On the evening of January 4, the guiding opinions on promoting the high-quality development of banking and insurance industry (hereinafter referred to as the opinions) issued by the China Banking and Insurance Regulatory Commission set out the development goals of banking and insurance industry in the next five years, and clearly proposed that we should vigorously develop enterprise annuity, occupational annuity, all kinds of health and endowment insurance businesses, and promote the effective transformation of residents savings into capital market for a long term through multiple channels Capital . This means that the regulatory authorities make it clear that long-term funds will enter the market, and the capital market will welcome the good again.
Mingming, deputy director of CITIC Securities Research Institute, told first finance that the heavy signals from financial executives over the weekend reflected some specific policy arrangements for regulators to complete financial supply side reform and strengthen financial support for the real economy. From the perspective of monetary policy, the central economic working conference also proposed to maintain a stable overall situation, namely, flexibility and moderation in 2020, consistent with the working conference of the central bank. From the perspective of commercial banks, the promotion of high-quality development by banks, the introduction of new financial regulations and the reform of loan market quotation rate (LPR) some time ago are all specific policies to further improve the quality of assets and liabilities of commercial banks, promote high-quality development and better support the real economy.
Long term capital raised by the regulatory authorities
On the evening of January 4, the CBRC issued the opinions, setting the development goals of banking and insurance industry in the next five years.
Among them, vigorously develop enterprise annuity, occupational annuity, all kinds of health and endowment insurance businesses, promote the effective conversion of residents savings into long-term capital market funds through multiple channels, and encourage all kinds of qualified investment institutions to participate in the market-based legal debt to equity swap, which is considered to be a great advantage for the A-share market.
There are 30 articles in the opinions. According to the sorting out of the first financial reporter, the main contents include promoting the effective transformation of residents savings into long-term capital market funds, preventing the illegal inflow of funds into the real estate market, achieving a higher level of opening up, accurately and effectively preventing and resolving various risks, etc. It is worth noting that the term promote the effective conversion of household savings into long-term capital market funds is regarded by investors as an important good for a shares.
According to the central bank, by the end of November 2019, the balance of RMB deposits was 192.28 trillion yuan. Among them, RMB deposits increased by 1.31 trillion yuan in November 2019, 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.
Wen bin, chief researcher of China Minsheng Bank, told first finance and economics that the transfer of savings funds to the capital market is conducive to the optimization of financial structure and financing structure, and also an objective requirement to support high-quality economic development in the future.
Wen Bin said that to promote high-quality economic development, we also need to further deepen the structural reform of the financial supply side. From the bank side, we should establish a multi-level and wide coverage system, and large and medium-sized banks should realize differentiated positioning to serve the real economy; for the capital market, the development of the capital market is very important for the long-term capital market financing structure. High quality development needs the innovation of enterprises, which is difficult to play an effective role relying on the indirect financing of traditional banks.
The opinion points out that bank insurance institutions play an important role in optimizing the financing structure. Banking and insurance institutions should improve the service system suitable for the development of direct financing, provide supporting support for direct financing in various ways, and increase the proportion of direct financing. 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.
From the perspective of banking industry, in 2019, 10 financial subsidiaries have been opened for operation. Industry insiders believe that with the improvement of equity investment and research capacity of financial subsidiaries, the share of equity asset allocation will increase, which will be beneficial to the equity market.
From the perspective of insurance industry, Liang Tao, vice chairman of cbcirc, said at the 2019 academic annual meeting of CFA. We should take multiple measures to increase the sources of long-term stable capital in the capital market, including 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.
First finance and economics noted that since the beginning of 2019, regulators have repeatedly expressed support for long-term funds to enter the capital market, calling for long-term funds such as enterprise annuity and insurance to enter the market. Bancassurance and China Securities Regulatory Commission promote the promotion of the proportion of medium and long-term capital entering the market and further increase the proportion of institutional investors, which is conducive to improving the stability of market operation and reducing the possibility of large fluctuation of a shares. Analysis of a public fund person.
There is still room for further reduction
Compared with 2019, the work deployment of the central bank in 2020 has some new expressions and new formulation.
In terms of monetary policy, the central bank said that in 2020, it is necessary to maintain the flexibility and moderation of stable monetary policy. Compared with the content of the central bank working conference in 2019, the expression of monetary policy has changed from moderately loose to moderately flexible.
In fact, the expression of flexibility and moderation is consistent with the expression of monetary policy in the central economic working conference held last month.
Chen Ji, a senior researcher at the financial research center of the Bank of communications, said that the monetary policy flexible and moderate obviously has a layer of flexible connotation compared with the previous loose and moderate. The transformation of this formulation clearly shows that while paying attention to the appropriate regulation of liquidity to ensure the operation of financial indicators in a reasonable range, more attention is paid to the combination of structural precise regulation and regulation tools.
On January 1, the central bank announced that it would cut the reserve ratio of financial institutions by 0.5 percentage points on January 6. Wang Qing, chief Macro Analyst of Dongfang Jincheng, said that under the background of fundamental changes in Chinas basic currency delivery mode, foreign exchange accounts remained basically stable, and reserve reduction, MLF operation, etc. became the main channel for currency delivery. The current continuous reserve reduction is difficult to bring about a substantial increase in M2, credit and social financing growth, and will not cause the flood effect.
Wen bin told first finance and economics that the focus of monetary policy this year is to carry out structural guidance, such as through targeted reduction of standards, continue to operate tmlf (targeted medium-term lending facilities), and guide funds to further flow to the real economy, especially in the field of private and small and micro enterprises, so as to solve the problem of financing difficult and expensive.
Since 2019, both monetary policy and fiscal policy have supported private enterprises and small and micro enterprises, and increased financial support for supply side structural reform.
It is worth noting that the central bank stressed at this meeting that it should promote the joint efforts of multiple departments, make good use of policy tools such as targeted reduction of standards, re loan rediscount, macro Prudential assessment and credit management, and effectively promote the improvement of small and micro enterprise financing.
According to the analysis of a number of experts in the industry, the previous comprehensive reduction of the standard is conducive to easing the financing difficulties of small and micro enterprises and private enterprises, and there is still room for the next stage.
Wang Qing said that considering the development trend of macro-economy in 2020, it is expected that the central bank will implement another 1-2 times of reduction of standards, with a total of 1-1.5 percentage points. During this period, in order to increase the support for small and micro enterprises, the central bank may also implement two times of targeted reduction of standards. Secondly, in order to reflect the increase of the counter cyclical adjustment of monetary policy, in 2020, the central bank will continue to use the quantitative tool of reducing the standard, and it is possible to continue the process of slightly reducing the MLF interest rate since November 5, 2019, volume price integration will be an important feature of the implementation of monetary policy this year.
In addition, in the aspect of digital currency, the central bank working conference said that it is necessary to continue to steadily promote the research and development of legal digital currency; at the same time, it is necessary to establish and improve the basic rules system of financial science and technology supervision, and do a good job in the pilot work of financial science and technology innovation supervision.
(Guo Luqing, the first financial journalist, also contributed to this paper)
Source: First Financial Editor: Guo Chenqi, nbj9931