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Yi Gang, the governor of the central bank, published an article “Building a Modern Central Bank System” in the “Guidebook for the 20th National Congress of the Communist Party of China”. The large-scale “other rescue” is a special arrangement in a specific historical period. “Self-rescue” should be the main way to deal with financial risks at present and in the future. At present, my country’s socialist market economic system has been fully established, and financial institutions and shareholders, as the main body of the market, should assume the main responsibility for independent operation, self-responsibility for profits and losses, and “self-rescue” risks. Financial institutions should establish a market-oriented capital replenishment mechanism, make provisions in accordance with regulatory rules, increase the disposal of non-performing assets, and shape a healthy balance sheet of financial institutions. Improve the incentive and restraint mechanism, respect the right of financial institutions to operate independently, and reduce administrative interference in the business activities of financial institutions. Promote the orderly market exit of insolvent institutions, and bear losses through equity clearance and discounts on large claims. (Securities Times)
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