Cao Yu: At the end of last year, the rectification task of the transition period of the asset management business was basically completed, and the capital-guaranteed wealth management was cleared.

Original title: Cao Yu: At the end of last year, the rectification task during the transition period of the asset management business was basically completed, and the capital-guaranteed wealth management was cleared.

Beijing News Shell Finance News (Reporter Hou Runfang) At the Global Wealth Management Forum • Shanghai Suhewan Summit held today, Cao Yu, member of the Party Committee and Vice Chairman of the China Banking and Insurance Regulatory Commission, said that the banking and insurance industry has basically completed the asset management business by the end of 2021. The rectification tasks during the transition period are generally in line with expectations. As of the end of 2021, capital-guaranteed wealth management and non-compliant short-term wealth management products have been cleared, and most banks have completed the rectification of wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time.

Cao Yu pointed out that on the basis of overall steady growth, the asset management business of the banking and insurance industry has achieved good reform effects of returning to its origins, optimizing its structure, and improving quality and efficiency. First, the rectification business during the transition period was basically completed. Through the joint efforts of all parties, the banking and insurance industry has basically completed the rectification tasks during the transition period of the asset management business by the end of 2021, which is generally in line with expectations. As of the end of 2021, capital-guaranteed wealth management and non-compliant short-term wealth management products have been cleared, and most banks have completed the rectification of wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time, laying a solid foundation for the healthy development of bank wealth management business. Insurance asset management products have basically achieved net worth transformation, and product investment operations have been further standardized. The proportion of financing trusts has continued to decline, the channel business has dropped significantly, and the cumulative drop of non-compliant trust projects has exceeded 80%. Some high-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the situation of idling funds and deviating from real to virtual has been fundamentally reversed.

Second, the quality and efficiency of serving the real economy have been greatly improved. The China Banking and Insurance Regulatory Commission will continue to promote banking and insurance asset management institutions to improve their capital allocation capabilities, expand investment fields, shorten investment chains, and support the real economy more precisely and efficiently. As of the end of November 2021, nearly 40 trillion yuan of funds directly allocated to the real economy by asset management products of banking and insurance institutions, accounting for about 13% of the stock of social financing in the same period. Wealth management, insurance asset management, and trust funds have invested more than 27 trillion yuan in stocks and bonds through direct or indirect means, providing a long-term and stable source of funds for the capital market.

Third, the wealth management needs of residents were further satisfied. On the premise of compliance with laws and regulations and controllable risks, the China Banking and Insurance Regulatory Commission will actively guide financial service innovation. Asset management products in the banking and insurance industry have been continuously enriched in types, with increasingly diverse term structures, and improved institutional systems. The number of investors covered continues to grow, striving to achieve more stable property income for investors. As of the end of 2021, there were 36,300 surviving bank wealth management products, and the number of investors reached 81.3 million, generating nearly 1 trillion yuan in income for investors throughout the year.

Fourth, the construction of supervision capacity has been continuously strengthened. The China Banking and Insurance Regulatory Commission continued to promote unified supervision standards for similar asset management products, and successively issued more than 10 systems and measures to establish and improve systems and rules for product issuance, sales management, investment operations, risk control, and information disclosure. Continue to strengthen daily supervision, strengthen the risk prevention and control of institutions, businesses and products, and effectively protect the legitimate rights and interests of investors. Actively explore the use of regulatory technology, and continuously improve the level of informatization and intelligence in regulatory work.

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