Yang Zhijin: Chinese financial supervision is facing a new mission

Source: 21st Century Business Herald

Author: Yang Zhijin

Early in the morning on May 18, many financial institutions rushed to No. 15 Financial Street A spontaneously.At around 10 am, He Lifeng, a member of the Political Bureau of the Mainland Government and Deputy Prime Minister of the State Council, slowly unveiled the red silk cloth and printed the plaque of the State Administration of Finance and Administration.This means that the State Administration of Finance Supervision and Administration is established. It is established on the basis of the former Banking and Insurance Regulatory Commission, which will be responsible for the supervision of the financial industry in addition to the securities industry.

The State Administration of Finance and Administration is formally established, and we are deeply responsible and glorious.With a strong sense of political responsibility and a sense of historical mission, we must conscientiously implement the various decision -making and deployment of the Party Central Committee and the State Council, and strive to create a new situation in the new era of financial supervision.Li Yunze, Secretary of the Party Committee of the State Administration of Finance and Administration, said at the unveiling ceremony.

With the listing of the State Administration of Financial Supervision, the financial supervision structure of the State Administration of Finance Supervision, the General Administration of the General Administration (the People's Bank of China, the State Financial Supervision and Administration, the CSRC, and the Foreign Exchange Administration) was formally formed.On this regulatory structure, the Central Financial Commission will also be established to be responsible for the top -level design of the financial industry.

One week ago, Li Yunze was just appointed as the Secretary of the Party Committee of the State Administration of Finance and Administration. This listing ceremony showed that Wang Jiang, the chairman of the former Guangda Group, has served as the deputy director of the Central Financial Office in charge of the daily work.With the establishment of the new regulatory agency and the successive personnel adjustment, the new situation of China's financial supervision has begun, and it will also face new historical mission. How to make a good job of preventing and controlling financial risks, serving the real economy, and deepening financial reform will be a new issue.Essence

Resolve the three imbalances

Time returns to 2017.He Lifeng, then director of the National Development and Reform Commission, pointed out at a high -level forum in China Development in March 2017 that China's economic development is facing three major structural imbalances: the unbalanced supply and demand of the real economy, the imbalance of the financial and the real economy, the real estate and the real economy imbalance.

In terms of imbalances in finance and the real economy, He Lifeng further explained that there is a phenomenon of disconnection from funds, and a large amount of funds in the financial system have not only increased the risk of the financial system, but also further aggravated financing difficulties in the real economy.

Considering the in -depth relationship between the real estate and the financial industry, China's real estate -related loans account for 30 % and 40 % of the banking loan, as well as a large number of bonds, equity, trust and other funds to enter the real estate industry.Therefore, the imbalance between real estate and the real economy can also be regarded as a reflection of financial and real economy imbalances to some extent.

In his speech at the time, He Lifeng said that in order to resolve these three imbalances, he must find a way to optimize the structure, work on the supply side, and use deepening reform to achieve dynamic balance.Supply -side structural reform is a long -term process. It cannot be achieved overnight. It must have sufficient historical patience, maintain strategic determination, adhere to steady progress, and continuously open up a new situation.

Looking back, for the imbalance of supply and demand of the real economy, the decision -making layer through supply -side structural reform and reconstruction supply side can make the supply and demand of the real economy achieve a new balance.But just relying on the reform of the real economy, the Chinese economy still cannot be stable and far away.

Because even if the macroeconomic can maintain stability, the instability of finance may bring system instability to the entire economy.If a major risk of financial systems, the financial system can not only support the real economy, but also drag the real economy.Preventing and resolving financial risks is a major mark that must be leapfroged by achieving high -quality development.The People's Daily is called a comment.

To resolve financial risks, financial supervision must be strengthened and the financial supervision system must be improved.At that time, the main measure of the reform of the regulatory system was the establishment of the State Council Financial Commission, the former CBRC and the former Insurance Regulatory Commission merged the establishment of the CBRC.In addition, the local financial office plus the brand of the local financial supervision and administration bureau to strengthen the supervision of financial institutions.

Looking at the current time, it is a substantial breakthrough to prevent resolving and resolving financial risks.For example, the momentum of high macro leverage rates has been curbed, and the macro leverage ratio is stable at about 245%from 2016 to 2019.However, in the past three years, the impact of the epidemic has increased, and the macro leverage has risen.Another example is high -risk shadow banks dropped by 3 trillion yuan, PP2 is clear, and so on.

Singapore handles some local financial risks in an orderly and steadily, comprehensively clean up and rectify shadow banking and illegal financial activities. The real economy efficiency of financial services has been significantly improved, and the bottom line that does not occur without systemic risks.An article published by He Lifeng at the end of 2021 affirmed the achievements of financial work.

Financial supervision continues to strict

While obtaining a substantial breakthrough in the financial risk battle, some issues have attracted attention.For example, in recent years, financial risk cases show that behind financial risks are often shocking corruption, but integration to promote the punishment of financial corruption and prevent and control financial risks requires higher levels of coordination; functional supervision and behavior supervision need to be further deepened; central land; central land;The financial regulatory coordination mechanism needs to be strengthened.

At the same time, new changes in financial risks.The century -long change and century epidemic are intertwined, the economic and financial environment at home and abroad has undergone profound changes, unstable and uncertainty factors have increased significantly, and financial risk incentives and forms are more complicated.Singapore's development has entered a period of strategic opportunities and risk challenges. Various LSquo; black swan rsquo; lsquo; gray rhino rsquo; incident may occur at any time.The former Chairman of the CBRC, Guo Shuqing, was proposed by the strengthening and improvement of modern financial supervision published in December last year.

These financial risks include credit breach of contract. The size of shadow banks is still not small. Some local government debt pressure is high. Some large -scale real estate companies' debt risks are prominent.Therefore, it is urgent to improve the arrangement of the supervision mechanism in the event before and to achieve the full coverage of the entire area of the entire chain.

Compared with the previous round of the reform of the financial supervision system, the focus of the reform of the financial supervision system in this round of this round of the reform and adjustment of functions, such as the daily regulatory responsibilities of the central bank's financial groups such as financial holding companies, the protection of financial consumer protection, the investment of the CSRC's investmentThe protection responsibilities are set into the State Administration of Finance and Administration;

After this adjustment, the Chinese financial regulatory authorities formed a structure of the General Administration of the General Administration for a while.Among them, the central bank is mainly responsible for the implementation of monetary policy and macro -prudential supervision. The State Administration of Finance and Administration is mainly responsible for micro -prudential supervision and consumer rights protection.

The overall direction of the reform of the financial supervision system is the centralized and unified financial supervision power, realizing the full coverage and consistency of financial supervision, and improving the efficiency of regulatory efficiency.The General Administration of Management will uniformly exercise the functions of prudent supervision and behavior supervision.Zeng Gang, director of Shanghai Financial and Development Laboratory.

Li Yunze said at the listing ceremony that in the future, the financial regulatory system and regulatory rules with the characteristics of the era of Chinese characteristics will be continuously improved.High -quality development provides strong support and strong guarantee.

It is worth noting that this round of institutional reform will also set up the Central Financial Commission and the Central Financial Working Committee.This means that in the one -and -one heads of the General Administration for a while, financial decision -making and supervision have higher -level coordination agencies.Among them, the Central Financial Working Committee is responsible for the top -level design, coordination, overall advancement, and urging implementation of financial stability and development. In this context, the general bureau of the General Administration will be more likely to be positioned as the role of the executor.

Regarding the resolution of financial risks, Li Yunze said that all types of financial activities should be included in supervision according to law, strived to eliminate gaps and blind spots, vigorously promote the supervision coordination of central and land, and firmly hold the bottom line of no systemic financial risk.We must promote it in one to promote the corruption, not to rot, and not wanting to rot. We will resolutely investigate and deal with the corruption behind financial risks, and strive to create an iron army with strong politics, strong style, and excessive ability.

And central financial workThe committee will uniformly lead the party's work of the financial system and guide the party's political construction, ideological construction, organizational construction, style construction, disciplinary construction, etc. as the party's central government.Earlier, the Party Central Committee dispatched only the working committee of the Central and State Organs, and the Central Financial Working Committee was established alone to draw the duties of the party's construction responsibilities of the financial system of the Central and State Organs into the Central Financial Works Commission.Party building of financial systems.

In his speech, Li Yunze said that he must always adhere to the centralized and unified leadership of the Party Central Committee for financial work, clearly strengthen the party's political construction, continuously improve political judgment, political understanding, political execution, and unswervingly follow the development of financial development with Chinese characteristics.road.

According to sorting out, the road to the development of financial development with Chinese characteristics was mentioned in the 13th collective study of the 19th Central Political Bureau held on February 23, 2019.At that time, the theme of learning was to deepen the structural reform of the financial supply side, and the road of financial development with Chinese characteristics needed to deepen the understanding of the nature and laws of finance and based on the reality of China.

Enhance the quality of the real economy

A measures to combat financial air rotation arbitrage such as pressure drops can avoid self -entertainment in financial systems in the financial system, thereby reducing the financing costs of the real economy, and helping the financial industry and the real economy.However, the core of the imbalance of finance and the real economy is that the real economy has financing demand, but the financial industry does not support or does not support enough. To this end, it is necessary to promote the structural reform of the financial supply side and enhance the level of financial support for the real economy.

From the practice in recent years, financial support for the real economy is mainly to strengthen support for SMEs and manufacturing.For example, in terms of inclusive small and micro loans, the 2019 government work report sets the first set of state -owned banks in Pratt & Whitney micro -loan growth target (30%). In 2020 and 2021, it continues to set up, with 40%and 30%, respectively. In the end, state -ownedThe average of the big bank exceeds the task.

The current senior management has a new setting of the real economy.The first meeting of the 20th Central Finance and Economics Committee held on May 5th proposed that the modern industrial system supported by the real economy as the support. The relationship has won strategic initiative in future development and international competition.The meeting also proposed that it is necessary to adhere to the real economy as the emphasis to prevent the reality from being detained.

In this context, how the financial industry supports the modern industrial system supported by the real economy will be a new topic, especially to avoid the economic breakthrough.But what is the real economy?If the real economy cannot be defined, then the financial support of the real economy will not be able to talk about it.

China emphasizes the real economy of financial services. Therefore, many people may think that many countries have similar puppets. In fact, the situation is not like this.Many countries in the world do not mention the real economy to serve the real economy, nor do they particularly emphasize that finance must be closely related to the real economy.The former president of the central bank Zhou Xiaochuan said at a forum in June 2021.

Zhou Xiaochuan also recalled that when he participated in various meetings from 2010 to 2012, he heard a saying: Except for the Ministry of Industry and Information Technology and the Ministry of Agriculture of the Agricultural Ministry of Agriculture, he did not engage in the real economy, which is equivalent to putting all all the ones.The service industry believes that it is a non -real economy.This is a very narrow concept, but the real economy does not have a concept of consensus.

If the three major imbalances mentioned from He Lifeng, the real economy is tied with real estate and finance, which means that real estate and finance are not the real economy.According to data from the National Bureau of Statistics, in 2022, the value -added of the real estate industry was 7.38 trillion, accounting for 6.1%of GDP, a decrease of 0.7 percentage points compared to 2017;7.79%rose to 8%.

Li Yunze has also talked about related issues many times in recent years.For example, he said at the Lujiazui Forum in 2017 that financial institutions should allocate funds in accordance with the direction of supply -side structural reforms, that is, according to the effective supply of economic development and allocating financial resources in high efficiency, the structure of the financial supply must be adjusted first, So as to achieve economic and financial mutual promotion, coexistence and prosperity.

At the listing ceremony, Li Yunze said that he would go all out to perform his duties and fulfill his duties, fully implement the three major tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reform.