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Source: Securities Daily
Our reporter Su Xianggao Trainee reporter Yang Jie
On June 23, the Propaganda Department of the Central Committee of the Communist Party of China held a series of press conferences on the theme of “China’s Decade”, introducing the reform and development of the financial sector since the 18th National Congress of the Communist Party of China.
Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, said at the meeting that financial regulators resolutely prevent and resolve financial risks, the blind expansion of financial assets has been fundamentally reversed, and high-risk shadow banking has dropped by about 25 trillion yuan from its historical peak. The disposal of non-performing assets has made great strides. In the past ten years, a total of 16 trillion yuan of non-performing assets has been digested, and a large number of outstanding risks and hidden dangers have been eliminated.
will continue to deepen
Reform of Bancassurance Institutions
Xiao Yuanqi introduced the achievements of the banking and insurance industry in the past ten years from four aspects: First, a virtuous circle of finance and the real economy has gradually formed. Second, important achievements have been made in preventing and resolving major financial risks. Third, the reform and opening-up of the banking and insurance industry presents a new situation. Significant progress has been made in the pilot reform of the third pillar pension insurance. The scope of the exclusive commercial pension insurance pilot has been expanded to the whole country, and the scope of the pension wealth management pilot has been expanded to ten institutions in ten places; by the end of May 2022, the subscription amount of pension wealth management will exceed 60 billion yuan. Fourth, the atmosphere of strict supervision is basically formed.
“In the past ten years, we have taken a number of measures. At present, the entire development pattern of the banking and insurance industry has undergone some new changes.” Xiao Yuanqi said, first, the comprehensive strength has been continuously enhanced. The total capital of my country’s banking and insurance industry has increased from the end of 2012. 9.5 trillion yuan increased to 32.4 trillion yuan by the end of 2021, the capital strength has been greatly enhanced; second, the financial structure has been continuously optimized, and the proportion of indirect financing and direct financing has greatly improved the adaptability of my country’s economic and social development and financial needs; third, The financial governance system with Chinese characteristics has been continuously improved.
Xiao Yuanqi said that the next step is to continue to work hard from the following aspects: continuously optimize the financial structure system; continue to deepen the reform of banking and insurance institutions, strengthen the construction of corporate governance, especially to deepen the reform of rural credit cooperatives, urban commercial bank reform and insurance marketing system reform; to further strengthen risk prevention and control, the main focus is to further enhance the endogenous risk prevention and control capabilities of banking and insurance institutions; build a financial supervision system with Chinese characteristics, so that all financial activities are included in the supervision, and establish a pre-event, in-event and post-event management system. A full-chain, all-round regulatory mechanism arrangement.
monetary assets
The momentum from the real to the virtual has been reversed
Preventing and defusing financial risks is the eternal theme of the financial industry. Over the past decade, the CBIRC has dealt with a number of prominent risk points.
On the one hand, the contagiousness and spillover of prominent risk points have shrunk significantly, the risks of illegal financial groups have been prudently resolved and dismantled, and the risks of small and medium-sized banking and insurance institutions have been disposed of, reformed and restructured. In the past ten years, more than 600 high-risk small and medium-sized institutions have been restored and disposed of; at the same time, the debt risks of a large number of large enterprises with relatively large debts and extensive coverage have also been disposed of.
On the other hand, the trend of financial assets deviating from the real to the virtual has been reversed, and we have resolutely cleaned up the activities of deviating from the real to the virtual, arbitrarily adding leverage, and speculating with money. Over the past period of time, especially in the past five years, the total assets of the banking and insurance industries have The average annual growth rate was 8.1% and 11.4% respectively, which was lower than the average annual growth rate of credit issuance and bond investment in the same period. Fundamentally reversed the idling of funds, and the funds flowing to the real economy increased significantly, and the intermediate chain was also greatly compressed, raising financing costs. also declined.
At the same time, the social financial order has basically achieved “from chaos to governance”; the long-term mechanism for preventing and defusing financial risks has been gradually consolidated; financial anti-corruption and risk resolution have been integrated;
Regarding the risks of small and medium-sized banks, Xiao Yuanqi said that the China Banking and Insurance Regulatory Commission attaches great importance to the healthy development of small and medium-sized banks, especially small banks. In the past five years, a total of 5.3 trillion yuan of non-performing loans of small and medium-sized banks has been disposed of, which is very strong.
In terms of resolving non-performing assets and related risks, the main measures taken by the China Banking and Insurance Regulatory Commission are as follows: First, adhere to the integrated promotion of reform and risk reduction, and coordinate the promotion of the reform and risk reduction of small and medium-sized banks, focusing on corporate governance and mechanism construction, focusing on Cultivate the endogenous driving force for the development and risk prevention and control of small and medium-sized banks, and implement the responsibilities of all parties. For individual key institutions, the China Banking and Insurance Regulatory Commission will formulate plans for deepening reform and risk mitigation. The third is to promote multi-channel replenishment of capital; the fourth is to improve corporate governance; the fifth is to strengthen technological empowerment, promote the digital transformation of small and medium-sized banks, and use technological means to consolidate the traditional advantages of small and medium-sized banks in supporting agriculture and small-scale banks. Sixth, optimize the organization layout.
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