China Banking and Insurance Regulatory Commission: Prevent bancassurance funds from bypassing and illegally flowing into real estate
2021-07-31 09:24:20Source: Securities Daily
On July 30, the China Banking Regulatory Commission announced that on July 27, the China Banking Regulatory Commission held a system-wide 2021 mid-year work symposium and a disciplinary inspection and supervision work (telephone) symposium. The meeting pointed out that since this year, new results have been achieved in preventing and resolving financial risks. The disposal of high-risk institutions is proceeding in an orderly manner, the scale of high-risk shadow banks has dropped by 23 trillion yuan from the historical peak, the rectification of Internet platform companies has accelerated, and the growth rate of real estate loans has reached the lowest in eight years. Violations of laws and regulations were severely punished. In the first half of the year, a total of 1,420 institutions were punished, a total of 1.155 billion yuan was fined and confiscated, and 2,149 persons responsible were punished.
The meeting emphasized that we must unswervingly prevent and defuse financial risks. Accelerate the disposal of high-risk institutions in accordance with the principles of “one line, one policy” and “one location, one policy”; increase punishments for shareholders who violate laws and regulations; actively respond to the concentrated rebound of non-performing assets; strictly prevent the resurgence of high-risk shadow banks; strictly implement the “third-tier and fourth-tier” And real estate loan concentration requirements to prevent bank insurance funds from flowing into the real estate market in violation of regulations; in-depth rectification of the insurance market chaos; regulation of Internet platform financial business in accordance with the law; research on long-term mechanisms to curb illegal financial activities, and promote the implementation of regulations on preventing and dealing with illegal fund-raising .
The meeting pointed out that it is necessary to unswervingly promote structural reforms on the financial supply side. Focusing on the establishment of a modern enterprise system, “one province, one policy” explores the reform model of rural credit cooperatives, and improves the ability and level of provincial management agencies to perform their duties. Promote the reform of the sub-ledger of policy banks, standardize the integrated operation of large banks, and establish a risk isolation mechanism between wealth management companies and parent companies. Guide the transformation and development of trust companies. Study the quantitative regulatory requirements of non-bank institutions. Continue to improve the micro governance of local small and medium financial institutions. Standardize the development of the third pillar pension insurance. Improve the health insurance supervision system. Promote catastrophe insurance pilot programs and legislation to include more natural disasters in the scope of protection. Improve the level of safety production liability insurance. Continue to implement high-level opening-up measures, further improve the business environment, stabilize the expectations of foreign investors, and fully implement the pre-access national treatment plus negative list management system for foreign investment.
The meeting called for further strengthening of supervisory capacity building. Carry out in-depth investigation and research to improve the level of professional research and analysis. Continue to improve the risk monitoring and early warning system and the regulatory rating system, give full play to off-site supervision and on-site inspection, and enhance the ability of risk early warning research and judgment.
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