Member Jin Li: Give play to the role of finance and enhance the property income of middle- and low-income groups

Source: People's Daily Original manuscript

【Editor's Note】 2021 is a year of special importance in the process of China's modernization construction - the beginning of the "14th Five-Year Plan", and the beginning of a new journey of comprehensively building a modern socialist country. The two sessions of the National People's Congress held at this node undoubtedly carry more significance and expectations. A blueprint, a vision, the "14th Five-Year Plan" of China, people are looking forward to! From March 4, the People's Daily launched a series of reports on "Opening 14th Five-Year Plan • Deputies Say" to take you to listen to the "good voice" of the two sessions and imagine the beautiful new life of the "14th Five-Year Plan".

People's Daily Beijing, March 10 (Reporter Sun Boyang) Poverty alleviation is not the end, but the starting point of a new life and a new struggle. How to make the masses who have just escaped poverty get rich, how to increase the income of middle- and low-income groups, how to expand the middle-income groups, and gradually achieve common prosperity have attracted much attention. During the two sessions of the National People's Congress this year, Liu Wei, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and president of Chinese Min University, and Jin Li, member of the National Committee of the Chinese People's Political Consultative Conference and professor of the Guanghua School of Management of Peking University, jointly submitted the "Proposal on Better Playing the Role of Finance to Support Common Prosperity" (hereinafter referred to as the "Proposal"), suggesting that the financial role should be brought into play, the property income of low- and middle-income groups should be enhanced, and the common prosperity should be helped to achieve common prosperity.

Jin Li said in an interview with the People's Daily reporter that increasing the income of all the masses, especially the income of low- and middle-income groups, including increasing labor income and property income, requires the encouragement and support of relevant policies and multiple measures. He believes that there are still difficulties in improving the property income of low- and middle-income groups, because compared with high-income groups, there is still a gap in the wealth appreciation ability of middle- and low-income groups.

Jin Li said that high-income groups have more property income investment opportunities, with large choices and higher risk tolerance. However, at present, the middle and low income groups still lack an inclusive, low-risk, relatively high-yield investment channel, and many low- and middle-income people can only accumulate their wealth through low-risk, low-yield tools such as bank deposits.

Jin Li also said that in order to ensure a fairer allocation and growth of wealth in the overall society, it is necessary to ensure that the wealth accumulation rate of low- and middle-income groups is not significantly lower than that of high-income groups in the long run. This requires research and exploration of ways and channels that not only do not allow low- and middle-income people to take excessive risks, but also appropriately increase the rate of wealth appreciation.

The "Proposal" suggests that relevant departments can study and formulate feasible policies to improve the return on investment of low- and middle-income groups by constructing investment portfolios, so that their wealth accumulation rate is not significantly lower than that of high-income groups. He also suggested that encouraging low- and middle-income groups to properly participate in real economic investment will not only enhance their wealth growth rate, but also allow more people to share the fruits and dividends of China's economic development through investment. At the same time, establish a corresponding insurance support mechanism to reduce the risk of investment of low- and middle-income groups.

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