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Original title: Lou Jiwei’s Voice: Data Prevention and Finance
At the 2020 meeting of the 2020 China Wealth Management Forum held on December 20 with the theme “New Dual Circulation Patterns and New Travel in Capital Markets”, Lou Jiwei, former Minister of the Ministry of Finance, expressed forcefully and shared his views on the financial situation in the special period.coinFrom a policy perspective, in Lou Jiwei’s view, fiscal and monetary policies in extraordinary times should be considered for an orderly exit. In addition, Lou Jiwei also proposed to prevent the financial data platform from becoming too big to fail. The financial industry mixed operation is not the direction, and should be transformed into separate industries, andBankReturn to industryBorrowMarket standard and other points of view.
“Data finance platforms are developing rapidly in our country and have a considerable positive effect. Based on the data collected, the analysisborrowThe risk characteristics of the fundsupplyloanBank, To help them acquire customers and conduct risk assessments, helping to complementBankespeciallySmall and medium banksTo microcompanyServiceability, but can also cause systemic risks. “For the rapid development of financial technology platforms, Lou Jiwei issued a warning.
Lou Jiwei said that on the one hand, financial data platforms have insufficient risk retention and data ownership; on the other hand, some financial data platforms occupy too much market share and deviations in data authenticity and risk assessment models will lead toCreditUnchargable debts.
In order for the solution to prevent the financial data platform from being too big to fail, Lou Jiwei suggested that the number of banks cooperating with a single platform can be limited, for example, no more than 10-15. At the same time, multiple platforms can do similar business under the same conditions to form competition. There are comparisons that make monitoring easy and a balance is struck between efficiency and risk to avoid the winner taking it all “too big to fail” and burying hidden systemic risks. Just when the core economic work has just finishedmeetingWhat is required, financial innovation must be carried out under the premise of prudential supervision.
In terms of fiscal and monetary policy, Lou Jiwei said: “Since this year, the macro leverage ratio has increased again. This is a special performance in a special period. At present, China has achieved remarkable results in controlling the epidemic and the recovery of the economy, becoming the only achievement in the world For the main economies with positive economic growth, fiscal and monetary policies in extraordinary times should consider an orderly exit, so that the macro leverage ratio is stabilize and gradually decrease. “
Lou Jiwei mentioned the following reasons: First, although important results have been achieved in managing financial chaos, it is far from successful. The liquidation of equity funds, net asset value, abolition of bailout, investigation and reorganization of high-risk institutions and financial infrastructure Disruptions and other phenomena have yet to be rectified. Second, the macroeconomic policies of the United States, Europe, and other major countries have obvious spill-over effects, especially the United States. The risk of volatility in the global financial market has increased and China is increasing financial openness, it is necessary to maintain strategic determination and do your own business well.
In terms of financial industry operations, Lou Jiwei said thatSeparate operationIn contrast, the intuitive mixing operation saves operating costs, but it is also easier to contain and transmit risks, leading to heightened financial risk issues.national economyBrings increased systemic risks At the same time, mixed industry operations must truly control risk contagion, requiring financial supervision to shift from separate supervision to granular network-based control and tighter compliance supervision . Not only is it more difficult, but you even need to delve into the financial industry. Internally, a substantial increase in financial institutionsCompliance cost。
Lou Jiwei further pointed out that after comprehensive consideration, after the standardized operation of mixed operations, financial institutions may not necessarily save operating costs from a micro perspective. From the perspective of the measures taken to control the chaos, they are weakening the mixed industry, and we must further transform ourselves into a separate industry. From the perspective of the national economy as a whole, separate operations in the financial industry can better serve the development of the real economy.
forLinkMarket, Lou Jiwei said that compared to the stock market,Bond marketIt is a short board. Since the beginning of this year, bond defaults have occurred frequently, especially the defaults of large SOEs have affected the credibility of SOEs and governments in relevant regions.
In response to specific problems in the bond market, Lou Jiwei pointed out that the first is market segmentation, and issuance and supervision are not unified. The issuance review includes the China Securities Regulatory Commission, the People’s Bank of China and the National Development and Reform Commission.longespecially the interbank market is no longer the positioning of interbank financing. Non-bank financial institutions and non-financial corporations can issue and list bonds on the interbank market, includingMedium term notes. Second, transactions in the foreign exchange market and in the interbank market are divided and the price of the same debt is different. This state of segmentation will lead to loosening of standards to gain market share. In July, the central bank and the China Securities Regulatory Commission decided to agree on the infrastructure interconnection and cooperation between the two markets, which is a welcome change and is recommended to be implemented as soon as possible. In addition, the bonds of the interbank market are mostly held by banks.dealBanks subscribe and hold, and market liquidity is low. Once a debt default occurs,Commercial bankThe damage will trigger systemic risks.
Lou Jiwei said that there are still many problems in the bond market and the basic conditions to be resolved are the unification of issuance standards, transaction circulation and regulatory mechanisms. According to the “Securities Law”, the market should be a foreign exchange market and the regulatory agency should be the China Securities Regulatory Commission. The return of the interbank marketInterbank loansMarket standard,creditThe debt must be completely withdrawn,interest ratedebt(National debtAnd financial policy bonds) can be traded in two markets at the same time, and the settlement must be opened, which not only facilitates interbank mortgage financing, but also promotes the same debt and the same price in the two markets. Once the basic problems are solved, many problems remain in the bond market reforms. The problem and goal-oriented progress must be accelerated, otherwise it will be the next focus of risk.
(Source: Beijing Commercial Daily)
(Responsible editor: DF522)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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