The first shot of the CBRC in the new year: promoting residents saving to enter the market

category:Finance
 The first shot of the CBRC in the new year: promoting residents saving to enter the market


98 words of the opinion most support the development of the stock market:

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 endowment insurance businesses, and promote the effective transformation of residents savings into long-term capital market funds through multiple channels. All kinds of qualified investment institutions are encouraged to participate in the market-oriented and legal debt to equity swap.

This sentence is also one of the most concerned and valued expressions in the whole market. How much trillion are the residents savings?

According to the statistics of the central bank, by the end of November 2019, the balance of domestic and foreign currency deposits was 197.55 trillion yuan, up 8.2% year on year. At the end of the month, the balance of RMB deposits was 192.28 trillion yuan, an increase of 8.4% year on year, 0.2 and 0.8 percentage points higher than that at the end of last month and the same period of last year respectively.

In November 2019, RMB deposits increased by 1.31 trillion yuan, an increase of 357.1 billion yuan year on year. Among them, household deposits increased by 246.6 billion yuan, deposits of non-financial enterprises increased by 865.6 billion yuan, Financial deposits decreased by 245.1 billion yuan, and deposits of non banking financial institutions increased by 697.9 billion yuan.

In fact, as early as December 21 last year, Liang Tao, vice chairman of the CBRC, said at the 2019 annual meeting of the Chinese Academy of finance that we should take multiple measures to increase long-term stable capital sources in the capital market, including vigorously strengthening the construction of the third pillar of pension, broadening the investment scope of insurance asset management companies, and allowing qualified bank financing funds to invest in stocks.

2019 is the first year of financial subsidiary. As of December 8, 2019, at least 32 bank financing subsidiaries have been announced to be established, among which six major banks and Everbright and China Merchants Bank Financing subsidiaries have officially opened.

Some analysts believe that in the next 5-10 years, customers acceptance of equity products will increase, especially after the elimination of the old expected income products. It is expected that in the next 10 years, the proportion of stock investment in financial management will gradually increase from about 2% at present to about 10%. It is estimated that the investment scale of financial stock will reach 5.5 trillion in 2030, which will become the mainstream capital in the A-share market and gradually control certain pricing power.

In addition, the opinion clearly puts forward that: the bank and insurance institutions should implement the positioning of real estate is not speculation, strictly implement the requirements of real estate financial supervision, prevent the illegal inflow of funds into the real estate market, curb the excessive growth of residents leverage ratio, and promote the healthy and stable development of the real estate market.

In 2019, the CBRC will strictly check the illegal entry of bank funds into the real estate market and stock market. According to incomplete statistics on the official website of the CBRC, as of December 26 last year, the CBRC system issued a total of 4108 fines (calculated according to the date of publication) to banking institutions and insurance institutions, including 16 fines issued by the CBRC, 1560 fines issued by the CBRC at the same level, and 2532 fines issued by the CBRC branch at the same level.

Liang Tao, vice chairman of the cbcirc, said at the 2019 annual meeting of the Chinese Financial Society and the annual meeting of the China Financial Forum on December 21 that in recent years, the regulatory authorities have attached great importance to improving the supply quality and efficiency of the financial system and achieved phased results. Among them, we should strictly prevent excessive concentration of financial resources in inefficient areas. We will gradually reduce and exit zombie enterprises and clean up inefficient and inefficient credit resources. We will carry out special inspection on real estate credit in more than 30 hot cities across the country to prevent financial funds from entering the real estate sector illegally.

Ten key points

1. By 2025, the financial structure will be more optimized and a multi-level, wide-ranging and differentiated banking and insurance institution system will be formed.

The level of corporate governance continued to improve, and a modern financial enterprise system with Chinese characteristics was basically established. The ability to develop personalized, differentiated and customized products has been significantly enhanced to form a financial product system that effectively meets the market demand. Credit market, insurance market, trust market, financial leasing market and non-performing asset market were further improved. Financial risks in key areas have been effectively dealt with, and the modernization of banking and insurance regulatory system and regulatory capacity has achieved remarkable results.

2. 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.

3. Vigorously develop enterprise annuity, occupational annuity, all kinds of health and endowment insurance businesses, and promote the effective transformation of residents savings into long-term capital market funds through multiple channels.

4. All kinds of qualified investment institutions are encouraged to participate in the market-oriented and legal debt to equity swap.

Overseas financial institutions are encouraged to participate in the establishment and investment of financial subsidiaries of commercial banks, and overseas asset management institutions are allowed to establish joint ventures with subsidiaries of Chinese banks or insurance companies to establish financial companies controlled by foreign parties. Support the insurance institutions of foreign banks to reasonably arrange their subsidiaries, branches, subsidiaries and other branches according to their business needs, and expand their business scope.

6. Banking and insurance institutions should implement the positioning of no speculation in real estate, strictly implement the requirements of real estate financial supervision, prevent the illegal inflow of funds into the real estate market, curb the excessive growth of residents leverage ratio, and promote the healthy and stable development of the real estate market.

7. Actively develop financial products to support strategic emerging industries, advanced manufacturing industries and technological innovation. We will increase financial support to provide high-quality financial services to enhance the basic capacity of the industry and the level of the industrial chain.

We will expand medium - and long-term loans to strategic emerging industries and advanced manufacturing industries. We will encourage insurance funds to invest in industrial funds in a market-oriented way and increase support for strategic emerging industries and advanced manufacturing industries.

8. Increase the innovation of financial products of private enterprises and small and micro enterprises. Banking and insurance institutions should treat all kinds of ownership enterprises equally and fairly according to the principle of competition neutrality. We will increase support for private enterprises that are in line with the direction of industrial development, whose main business is relatively concentrated in the real economy, whose technology is advanced, whose products have a market, but who are temporarily facing difficulties.

9. We will continue to do a good job in resolving the hidden debt risks of local governments, clarify the debt repayment responsibilities of existing debts in accordance with the law, standardize and support the issuance of local government bonds and supporting financing, and prohibit illegal and illegal provision of new financing.

We will increase the screening and monitoring of the risks of enterprises operating in high debt and with blind expansion out of their main businesses. We will prudently resolve the credit risk of group customers, orderly exit zombie enterprises and promote structural deleveraging of enterprise departments.

10. We will vigorously punish illegal financial activities. We will resolutely clean up and ban institutions and activities that engage in financial business without approval. Adhere to the principle of combination of attack and prevention and treatment of both symptoms and root causes, and promote the establishment and improvement of the prevention and control and strike system for the whole industrial chain and ecological chain of illegal financial activities. We will strengthen monitoring and early warning, focus on early and small-scale development, guide local governments to handle cases of illegal fund-raising, resolutely curb incremental risks, and steadily resolve stock risks. .

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Source: Yang Zeyu, editor in charge of China Fund News