Wang Guogang: The 70 Years’ History and Experience of China Finance


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Wang Guogang: The 70 Years’ History and Experience of China Finance


On the afternoon of September 25th, the first lecture of"The 70th Anniversary of the Founding of The PRC" series which hosted by Chongyang Institute for Financial Studies of Renmin University of China (RDCY) and Huanqiu Web, was held at RDCY.

Wang Guogang, the Member of the Chinese Academy of Social Sciences and the Professor of the School of Finance of Renmin University of China, delivered a keynote speech on "The 70 Years History and Experience of China Finance". The lecture was hosted by Bian Yongzu, the deputy director of the Department of Industry Research of RDCY. Hu Haibin, the deputy dean of RDCY, gave an opening speech. More than 200 guests attended the lecture.

First, Prof Wang explained that finance had a close relationship with economy and society. With the development of economy and society, financial history in the past 70 years can be divided into three stages, separately socialist financial system stage( before the Opening and Reform, 1949-1978), New China's financial system construction period ( from 1978 to 2017) and the stage of construction of China's modern financial system (from 2017-Now).

"In the past 70 years, China's finance has made great achievements!", Wang Guogang stressed that China's finance has made great contributions to economic development and people's living standards, whose relatively complete financial system has effectively prevented and resolved financial risks. Wang GuoGang pointed out that in the past 70 years, there are six principles in the developments China's finance: 1.Economic development as the top priority; 2. Maintenance of the order of financial operation; 3. The principle of "taking me as the mainstay"; 4. Following the actual situation of the country; 5. Serving the real economy; 6.The bottom line of non-systemic financial risks.

As Wang said, China's financial development presents the advantages of China's road and now lets more and more countries and people realize that China's roads may be better than Western roads and the path can be another choice for developing countries. We should firmly take the road of building socialism with Chinese characteristics, and make sure that market plays the decisive role. Under the active promotion of the structural reform of China's financial supply side, and China's finance will create next historical miracle.