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“Vigorously developing direct financing is not only an unavoidable option for the financial industry to adapt to the new development pattern, but also a strategic opportunity for the financial industry to develop.” Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, yesterday attended the First Shenzhen Pilot Zone Financial Summit and China Wealth Management Forum 50 2020 Annual meeting stated that for a long time,Bankindustry,insuranceThe industry insists on participating in the construction of the capital market in accordance with the law, and has become an important part of institutional investors, providing a stable and professional source of funds for the market.The Banking and Insurance Regulatory Commission China continues to promote the development of pension financing and actively promotes long-term financingsupply, Qijoint projectThe market continues to develop steadily.
Bank、insurance、TrustIndustry institutions actively invest in capital markets by direct or indirect means. The data revealed by Cao Yu shows that at the end of October,BankFinancial managementInvestment of capital in shares,LinkNearly 17 trillion yuan, the market share has been stable for a long time;insuranceThe funds will be listedthe companyAs an important investment objective, it directly or indirectly invests around 10 trillion yuan in various stocks and bonds;Trusted companyThrough own funds and trustsproductInvestment in stocks and bonds is about 2.2 trillion yuan.
“After years of hard work, the banking industry,insuranceThe institutional system for the institutions of the industry to participate in the construction of the capital market has been continuously formed and optimized. Cao Yu said that in terms of bank wealth management, the reform of bank wealth management enterprises has been promoted, and the institutional investor team has continued to grow. 22 bank wealth management companies and 2 foreign-owned wealth management companies were approved. Current wealth management regulations govern the growth of wealth management funds.Invest inThere are no institutional barriers in this market, which allows bank wealth management companiesPublic offer, The private placement products and the bank private placement wealth management products invest directly in stocks, and the bank public placement wealth management products through public placementbackgroundIndirect investment in shares. Support bank wealth management companies to increase the share of equity products and encourage more qualified fund managers to list cooperative bank wealth management institutions.
At the same time, promoteInsurance companyMake the most of your own advantages, provide more long-term funds for the capital market and allow insurance funds to investTo start a businessboard,Science and Technology Innovation BoardList company shares, formulate and issue regulatory rules, promote insurance companies to optimize capital asset allocation and implement differentiated investment supervision ratios, up to 45% of total assets of insurance companies at the end of the last trimester; encourage trust companies to actively adjust their business structure and reduce funding Similar scale of trust, more developmentInvestment in sharesTrusts and other companies guide trust funds to increase support for capital markets, wealth management and other fields.
banking,insuranceInstitutions also play their own functional advantages to provide capital marketSettlement of transactions, Depository of funds, etc., provided essential services to maintain the safe and stable operation of the market. Cao Yu said that until now, market entities that commercial banks provide fund settlement and deposit custody services include securities, futures,Social Securitybackground,companyVarious types of investors, such as annuities; underwriting services cover various types of transactions, such as national bonds and local government bonds. Furthermore, commercial banks are also the main sales channels for various financial products in the capital market.
Cao Yu revealed that the China Banking and Insurance Regulatory Commission continues to promote the development of pension financing, focusing on improving the third pillar of pension security, focusing on the long-term, security and profitability characteristics of financing of pensions, and adopting various measures to enrich and optimize pension financial products in the banking and insurance industries. The system actively promotes the supply of long-term capital, in line with the constant and sustainable development of the capital market.
Talking about how to develop direct financing and give full play to the capital market function, Cao Yu said that we must persist inSeparate operationThe system remains unshakable. We must always build a “firewall” between direct financing and indirect financing systems. It is necessary to give full play to their respective advantages, cooperate and develop together, and also strictly control the risk of cross-contagion to avoid the formation of greater market shocks.
“For the risks that appear in the capital market, we must strictly follow the principles of commodification and rule of law to deal with them, and fully reflect the capital market operating mechanism to discover and share risks. Clearly define the limits of the responsibilities of market entities, not only highlighting the performance of duties, but also avoid taking responsibility for the offside, “said Cao Yu.
(Source: Shanghai Securities News)
(Responsible editor: DF524)
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