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加强资金扩容推动经济,快速增加GDP

 

——探讨金融市场的几个重要概念

 

Enhance and Expand Capitals to Boost the Economy and Increase the GDP

(English translation follows) 

 

金融强有力的发展,资金适当而有力的扩容,不仅直接推动经济发展,而且直接构成GDP的增量。因为工厂企业政府能获得新的所需资金,这不仅能推动生产科研等各种工作,而且增加了新的投入。稳步而强力扩容资金,需引导资金流向生产,而利润是引导私人资金几乎唯一的根本因素。

 

我国的GDP到了一个重要突破期,需要一种力量推动上一个崭新的台阶,带来GDP在相对短的时间里产生另外一次的大的飞跃。这股力量就是我们身边的金融。这里并非想全面论述现代金融,而只想讲些在现实中感兴趣的话题和带来GDP飞速跃进的力量。 

 

1.首先我们从不同角度探讨一下什么是金融? 在古代,可以财力为货币价值来保证,或者,货币本身用贵金属打造而成。现代各国都是以国家信用为保证,以物质化,或纸面化,或账面化,或电子数字化的形式,一小部分在人们之间流动,大部分在合法机构中受人指挥而流动,具有广泛与普遍商品交换的权力,我们称这种具有广泛而普遍商品交换价值的权力为货币。当货币演化为账面形态,电子形态时, 如我们仍把货币比喻为特殊商品,这在时代前进的步伐中显得有些勉强。它更多表现为一种权力。它是权力的单位,数量和符号。人们可以用电子手段,而在金融机构中,调来调去,支付来,支付去。对这套系统规律和操作的研究,就叫金融学。其中它的交换价值和流动规律是研究的主要内容。当它的流通不受政治意识形态的影响,仅受经济规律的支配,叫自由流通货币,否则,受政治影响就不再是自由流通货币。而流动中的货币是资金,暂时不参加流通即0速流通的权力即暂时储存了价值。为方便人们的使用,货币不断改变它的形态,从物质形态到电子数字形态。过去金融就基本指货币,现代货币也是金融的基础和出发点。金融顾名思义就是古代把金属融化后制造的产物,加上足够的信用保证使之具有广泛的与普遍商品交换的权力或价值。但金融还应包括商品交换,金融机构和在这些机构中货币的流动,包括一国的与跨国的流动,买卖和交换,借贷,储蓄和投资等。要使我们的工厂企业,充分掌握货币这种权力。

 

2. 现代金融是在传统金融的基础上演化出来的。现代金融和传统金融最大的不同是各项金融业务本身也成了商品,具有价格可以买卖,金融业务真正成为普通商品。例如,最传统的柜台储蓄,发展成存单,有价格可以买卖;借贷发展成债券和债务的销售,有价格,可以买卖,甚至信誉都有价格,可以买卖。至于股票,证券,外汇,商品期货,期权等从诞生的那天起,就有价格可以买卖。金融业务变得有了价格,和普通商品一样可以买卖。金融中心的货币在形态也演变成数字电子货币,进行电子数据的流动。这些一起构成了现代金融。

 

3. 我国的GDP现状如何? 三大产业中工农业是强大的,能拔世界头筹。但第三产业相对落后,无疑相对拖慢了我国的GDP。金融产业是第三产业中对国民经济最有积极意义,现在最有发展余地,相对最容易发展的产业。可以说它的规模现在决定着我们GDP的规模。

 

发展金融业,大幅度提高金融业在GDP的占比,无疑是提高GDP最快捷的手段。以国家名义扩大发行债券是扩大金融市场规模的重要手段之一。但绝不能丝毫意味着要牺牲工农业。我们不能稀里糊涂地或跟着西方说什么中国总的资金投放或债务过于庞大,这完全是没有道理的。经济能快速发展就证明了我们基本上没有超发或债务问题引发任何严重问题。不能把我们的债务水平简单和外国的债务水平相比较。因为同等规模的经济,发展速度不一样,对资金债务的需求也不一样。经济发展速度越快资金和借贷的需求也越大; 因为要保持6%的增速,企业和工厂由于对生产的产供销因而所占用的资金和贷款,和仅维持2%的增速占用的资金和贷款的规模肯定不一样。商品的循环周期虽然可以适当加速,但因运输商品的时间弹性不大,因而这是有限的。市场抵押贷款利率,民间借贷利率出奇离谱的高企,也说明了市场资金的奇缺。当然有违规的行为,但违规行为在严厉打击下,不至于影响整体市场贷款利率。只能说明社会投放的资金量不足以应付6%以上的增速。

 

我们向社会提供足够的资金,由通过发行国债,把这些资金收上来,由于国债可以随时低风险的买卖,即是具有很强的流动性,而使资金随时处于蓄势待发的状态,又不是处于盲目的状态而产生胡乱冲击。这不仅创造统计学GDP上的意义,而且丰富的较高流动性资金大大有利于经济建设。

 

中国总体债务大约是GDP的260%,而美国总体债务大约是其GDP的250%。但中国维持的经济增速是年6%以上,而美国的经济增速只是年2%左右。另外,在GDP最需要资金的第一和第二产业中,中国较大于美国,在此基础上经济增速还有较大的差距,凭什么说我们的资金和债务的需求,就要和人家一样?显然维持不同的增速需要的资金是不同的。中美最少有3倍多的经济增速差别,应此粗略估计,中国的资金应多需要2-4倍。

 

另外,出口占国民经济的比例越大,社会资金和贷款的需求也越大,因为为满足国外进口中国商品而扩大在中国产生,就需要更多的资金和贷款。

 

所以,适当加快发展金融产业,尤其加大发行国债就是发展第三产业,这对加快经济建设是必要的。这部分国债,财政和社会并非绝对不能使用,但财政部不能无计划地加大支出和任意扩大预算。财政部要根据计划预算进行支出。财政部必须把这额外的发行的债券与为财政支出而发行的国债要分开管理,两种不同管理的国债,公开数据,公开监督。社会上如借用必须要有足够的抵押。和银行的储蓄比较起来,国债可以买卖因而极大增加了社会资金的流动性,而且直接扩大了金融市场的规模。像其他项目投资一样,因新增加了政府管理(但不意味着可以随意使用)的资金,上市公司的新筹措的资金,而直接扩大了第三产业,大大增加了GDP。这不仅帮助了经济建设,而且减少社会上的游资对我们不想见的冲击,意义重大。我们积极而适当发展国债,主要是造福社会。美国也发行很多国债,而大大增加其第三产业。美国较高的GDP,主要靠的是第三产业,而第三产业主要靠的是金融业。因此,金融业占其GDP的主要比重。美国发展金融业,为求利润,不惜牺牲其工农业。而我们也应大力发展金融业,但我们绝不能以牺牲工农业为代价。中美两国制度不同,形成了和保证了这舍与得的不同选择。 美国的国债主要用于军费和政府行政开支而形成的负债,和我们完全不一样。要控制的是财政和政府行政的支出,不是国债积极而适当的发展政策。要分清两种不同的国债,不宜过于保守。

 

积极而适当地发展国债,就要适当提高国债的收益,尤其是简化方便投资交易的手续,明白而科学地表示债券参数。只有直接用债券收益率和到期日来称呼债券,区别债券,才符合国际债券习惯的做法,较科学,让人易于查找,尤其对不懂中文的人员。国债尽管安全,但收益相对低,于是方便查找债券的收益率和到期日,就十分重要,否则就剩极少数专业人员愿意投资了。这些参数的明确表示是实际交易的人员所绝对不会忽略的差别。这制度问题看似小,但影响却不可忽视。

 

股票市场的规模和功能的发挥受不合理的制度极大限制。对广大股民来说,公平分配利润是投资者关心的核心问题,极大影响股票投资方面的发展。三十多年A股的交易已证明,纯粹投机,最终会使股指低迷,而不管公司的业绩表现有多好,不管经济有多强。投机像玩游戏,你买股票,你就会在短期内全卖出它们,手中基本不留有盈利的股票,而使股价回到原点。这怎能建立股价的上升趋势?我们的股市被分割的很乱,什么A股市场,B股市场,科技股市场,H股市场。每个市场只允许不同的人进行交易,有不同的报价,这如何形成一个强大的公平的市场?我们的探空飞船,一个小的零部件损坏,更不用说关键零件损坏,是飞不上天的。火箭工程必须精益求精,同理股票市场。为什么我们的股票市场如此,还不觉?就因为太不懂股市的资本运作,太不尊重股民的意愿,太多行政的干预。上述问题不可不查,急需改进。

 

4. 国际金融中心:伦敦和纽约都处于世界经济曾经最兴旺发达地区欧洲和美国,因而成为世界首要的金融中心。如这两个城市,香港地处中国,这世界现在发展最快最发达的规模最大的地区,长期发展自然形成了优越的国际金融中心,不可多得,要珍惜爱护, 中国具有大量非资本的投资机会,而这是资本密集重要和先天的条件。没有大量的实业投资机会,世界的资金不会密集,就不会形成金融中心。资金不会凭空密集。香港地处中国,这是金融中心不可改变的先天优越条件。别的城市远离中国,下多大力量也几乎不可能弥补这不足。现在逃离香港的资金是对中美斗争开始的过分反应。对香港来说,这次中美的斗争,怎么也没1997香港回归对香港市场的冲击大。世界资本当然不喜欢有麻烦的地方,但其逐利而甘冒险的本性不会改变。就看将来的利弊得失之比。香港治暴止乱,维护国家安全,使社会局面大大稳定,只要内地市场和投资机会充分发展,香港与内地的市场关系紧密,就将非常有利于资本的密集,香港的金融中心地位会更牢固,这不是一两个人所能改变的。

 

世界金融中心不是自封的,是在世界资本持有者承认的各项理想的制度下,大规模的资金或资本运作的结果,大规模的资金运作是关键和核心问题。人民币是中国的世界金融中心的主角,不可缺少,但要能自由买卖,自由进出。人民币在设立对非贸易业务的可调节的购置税的基础上,由部分机构或银行实行完全自由买卖和自由进出。这样即可尽早实现人民币的自由买卖,又不失控制。建立和完善人民币和外币的债券面向世界的清算中心,建立和发展债券和商品期货中心,都是建立完备的国际金融中心需要的条件和内容。

 

结束语  

 

全力发展金融产业,投放足够支撑较快的经济发展速度和负债市场的资金,但决不能牺牲工农业科技产业。这无疑对经济的发展百利无一害,是中国GDP在现有的基础上较快发展不可缺少的快捷之路。我们不仅有广阔的市场,众多勤劳的人民,优越的制度,民间中实际存在着大量的资金。我们不要自己束缚住手脚,要把这些资金变成经济建设的力量。资金即是经济发展有力的中介力量,又是广大人民个别不同的劳动的成果,全力发展其业务。

 

在面对宁可牺牲自己的经济利益,也要打击中国发展势头的黑暗势力,谈共赢或共损,是对牛弹琴,发展好自己的经济是关键。放开不必要的束缚,建设更强大的经济。

 

 

 Enhance and Expand Capitals to Boost the Economy and Increases the GDP

 

 

-- Several important concepts of the financial system

  

The strong development of finance and the appropriate and powerful expansion of capital not only directly promote economic development, but also directly constitute the increase of GDP. Because the factory and governments can get the new funds needed, this not only promotes production and socience and other work, but also adds new investment. Steady and strong expansion of capitals, it’s  need to guide the flow of funds to productions, and profits are almost the only fundamental factor to guid private capital to production.

 

China's GDP has reached an important breakthrough period, need a force to push to a new level, bringing GDP to produce another big leap in a relatively short period of time. This power is the finance around us. Here we do not want competently discuss about modern finance,but just want talk about topics of interest in reality and touch onup the power that will bring about a rapid jump in our GDP.

 

1.We first from different angle talk about what is finance? In ancient times, money could be secured by means of financial strengths, or the money itself could be made of precious metals. Nowadays money value is guaranteed by the national credits in all countries. And for small part of it flows among people, a large part flows in legitimate institutions commanded by the owners, with the powers to exchange broadly and widely with universal goods and services. We call this power with exchange value as currency. When money evolves into appearance in the accounts through electronic information, If we still liken money to special commodities, this is a bit reluctant in the pace of the times. It manifests itself more as a power. Money is a unit, quantity and the symbol of the powers. People can use electronic means to transfer money around in financial institutions, to pay and receive them.

 

The system in which money operates is called the financial system, or finance for short. The study of the rules and laws of exchange values and its operations is called financial theory. Among them, its exchange value and circulation rule are the main contents of the research. Its circulation is not influenced by political ideology, but only controlled by economic laws. It is called money in free circulation. Otherwise, it is no longer money in free circulation but money under the influence of politics. And the money in circulation is the funds, temporarily not in circulation or zero speed circulation of power is one for temporarily stored value. To facilitate people's use, money constantly changes its form, from physical form to digital form. In the past, finance basically refers to money, and modern money is also the foundation and starting point of finance. Finance, as the Chinese name implies, is a product made by melting metals in ancient times, with sufficient credit guarantees to give it broad power or value in exchange for general goods. But finance should also include the exchange of goods, the movement in financial institutions and of money within these institutions, including the movements in a country or cross country, buying and selling and exchanging, borrowing and lending, saving and investments. To make our factory enterprises fully grasp the power of money.

 

2. Modern finance has evolved on the basis of traditional finance. The biggest difference between modern finance and traditional finance is that each financial transaction itself has become a commodity which have prices, can be bought and sold, become real commodities. For example, the most traditional counter savings have developed into certificates of deposit(CD), have prices to buy and sell; Borrowing and lending develops into the bonds and debt rading, which all have a price and can be bought and sold, and even credit has a price and can be bought and sold. As for stocks, bonds, foreign exchange, commodity futures, options and so on, there is a price to buy and sell from the day when they are born. Financial services became priced and could be bought and sold like ordinary goods. The money in the financial center has also evolved into digital electronic money, which is carried out by the flow of electronic data. These together make up modern finance.

 

3. How about China's GDP Now? Among the 3 big industries, the manufactures and agriculture are powerful and can take the world's lead. However, the third industry is relatively backward, which undoubtedly slows down China's GDP growth. The financial industry is one of the third industries which has the most positive significance to the national economy, has the widest room for development and is the easiest industry to develop. You could even say that its size now determines the size of our GDP.

 

To develop the financial industry and greatly increase its share in GDP is undoubtedly the quickest way to raise GDP. But doing this, it is by no means slightly at the expense of industry and agriculture. Actively and properly to expand the bonds issuing especially treasury bonds is one of the important means to expand the scale of the financial market. We can't be confused or follow the westerners simply to say that China has over injected total cash or debts have been too large. It doesn't make any sense to say that China's total debt is too large because the fastest growing economy has proved that we are basically not over issuing debts and it arouse any serious problems. If so the economy would slowdown let alone to say fast growth. It should not simply compare our debts level with foreign countries because for the same size of the economy, when the development speed is not the same, the demands for capital or debts are not the same. The faster the economy growth is, the greater the need for capitals and debts. Because maintenance of annual 6% growing rate, the amount of money and loans that companies and factories use because of production and sales are certainly not the same as the amount of money and loans that are used to maintain only 2% growth. Although the cycle of goods can be properly accelerated, it is limited because of the limited time elasticity of transporting goods. In addition, the greater the proportion of exports in the whole economy, the greater the demand for social capitals or debts, because more funds are needed for the expansion of China's production to meet foreign imports needs of Chinese goods.

 

China's overall debt is about 260% of GDP, while America's total debt is about 250% of GDP. But China's economy is growing at more than 6% a year compared with about 2% in the U.S. In addition, most funds are needed in the first and second industries of GDP, where China is greatly larger than the United States. On this basis there is a large gap in economic growth. Based on this, why do we say, we demand the same capitals and debts as others? Obviously, more funds are needed to sustain different growth rates. For the three-fold difference in economic growth between China and America at least,Therefor, it roughly estimates 2-4 times more capitals or debts we need. Extraordinarily high civil market mortgage rates also show the sharp shortage of market funds. Of course, there are irregularities, but the violations under severe supervises does not seriously enough affect the market loan interest rate as a whole. It can only show that the serious lack of enough funds injected in the economy, that cannot cope with the growth rate of more than 6%.

 

Appropriately expand financial business, especially increasing the issuance of Treasury bonds is necessary to develop the third industry and accelerate economic construction. This portion of the national debts is not absolutely unused by the government or society but the Ministry of Finance and the governments cannot arbitrarily increase spending and expand the budget. The Finance of Ministry spends according to the planned budgets. The Ministry of Finance must manage this additional issuance of bonds separately from the issuance of Treasury bonds for fiscal expenditures. Two different types of Treasury bonds must be separated to manage, open data, open supervision. Society must borrow with adequate collateral. Compared with bank deposits, we can actively and appropriately promote the sale of Treasury bonds, thus greatly increasing the liquidity of social funds and directly expanding the size of the financial market. Like other project investments,new funds are raised by Ministry of Finance to manage (this does not necessarily means MOF may use the funds at will) and listed companies have directly raised new capitals, therefore expanded the third industry and greatly increase GDP, which is of great significance.

 

 We actively and appropriately develop the national debt market mainly to benefit the society. So that we can control the hot money in the society and to absorb the hot money and reduce its impact on the economy that we do not want to see. US issue a lot of treasury bonds therefore push up their GDP.America's higher GDP depends mainly on the tertiary sector, which is mainly based on the financial sector. As a result, the financial sector accounts for a major share of its GDP. The United States developed the financial industry at the expense of its industry and agriculture for profits. And we should also develop the financial sector vigorously, but we must not sacrifice the industry and agriculture. The China and USA has different systems, forming and ensuring the different results between this different choices.USA has mainly used treasury debts for military and government administrative expenditures. What we need is control the fiscal expenditure, not an active and appropriate policy to develop the national debt market. Distinguish two kinds of different treasure debts, develop the treasure debt market therefore assist national economy. We should not be too conservative.

 

To develop national debt market actively and appropriately, it is necessary to increase the yield of treasure debts appropriately, especially build expressly the mark of bond parameters clearly and scientifically in line with the world trend. Only by referring to bonds and distinguishing bonds directly with bond yields and maturity dates, it is in line with international bond trading habits, which are more scientific and easy to find the ones needed, especially for those who do not understand Chinese. The current way to express bond names by some codes is not inconsistent with international conventions. Although treasure bond is safe, the yield is relatively low, so being easy to find the bond needed by yield and maturity is crucial. Otherwise only a few professionals are willing to play the game. These ways are the distinctions that the bond traders in trading and investing will never overlook. This system problem seems small, but the impact cannot be ignored.

 

The size of the stock market and its function is greatly limited owing to the unfair systems. For the majority of real investors, fair distributions of profits and the way how to do it is the core issue for the investors. They greatly affect the development of stock investment in the end. In the past thirty years of A stock trading has proved the pure speculation is the main cause for depressing stock index for A shares no matter how the companies' performances show and how the economy is strong. Speculation is just like games that what they buy, they must sell in short time to take profits, no any cumulative holding in hands for investment,prices tend to reture the original points. how can stock price builds uptrend. A small component damaged, not to mention damage to critical parts, Chinese rockets are not flying into space, rocket engineering must seek for accuracy in all details. A stock market is chaotically divided, like A shares market, B shares market, scien-technic innovation stocks board, H shares. Each  allow a different people to trade, with a different trading price quoted. These is very detrimental to the overall and fair development of the stock market. Why are our stock market divided like this? Because the management just don't understand capital operations,and there is too much administrative intervention involved. The above problems have to check. These unfair systems cannot be ignored and needs urgent improvement.

 

4. The international financial center: London in Europe, New York in the United States became the world top financial centers. Europe and USA were once the most prosperous regions in the world. Hong Kong is located in China, the region which is almost largest and the fastest growing and the most prosperous area in the world. For a long-term HK has been growing excellent international financial center. China has a large number of non-capital investment opportunities, it is an important and innate condition for capitals to highly densify. Without a large number of investment opportunities of entity, the world's capital will not densify, therefore will not form a financial center. Capitals will not concentrate for nothing. Hong Kong is located in China and this is an innate advantage of the world financial centre. Other cities are far from China, and it is almost impossible to make up for that shortcomings. The money that have fled from Hong Kong now is an overreaction at the beginning of the Sino-American struggle. For Hong Kong, this Sino-US struggle has not had an impact on the Hong Kong market as large as the one in 1997 when Hong Kong returned to China. World capital certainly doesn't like trouble areas, but its nature to take risk for profits won't change. Just look at the ratio between the future advantages and disadvantages. Hong Kong's trouble-control and governing national security will make the society greatly stable. As long as the mainland market and investment opportunities are fully developed, Hong Kong will establish the close market relationship with the Mainland, it is greately good for world capitals to densify. Hong Kong's position as a world financial centre will be more solid, which is not something that one or two people can change.                          

        

The world financial center is not self-given but formed as result that large-scale capital operations under various and ideal systems which these international capital holders recognized. Large-scale capital operation is the key and core issue. To this end, we need to develop financial markets.The Renminbi is the main character for China's world financial center and being indispensable, but it has to be freely bought and sold, free to enter and exit. So on the basis of adjustable purchase tax for non-foreign traded businesses, RMB should be bought and sold and transferred in and out freely by some designated institutions or Banks. By doing this way,RMB can be both freely traded as early as possible and without losing the control. The establishment and improvement of a Clearing Center for RMB and foreign currency bonds and the establishment and development of an Exchange for both financial and commodity futures. These are the conditions and contents necessary for the establishment of a complete international financial center.

 

 

 

 

          Summary

 

Do our best to develop the financial industry,inject enough cash we need to support higher speed of our economic growth and debt market needs, especially our treasury market but do any of them never at expences of the industry and agriculture and scientific and technological industry. these undoubtedly only benefit and no any harm to our economy as long as good management. It is indisdepensable and a fast way that China's GDP makes further big lead on the existing basis. We do not only have a broad markets, many hard-working people, superior system, but people actually have a large number of funds in hands. We do not constraint ourselves, do our best to turn these funds into the powers that develp economic constructions. Capital is the powerful intermediary force of economic development and the different labor results of indivivual of vast people.Do our best to develp its business.

 

In the face of the dark forces that will rather sacrifice their own economic interests ,and will combat China's development momentum, talk about win-win or total lose is no less than to playing piano to a cow, well develop ourr own economy is the key. Put down unnecessary constraints and build a stronger economy.

 

 

 

 

——探讨金融市场的几个重要概念

 

Enhance and Expand Capitals to Boost the Economy and Increase the GDP

(English translation follows)

 

 

金融强有力的发展,资金适当而有力的扩容,不仅直接推动经济发展,而且直接构成GDP的增量。因为工厂企业政府能获得新的所需资金,这不仅能推动生产科研等各种工作,而且增加了新的投入。稳步而强力扩容资金,需引导资金流向生产,而利润是引导私人资金几乎唯一的根本因素。

 

我国的GDP到了一个重要突破期,需要一种力量推动上一个崭新的台阶,带来GDP在相对短的时间里产生另外一次的大的飞跃。这股力量就是我们身边的金融。这里并非想全面论述现代金融,而只想讲些在现实中感兴趣的话题和带来GDP飞速跃进的力量。 

 

1.首先我们从不同角度探讨一下什么是金融? 在古代,可以财力为货币价值来保证,或者,货币本身用贵金属打造而成。现代各国都是以国家信用为保证,以物质化,或纸面化,或账面化,或电子数字化的形式,一小部分在人们之间流动,大部分在合法机构中受人指挥而流动,具有广泛与普遍商品交换的权力,我们称这种具有广泛而普遍商品交换价值的权力为货币。当货币演化为账面形态,电子形态时, 如我们仍把货币比喻为特殊商品,这在时代前进的步伐中显得有些勉强。它更多表现为一种权力。它是权力的单位,数量和符号。人们可以用电子手段,而在金融机构中,调来调去,支付来,支付去。对这套系统规律和操作的研究,就叫金融学。其中它的交换价值和流动规律是研究的主要内容。当它的流通不受政治意识形态的影响,仅受经济规律的支配,叫自由流通货币,否则,受政治影响就不再是自由流通货币。而流动中的货币是资金,暂时不参加流通即0速流通的权力即暂时储存了价值。为方便人们的使用,货币不断改变它的形态,从物质形态到电子数字形态。过去金融就基本指货币,现代货币也是金融的基础和出发点。金融顾名思义就是古代把金属融化后制造的产物,加上足够的信用保证使之具有广泛的与普遍商品交换的权力或价值。但金融还应包括商品交换,金融机构和在这些机构中货币的流动,包括一国的与跨国的流动,买卖和交换,借贷,储蓄和投资等。要使我们的工厂企业,充分掌握货币这种权力。

 

2. 现代金融是在传统金融的基础上演化出来的。现代金融和传统金融最大的不同是各项金融业务本身也成了商品,具有价格可以买卖,金融业务真正成为普通商品。例如,最传统的柜台储蓄,发展成存单,有价格可以买卖;借贷发展成债券和债务的销售,有价格,可以买卖,甚至信誉都有价格,可以买卖。至于股票,证券,外汇,商品期货,期权等从诞生的那天起,就有价格可以买卖。金融业务变得有了价格,和普通商品一样可以买卖。金融中心的货币在形态也演变成数字电子货币,进行电子数据的流动。这些一起构成了现代金融。

 

3. 我国的GDP现状如何? 三大产业中工农业是强大的,能拔世界头筹。但第三产业相对落后,无疑相对拖慢了我国的GDP。金融产业是第三产业中对国民经济最有积极意义,现在最有发展余地,相对最容易发展的产业。可以说它的规模现在决定着我们GDP的规模。

 

发展金融业,大幅度提高金融业在GDP的占比,无疑是提高GDP最快捷的手段。以国家名义扩大发行债券是扩大金融市场规模的重要手段之一。但绝不能丝毫意味着要牺牲工农业。我们不能稀里糊涂地或跟着西方说什么中国总的资金投放或债务过于庞大,这完全是没有道理的。经济能快速发展就证明了我们基本上没有超发或债务问题引发任何严重问题。不能把我们的债务水平简单和外国的债务水平相比较。因为同等规模的经济,发展速度不一样,对资金债务的需求也不一样。经济发展速度越快资金和借贷的需求也越大; 因为要保持6%的增速,企业和工厂由于对生产的产供销因而所占用的资金和贷款,和仅维持2%的增速占用的资金和贷款的规模肯定不一样。商品的循环周期虽然可以适当加速,但因运输商品的时间弹性不大,因而这是有限的。市场抵押贷款利率,民间借贷利率出奇离谱的高企,也说明了市场资金的奇缺。当然有违规的行为,但违规行为在严厉打击下,不至于影响整体市场贷款利率。只能说明社会投放的资金量不足以应付6%以上的增速。

 

我们向社会提供足够的资金,由通过发行国债,把这些资金收上来,由于国债可以随时低风险的买卖,即是具有很强的流动性,而使资金随时处于蓄势待发的状态,又不是处于盲目的状态而产生胡乱冲击。这不仅创造统计学GDP上的意义,而且丰富的较高流动性资金大大有利于经济建设。

 

中国总体债务大约是GDP的260%,而美国总体债务大约是其GDP的250%。但中国维持的经济增速是年6%以上,而美国的经济增速只是年2%左右。另外,在GDP最需要资金的第一和第二产业中,中国较大于美国,在此基础上经济增速还有较大的差距,凭什么说我们的资金和债务的需求,就要和人家一样?显然维持不同的增速需要的资金是不同的。中美最少有3倍多的经济增速差别,应此粗略估计,中国的资金应多需要2-4倍。

 

另外,出口占国民经济的比例越大,社会资金和贷款的需求也越大,因为为满足国外进口中国商品而扩大在中国产生,就需要更多的资金和贷款。

 

所以,适当加快发展金融产业,尤其加大发行国债就是发展第三产业,这对加快经济建设是必要的。这部分国债,财政和社会并非绝对不能使用,但财政部不能无计划地加大支出和任意扩大预算。财政部要根据计划预算进行支出。财政部必须把这额外的发行的债券与为财政支出而发行的国债要分开管理,两种不同管理的国债,公开数据,公开监督。社会上如借用必须要有足够的抵押。和银行的储蓄比较起来,国债可以买卖因而极大增加了社会资金的流动性,而且直接扩大了金融市场的规模。像其他项目投资一样,因新增加了政府管理(但不意味着可以随意使用)的资金,上市公司的新筹措的资金,而直接扩大了第三产业,大大增加了GDP。这不仅帮助了经济建设,而且减少社会上的游资对我们不想见的冲击,意义重大。我们积极而适当发展国债,主要是造福社会。美国也发行很多国债,而大大增加其第三产业。美国较高的GDP,主要靠的是第三产业,而第三产业主要靠的是金融业。因此,金融业占其GDP的主要比重。美国发展金融业,为求利润,不惜牺牲其工农业。而我们也应大力发展金融业,但我们绝不能以牺牲工农业为代价。中美两国制度不同,形成了和保证了这舍与得的不同选择。 美国的国债主要用于军费和政府行政开支而形成的负债,和我们完全不一样。要控制的是财政和政府行政的支出,不是国债积极而适当的发展政策。要分清两种不同的国债,不宜过于保守。

 

积极而适当地发展国债,就要适当提高国债的收益,尤其是简化方便投资交易的手续,明白而科学地表示债券参数。只有直接用债券收益率和到期日来称呼债券,区别债券,才符合国际债券习惯的做法,较科学,让人易于查找,尤其对不懂中文的人员。国债尽管安全,但收益相对低,于是方便查找债券的收益率和到期日,就十分重要,否则就剩极少数专业人员愿意投资了。这些参数的明确表示是实际交易的人员所绝对不会忽略的差别。这制度问题看似小,但影响却不可忽视。

 

股票市场的规模和功能的发挥受不合理的制度极大限制。对广大股民来说,公平分配利润是投资者关心的核心问题,极大影响股票投资方面的发展。三十多年A股的交易已证明,纯粹投机,最终会使股指低迷,而不管公司的业绩表现有多好,不管经济有多强。投机像玩游戏,你买股票,你就会在短期内全卖出它们,手中基本不留有盈利的股票,而使股价回到原点。这怎能建立股价的上升趋势?我们的股市被分割的很乱,什么A股市场,B股市场,科技股市场,H股市场。每个市场只允许不同的人进行交易,有不同的报价,这如何形成一个强大的公平的市场?我们的探空飞船,一个小的零部件损坏,更不用说关键零件损坏,是飞不上天的。火箭工程必须精益求精,同理股票市场。为什么我们的股票市场如此,还不觉?就因为太不懂股市的资本运作,太不尊重股民的意愿,太多行政的干预。上述问题不可不查,急需改进。

 

 

4. 国际金融中心:伦敦和纽约都处于世界经济曾经最兴旺发达地区欧洲和美国,因而成为世界首要的金融中心。如这两个城市,香港地处中国,这世界现在发展最快最发达的规模最大的地区,长期发展自然形成了优越的国际金融中心,不可多得,要珍惜爱护, 中国具有大量非资本的投资机会,而这是资本密集重要和先天的条件。没有大量的实业投资机会,世界的资金不会密集,就不会形成金融中心。资金不会凭空密集。香港地处中国,这是金融中心不可改变的先天优越条件。别的城市远离中国,下多大力量也几乎不可能弥补这不足。现在逃离香港的资金是对中美斗争开始的过分反应。对香港来说,这次中美的斗争,怎么也没1997香港回归对香港市场的冲击大。世界资本当然不喜欢有麻烦的地方,但其逐利而甘冒险的本性不会改变。就看将来的利弊得失之比。香港治暴止乱,维护国家安全,使社会局面大大稳定,只要内地市场和投资机会充分发展,香港与内地的市场关系紧密,就将非常有利于资本的密集,香港的金融中心地位会更牢固,这不是一两个人所能改变的。

 

世界金融中心不是自封的,是在世界资本持有者承认的各项理想的制度下,大规模的资金或资本运作的结果,大规模的资金运作是关键和核心问题。人民币是中国的世界金融中心的主角,不可缺少,但要能自由买卖,自由进出。人民币在设立对非贸易业务的可调节的购置税的基础上,由部分机构或银行实行完全自由买卖和自由进出。这样即可尽早实现人民币的自由买卖,又不失控制。建立和完善人民币和外币的债券面向世界的清算中心,建立和发展债券和商品期货中心,都是建立完备的国际金融中心需要的条件和内容。

 

 

结束语  

 

全力发展金融产业,投放足够支撑较快的经济发展速度和负债市场的资金,但决不能牺牲工农业科技产业。这无疑对经济的发展百利无一害,是中国GDP在现有的基础上较快发展不可缺少的快捷之路。我们不仅有广阔的市场,众多勤劳的人民,优越的制度,民间中实际存在着大量的资金。我们不要自己束缚住手脚,要把这些资金变成经济建设的力量。资金即是经济发展有力的中介力量,又是广大人民个别不同的劳动的成果,全力发展其业务。

 

在面对宁可牺牲自己的经济利益,也要打击中国发展势头的黑暗势力,谈共赢或共损,是对牛弹琴,发展好自己的经济是关键。放开不必要的束缚,建设更强大的经济。

 

 

 Enhance and Expand Capitals to Boost the Economy and Increases the GDP

 

 

-- Several important concepts of the financial system

  

The strong development of finance and the appropriate and powerful expansion of capital not only directly promote economic development, but also directly constitute the increase of GDP. Because the factory and governments can get the new funds needed, this not only promotes production and socience and other work, but also adds new investment. Steady and strong expansion of capitals, it’s  need to guide the flow of funds to productions, and profits are almost the only fundamental factor to guid private capital to production.

 

China's GDP has reached an important breakthrough period, need a force to push to a new level, bringing GDP to produce another big leap in a relatively short period of time. This power is the finance around us. Here we do not want competently discuss about modern finance,but just want talk about topics of interest in reality and touch onup the power that will bring about a rapid jump in our GDP.

 

1.We first from different angle talk about what is finance? In ancient times, money could be secured by means of financial strengths, or the money itself could be made of precious metals. Nowadays money value is guaranteed by the national credits in all countries. And for small part of it flows among people, a large part flows in legitimate institutions commanded by the owners, with the powers to exchange broadly and widely with universal goods and services. We call this power with exchange value as currency. When money evolves into appearance in the accounts through electronic information, If we still liken money to special commodities, this is a bit reluctant in the pace of the times. It manifests itself more as a power. Money is a unit, quantity and the symbol of the powers. People can use electronic means to transfer money around in financial institutions, to pay and receive them.

 

The system in which money operates is called the financial system, or finance for short. The study of the rules and laws of exchange values and its operations is called financial theory. Among them, its exchange value and circulation rule are the main contents of the research. Its circulation is not influenced by political ideology, but only controlled by economic laws. It is called money in free circulation. Otherwise, it is no longer money in free circulation but money under the influence of politics. And the money in circulation is the funds, temporarily not in circulation or zero speed circulation of power is one for temporarily stored value. To facilitate people's use, money constantly changes its form, from physical form to digital form. In the past, finance basically refers to money, and modern money is also the foundation and starting point of finance. Finance, as the Chinese name implies, is a product made by melting metals in ancient times, with sufficient credit guarantees to give it broad power or value in exchange for general goods. But finance should also include the exchange of goods, the movement in financial institutions and of money within these institutions, including the movements in a country or cross country, buying and selling and exchanging, borrowing and lending, saving and investments. To make our factory enterprises fully grasp the power of money.

 

2. Modern finance has evolved on the basis of traditional finance. The biggest difference between modern finance and traditional finance is that each financial transaction itself has become a commodity which have prices, can be bought and sold, become real commodities. For example, the most traditional counter savings have developed into certificates of deposit(CD), have prices to buy and sell; Borrowing and lending develops into the bonds and debt rading, which all have a price and can be bought and sold, and even credit has a price and can be bought and sold. As for stocks, bonds, foreign exchange, commodity futures, options and so on, there is a price to buy and sell from the day when they are born. Financial services became priced and could be bought and sold like ordinary goods. The money in the financial center has also evolved into digital electronic money, which is carried out by the flow of electronic data. These together make up modern finance.

 

3. How about China's GDP Now? Among the 3 big industries, the manufactures and agriculture are powerful and can take the world's lead. However, the third industry is relatively backward, which undoubtedly slows down China's GDP growth. The financial industry is one of the third industries which has the most positive significance to the national economy, has the widest room for development and is the easiest industry to develop. You could even say that its size now determines the size of our GDP.

 

To develop the financial industry and greatly increase its share in GDP is undoubtedly the quickest way to raise GDP. But doing this, it is by no means slightly at the expense of industry and agriculture. Actively and properly to expand the bonds issuing especially treasury bonds is one of the important means to expand the scale of the financial market. We can't be confused or follow the westerners simply to say that China has over injected total cash or debts have been too large. It doesn't make any sense to say that China's total debt is too large because the fastest growing economy has proved that we are basically not over issuing debts and it arouse any serious problems. If so the economy would slowdown let alone to say fast growth. It should not simply compare our debts level with foreign countries because for the same size of the economy, when the development speed is not the same, the demands for capital or debts are not the same. The faster the economy growth is, the greater the need for capitals and debts. Because maintenance of annual 6% growing rate, the amount of money and loans that companies and factories use because of production and sales are certainly not the same as the amount of money and loans that are used to maintain only 2% growth. Although the cycle of goods can be properly accelerated, it is limited because of the limited time elasticity of transporting goods. In addition, the greater the proportion of exports in the whole economy, the greater the demand for social capitals or debts, because more funds are needed for the expansion of China's production to meet foreign imports needs of Chinese goods.

 

China's overall debt is about 260% of GDP, while America's total debt is about 250% of GDP. But China's economy is growing at more than 6% a year compared with about 2% in the U.S. In addition, most funds are needed in the first and second industries of GDP, where China is greatly larger than the United States. On this basis there is a large gap in economic growth. Based on this, why do we say, we demand the same capitals and debts as others? Obviously, more funds are needed to sustain different growth rates. For the three-fold difference in economic growth between China and America at least,Therefor, it roughly estimates 2-4 times more capitals or debts we need. Extraordinarily high civil market mortgage rates also show the sharp shortage of market funds. Of course, there are irregularities, but the violations under severe supervises does not seriously enough affect the market loan interest rate as a whole. It can only show that the serious lack of enough funds injected in the economy, that cannot cope with the growth rate of more than 6%.

 

Appropriately expand financial business, especially increasing the issuance of Treasury bonds is necessary to develop the third industry and accelerate economic construction. This portion of the national debts is not absolutely unused by the government or society but the Ministry of Finance and the governments cannot arbitrarily increase spending and expand the budget. The Finance of Ministry spends according to the planned budgets. The Ministry of Finance must manage this additional issuance of bonds separately from the issuance of Treasury bonds for fiscal expenditures. Two different types of Treasury bonds must be separated to manage, open data, open supervision. Society must borrow with adequate collateral. Compared with bank deposits, we can actively and appropriately promote the sale of Treasury bonds, thus greatly increasing the liquidity of social funds and directly expanding the size of the financial market. Like other project investments,new funds are raised by Ministry of Finance to manage (this does not necessarily means MOF may use the funds at will) and listed companies have directly raised new capitals, therefore expanded the third industry and greatly increase GDP, which is of great significance.

 

 We actively and appropriately develop the national debt market mainly to benefit the society. So that we can control the hot money in the society and to absorb the hot money and reduce its impact on the economy that we do not want to see. US issue a lot of treasury bonds therefore push up their GDP.America's higher GDP depends mainly on the tertiary sector, which is mainly based on the financial sector. As a result, the financial sector accounts for a major share of its GDP. The United States developed the financial industry at the expense of its industry and agriculture for profits. And we should also develop the financial sector vigorously, but we must not sacrifice the industry and agriculture. The China and USA has different systems, forming and ensuring the different results between this different choices.USA has mainly used treasury debts for military and government administrative expenditures. What we need is control the fiscal expenditure, not an active and appropriate policy to develop the national debt market. Distinguish two kinds of different treasure debts, develop the treasure debt market therefore assist national economy. We should not be too conservative.

 

To develop national debt market actively and appropriately, it is necessary to increase the yield of treasure debts appropriately, especially build expressly the mark of bond parameters clearly and scientifically in line with the world trend. Only by referring to bonds and distinguishing bonds directly with bond yields and maturity dates, it is in line with international bond trading habits, which are more scientific and easy to find the ones needed, especially for those who do not understand Chinese. The current way to express bond names by some codes is not inconsistent with international conventions. Although treasure bond is safe, the yield is relatively low, so being easy to find the bond needed by yield and maturity is crucial. Otherwise only a few professionals are willing to play the game. These ways are the distinctions that the bond traders in trading and investing will never overlook. This system problem seems small, but the impact cannot be ignored.

 

The size of the stock market and its function is greatly limited owing to the unfair systems. For the majority of real investors, fair distributions of profits and the way how to do it is the core issue for the investors. They greatly affect the development of stock investment in the end. In the past thirty years of A stock trading has proved the pure speculation is the main cause for depressing stock index for A shares no matter how the companies' performances show and how the economy is strong. Speculation is just like games that what they buy, they must sell in short time to take profits, no any cumulative holding in hands for investment,prices tend to reture the original points. how can stock price builds uptrend. A small component damaged, not to mention damage to critical parts, Chinese rockets are not flying into space, rocket engineering must seek for accuracy in all details. A stock market is chaotically divided, like A shares market, B shares market, scien-technic innovation stocks board, H shares. Each  allow a different people to trade, with a different trading price quoted. These is very detrimental to the overall and fair development of the stock market. Why are our stock market divided like this? Because the management just don't understand capital operations,and there is too much administrative intervention involved. The above problems have to check. These unfair systems cannot be ignored and needs urgent improvement.

 

4. The international financial center: London in Europe, New York in the United States became the world top financial centers. Europe and USA were once the most prosperous regions in the world. Hong Kong is located in China, the region which is almost largest and the fastest growing and the most prosperous area in the world. For a long-term HK has been growing excellent international financial center. China has a large number of non-capital investment opportunities, it is an important and innate condition for capitals to highly densify. Without a large number of investment opportunities of entity, the world's capital will not densify, therefore will not form a financial center. Capitals will not concentrate for nothing. Hong Kong is located in China and this is an innate advantage of the world financial centre. Other cities are far from China, and it is almost impossible to make up for that shortcomings. The money that have fled from Hong Kong now is an overreaction at the beginning of the Sino-American struggle. For Hong Kong, this Sino-US struggle has not had an impact on the Hong Kong market as large as the one in 1997 when Hong Kong returned to China. World capital certainly doesn't like trouble areas, but its nature to take risk for profits won't change. Just look at the ratio between the future advantages and disadvantages. Hong Kong's trouble-control and governing national security will make the society greatly stable. As long as the mainland market and investment opportunities are fully developed, Hong Kong will establish the close market relationship with the Mainland, it is greately good for world capitals to densify. Hong Kong's position as a world financial centre will be more solid, which is not something that one or two people can change.                          

        

The world financial center is not self-given but formed as result that large-scale capital operations under various and ideal systems which these international capital holders recognized. Large-scale capital operation is the key and core issue. To this end, we need to develop financial markets.The Renminbi is the main character for China's world financial center and being indispensable, but it has to be freely bought and sold, free to enter and exit. So on the basis of adjustable purchase tax for non-foreign traded businesses, RMB should be bought and sold and transferred in and out freely by some designated institutions or Banks. By doing this way,RMB can be both freely traded as early as possible and without losing the control. The establishment and improvement of a Clearing Center for RMB and foreign currency bonds and the establishment and development of an Exchange for both financial and commodity futures. These are the conditions and contents necessary for the establishment of a complete international financial center.

 

 

 

 

          Summary

 

Do our best to develop the financial industry,inject enough cash we need to support higher speed of our economic growth and debt market needs, especially our treasury market but do any of them never at expences of the industry and agriculture and scientific and technological industry. these undoubtedly only benefit and no any harm to our economy as long as good management. It is indisdepensable and a fast way that China's GDP makes further big lead on the existing basis. We do not only have a broad markets, many hard-working people, superior system, but people actually have a large number of funds in hands. We do not constraint ourselves, do our best to turn these funds into the powers that develp economic constructions. Capital is the powerful intermediary force of economic development and the different labor results of indivivual of vast people.Do our best to develp its business.

 

In the face of the dark forces that will rather sacrifice their own economic interests ,and will combat China's development momentum, talk about win-win or total lose is no less than to playing piano to a cow, well develop ourr own economy is the key. Put down unnecessary constraints and build a stronger economy.

 

 



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