Digital currency saves central financial crisis

1.

Ant technology is almost zero cost financing, through various forms of packaging debt, repeated borrowing, and then irresponsibly lend money to young people who have no ability to repay. This is basically bringing the crazy financial crisis of Wall Street in 2008 to China. The real capital market is changeable and more cruel than you think

ant technology's blood sucking through online loans has been picked out by many people. Zhou Xiaochuan, former governor of the Central Bank of China, also said at the Boao Forum of Asia recently that Internet technology giants controlled a large amount of data and market share, formed a monopoly and hindered fair competition, which led to the decline of Alibaba's share price

if Google can freely use users' personal information in financial business, it can also become the largest lending institution in the world. Google doesn't do it because American businessmen are particularly kind, but American policies don't allow it at all

as vice minister of Finance Zhou Jiayi said at the Bund financial conference, science and technology has not changed the nature of relying on credit to use leverage, supported the development of financial technology, insisted on the improvement of science and technology, prevented financial technology from incing excessive financial consumption, and encouraged the winner take all monopoly

now that the digital currency DCEP of "central dad" is on the way, can ma Yun's wishful thinking work well in the future? Let's wait and see< br />

2. Digital currency platform development needs professionals to be responsible for, but now digital currency technology has matured, the difficulty of development has become very simple, has become a standardized technology. Today's digital currency technology is not the highlight, but the application scenario of this kind of digital currency
the birth and popularity of bitcoin all over the world depends on the concept, which is in the foreword of the times. However, bitcoin has been preconceived and cannot be replaced by other digital currencies. Although some counterfeit currencies were popular for a while later, they slowly went down in the end, only bitcoin strengthened. Puyin is another shortcut, as a standard system of digital currency appears, behind the endorsement of related tea assets, its value is recognized by the society.

3.

The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision

in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020

as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value

Policy evolution of the development of digital RMB

as early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar

after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years

Figure 1: Policy Evolution of digital RMB

with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB

4. I am the same as you. As long as you have sufficient evidence to prove whether the fund is yours or recoverable, I was in the same situation as you at that time, but it has been recovered. What about yours

5.

Since the outbreak of the global financial crisis in 2008, China has adopted "active fiscal policy" and "moderately loose monetary policy"

First, the main contents of active fiscal policy are as follows:

1. Expanding government investment and optimizing investment structure. Ten measures to further expand domestic demand and promote economic growth were determined at the executive meeting of the State Council in 2008, with a total investment of 4 trillion yuan. The key investment areas include livelihood projects, infrastructure construction, key energy conservation and emission rection projects, technological transformation and merger and reorganization of enterprises, and recovery and reconstruction of disaster areas

Promote tax reform and implement structural tax rection. We should implement the transformation of value-added tax in an all-round way, improve the export tax rebate and tariff policies, adjust the collection mode of stamp tax on Securities (stock) transactions to unilateral taxation, rece the housing transaction tax, exempt the interest income tax, rece the tax burden of enterprises and residents, expand the investment of enterprises, and enhance the consumption ability of residents

3. Adjust the distribution pattern of national income and increase the scale of financial subsidies

4. Adjust and optimize the structure of financial expenditure, promote social security and improve people's livelihood, with the focus on "agriculture, rural areas and farmers", ecation, medical and health, and affordable housing projects

(5) vigorously support scientific and technological innovation, energy conservation and emission rection, and promote the adjustment of economic structure and the transformation of development mode

6. Rece the burden of small and medium-sized enterprises. In order to promote the development of small and medium-sized enterprises, the central government has substantially increased the funds used to support the credit guarantee of small and medium-sized enterprises, with a total amount of 1.8 billion yuan; 1.9 billion yuan will be allocated to support technological innovation and progress of small and medium-sized enterprises; 1.2 billion yuan will be allocated to support small and medium-sized enterprises to go out and carry out international economic cooperation; At the same time, efforts should be made to clear up all kinds of charges to further rece the burden of small and medium-sized enterprises

Increase the issuance of national debt. In 2009, 1.64 trillion yuan of treasury bonds will be issued, in 2010, 1.8 trillion yuan of treasury bonds will be issued, and 200 billion yuan of local government bonds will be issued

Second, the main content of moderately loose monetary policy:

1, interest rate policy. By the end of 2008, the central bank had lowered the benchmark interest rates of deposits and loans of financial institutions five times. The benchmark interest rates of one-year deposits and one-year loans had been lowered by 1.89 percentage points and 2.16 percentage points respectively. Meanwhile, the rates of refinancing and rediscount had been lowered

Promote foreign trade. First, increase export tax rebate; Second, the appreciation of RMB is a means to increase export competitiveness; Foreign economic cooperation and coordination (such as currency exchange between China, Japan and South Korea)

Since September 2008, the deposit reserve ratio has been lowered four times, from 17.5% to 15.5%

Financial institutions should be encouraged to increase loans for reconstruction, agriculture, rural areas and small and medium-sized enterprises

Credit policy. In early August 2008, the central bank increased the credit scale of national commercial banks to ease the financing and guarantee difficulties of small and medium-sized enterprises. In mid August, the central bank increased the maximum amount of small loans for labor-intensive small and medium-sized enterprises from 1 million yuan to 2 million yuan, The central bank decided to rece the benchmark interest rate of RMB loans and the reserve rate of RMB deposits of small and medium-sized financial institutions from September 16 to solve the problem of liquidity shortage of small and medium-sized enterprises

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< H2 > extended information:

background of China's implementation of "active fiscal policy" and "moderately loose monetary policy" in 2008:

in March 2008, Bear Stearns was purchased by JPMorgan at a low price of $240 million, and the subprime crisis continued to intensify, shaking Wall Street for the first time. In July, the Federal Reserve and the Treasury announced the rescue of Fannie Mae and Freddie Mac, the two major housing financing institutions. The US Congress approved the US $300 billion housing assistance bill, authorizing the Treasury to indefinitely increase the credit line of Fannie Mae and Freddie Mac, and to purchase their shares if necessary

In September, the US government announced to take over Fannie and Freddie; Lehman Brothers declared bankruptcy protection. As a result, the international financial crisis reached a white hot stage and swept the world. Many enterprises have declared bankruptcy, China is no exception

From July 2008 to the end of 2008, the central bank adjusted the macro-control measures of financial institutions, lowered the benchmark interest rate of deposits and loans three times in a row, lowered the deposit reserve ratio twice, removed the constraints on the credit planning of commercial banks, and guided commercial banks to expand the total amount of loans. On November 5, 2008, the executive meeting of the State Council put forward the implementation of "active fiscal policy" and "moderately loose monetary policy"

6. The economic crisis, which started from the subprime mortgage crisis in the United States, has lasted for some time. China's economy has a high degree of dependence on foreign trade (9.80% in 78, 70.01% in 2004 and 71% in 2007). Neither the financial sector nor the real economy can be left alone. Therefore, from the public opinion has been discussing whether the Chinese government will "rescue the market", to a series of economic policies, including monetary policy and fiscal policy, which started in September, has opened the prelude of macro-control intervention in the economic crisis. Judging from these policies, our country has adopted flexible and prudent macroeconomic policy, active fiscal policy and appropriate loose monetary policy to deal with the economic crisis

one. Active fiscal policy<

the State Council has decided to make a major adjustment to the fiscal policy and implement a positive fiscal policy, "this is another shift to implement a positive fiscal policy after China implemented a positive fiscal policy in response to the Asian financial crisis in 1998. In 1998, e to the impact of the Asian financial crisis, China's domestic effective demand was insufficient and the trend of deflation was obvious, resulting in weak economic growth. In this case, our government decisively decided to implement a positive fiscal policy, which not only effectively resisted the impact of the Asian financial crisis, but also promoted the economic restructuring and sustained rapid growth. Since 2004, China's economy began to walk out of the shadow of deflation, showing a trend of accelerated development. However, there are also some problems such as the excessive growth of investment in some instries and regions, and the inflationary pressure is increasing. In this case, the government has again made a discretionary choice, turning its active fiscal policy to a prudent fiscal policy since 2005. "

two. Appropriate loose monetary policy

this is also the first time that China has used the term "loose" in its monetary policy in more than 10 years. Appropriate loose monetary policy is intended to increase the money supply and play a more active role in promoting economic growth while continuing to stabilize the overall price level. In 1998, China carried out a steady monetary policy as well as a positive fiscal policy. In the second half of 2007, the monetary policy changed from "steady" to "tight" in view of the phenomenon of excessive price rise and high increase of investment credit. Now, the change of monetary policy to "appropriate easing" means a significant change in the orientation of money supply. Historically, changes in monetary policy have always been closely linked with a country's macroeconomic situation. The current shift of China's monetary policy highlights the country's determination to promote economic growth

"this adjustment is a signal that the country is boosting its economy." Yuan Gangming, a researcher at China and world economic research center of School of economics and management of Tsinghua University, believes that the domestic economy has shown signs of declining growth, and proposes a moderately loose monetary policy as a response

since last year, the growth rate of China's GDP has dropped for five consecutive quarters, and some factories in coastal areas have difficulties in operation; At the same time, the weakening of external demand makes China's exports face new pressure<

the relevant person in charge of the central bank also said in an interview that the current implementation of moderately loose monetary policy is to ensure stable growth of money and credit and sufficient liquidity of the financial system, promote stable and rapid economic growth, support the expansion of domestic demand, maintain currency stability and financial stability, and increase financial support for economic growth. Moderately loose monetary policy, on the one hand, will promote economic growth, on the other hand, will lay a solid foundation for the healthy development of the future economy

"adding the word" moderate "before" easing "is to emphasize that the scale of credit easing is not comprehensive easing, but holding pressure and choice." Zhang Bin believes that "we will pay more attention to the quality and efficiency of economic growth."

three. On September 15, the people's Bank of China decided to lower the benchmark interest rate of RMB loans and the RMB deposit reserve ratio of small and medium-sized financial institutions: from September 25, 2008, except for the instrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank of China, bank of communications and postal savings bank, The RMB deposit reserve ratio of other deposit financial institutions was reced by 1 percentage point, and the deposit reserve ratio of local legal person financial institutions in Wenchuan earthquake stricken areas was reced by 2 percentage points

brief comment: with the successive interest rate increases in recent years, the room for the central bank to increase interest rates has been shrinking. However, at the beginning of this year, the CPI index began to rise wildly, which put the financial sector in a dilemma. If the interest rate is raised to curb inflation, it will lead to the operating difficulties of small and medium-sized enterprises and the decline of the stock market, while the interest rate cut will connive at the rise of CPI. However, we can only stop adjusting bank interest rates and increase the deposit reserve ratio to achieve the effect of curbing inflation

just after the CPI index fell for four consecutive months, more importantly, the CPI index fell to 4.9% in August. Just a few days after the CPI index was released in August, the central bank suddenly announced the interest rate cut. This time, the situation is basically the same as usual. The central bank's policy is adjusted with the CPI index. The sudden interest rate cut is not only to break people's expectation of the upward adjustment of bank interest rates, but also has a lot to do with the recent shortage of funds and operational difficulties of many small and medium-sized enterprises in coastal areas

it is undoubtedly good news for the property market that the central bank ends the interest rate increase cycle and enters the policy adjustment period. This is the first time that the central bank has lowered the benchmark lending rate since October 29, 2004. It is also the first time that the central bank has lowered the deposit reserve ratio in nine years. In recent years, with the upward adjustment of bank interest rates, the loan demand of domestic residents has been graally suppressed. As for the bank's interest rate increase in the second half of the year, if the central bank raises interest rates again, it will undoubtedly have a greater impact on the depressed property market

although the central bank's interest rate cut this time is mainly to relieve the difficulties of small and medium-sized enterprises, it also shows from another level that inflation has been reasonably and effectively controlled, and the bank interest rate and deposit reserve ratio will be in a relatively stable period in the future, and there will be no major adjustment in the short term, at least no upward adjustment. Because the national financial policy generally will not be adjusted up and down in a short period of time, unless the domestic inflation worsens. The loose financial environment will bring vitality to the current development of the property market

after the doubts of ordinary residents about the bank interest rate increase have been eliminated, and under the circumstances that all real estate projects have launched special and preferential prices, the demand for residential loans may be released, which will promote the domestic real estate market to step out of the downturn and enter a healthy development period

2. On September 18, with the approval of the State Council, the Ministry of Finance and the State Administration of Taxation decided to adjust the collection method of stamp tax on Securities (stock) transactions from September 19, 2008. The current stamp tax on Securities (stock) transactions of both parties is levied at the rate of one thousandth of the current A-share and B-share equity transfer documents written by sale, inheritance and donation, which is adjusted to unilateral tax, that is, the stamp tax on sale, inheritance and donation The transferor of the A-share and B-share equity transfer certificate signed by the donor shall levy the stamp tax on Securities (stock) transaction at the rate of one thousandth, and no tax shall be levied on the transferee<

brief comment: recing stock transaction cost may increase trading volume in a short time, but the intrinsic financial risk of sustained downturn e to the setback of international stock market seems that some indicators have no cure. As predicted by J.P. Morgan economist Gong Fangxiong, "in view of the serious impact of global crisis on investment confidence, On the 18th, China's decision to adjust the stamp ty may not be able to boost the medium and long-term stock market. " It may be as if some people criticized the "cloth ticket" and "food stamps" in the past. Now, when criticizing the registered residence system, have they solved the problem? The key is to separate the rights and obligations attached to them. The implementation of unilateral stamp ty may be beneficial to the stock market in the short term< Support central enterprises to increase or buy back shares of listed companies. Li Rongrong, director of the SASAC, also said on the 18th that the SASAC has always stressed that state-owned enterprises, especially central enterprises, should become a positive force in promoting the stable development of the capital market. In the current downturn of the stock market, SASAC supports central enterprises to increase or buy back shares of listed companies< Huijin announced that it would independently purchase the shares of ICBC, China and CCB in the secondary market. In order to ensure the state's holding position in key state-owned financial institutions such as ICBC, China Construction Bank, etc., support the steady operation and development of key state-owned financial institutions, and stabilize the share prices of state-owned commercial banks, Central Huijin Company will independently purchase the shares of ICBC, China Construction Bank and China Construction Bank in the secondary market, and start relevant market operations from now on<

brief comment: the state's holding of shares and capital injection into state-owned enterprises (large enterprises) are justifiable in any ideological country. Some people have criticized the US market rescue as socialism, not to mention the rationality of the state's using public tax to rescue enterprises. As far as the state's tools for regulating the market economy are concerned, the rise and fall of large enterprises are especially related to the fields of basic people's livelihood, It is reasonable for the state to support it. But when its development is graally mature, it should strengthen its own risk early warning mechanism and immunity to resist risks< On October 5, the people's Bank of China announced that it agreed to continue to accept the registration of medium-term notes issued by non-financial enterprises from October 6

brief comment: restarting the issuance of medium-term notes will help some large enterprises to obtain working capital and ease their financing difficulties. It is not ruled out that the funds will be used to increase the shares of listed companies. At the same time, e to certain threshold restrictions on the issuance of medium-term notes, the financing help for small and medium-sized enterprises is limited< On October 5, China Securities Regulatory Commission said that it will start the pilot work of securities companies' margin trading business in the near future

brief comment: some people call it "short selling" cash out. Securities companies have difficulty in financing, especially at the moment when the stock market is in the doldrums. The implementation of this business can expand both profits and losses. The introction of securities companies' margin trading pilot is an important measure for the reform and development of China's capital market. It also injects new vitality into the current securities market and has positive significance for promoting the stable development and reform and innovation of China's capital market< On October 8, the State Council decided to temporarily exempt personal income tax on interest income from savings deposits from October 9, 2008< On the same day, the people's Bank of China decided to rece the RMB deposit reserve ratio of deposit financial institutions by 0.5 percentage points from October 15; Starting from October 9, the one-year RMB deposit and loan benchmark interest rates will be reced by 0.27 percentage points respectively, and the benchmark interest rates of other term classes will be adjusted accordingly

brief comment: these two contradictory measures have caused some people's misunderstanding. Exemption from interest tax will obviously increase personal savings and become a tax haven for personal income. At present, inflation is properly controlled, so it is not necessary to take further measures. The rection of reserve ratio is obviously a good policy for the stock market. Therefore, it can be seen that the two measures have different purposes and no intention of conflict< On October 21, the Ministry of Finance and the State Administration of Taxation jointly issued the notice on increasing the export tax rebate rate of some commodities,