Q HeXun: hello, deanTian. I'm a reporter for HeXun. I'm very happy to interview you today.Just now you have hosted a BBS and a lot of guests, but what do you think of One Belt And One Road? Can you say something about financial innovation?

A Tian Lihui: thank you and HeXun netizens. From my understanding of  Belt And Road, this is a major strategic decision of our country, and it is something that needs to be done. Because one is that the United States is implementing its TPP and TTIP, our country has only formed one of our trading partners, and we have at least got our new leverage in negotiating with the United States. Second, the pace of RMB internationalization needs to be carried out and accelerated. One Belt And One Road has also promoted the promotion of China's RMB world status. Third, our country needs to adjust the structure and the way of growth. The current serious a problem is excess capacity, excess capacity and is closely related to the area, promotes the development of industry in our country, both will help area of national economic growth, is beneficial to themselves as well as win-win event in the world.

Q HeXun: you mentioned the aspect of economic growth, you have had a lot of Suggestions before, but I was very impressed by one suggestion. You proposed to open a stock exchange in Tianjin on the basis of registration system. We now know that in addition to Shanghai and Shenzhen, there are also Beijing's new third board and Shenzhen's gem board, Shanghai will soon have a share transfer system. Is it necessary for us to open another exchange in Tianjin now?

A Tian Lihui: in our such A big economies of the two exchanges is not much, as there has been A new three board rules, if done well it is trying to turn plate to the Shenzhen stock exchange and Shanghai stock exchange. However, a large number of enterprises in our country need to directly finance through equity, and all hope to be able to go public. Therefore, China has introduced a new direction of reform, and the registration system of the third plenary session of the 18th CPC central committee, which refers to the open market, does not refer to the third board market and the new third board market. In the Shenzhen stock exchange to push this thing, I personally think in jurisprudential is tangled, so they are waiting for a change in the law of National People's Congress, but I'm afraid we securities law revised version is a little bit more. Second, if in Shanghai, Shenzhen current stock exchange under the state launched the registration system, the previous legal commitment, the former shareholders, to the existing of the valuation of listed companies is afraid is a serious blow, will directly influence the development of our country's economy, the financial and economic in today is absolute. I personally disapprove of the argument that the stock market has nothing to do with the real economy. But our businesses do need financing, and why don't we do something new in this situation? Can be in xi 'an, in Guangzhou, can be in any one place, we will build a new stock exchange, in the beginning of set up we will take the most popular international norms, adopt registration system directly. The contract and the investor speak clearly, and the subsequent development becomes clear. Shanghai and Shenzhen, if the registration system means a major change of the contract, and this change is not an overnight change, the result of the securities law is still not completed.

Q HeXun: just now you mentioned securities law changes to now still not completed, including everyone to register system has a lot to look forward to this year, but due to the volatility of the stock market this year registration system, now the IPO delay, IPO stopped, many people think the registration system will be delayed, what do you think about it?

A Tian Lihui: this factor depends on the securities law the practice process and China's regulators will, in fact registration system is easier to launch in the bear market, and it is not easy to launch in the middle of the bull market. In a bull market, the introduction of a stock market crash, the view that the registration system will directly bring the stock market to continue to grow, is not consistent with the basic theory. So in a bear market, it is possible to roll out the registration system because it has already fallen, but it also means that the bull market may be slow to come. Currently in the phase of a new normal economic in our country, our country definitely need a slow growth and reasonable valuation of slow bull market, it can promote the industry, has the innovation, so that these are in line, I claim we should open up a new stock exchange, a third party based on the new registration system directly, but I'm afraid for the Shanghai and Shenzhen stock market should not be worse.

Q HeXun: I was impressed by your previous opinion. At the beginning of the year, you asked that this year's top priority is to untangle the shadow Banks and prevent massive capital flight. The third quarter of this year is almost over. Now it's almost four quarters. How do you feel about the work in this area?

A Tian Lihui: I really don't want A prophecy in my heart. The stock market plunged to a large extent, is the result of shadow Banks operating in China, with information and a large number of existence, without effective supervision, when all of a sudden to clean up the match of capital, directly to bring the big trouble of credit and stock market system. So it is still urgent and urgent to untangle shadow banking. In fact, the regulatory authorities in our country are doing this effectively. So-called prevent large-scale capital flight, in fact, we have seen the changes in 8.11 China's exchange rate, our country from the Numbers, there has been a large number of people in the swap, these belong to some of the soldier ants type swap swap. Seen from another perspective, these investors such as li Jiacheng, they are pushing their asset allocation at to go to other countries, the two, some big investors, plus the soldier ants actually form a certain impact to the economy of my country. So, at present, safe has strengthened the strict implementation of the exchange measures, which I think is a good trend. China needs to gradually and effectively guide the global allocation of capital, but it is necessary to prevent and prevent large-scale capital flight.

Q HeXun: just now we talked about the volatility of the stock market, the new normal, and also the issue of foreign exchange. I have a personal feeling, as if we have the stock market in 2015, and problems in the foreign exchange market, and the problem on the economic growth, every things in the past may be the theme of the year, why are these this kind of news about China this year concentration occurred suddenly, what was so special about 2015?

A: many problems have A history of backlogs, and there are many problems that we must face in this transitional period. Our country has entered into a s, I'm afraid the advantages of domestic labor was in eliminating the step by step, foreign trade comparative advantage is gradually reduced, the United States continues to want to increase the interest, indeed the world of finance, financial market volatility in 2015, however, I personally think that adversity see the truth, our government and our country adopt the right method, sorting out the relevant problems, such as at present, some insider trading as the stock market events clean up these fundamental problems, such as, there is still hope to be able to out of the circle of our country financial volatility. We hope to be able to get through this time of financial volatility, we take a good lesson, to prevent the occurrence of such after opening capital account in the future big fluctuations, become not controllable risks, will be more trouble. So, in 2015 Is a difficult year, but we also hope completely in 2015 is a year of the order of the phoenix nirvana, our country through a variety of errors, or through various extreme market volatility, and learn how to financial markets, and dances with the financial market under the market economy, the financial service the real economy, to really implement the restructuring in our country, the goal of growth pattern, make our country to the next stage of economic growth, entered the stage of what we hope the new normal, must change the present improper ecology in financial markets.

Q HeXun: thank you very much for your interview. thank you