Can Wall Street Of Shanxi Become A Reality?

A dialogue between Secretary Yuan Chunqing and Sally Wu, a famous journalist of Phoenix Satellite TV, has attracted much attention in the past few days. Shanxi must create its own.

"Shanxi must take the financial industry as an important pillar industry. If it can become a pillar industry, then naturally I think that"

Shanxi province has set up the "Comprehensive Experimental Zone for national resource-based economic pformation", which is the only comprehensive reform that has been approved so far. How will finance help the revitalization of the comprehensive reform area?

Compared with other provinces, the deposit balance in Shanxi is probably higher than that in provinces with the same GDP level of three to five hundred billion.

Yuan Chunqing believes that this shows that Shanxi is not short of money. Absorbing funds is not a particularly big problem, but Shanxi does not have a very developed financial industry.

For the backwardness of Shanxi's financial consciousness, Secretary Yuan Chunqing said that he would strengthen the role of the financial office, strengthen the relevant concepts of capital, market, stock and operation through the organization of the market, and strengthen the support for the financial industry.

In fact, in recent years, many scholars have made suggestions on the development of Shanxi's economy. Cui Manhong, Dean of the Graduate School of Shanxi University of Finance and Economics and Dr. Ph.D.

Its main research directions include Shanxi's economic development strategy, financial theory and policy, regional financial management, Shanxi merchants and the core value system of businessmen.

Cui Manhong once proposed to build a "Wall Street of Taiyuan" in the State Road of Shanxi, and put forward the introduction of foreign capital and private capital into local financial funds, so as to speed up the development of financial capital.

Sally Wu also noted the voice of local scholars in Shanxi and asked them in the dialogue with Secretary Yuan Chunqing.

Secretary yuan clearly stated his "positive attitude" and welcomed the development of foreign banks into Shanxi, and revealed that Taiyuan had begun to develop relevant plans for the headquarters economic zone and the financial district.

Financial creation

"To change more money, only modern financial operation mechanism can be done, otherwise the money will be" dead money ".

Secretary Yuan Chunqing conservatively estimated that Shanxi had 300 billion, while Cui Manhong called it "financial depression".

"Banks have a lot of money, but without modern financial mechanisms, they will not be efficient enough to connect resources and technology."

Cui Manhong analyzed that modern finance is the "resource" of allocating resources. The special needs of Shanxi comprehensive reform area have determined that the construction of Shanxi's characteristic financial system requires urban finance as the center and the integration of urban and rural areas. Only by constructing a financial system that meets the needs of resource based economic pformation can the rapid development of resource-based economy be promoted.

"Money can buy things, but not necessarily what you want to buy."

Cui Manhong believes that how to use money to live and make good use of the most needed place depends on the construction of a modern financial system.

This is like "financial management". The construction of a modern financial system is to create a modern "social financial management system" to provide a financial management system for the overall development of Shanxi to promote the development of Shanxi's economy.

As a resource based economy, Shanxi intends to pform and leap over development. The quickest and most direct way is to build a modern financial system and solve the problem of "efficiency" in resource allocation.

In addition, we need to rely on modern technology to solve the problem of "ability".

Modern technology can upgrade the coal industry to the modern resource-based industry, so as to do well the coal industrial chain and enhance the availability of resources, and without the capital operation mechanism of modern finance, neither of them can come together.

"Industrial pformation, finance is the core. Without a modern financial system, we can not play Shanxi comprehensive district."

Cui Manhong said.

As for why the "Wall Street of Shanxi" should be built in the north of the State Road?

Cui Manhong explained that this is due to its location advantage. On the one hand, it is located at the north part of the State Road. It is surrounded by the Construction Bank, the industrial and commercial bank, the Minsheng Bank, the savings bank, the Agricultural Bank and the people's Bank of China in Shanxi Province. On the other hand, the development space and the construction cost of the State Road are more dominant.

"But in fact, it is not important that the financial center be built on the State Road, even if it is built in Yuci or other streets."

Cui Manhong emphasized that as a carrier of modern financial system, it is the most important thing to build a modern financial functional area to form a modern financial support platform for the pformation and development of resources economy.

However, Professor Cui Manhong pointed out that the construction of a modern financial functional area in Shanxi is not just a personal view, but many scholars are calling for it.

In the process of pformation and development in Shanxi, Professor Cui Manhong expressed concern whether he could attach great importance to it and put it into practice.

During the China Fair, the new China (Taiyuan) coal trading center in Changfeng business district will be put into use. This "new concept of coal circulation operation mechanism and economic Housing Exhibition under the background of modern technology" is also proud of Taiyuan people. It is regarded as "the new era of Shanxi and even China's coal industry production, pportation and demand system rising to service area", but Cui Manhong is not excited about it.

The coal trading center, which belongs to futures trading, can only be a kind of financial instrument that integrates coal with modern finance, but it is far from enough.

Cui Manhong told reporters that there are many financial instruments that combine resources and finance, but in Shanxi, such a market has not been built, and modern resources are the carrier.

How will Shanxi build its own modern financial system?

Cui Manhong believes that in addition to building a modern financial functional area, we should also cultivate modern financial awareness, from the government to financial institutions, from entrepreneurs to ordinary people. "Everyone should take modern finance as a strategic resource for the allocation of resources in a modern market economy".

Secondly, the financial platform for the development of financial instruments that are closely integrated with the resource-based economy will provide a platform for the trading of financial commodities, including coal finance, coke finance and so on.

Thirdly, a large number of modern financial talents in the resource-based economic areas are wasting in the traditional finance of "saving deposits", which has become a "bottleneck" for Shanxi to build a modern financial system.

{page_break}

Cui Manhong mentioned in particular that we should make full use of the "first try" to build a financial system suited to the pformation of resource-based economy.

Cui Manhong explained that the financial system formed by our country for more than 30 years has not been fully adapted to the pformation and development of resource-based economy. How to use these systems in Shanxi and how to make good use of them will need to build a local financial structure system that meets the pformation and development of resources.

This requires the Shanxi provincial Party committee, the provincial government and the local financial management departments to jointly emancipate the mind, forge ahead and reform, so as to build a financial system suitable for the pformation of resources and economic reform. These practices will have a strategic reference for the pformation and development of the resource-based economy in the whole country.

Cui Manhong believes that the financial forerunner model of "rebound Pipa" should be a shortcut for Shanxi to learn from: Japan and East Asia are so successful.

Professor Cui Manhong emphasized that Shanxi's financial authorities and governments should study and make good use of the "financial pilot" mode.

It is of great significance for China and the world to explore a new way of financial industry to promote the pformation and leap forward development of resource-based economy.

Appeal for "coal bosses" to invest in Finance

During the interview, Prof. Cui Manhong said more than once, he said with words excitedly that when Shanxi had already attached great importance to the development of the financial industry, Shanxi's pformation was to pform from the traditional market economy to the modern market economy. The purpose of the comprehensive reform is to achieve this process, so we must seize the soul of the modern market economy and the most important link - modern finance.

Professor Cui asserted that if we could not grasp this core and turn around in the traditional circles, we could grow bigger, but still be traditional enterprises instead of modern enterprises.

We must break the traditional things to build modern things. This is the pformation and the leap.

After the Shanxi coal reform, the owners of private coal gathered an unprecedented amount of money. Many investment projects on the market were full of expectation for this fund movement, but rarely seen in the market.

In this regard, Professor Cui Manhong suggests that those bosses who have money in the hope that they will learn some financial investments, enhance their financial utilization capabilities, and jointly build Shanxi's modern financial platform with other financial institutions and financial organizations in Shanxi.