The overall situation of the financial institution system formed at this stage in China is shown in the table.
central bank
People's Bank of China
policy banks
China Development Bank, The Export-Import Bank of China and China Agricultural Development Bank.
wholly state-owned commercial bank
China Industrial and Commercial Bank, China Agricultural Bank, China Construction Bank and China Bank.
New commercial bank
Bank of Communications, CITIC Industrial Bank, China Merchants Bank, Huaxia Bank, China Everbright Bank, China Minsheng Bank, Shenzhen Development Bank, Guangdong Development Bank, Shanghai Pudong Development Bank, Fujian Industrial Bank, Yantai Housing Savings Bank and Bengbu Housing Savings Bank.
municipal commercial bank
Beijing, Shanghai, Shenzhen and Dalian each 18.
Non-bank financial institutions
Insurance companies, securities companies, trust and investment companies, finance companies, financial leasing companies, urban credit cooperatives, rural credit cooperatives, postal savings institutions, etc.
(Table 1) Main components of China's current financial institution system
(1) People's Bank of China
The People's Bank of China is the central bank of China, and it is a state organ that formulates and implements monetary policy and supervises and manages the financial industry under the leadership of the State Council. It is the currency issuing bank, bank bank and government bank in China. According to the Law of the People's Bank of China, the specific duties of the People's Bank of China include: 1, issuing and implementing orders and regulations related to its production. 2. Formulate and implement monetary policy according to law. 3. Issue RMB and manage its circulation. 4. Supervise and manage the interbank lending market and the interbank bond market. 5, the implementation of foreign exchange management, supervision and management of inter-bank foreign exchange market. 6. Supervise and manage the gold market. 7. Holding, managing and operating national foreign exchange reserves and gold reserves. 8. Manage the national treasury. 9. Maintain the normal operation of the payment and settlement system. 10. Guide and deploy the anti-money laundering work in the financial industry and be responsible for the detection of anti-money laundering funds. 1 1, responsible for statistics, investigation, analysis and prediction of the financial industry. 12 As the central bank of the country, it is engaged in relevant international financial activities. 13. Other duties specified by the State Council.
The highest decision-making body of the People's Bank of China is the Board of Directors, and the President of the People's Bank of China is Secretary Li. China People's Bank is headquartered in Beijing. Before 1998, set up branches according to administrative divisions. After 1998, nine trans-administrative branches were established according to economic regions, including Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu and Xi 'an, and each branch has several branches. Under the leadership of the head office, all branches shall perform the relevant duties of the central bank within their respective jurisdictions. At the same time, the People's Bank of China has set up two business management departments directly under the head office in Beijing and Chongqing.
(2) Policy banks
Policy banks are banks invested by the government, which are not for profit, and enrich policy financial business according to the government's decisions and intentions.
1, China Development Bank
China Development Bank was established in March 1994, and its basic duty is to provide financing for large and medium-sized capital construction, technological transformation and other policy projects and their supporting projects in China's infrastructure, basic industries and pillar industries. The business scope of China Development Bank is mainly to invest in "bottleneck" industrial projects that restrict the development of national economy, major projects of pillar industries that can directly enhance comprehensive national strength, major business projects of high-tech industries, and major cross-regional policy projects.
2. The Export-Import Bank of China
The Export-Import Bank of China was founded in July 1994, 1. Its main responsibility is to implement the national industrial policy and foreign trade policy, and provide policy financial support for expanding the export of production materials such as mechanical and electrical products and complete sets of equipment. The Export-Import Bank of China's business scope mainly includes: providing export credit for the export of capital goods such as mechanical and electrical products and complete sets of equipment, handling various related loans, mixed loans and sub-loans, and handling export credit insurance and guarantee business.
3. China Agricultural Development Bank
China Agricultural Development Bank was established in1994165438+10/8. Its main responsibility is to raise agricultural policy credit funds based on public credit, undertake rural policy financial business stipulated by the state, and allocate financial funds for supporting agriculture as an agent to serve the development of agriculture and rural economy. Its business scope mainly includes: handling national special reserve and purchase loans for major agricultural and sideline products such as grain, cotton, oil, sugar and pork, poverty alleviation loans and comprehensive agricultural development loans, as well as small-scale capital construction and technical transformation loans for agriculture, forestry, animal husbandry and water conservancy determined by the state.
(3) Wholly state-owned commercial banks
China Industrial and Commercial Bank, China Agricultural Bank, China Construction Bank and China Bank are the main state-owned commercial banks in China's financial institution system. According to China's Commercial Bank Law, wholly state-owned commercial banks can engage in some or all of the following businesses: 1, and absorb public deposits. 2. Short-term, medium-term and long-term loans. 3. Handle domestic and international settlement. 4. Discount bills. 5. Issue financial bonds. 6. Acting as an agent to issue, honor and underwrite government bonds. 7. Engage in interbank borrowing. 8. buying and selling, acting as an agent to buy and sell foreign exchange. 9. Provide letter of credit service and guarantee. 10, agency payment, insurance agency business. 1 1. Provide safe deposit box service. 12. Other businesses approved by the People's Bank of China.
China Industrial and Commercial Bank is the largest commercial bank in China at present, and it is in an advantageous position in terms of absorbing savings deposits, issuing medium and long-term loans and handling settlement business. On the one hand, it actively develops and operates steadily, while paying attention to efficiency and intensive management.
On the one hand, China Agricultural Bank continues to serve the rural economy by taking advantage of its inherent advantages, and shifts its business focus to efficient industries and enterprises on the basis of supporting agricultural industrialization; On the other hand, implement the market positioning of urban-rural linkage, expand the business between suburbs and urban areas, and support the integrated development of urban and rural economy; At the same time, we are also actively creating conditions to enter the international financial market.
As a national transit bank for foreign exchange and foreign trade, China Bank has laid a good foundation for the development of international financial business. Now, as a designated foreign exchange bank, it continues to play its business advantages such as supporting foreign trade development, providing international settlement services, providing import and export financing facilities, and serving as the main channel for external financing. After more than ten years of parallel functions of finance and banking, China Construction Bank entered a new stage of transformation to state-owned commercial banks from 65438 to 0994. 1March 1996 The People's Construction Bank of China was renamed China Construction Bank. Because the bank has long been focusing on capital construction financial services such as fixed assets investment and real estate, and has close ties with large enterprises and industries, it continues to give full play to its advantages, implement its business strategy of serving large industries and enterprises, and actively expand other businesses of commercial banks.
(4) Other commercial banks.
Since the early 1980s, many joint-stock commercial banks have been established in China: Bank of Communications, Central Industrial Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Guangdong Development Bank, China Merchants Bank, Fujian Industrial Bank, Shanghai Pudong Development Bank, Yantai Housing Savings Bank and Bengbu Housing Savings Bank. As far as the activity areas of these commercial banks are concerned, when they were newly established, they were clearly divided into national commercial banks (such as Bank of Communications, CITIC Industrial Bank, China Optical Bank, Huaxia Bank and China Minsheng Bank). ) and regional commercial banks, basically can be distinguished from the bank name. However, in recent years, with the deepening of financial reform and the rapid development of the financial industry, the business areas of some regional commercial banks have gone beyond their original locations and expanded to other cities or regions.
1in the spring of 1995, on the basis of standardizing credit cooperatives, China began to set up urban cooperative banks. The basic way is to reorganize many urban credit cooperatives into local joint-stock commercial banks, and urban cooperative banks implement a management system of first-class legal person and multipolar accounting. All urban credit cooperatives with shares have become branches of long-term cooperative banks. Urban cooperative banks are not cooperative financial institutions in essence, but joint-stock commercial banks, so they were later renamed as urban commercial banks. The main function of these city commercial banks named after cities is to finance local economic development, with the focus on providing financial services for the development of small and medium-sized enterprises in cities.
200 1,110/October, with the approval of the People's Bank of China, three rural commercial banks, namely Zhangjiagang City, Changshu City and Jiangyin City, were established. They are joint-stock commercial banks reformed on the basis of rural credit cooperatives, marking the birth of a new rural financial institution.
(5) Non-bank financial institutions
Non-bank financial institutions mainly refer to insurance companies, trust and investment companies, securities companies, finance companies and leasing companies.
1, insurance company
This is a financial institution engaged in insurance and reinsurance business. Its main tasks are: organizing and gathering insurance funds, establishing a social and economic compensation system, maintaining the stability of production and people's lives, and improving social welfare; Engaged in insurance and reinsurance business at home and abroad and investment activities related to insurance business to promote the development of social production, circulation and foreign trade. At present, insurance companies in China include China People's Insurance (Group) Company, China Pacific Insurance Company, China Ping An Insurance Company, China Life Insurance Company Limited, Pacific Insurance Company and Taiping Life Insurance Company Limited. Some famous foreign insurance companies, such as AIA, also have branches in China.
2. Trust and investment companies
Trust and investment companies are financial institutions that operate trust and investment business. There are three types of trust and investment companies in China: trust and investment companies under the State Bank; National trust and investment companies, such as China International Trust and Investment Company and Aijian Financial Trust Company; Local trust and investment companies are trust and investment companies established by local governments in large and medium-sized cities to promote economic and technological cooperation between the region and foreign countries. The business scope of trust and investment companies includes: absorbing trust deposits; Operating entrusted loans and investments, trust loans and investments; Engaged in financial leasing; Handling guarantee and agency business; Handling the issuance and trading of securities and issuing foreign currency securities overseas; Raising overseas foreign currency loans; Operating foreign exchange trust and investment business, etc.
3. Securities companies
Securities companies, also known as securities companies, are mainly engaged in promoting government bonds, corporate bonds and stocks, acting as agents to buy and sell all kinds of securities that have been listed and circulated, participating in mergers and acquisitions of enterprises, and serving as financial consultants for enterprises.
1987 the first securities company in China was established in Shenzhen special economic zone. Since then, various provinces and cities have set up securities companies. In order to facilitate investors to buy and sell stocks and bonds, securities companies and trust and investment companies have set up securities trading business departments in large and medium-sized cities across the country, so people can buy and sell all kinds of listed securities very conveniently.
4. Credit companies
Most financial companies in China raise funds from within enterprise groups. Its purpose and task is to raise funds or finance funds within the subsidiary enterprise groups, and it is generally not allowed to absorb deposits from outside the enterprise groups. Financial companies are under the leadership and management of the Banking Regulatory Commission in business and are administratively subordinate to various enterprise groups. The main businesses are: RMB deposit, loan and investment business; Trust and financial leasing business; Acting as an agent to issue and issue securities, etc.
5. Financial leasing companies
The financial leasing companies in China began in 1980s. When financial leasing companies were established, they were mostly established by banks, other financial institutions and some industry authorities, such as China Leasing Co., Ltd. and Dongfang Leasing Co., Ltd. According to the principle of separate operation and management of China's financial industry, the leasing business was also required to operate independently and decoupled from banks and other financial institutions. At present, the main businesses of financial leasing companies are: leasing, subletting and leaseback of movable and immovable property such as production, scientific research, office and transportation; The purchase intention of the subject matter involved in the aforementioned leasing business; Handling the rental compensation business for leased goods and products; Borrowing from financial institutions and other financing business; Absorbing trust deposits under specific projects; Working capital loan business under the lease project; Foreign exchange and other business.
6. China Postal Savings Bank
China Postal Savings Bank Bureau is an autonomous, self-financing, self-risk and self-financing postal financial institution. It mainly serves individuals, mainly dealing with savings, personal remittance and settlement business, and cannot handle the same business as banking institutions, such as issuing loans. Deposits absorbed by postal savings and exchange institutions shall be transferred to the People's Bank of China for unified use, except for the payment of deposit reserve and sufficient reserve in accordance with regulations, and shall not engage in treasury bonds and national policy financial bonds.
7. Foreign financial institutions
Foreign-funded financial institutions refer to financial institutions established and operated in China with approval according to relevant laws and regulations of People's Republic of China (PRC). There are three main forms: first, foreign banks, including wholly foreign-owned banks, branches of foreign banks and Sino-foreign joint venture banks. Second, foreign-funded financial companies, including wholly foreign-owned financial companies and Sino-foreign joint venture financial companies. Third, foreign insurance companies, including wholly foreign-owned insurance companies, branches of foreign insurance companies and Sino-foreign joint venture insurance companies.
With the opening of financial institutions and China's entry into WTO, foreign banks will raise funds from China one after another, which is not only conducive to the introduction of foreign bank capital and advanced management experience, but also intensifies the competition in the financial industry. This not only provides opportunities for domestic financial institutions, but also brings challenges. Only by changing the operating mechanism and improving the management level can domestic financial institutions adapt to the market and accept the challenges.