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Financial commentary
Published on 2017-10-17 08:12:10 Share it web version
                        Zhou Xiaochuan draws four key points of Jinwenhui. Shadow banking and mutual funds are still in progress.
Source: Beijing Business Daily Editor: Oriental Fortune Network

Following the 2017 government work report released earlier this year, after the shadow banking and internet finance were included in the “four major financial risks” that require high vigilance, according to the news released by the central bank on the early morning of October 16, the International Monetary Fund held a few days ago. At the annual meeting of the World Bank, Zhou Xiaochuan, governor of the People’s Bank of China, said that financial stability will focus on four issues in the future, including shadow banking and internet finance, and two areas for asset management. Industry and financial holding companies.

Shadow Bank gradually "goes to shadow"

For a long time, the bank's off-balance-sheet business, commonly known as shadow banking, is like the “shadow” of the upstream of the financial chain. It exists not only in banking institutions, but also in trust companies, fund companies, and securities companies through channel services and business nesting. , insurance companies and other financial institutions. During the two sessions this year, Premier Li Keqiang named the four areas of financial risk when he made the 2017 government work report, saying that the current systemic risks are generally controllable, but the cumulative risks of non-performing assets, bond defaults, shadow banking, and internet finance are high. alert.

This year, the supervision of shadow banking has been continuously strengthened. For example, in the first quarter of this year, the formal introduction of off-balance sheet financing into the broad credit range was suppressed, which inhibited the growth of shadow banking. Zhou Xiaochuan said that many shadow banking businesses have now returned to the banking sector and are included in the bank's balance sheet.

The data can also be corroborated. According to the latest data released by the China Banking Regulatory Commission, as of the end of August 2017, the interbank assets of the banking industry decreased by 13.8% and the inter-bank debt ratio decreased by 1.6%. This is the first time since 2010 that interbank assets and liabilities have decreased simultaneously. Among them, the most radical joint-stock banks in the same industry had the largest decline. At the end of August 2017, the inter-bank assets of joint-stock banks fell by 45% from the beginning of the year. Entrusted loans also declined for the first time since 2008. At the same time, the growth of wealth management products slowed down. From January to August 2017, the balance of interbank wealth management products fell by 2.2 trillion yuan.

Mutual gold risk remains

For another Internet finance that has been named many times, Zhou Xiaochuan said that many technology companies are now offering financial products. Some companies have obtained licenses, but some companies without licenses still provide credit and payment services and sell insurance products. It will bring competition problems and financial stability risks.

In response to the mentioned Internet insurance, the Beijing Business Daily reporter learned that with the development of the Internet, online insurance has become a new choice for many young people. However, while Internet insurance brings low-cost and convenient convenience to consumers, there are also some hidden risks, including exaggerating insurance liability in the promotion and one-sided pursuit of the effect of explosion, which has caused consumers to misunderstand the insurance function and seriously damage. The immediate interests of consumers. Just before the National Day holiday, the Insurance Consumer Protection Bureau of the China Insurance Regulatory Commission also issued a document reminding consumers that when buying insurance on the Internet platform, we must pay attention to two types of risks, one is “flickering” and the other is “fishing mixed”.

Li Dongrong, president of the China Internet Finance Association, also pointed out in the public activities that China's Internet finance has entered the stage of standard development from the rapid development stage. However, while Internet finance is affirmed, it is even more afraid to ignore risks. The data shows that as of June 30, 2017, the number of P2P online lending platforms in China reached 4,979, and the cumulative problem platform reached 3,209, with 1,770 operating platforms. In June, the national turnover of the P2P online lending industry was 221.77 billion yuan, up 63.07% year-on-year, effectively increasing public confidence in P2P.

Industrial upgrading and regional finance Li Honghan, a researcher at the Collaborative Innovation Center of Hubei Province, said that the rapid development of China's Internet finance was mainly due to the existence of China's financial repression and the scarcity of financial resources. With the gradual deepening of interest rate marketization, Internet finance grew. The soil began to gradually digest. After the financial work conference, the five major banks established the Inclusive Finance Department, which specializes in enterprises and residents who have not been effectively served during the financial restraint period.

Financial coordination supervision avoids the flow of form

In the latest speech, Zhou Xiaochuan also mentioned the asset management industry. He believes that this issue is more complicated. The regulatory authorities of the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission may have different regulatory requirements for the same asset management behavior. Rationalize and streamline the supervision of the asset management industry.

Sun Xinrong, Chairman and Chief Investment Officer of Diocesan Capital, said recently that although China's asset management industry has developed rapidly in recent years, it is still in its infancy and has a very broad future development space. From a global perspective, financial institutions are faced with low interest rates or even negative interest rates, which inevitably requires the asset management industry to find various asset investment categories. At present, the asset management industry is one of the largest and fastest growing areas of financial services in the global financial services industry. Of course, the asset management market is also facing the phenomenon of industry homogenization. The coordination of industry supervision and the industry's own positive innovation are not enough to match. If these challenges can be overcome, the future of China's capital market will surely play a leading role in the world.

When talking about the issue of financial holding companies, Zhou Xiaochuan pointed out that "some large private companies obtain various financial service licenses through mergers and acquisitions, but they are not financial holding companies in the true sense. There may be illegal transactions such as connected transactions, and we have these cross- There is no corresponding regulatory policy for departmental transactions."

It is worth mentioning that the Jinwenhui, which was established in July, is partly due to the purpose of strengthening financial supervision and coordination and filling the shortcomings of supervision. Li Honghan said that the most important measure for avoiding the flow of financial coordination supervision is to clarify the regulatory objectives and responsibilities. He pointed out that the goal of financial supervision is to prevent and control financial risks and promote the financial industry to better support the real economy. In addition to its independent institutional level and three meetings, Jinwen will also assume the responsibility of coordinating and supervising the three sessions.

Supervision of the attitude of shadow banking since 2017

March 2017

One of the reforms proposed by Guo Shuqing, Chairman of the China Banking Regulatory Commission, in the implementation of the press conference is to "make shadow banks go shadow"

During the two sessions

The 2017 government work report includes shadow banking as one of the “four major financial risks” that need to be highly vigilant

July 2017

The China Banking Regulatory Commission conveyed the spirit of studying the National Financial Work Conference and reiterated its efforts to prevent risks in key areas such as shadow banking.

October 2017

Zhou Xiaochuan, the governor of the central bank, proposed at the annual meeting of the International Monetary Fund/World Bank that the focus will be on four issues such as shadow banking in the future.

Related Links

Multi-financed financial office upgraded to the Financial Supervisory Authority

Recently, Shenzhen held a financial work conference and decided to add the local financial supervision bureau brand to the municipal financial office. At the end of September, the Jiangsu provincial government also clearly defined the provincial financial work office, which was directly affiliated to the provincial government directly under the provincial government, and hanged the local financial supervision bureau. Prior to this, Hebei, Shandong and other places have established a financial supervision bureau.

The history of the local financial work office is not long, only about 15 years. The earliest establishment of the local financial office was Shanghai, which was established in 2002. Under the supervision structure of a three-party meeting, the initial role of the financial office is only a deliberative coordination mechanism.

According to industry insiders, the most important role of the local financial supervision bureau is to create misplacement and supplement with the supervision of the three banks. For example, the Shenzhen Financial Work Conference pointed out that in the municipal financial office, the local financial supervision bureau brand was added to integrate the current relatively scattered local financial supervision functions, further separate development and supervision functions, fill in the shortcomings of supervision, and effectively implement the central administration. Various financial institutions that are responsible for the local government.

  Related reports>>>

  Central Bank Governor Zhou Xiaochuan: China has the ability and confidence to guard against systemic risks

  Zhou Xiaochuan: Be alert and prevent risks such as shadow banking and real estate market bubbles

  Zhou Xiaochuan: Has gone to the higher level of market access reform in the financial industry

  Zhou Xiaochuan: China's economic growth momentum has been significantly enhanced

  Zhou Xiaochuan: China's de-leveraging has achieved initial results

Published on 2017-10-17 08:14:21
                            Ten times in ten years: China's happiness has risen more than 3,000 times to find the next bull stock

Time came to October 16, 2017. Looking back ten years ago, the Shanghai Composite Index hit 6124 points. So far, the A-share market has changed dramatically.

In the past ten years, although the A-share index has not returned to a high point, stocks have been brilliant. A large number of individual stocks have gone out of the trend of long cattle, which has brought rich returns to investors.

According to the statistics of the Flushing [share review], according to the calculation of the former reinstatement (cash dividend) (the same below), as of the close of October 16, the A-share market has won more than ten times in ten years. Among them, Huaxia Happiness [Stock Review] (600340.SH) topped the list with an amazing increase of 3263.35 times, and Gree Electric (000651.SZ) took the second place with an increase of 895.22 times. Oriental Yuhong (002271.SZ) increased by 43.73 times...
Published on 2017-10-17 08:29:05
                            Zhejiang University Network New 600797Dharma faucet
Published on 2017-10-17 08:31:38
                            According to the statistics of the Flushing [share review], according to the calculation of the former reinstatement (cash dividend) (the same below), as of the close of October 16, the A-share market has won more than ten times in ten years. Among them, Huaxia Happiness [Stock Review] (600340.SH) topped the list with an amazing increase of 3263.35 times, and Gree Electric (000651.SZ) took the second place with an increase of 895.22 times. Oriental Yuhong (002271.SZ) ranked third with a gain of 43.73 times.
Published on 2017-10-17 08:31:49
                            In September, the Pacific net profit was 2.1668 yuan, and the homonym was "I want to send all the way."
Published on 2017-10-17 08:55:47
                            Apple rose sharply last night, BOE did not rise
Published on 2017-10-17 09:06:39
                            Bubbling
Published on 2017-10-17 10:14:38
Published on 2017-10-17 10:31:47
                            Manage consumer goods into the mortuary and divert them into housing.
Published on 2017-10-17 10:52:36
                            Be far-sighted, be prepared for danger, be co-ordinated, and prevent problems.
Published on 2017-10-17 11:13:58
                            CITIC Bank 601998 is a quality banking stock that has not risen this year. The net assets per share is about 8 yuan, and the earnings per share is about 0.9 yuan. The stock price is only more than 6 yuan, which is seriously lower than the net assets. Major shareholders and institutions hold as much as 98% of the shares, and the actual market capitalization is less than that of all city commercial banks. Value investment can be boldly bought, and there is no risk in the medium and long-term.
Published on 2017-10-17 11:50:45
                            Yesterday was purely a dishwashing, the main force is too embarrassing, look at today, thousands of stocks are rising
Published on 2017-10-17 11:50:47
                            Yesterday was purely a dishwashing, the main force is too embarrassing, look at today, thousands of stocks are rising
Published on 2017-10-17 11:53:38
                            Require strict supervision of companies with private placements from 2015 to 2016!
Published on 2017-10-17 11:58:36
                            Hong Kong and international standards, A-share independent innovation, low
Published on 2017-10-17 12:02:06
                            Half a year, up 40%, crazy
Published on 2017-10-17 12:02:06
                            Half a year, up 40%, crazy
Published on 2017-10-17 12:02:07
                            Half a year, up 40%, crazy
Published on 2017-10-17 12:02:37
                            Prices are rising wildly, and money is rapidly depreciating
Published on 2017-10-17 12:03:23
                            Chenming Paper is absolutely good, let's study it yourself!
Published on 2017-10-17 12:03:41
                            Up, summer, who still drinks white wine, have risen 10,000 yuan a bottle, and want to lie to retail investors
Published on 2017-10-17 12:03:43
                            The price of liquor is well understood, what is the hemorrhoid cream?
Published on 2017-10-17 12:03:45
                            The price of liquor is well understood, what is the hemorrhoid cream?
Published on 2017-10-17 12:06:25
                            The original one trillion has become the current three trillion through high-low throwing, and the next fifty trillion
Published on 2017-10-17 12:06:31
                            If there is no certificate, Huijin, and Zhongjin, the stock market may have reached 1,000 points.
Published on 2017-10-17 12:07:45
                            There is still a rising demand for housing prices
Published on 2017-10-17 12:08:42
                            The housing company has been dealing with it for many years, and the risk has shifted to banks and buyers.
Published on 2017-10-17 12:09:11
                            Explain that multiple forces are insufficient and it is difficult to launch an attack.
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Source: Beijing Business Daily Editor: Oriental Fortune Network

Following the 2017 government work report released earlier this year, after the shadow banking and internet finance were included in the “four major financial risks” that require high vigilance, according to the news released by the central bank on the early morning of October 16, the International Monetary Fund held a few days ago. At the annual meeting of the World Bank, Zhou Xiaochuan, governor of the People’s Bank of China, said that financial stability will focus on four issues in the future, including shadow banking and internet finance, and two areas for asset management. Industry and financial holding companies.

Shadow Bank gradually "goes to shadow"

For a long time, the bank's off-balance-sheet business, commonly known as shadow banking, is like the “shadow” of the upstream of the financial chain. It exists not only in banking institutions, but also in trust companies, fund companies, and securities companies through channel services and business nesting. , insurance companies and other financial institutions. During the two sessions this year, Premier Li Keqiang named the four areas of financial risk when he made the 2017 government work report, saying that the current systemic risks are generally controllable, but the cumulative risks of non-performing assets, bond defaults, shadow banking, and internet finance are high. alert.

This year, the supervision of shadow banking has been continuously strengthened. For example, in the first quarter of this year, the formal introduction of off-balance sheet financing into the broad credit range was suppressed, which inhibited the growth of shadow banking. Zhou Xiaochuan said that many shadow banking businesses have now returned to the banking sector and are included in the bank's balance sheet.

The data can also be corroborated. According to the latest data released by the China Banking Regulatory Commission, as of the end of August 2017, the interbank assets of the banking industry decreased by 13.8% and the inter-bank debt ratio decreased by 1.6%. This is the first time since 2010 that interbank assets and liabilities have decreased simultaneously. Among them, the most radical joint-stock banks in the same industry had the largest decline. At the end of August 2017, the inter-bank assets of joint-stock banks fell by 45% from the beginning of the year. Entrusted loans also declined for the first time since 2008. At the same time, the growth of wealth management products slowed down. From January to August 2017, the balance of interbank wealth management products fell by 2.2 trillion yuan.

Mutual gold risk remains

For another Internet finance that has been named many times, Zhou Xiaochuan said that many technology companies are now offering financial products. Some companies have obtained licenses, but some companies without licenses still provide credit and payment services and sell insurance products. It will bring competition problems and financial stability risks.

In response to the mentioned Internet insurance, the Beijing Business Daily reporter learned that with the development of the Internet, online insurance has become a new choice for many young people. However, while Internet insurance brings low-cost and convenient convenience to consumers, there are also some hidden risks, including exaggerating insurance liability in the promotion and one-sided pursuit of the effect of explosion, which has caused consumers to misunderstand the insurance function and seriously damage. The immediate interests of consumers. Just before the National Day holiday, the Insurance Consumer Protection Bureau of the China Insurance Regulatory Commission also issued a document reminding consumers that when buying insurance on the Internet platform, we must pay attention to two types of risks, one is “flickering” and the other is “fishing mixed”.

Li Dongrong, president of the China Internet Finance Association, also pointed out in the public activities that China's Internet finance has entered the stage of standard development from the rapid development stage. However, while Internet finance is affirmed, it is even more afraid to ignore risks. The data shows that as of June 30, 2017, the number of P2P online lending platforms in China reached 4,979, and the cumulative problem platform reached 3,209, with 1,770 operating platforms. In June, the national turnover of the P2P online lending industry was 221.77 billion yuan, up 63.07% year-on-year, effectively increasing public confidence in P2P.

Industrial upgrading and regional finance Li Honghan, a researcher at the Collaborative Innovation Center of Hubei Province, said that the rapid development of China's Internet finance was mainly due to the existence of China's financial repression and the scarcity of financial resources. With the gradual deepening of interest rate marketization, Internet finance grew. The soil began to gradually digest. After the financial work conference, the five major banks established the Inclusive Finance Department, which specializes in enterprises and residents who have not been effectively served during the financial restraint period.

Financial coordination supervision avoids the flow of form

In the latest speech, Zhou Xiaochuan also mentioned the asset management industry. He believes that this issue is more complicated. The regulatory authorities of the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission may have different regulatory requirements for the same asset management behavior. Rationalize and streamline the supervision of the asset management industry.

Sun Xinrong, Chairman and Chief Investment Officer of Diocesan Capital, said recently that although China's asset management industry has developed rapidly in recent years, it is still in its infancy and has a very broad future development space. From a global perspective, financial institutions are faced with low interest rates or even negative interest rates, which inevitably requires the asset management industry to find various asset investment categories. At present, the asset management industry is one of the largest and fastest growing areas of financial services in the global financial services industry. Of course, the asset management market is also facing the phenomenon of industry homogenization. The coordination of industry supervision and the industry's own positive innovation are not enough to match. If these challenges can be overcome, the future of China's capital market will surely play a leading role in the world.

When talking about the issue of financial holding companies, Zhou Xiaochuan pointed out that "some large private companies obtain various financial service licenses through mergers and acquisitions, but they are not financial holding companies in the true sense. There may be illegal transactions such as connected transactions, and we have these cross- There is no corresponding regulatory policy for departmental transactions."

It is worth mentioning that the Jinwenhui, which was established in July, is partly due to the purpose of strengthening financial supervision and coordination and filling the shortcomings of supervision. Li Honghan said that the most important measure for avoiding the flow of financial coordination supervision is to clarify the regulatory objectives and responsibilities. He pointed out that the goal of financial supervision is to prevent and control financial risks and promote the financial industry to better support the real economy. In addition to its independent institutional level and three meetings, Jinwen will also assume the responsibility of coordinating and supervising the three sessions.

Supervision of the attitude of shadow banking since 2017

March 2017

One of the reforms proposed by Guo Shuqing, Chairman of the China Banking Regulatory Commission, in the implementation of the press conference is to "make shadow banks go shadow"

During the two sessions

The 2017 government work report includes shadow banking as one of the “four major financial risks” that need to be highly vigilant

July 2017

The China Banking Regulatory Commission conveyed the spirit of studying the National Financial Work Conference and reiterated its efforts to prevent risks in key areas such as shadow banking.

October 2017

Zhou Xiaochuan, the governor of the central bank, proposed at the annual meeting of the International Monetary Fund/World Bank that the focus will be on four issues such as shadow banking in the future.

Related Links

Multi-financed financial office upgraded to the Financial Supervisory Authority

Recently, Shenzhen held a financial work conference and decided to add the local financial supervision bureau brand to the municipal financial office. At the end of September, the Jiangsu provincial government also clearly defined the provincial financial work office, which was directly affiliated to the provincial government directly under the provincial government, and hanged the local financial supervision bureau. Prior to this, Hebei, Shandong and other places have established a financial supervision bureau.

The history of the local financial work office is not long, only about 15 years. The earliest establishment of the local financial office was Shanghai, which was established in 2002. Under the supervision structure of a three-party meeting, the initial role of the financial office is only a deliberative coordination mechanism.

According to industry insiders, the most important role of the local financial supervision bureau is to create misplacement and supplement with the supervision of the three banks. For example, the Shenzhen Financial Work Conference pointed out that in the municipal financial office, the local financial supervision bureau brand was added to integrate the current relatively scattered local financial supervision functions, further separate development and supervision functions, fill in the shortcomings of supervision, and effectively implement the central administration. Various financial institutions that are responsible for the local government.

  Related reports>>>

  Central Bank Governor Zhou Xiaochuan: China has the ability and confidence to guard against systemic risks

  Zhou Xiaochuan: Be alert and prevent risks such as shadow banking and real estate market bubbles

  Zhou Xiaochuan: Has gone to the higher level of market access reform in the financial industry

  Zhou Xiaochuan: China's economic growth momentum has been significantly enhanced

  Zhou Xiaochuan: China's de-leveraging has achieved initial results