How to Drive the New Normal Development of Economy through Innovation

The new economic normal is an important judgment of China's strategic promotion of market economic system reform, and it is also the fundamental feature of economic and social development and operation in the coming period. Its trend background includes: from high-speed growth to medium-high-speed growth, from scale expansion to quality and efficiency, from dependent increment to optimal growth, from traditional mode to innovative mode. It can be summarized as "medium and high speed, stressing quality, adjusting structure and emphasizing innovation". Finance is an important part of modern service industry and a supporting force for serving the real economy. In the strategic pattern of the new economic normal, the financial industry also needs to change the traditional business philosophy and growth model, adapt to the development requirements under the new normal, adapt to the actual needs under the new normal, and understand the market demands under the new normal. And "innovation-driven" is the only way to adapt to the new economic normal and realize the new financial normal.

First, enhance competitiveness through financial model innovation.

Under the guidance of the strategic layout of the new economic normal, the pace of deepening reform in various fields of the economy will accelerate. The "troika" of consumption, investment and import and export will all enter the stage of "upgrading". This includes not only the optimization and sublation of traditional development mode, but also the creation and expansion of new economic growth mode. For a long time, the modernization of China's commercial banks and the promotion of national economic reform are in the same strain, and some banks are more familiar with or even more adapted to the traditional economic operation mode. Usually manifested as follows: first, enterprise management relies on scale expansion; Second, the profit model relies on heavy capital business; Third, market expansion depends on price competition.

In the new normal environment, commercial banks need to adapt to the adjustment and upgrading of industrial structure, keep up with the pace of the new normal, and build their core competitiveness in line with their own endowment advantages and market positioning.

The first is to set reasonable development expectations. Economic development has changed from high-speed growth to medium-high-speed growth, and the mode of economic development has changed from extensive growth of scale and speed to intensive growth of quality and efficiency, which is the policy orientation and development requirement of the new normal. The business expansion and profit model of commercial banks also need to follow the overall macro-economic law and operational tone. The profitability and business growth of a single financial institution should not rely on simple scale expansion, but should be based on the characteristic premium formed by differentiated competitiveness; We should not seize the market by taking excessive risks, but have the ability to accurately price and scientifically realize risk premium; We should not only pay attention to short-term current income, but should continue to obtain strategic premium through forward-looking planning and layout. In the future, the expectation of a single financial institution for its development speed will inevitably return to reality and rationality.

The second is to grasp the development opportunities scientifically. With the transformation of economic development model to quality growth and innovation growth, new business models such as specialization of enterprise advantages, platformization of business operation, digitalization of profit opportunities, cross-border cooperation of industries, and internetization of customer behavior will gradually become the mainstream. At the same time, in the environment of interest rate marketization and high competition, the traditional profit sources of financial institutions such as banks are also facing challenges. The original source of income may become a free field, but the original service gap may also become a value-added space. Financial institutions need to constantly optimize the sources, forms and prices of their assets and liabilities in a dynamically changing environment, seize business opportunities by applying big data and cloud computing, and transform the direct interest collection and charging model into a diversified income model.

The third is to innovate and build competitiveness. The Third Plenary Session of the 18th CPC Central Committee defined the reform direction of "giving full play to the decisive role of the market in resource allocation". Commercial banks are not only competitors in the market, but also financial service providers in the real economy. The real demand of the real economy represents the market's willingness and demand for resource allocation. For example, the Central Economic Work Conference clearly pointed out that in the field of consumption, personalized and diversified consumption will present the mainstream direction; In the investment field, there will be more and more investment opportunities serving new technologies, new products, new formats and new business models, which need new investment and financing methods to provide support; In the field of import and export, cultivating new comparative advantages has become the focus. For commercial banks, some competitive advantages based on traditional models may turn into disadvantages, and emerging industries in the embryonic stage may create more financial development space. This requires commercial banks to keep a keen grasp of market trends, think early, plan early and make early changes in industrial layout, customer layout and organizational structure layout, and put innovative thinking into the whole process of business philosophy, strategic planning, business management, product research and development and service provision, so as to forge new service capabilities under the new normal and maintain core competitiveness.

The second is to improve service efficiency with financial product innovation.

Products and services are the direct contact point between the financial industry and the real economy, and also the most intuitive standard to test the effectiveness of financial services. The quality of financial services to the real economy is reflected in the sufficiency, efficiency and pertinence of the supply of products and services. With the new normal of economy and the continuous advancement of social modernization, the objects, demands and channels of financial services will undergo profound changes, mainly as follows:

First, emerging industries require the integration of financial products. Traditionally relying on the comparative advantage of low-cost labor, its driving ability is weakening, and economic growth will rely more on the quality of human capital and technological progress. Industrial structure and enterprise advantages will also be more based on intellectual capital and technological innovation. This change requires that financial products can effectively meet the operation and development characteristics of innovative industries, science and technology industries and intelligence-intensive industries. We should not only provide appropriate service support at different stages of the enterprise life cycle, but also be good at grasping the positioning of enterprises in the industrial chain and value chain, and horizontally form a cross-border comprehensive service portfolio. In the past, the traditional product model, which only focused on tangible assets, pledges and mature enterprises, may not fully adapt to the direction of industrial innovation under the new normal in China.

Second, the emerging enterprise form requires the refinement of financial products. From the perspective of national strategy, emerging industries, service industries and small and micro enterprises will play a more prominent role in the industrial structure, and miniaturization, intelligence and specialization of production will become the new characteristics of industrial organizations. The power and vitality of economic development will come more from the creation of new market value. In addition to the necessary traditional basic products, the customer needs faced by financial institutions such as banks are more diversified and personalized. The creation, supply and service mode of financial products emphasizes customer-centeredness, and it is more necessary to sink the service center, refine the service thinking and adapt to the small and micro characteristics.

Third, customer behavior habits put forward requirements for the technology of financial products. With the deep popularization of information technology and internet technology, the behavior of enterprise residents will be more dependent on information channels, technical channels and network channels. Financial institutions also need to innovate products and services, improve management efficiency, and monitor and control risks with the help of new information technology. This requires financial institutions to better understand and apply science and technology and promote the close combination of finance and technology. It is necessary to accurately grasp the opportunities and challenges brought by social internetization to the financial industry, actively integrate and cooperate with the Internet business model, and use emerging technologies to improve service quality, improve response efficiency, expand financial coverage, and save financial costs. At the same time, we should pay attention to the emerging risks brought by informationization and networking, and use new technical means to deal with and control them.

Third, enhance market vitality with financial regulatory innovation.

Effective supervision of innovation inevitably requires regulatory innovation. The purpose of supervision is to keep the risk bottom line, maintain financial stability, and build a unified, transparent, orderly and standardized market environment for market players. Faced with the profound changes and innovation pursuit of the financial industry, regulators must constantly update the methods and means of supervision, actively adapt to the trend of financial innovation, and achieve a dynamic balance between "releasing vitality" and "managing risks".

First, improve and optimize the system of laws and regulations. The legal system of financial supervision should be closely related to the direction of deepening reform, and there should be a space for legal exploration of directional and trend scientific financial innovation. Under the framework of the new economic normal, based on the basic characteristics of "medium and high speed, emphasizing quality, adjusting structure and focusing on innovation", we should respect the innovation law of market players and adapt the legal and regulatory system to the requirements of the new normal. From the perspective of the development of the banking industry, the integration of industry and finance, the linkage of investment and loan, the information exhibition industry and diversified risk management and control are all important topics that need attention. They also need to be clarified and standardized through the improvement and revision of laws and regulations, enrich the service functions and means of commercial banks, and make banks and their clients have space, vitality and regularity in innovation.

The second is to improve the supervision method. Market access, off-site supervision and on-site inspection are more closely linked, and the "full business cycle of banks" supervision is seamlessly connected.

The third is to update the regulatory tools. Strengthen data-based, network-based and information-based supervision means, and enhance the forward-looking, targeted and timely monitoring of indicators.

The fourth is scientific classification supervision. According to the strategic operation path of banks with characteristic development and differentiated competition, we should build a supervision system suitable for different types of financial institutions, release the vitality of differentiated development, and promote the diversity and * * * of the financial ecosystem.

The fifth is to strengthen supervision and cooperation. Cross-market and cross-border financial behavior is an important manifestation of financial innovation. Strengthening cooperation among regulators in different financial fields, enhancing regulatory linkage and improving the consistency of regulatory standards in time are important measures to prevent emerging risks. Especially for emerging business forms such as Internet finance, we should adhere to the principles of innovative supervision, moderate supervision, classified supervision and coordinated supervision. The harmonization of regulatory standards is conducive to reducing the cross-border arbitrage expectations of financial institutions and reducing the so-called "innovative" behavior aimed at regulatory arbitrage. Really guide the motivation of financial innovation to the real demand of services, reduce the unnecessary cost of "catch me if you can" and give full play to the positive role of scientific financial innovation.

The new economic normal will push the financial industry into a new stage of reform and development, and "innovation-driven" is the fundamental driving force and the only way for finance to adapt to the new normal. Commercial banks need to look for opportunities under the new normal, reduce the risk of transformation, build competitiveness, actively adapt to the new requirements, changes and rules put forward by the market, customers, peers and supervision in the process of economic reform, and achieve sustained, steady and healthy development.