(Beijing Comprehensive News) An Qingsong, executive vice president of the China Securities Industry Association, said that the current insufficient innovation capabilities of China's securities industry is a short board that restricts enterprises directly financing through stocks and bonds.
Comprehensive Caixin.com and Securities Times reported that An Qingsong said the day before yesterday at the 2019 Qingdao MIDDOT; China Wealth Forum said that the size of Chinese stocks, bonds and futures markets has ranked among the forefront of the world, but the effectiveness of improving the proportion of direct financing does not have no effect.Significantly.To deepen the structural reform of the financial supply side, it is necessary to better play the hub function of the capital market.
According to reports, China's direct financing ratio in the past 10 years accounts for about 15%of the total social financing, and equity financing accounts for about 5%.
An Qingsong said: Insufficient innovation capabilities of investment banking are one of the important reasons to restrict China's direct financing system.
He revealed that last year, the Securities Industry Association solicited development suggestions from the industry. Of the 70 opinions, 20%were current legal obstacles, and 30%were that administrative supervision needed further relaxation control, while 50%had no prohibition of law but lacking an innovative environment.
Five structural issues to be resolved
He pointed out that in the Chinese financial system, the total assets and net profit of the securities industry account for only 2.04%and 5.14%, and the yield of net assets is only 3.5%, which is far lower than 13%of domestic commercial banks and 11.7%of the US investment banks during the same period during the same period.level.At the same time, the securities industry's 3.3 times leveraged multiple is significantly different from the US investment bank 10 times during the same period and 15 times that of Japan's investment banks.
He believes that in order to build a standardized, open and dynamic capital market, we need to focus on solving the five aspects of the large market, small fields, small -scale private equity, small financial securities, large -scale self -disciplineSexual issues.
Emergency measures cannot be institutionalized
He also said that the market attributes of the capital market are extremely strong and the specification requirements are extremely high. It must be based on rules to reduce administrative intervention and give full play to the decisive role of the market in the allocation of resource allocation.It is necessary to stabilize the market expectations and not to institutional emergency measures, such as the newly -reduced holding into the securities law.
Li Xunlei, chief economist and director of the Institute of China, said at the forum that China is a financial system based on indirect financing.This is because indirect financing is led by bank loans, and banks still maintain the characteristics of rigid payment.The credit of the bank is related to government credit. Therefore, Chinese companies and residents are willing to put money on the bank, so the bank's loan ability is very strong.
He said: At the same time, local governments and state -owned enterprises are also endorsed by government credit, which has formed a closed loop of investment and financing of banks, local governments, and state -owned enterprises.This closed -loop is huge, making China's direct financing market grow relatively slowly.
