methods, and effectively improve the ability of systemic financial risk prevention and control. Different from the industry-specific guarantee funds that have been established in various sub industries of China's financial field, people in the industry generally believe that the "financial stability guarantee fund" will focus more on cross industry risk prevention and disposal, with a broader perspective. For example, the deposit insurance system of the banking industry, the insurance guarantee fund of the insurance industry and the trust guarantee fund of the trust industry are all aimed at preventing, resolving and disposing of the financial risks of a single industry. "From an overall perspective, the fssf does not focus on a specific financial industry, but pays more attention to risk prevention and disposal across industries. It may not even be limited to the financial system, but also pay more attention to the possible risks in specific fields such as the real estate industry, local government debt, large enterprises and capital markets." Ren Tao, a distinguished researcher of the national finance and development laboratory, believes that on the whole, the financial stability guarantee fund has a wider coverage and more fields, and the overall perspective is more prominent. Wang Yifeng also believes that the ability of relevant guarantee funds in a single industry to deal with some major financial risks is relatively limited, while the financial stability guarantee fund focuses on effectively resolving the systemic financial risks that may arise from problematic financial institutions, holding the bottom line of no systemic financial risks and maintaining overall financial stability. Zhang Chenghui, former director of the financial institute of the development research center of the State Council, said that the existing insurance guarantee fund and securities investor protection fund can be considered to be integrated as a financial stability guarantee fund, so as to deal with risks more efficiently. Continuous security network At present, the chassis of China's financial system is stable, and the long-term mechanism of risk prevention and control is becoming more and more perfect. Industry insiders called for further improving the top-level design of the financial stability system and continuing to "weave a secret" system safety net. According to the statement made by Yue Zhongming, spokesman of the Legislative Affairs Committee of the Standing Committee of the National People's Congress, when introducing the legislative work plan of the Standing Committee of the National People's Congress in 2022, the financial stability law is one of the legislative items to be considered for the first time in 2022. Bai Hexiang, President of Guangzhou Branch of the people's Bank of China, pointed out that the formulation of the financial stability law is conducive to improving the top-level design of financial stability, integrating the scattered and unsystematic risk disposal provisions in existing laws and regulations, establishing an overall and systematic financial stability working mechanism, improving the monitoring and early warning, early intervention and risk disposal mechanism of systemic financial risks, and making up for the shortcomings of the risk disposal system. "The introduction of the financial stability law is conducive to the legalization and normalization of measures to deal with risk events. In recent years, China's financial management departments have successfully dealt with many risk events and accumulated valuable experience." Liu Xinhua, vice chairman of the financial and Economic Commission of the National People's Congress, said that it is necessary to timely summarize relevant working mechanisms and mature practices, upgrade them to a long-term system at the legal level, and determine a complete set of measures and systems such as risk monitoring, early warning and early intervention, reform and reorganization of financial institutions, disposal and rescue according to law. (Xinhua News Agency)