Original title: Cao Yu, Vice Chairman of the China Banking and Insurance Regulatory Commission: The asset management industry should help pension finance focus on “long-term and inclusiveness”
Our reporter Hao Yajuan and Zhang Rongwang reported from Shanghai and Beijing
Under the requirements of “de-exchange and net worth”, the transformation of bank wealth management has attracted much attention.
“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 their wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time.” At the Shanghai Suhewan Summit of the Global Wealth Management Forum (GAMF).
In addition, when it comes to pension finance, Cao Yu pointed out: “The development of my country’s pension financial system is relatively lagging behind, and there are problems such as insufficient effective supply, limited coverage, low long-term investment ability, and weak anti-cyclical ability. Asset management institutions must be good customers. Portraits, enrich the supply of senior care products for customer groups of different ages and risk preferences. Focus on the long-term and inclusive characteristics of senior care products, adhere to a stable investment strategy, optimize the term structure, improve the custody model, and continuously improve the professional management level.”
The sword refers to the idling of funds, from the real to the virtual
From the perspective of the rectification of the banking and insurance industry, Cao Yu pointed out that by 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. The work has laid 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 been greatly reduced, and the cumulative pressure reduction of non-compliant trust projects has exceeded 80%. Some complex nesting, pooling operations and other high-risk businesses have been rectified and cleaned up, and funds have been idling and deviating from real to virtual. The situation has been fundamentally reversed.” Cao Yu said.
From the release of the new asset management regulations in April 2018 to the official end of the transition period for the new asset management regulations at the end of December 2021, how to start the big asset management industry is also the most concerned issue for market participants.
CITIC Construction InvestmentYang Rong, chief analyst of the banking industry, pointed out that the new regulations on asset management will be officially launched on January 1, 2022. All types of wealth management, bonds and trusts must not guarantee principal and interest, nor can they be rigidly redeemed. The net value of products will fully reflect market risks. Bank wealth management has officially ushered in the era of true net worth. Product net value fluctuations will become the norm. Consumers should increase their acceptance of fluctuations. It is expected that under the condition of differentiated consumer demand, bank wealth management products will be Customized diversified products for different target customers to increase the scale of the wealth management market.
Looking forward to the next development of the asset management industry, Cao Yu said: “From the perspective of the banking and insurance industry, 29 wealth management companies have been approved for establishment, 23 have opened for operation, and 33 insurance asset management companies have been established. We will continue to adhere to” The principle of mature one, approval of one, steadily promote the approval of wealth management companies and insurance asset management companies, do a good job in the operation evaluation of the opened institutions, actively explore the model and path of small and medium-sized banks to set up wealth management companies, and implement the policy of expanding opening up and introducing foreign capital. , to build an ecological system with each exhibition director, organic cooperation and coexistence.”
In terms of supervision, Cao Yu emphasized that he will continue to improve the regulatory rules for the asset management business of the banking and insurance industry, and gradually form a regulatory system that runs through the main business lines of the regulatory agency, covering corporate governance, investment operations, sales of consumer insurance, and risk internal control. link.
Focus on the long-term and inclusiveness of pension products
As my country enters an aging society, vigorously developing pension finance has also become one of the business directions of financial institutions.
On September 10, 2021, the China Banking and Insurance Regulatory Commission issued the “Notice on Launching the Pilot Program of Pension Wealth Management Products”, approving four institutions to conduct pilot projects in four places, leveraging the professional advantages of wealth management subsidiaries, innovating pension financial products, and promoting the third place in pension security. Pillar construction. In December of the same year, the first batch of pilot pension wealth management products in my country were officially launched in Wuhan, Chengdu, Shenzhen and Qingdao.
Cao Yu pointed out that the development of my country’s pension financial system is relatively lagging, and there are problems such as insufficient effective supply, limited coverage, low long-term investment ability, and weak anti-cyclical ability. The asset management industry should give full play to the concentration of long-term funds, flexible asset allocation, The function of cyclical fluctuations actively helps urban and rural residents manage their wealth throughout the life cycle and improve their ability to resist risks.
“Asset management institutions should do a good job in customer portraits, and enrich the supply of elderly care products for customer groups of different ages and risk preferences. Focusing on the long-term and inclusive characteristics of elderly care products, adhere to a stable investment strategy, optimize the term structure, and improve the custody model. Improve the level of professional management. Strengthen the publicity and education of investors’ pension financial knowledge, cultivate the concept of long-term value investment, and establish a scientific outlook on risks and returns.” Cao Yu said.
Bank of ChinaZheng Chenyang, a postdoctoral fellow at the Institute, suggested that taking wealth management subsidiaries as an example, they could rely on the parent bank’s resources in terms of customers, channels, capital, and technology to give full play to its professional advantages. In product design, according to the customer’s age stage, educational background, family structure, income level, classification, refine customer portraits, label customer groups, learn from the advanced experience of domestic and foreign industry pension products, and deeply integrate pension and inclusive benefits , enrich the pension wealth management product system; in terms of investment strategy, take long-term stability as the investment concept, explore the full life cycle service model, and actively invest in fields that are in line with national strategies and industrial policies. The investment experience accumulated in long-term net worth products can dynamically adjust diversified asset allocation plans such as stocks, bonds, funds, and commodities.
(Editor: Zhu Ziyun proofreading: Yan Jingning)
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