In the future, China needs to pay more attention to the four major real economic phenomena

On October 10, Li Yang, vice president of the Chinese Academy of Social Sciences and director general of Lujiazui research base of the Chinese Academy of Social Sciences, said in Shanghai that in the future, China needs to pay attention to four major real economic phenomena, namely, the global economic slowdown, the turning change of population structure, urbanization as the main engine of economic development, and the low-speed growth of the global economy in the long-term fluctuation Li Yang made the above statement at the "financial era" brand launching ceremony and the first salon activity jointly held by Lujiazui research base of Chinese Academy of Social Sciences, Shanghai Financial Industry Federation and Shanghai Huangpu District People's government Li Yang pointed out that, first of all, we should pay attention to the global economic slowdown, which will lead to the decline of national savings rate and capital return rate, and directly lead to the pressure of RMB exchange rate depreciation, thus bringing about the change of capital flow pattern Second, the demographic structure has changed dramatically With the increasing pressure of pension, there is an urgent need to establish a stable and effective mechanism for inter period allocation of savings The bond market will usher in a golden period of development The contractual savings institutions mainly composed of insurance companies and pension funds will also get greater development, thus greatly improving the requirements of Asset Securitization Third, urbanization has become the main engine of economic development The shift from industrialization to urbanization will make the investment led growth model sustainable and require the financial industry to further deepen reform Therefore, we must increase the scale of equity capital supply, timely launch municipal bonds, take a new form of policy finance, and promote the access of private capital Fourth, the global economy is growing at a low speed in the long-term fluctuations The global economic crisis mainly reflects the serious distortions of developed economies in various aspects such as economic development mode, economic structure, financial structure and financial structure over the years, that is, the low national savings rate and the high consumption and welfare in the real economy, the excessive leverage in the financial field, the high fiscal deficit rate and the government debt rate in the financial field Li Yang stressed that in the face of both opportunities and challenges, China must promote reform, establish a win-win framework for opening up to the outside world, promote further opening up of capital projects, convertibility of RMB, and more flexibility of RMB exchange rate, and actively participate in changes in global economic and financial rules, and be cautious about RMB internationalization At the same time, we must strengthen the construction of the macro Prudential policy system, the coordination and cooperation mechanism of monetary policy and fiscal policy In addition, the "financial age" brand was officially established in Shanghai yesterday The "financial era" is jointly initiated by Shanghai Federation of financial industry, Chinese Academy of Social Sciences and Huangpu District People's government It is an academic platform for strengthening information exchange, promoting theoretical research, promoting financial innovation and providing decision-making consultation This platform has the combination form of "national team + local team + club", and will undertake a series of functions such as forum, salon, training, think tank, etc.