What are the policy objectives of promoting the transfer of household savings to long-term funds? The latest details of the CBRC! There is also a response of 2020-01-06 21:26 Source:
On January 6, the CBRC held a media briefing, the chief risk officer of the CBRC and head of the general office, press spokesman Xiao Yuan enterprise, the first-level inspector of the policy research office of the CBRC, Ye Yanfei, and others attended the meeting to give a detailed interpretation of the guidance of the China Banking Regulatory Commission on promoting the high-quality development of the banking and insurance industry (hereinafter referred to as \"the opinion \") issued last weekend.
The briefing is a huge amount of information, especially for last weekend's \"multi-channels to promote the effective conversion of household savings into capital market long-term funds\" news, the head of the csc detailed explanation to clarify the market misreading. At the same time, the relevant head of the CBRC also responded to the issue of increasing support for the advanced manufacturing industry, the reform of the joint-stock system of rural credit cooperatives, the disposal of financial institutions and the replenishment of bank capital involved in the Opinion.
The Opinion points out that the important role of bank insurance institutions in optimizing the financing structure should be brought into play. Bank insurance institutions should improve the service system suitable for the development of direct financing, use various ways to provide supporting support for direct financing, and increase the proportion of direct financing. Give full play to the direct financing function of financial management, insurance, trust and other products, cultivate the concept of value investment and long-term investment, and improve the structure of investors in the capital market. Vigorously develop enterprise annuity, occupational annuity, all kinds of health and old-age insurance business, and promote the effective conversion of residents'savings into long-term funds in the capital market through multiple channels. All qualified investment institutions are encouraged to participate in market-oriented debt-for-equity swaps based on the rule of law.
How to correctly understand \"multi-channel to promote the effective conversion of household savings into long-term capital market \"? Does that mean letting \"retail\" go straight into the market? To this, Xiao Yuan enterprise explains that in our country's financing structure, indirect financing ratio is high, direct financing accounts for relatively low, the central government has repeatedly proposed to develop multi-level capital market, to settle down to \"promote the effective conversion of resident savings into long-term capital market funds \", its core policy consideration is to cultivate institutional investors. For example, in the United States and the United Kingdom, where direct financing is developed, resident savings are invested in financial markets mainly through pension insurance funds, mutual funds and other financial products. That is to say, some of the funds of institutional investors come from residents'savings, and institutional investors can allocate bonds, stocks and other assets according to their own investment strategies, rather than simply let residents'savings funds directly into the stock market.
Ye Yanfei stressed that the capital market is not only the stock market and the stock market, but also the bond market with a period of more than one year. He pointed out that the concept of the national economy accounting for resident savings means that the income of the resident sector is used for the surplus of consumption, which can enter the financial market in the form of a variety of financial products. In the past, most of the population's savings have been in the form of bank deposits into the financial markets, which form indirect financing; future resident savings may increase the investment in other financial products such as finance, trust, insurance and other financial products, which will form direct financing in the financial markets, So as to balance the proportion of indirect financing and direct financing.
At the same time, Xiao Yuan stressed that for holders of funds such as individuals and enterprises, their savings funds can be invested in both bank deposits and by entrusting investment, buying financial management, bonds or stocks, and the specific use of funds is determined solely on the basis of their own risk and income preferences.
According to the Opinions, we should actively develop financial products to support strategic emerging industries, advanced manufacturing industries and scientific and technological innovation. We will expand medium- and long-term loans to strategic emerging industries and advanced manufacturing industries, encourage insurance funds to invest in industry funds through market-oriented means, and increase support for strategic emerging industries and advanced manufacturing industries. Support banking financial institutions to issue medium- and long-term technology research and development loans pledged by intellectual property rights to scientific and technological enterprises. Insurance institutions should be encouraged to innovate and develop science and technology insurance, and the first major technology and equipment insurance and the first batch application of insurance compensation mechanism for new materials should be promoted.
It is worth noting that, in order to guide banks to expand their lending to the advanced manufacturing sector in the medium- and long-term, the central bank will also have a \"move\" in the recent macro-prudential assessment (MPA) of manufacturing medium- and long-term loans and credit loans. According to mr xiao, the csc is working on a long-term assessment of long-term loans in the manufacturing sector, including \"manufacturing loans cannot grow below average loan growth \", but does not rule out other indicators.
Since last year, substantial progress has been made in the disposal of troubled financial institutions. The market has also voiced calls for regulators to establish a clear mechanism for the disposal of problem financial institutions as soon as possible, and Ma Jun, director of the Center for Financial and Development Research at Tsinghua University and a member of the Central Bank's monetary policy committee, has suggested that China needs to establish a systematic financial risk intervention mechanism, including a financial risk warning rating system and a hierarchical response intervention mechanism, and to prepare in advance the \"menu\" of intervention, the list of institutions and intervention agencies that may be necessary to accept the intervention.
The Opinions also point out that it is necessary to actively and steadily advance the handling of problem financial institutions. Focus on overall planning, coordinated promotion, compacting the responsibilities of financial institutions, local governments and financial management departments. Promote the formulation and implementation of recovery and disposal plans, and grasp the balance between strengthening market discipline, guarding against moral hazard and maintaining financial stability. For different organizations, it is necessary to classify the policy, follow the market law, and carry out it safely on the basis of fully evaluating the potential impact, and strictly guard against the risk of handling the risk. Multi-measures should be taken to deepen the reform of high-risk medium- and small-sized institutions and risk-dissolving, adopting non-performing assets disposal, direct capital injection and reorganization, interbank acquisition and merger, setting up disposal funds, setting up bridge crossing banks, introducing new investors and withdrawing from the market. Increase efforts to clear assets, safeguard the legitimate creditor's rights of institutions, and minimize losses. Promote the establishment of a culture of prudence, enhance risk awareness and compliance awareness, enhance institutional binding and execution.
So, what are the latest developments in the regulatory establishment of a mechanism to deal with troubled financial institutions? According to xiao, regulators have formulated guidance on the disposal of problem financial institutions, but the entire disposal mechanism is still in the process of exploration, need to continue to explore and improve.
\"The opinion has proposed seven disposal methods, including direct capital injection restructuring, interbank acquisition and merger, but in practice, the disposal of financial institutions may not only use one model, we are also constantly groping, while learning from foreign experience. Xiao Yuan enterprise said that the problem of financial institutions to deal with the mechanism or while exploring, while regulating, while improving. At the same time, given the rapidity of financial risk (contagion), dealing with risk should follow the principle of marketization and rule of law on the one hand, and be decisive and quick on the other.
It is worth noting that in addition to proposing concrete plans for the safe advancement of the disposal of problematic financial institutions, the Opinion has also made arrangements for deepening the reform of small and medium-sized banks, both of which complement each other. The Opinion points out the need to strengthen the financial services capacity of local small and medium-sized banks. Urban commercial banks should establish a prudent management culture, rationally determine the operating radius, and serve the local economy, small and micro enterprises and urban and rural residents. Small and medium-sized rural banks should adhere to the positioning of small market support for agriculture, strengthen the county service function, support the strategy of rural revitalization, and help win the battle against poverty with precision. Under the premise of maintaining the overall stability of the status of county legal persons, according to local conditions, rural credit unions and rural cooperative banks to implement joint-stock system transformation.
Mr. Xiao explained that deepening the reform of small and medium-sized banks not only refers to the disposal of troubled financial institutions, but also to the transformation of well-run financial institutions. In the past, some local small and medium-sized banks tend to expand rapidly, cross-district operation, base large, the \"opinion\" clear local small and medium-sized banks operating positioning, which is also to learn from the past experience. In the next step, the CBRC will push forward the reform of the provincial Associated Press, but the reform will adopt a diversified model according to local conditions.
Prevention and mitigation of financial risks is still an important task of the regulatory authorities at present and for a period of time to come.The Opinions also put forward specific plans for the precise and effective prevention and mitigation of all kinds of risks in the banking insurance system.In addition to the above mentioned measures to promote the disposal of financial institutions, they also include resolving the risks of shadow banks in an orderly manner, vigorously rectifying illegal and illegal financial activities, and enhancing the ability to resist risks.
Among them, in the shadow bank governance, China in the last three years to reduce the size of high-risk shadow banks nearly 16 trillion, this achievement has also been highly recognized by international institutions including Moody's, Fitch, the International Monetary Fund and other institutions.
Xiao pointed out that regulators'determination to continue to govern high-risk shadow banks will not change. The \"Opinion\" also proposed to gradually clean up and reduce non-standard off-balance-sheet financial assets investment, specific purpose carrier investment in the statement, interbank financial management and other business scale, strict control of silver channel business. Carry out consistency, penetration and full coverage risk management according to the business substance, strictly apply the corresponding risk classification, capital occupation and reserve collection and other requirements.
However, Xiao Yuan also stressed that not all shadow banking business is not good, shadow banking governance is a focus area, mainly focusing on high-risk, non-compliance, random channel shadow banking business.
In addition, in strengthening the ability to resist risks, the \"Opinion\" states that banking and insurance institutions should formulate medium- and long-term capital plans, supplement capital through multiple channels, and innovate capital replenishment tools according to law. For out-of-risk institutions, the original equity should adopt the way of stock reduction, future income deduction and other ways to reasonably share the loss, other specific creditor's rights with the function of absorbing losses should be written down or transferred to shares, and the salary and bonus paid by senior executives and relevant responsible persons should be deducted according to the law.
Xiao said that at present, the capital replenishment pressure of our banking industry is still relatively large, although banks can rely on the way of profit retention to replenish capital, but relying on endogenous channels alone is not enough to support business development, banks also need to expand external capital replenishment channels. From the capital structure of our country's banking industry, the core tier one capital is relatively sufficient, but the other types of capital adequacy ratio is relatively low, and the non-core tier one capital replenishment tool is relatively few. In contrast, foreign banks have more non-core primary capital replenishment tools, capital replenishment tools write-down and equity conversion trigger conditions are clear, and strict implementation. In the next step, our country should also further refine the capital replenishment tool write-down and equity conversion conditions, and strictly implement.