1, Central Bank:
China People's Bank is the central bank of China. The main differences between China People's Bank and China Bank are: China People's Bank is a government bank, a bank of banks and an issuing bank, and does not handle specific deposit and loan business; China Bank bears the same responsibilities as industrial and commercial bank, agricultural bank and China Construction Bank.
2. Financial regulators:
China's financial supervision institutions mainly include: China Banking Regulatory Commission (hereinafter referred to as CBRC), which mainly undertakes the banking supervision functions transferred by the People's Bank of China, and uniformly supervises and manages banking financial institutions, trust and investment companies and other financial institutions; China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) shall supervise and administer the securities and futures industry according to law.
3. State Administration of Foreign Exchange:
Established in1March, 979 13, and then entrusted by the People's Bank of China; 1In April 1993, according to the institutional reform plan of the State Council approved by the first session of the Eighth National People's Congress and the Notice of the State Council on Establishing a State Bureau under the management of ministries and related issues, the State Administration of Foreign Exchange is the State Bureau under the management of the People's Bank of China, and it is an administrative organ that manages foreign exchange according to law.
4, the board of supervisors of state-owned key financial institutions:
The Board of Supervisors is sent by the State Council, responsible for the State Council, and supervises the asset quality of key state-owned financial institutions and the preservation and appreciation of state-owned assets on behalf of the state.
5. Policy financial institutions:
Policy financial institutions are institutions initiated and funded by the government to carry out financing and credit activities in order to implement and cooperate with the government's specific economic policies and intentions.
The policy financial institutions in China include three policy banks: China Development Bank, China Agricultural Development Bank, Export-Import Bank and China Agricultural Development Bank. Policy banks are not for profit, and their business development is bound by the national economic policies and guided by the China People's Bank.
6. Commercial financial institutions:
Commercial financial institutions in China include banking financial institutions, securities institutions and insurance institutions.
7. Banking financial institutions:
Including commercial banks, credit cooperative institutions and non-bank financial institutions. Commercial banks refer to for-profit institutions that mainly absorb deposits, issue loans and engage in intermediary business, mainly including state-owned commercial banks, joint-stock commercial banks, city commercial banks, rural commercial banks, housing savings banks, foreign-funded banks and Sino-foreign joint venture banks.
Credit cooperative institutions include urban credit cooperatives and rural credit cooperatives. Non-bank financial institutions mainly include financial asset management companies, trust and investment companies, finance companies and leasing companies.
8. Securities institutions:
Refers to institutions that provide intermediary services for securities market participants, including securities companies, stock exchanges, securities registration and settlement companies, securities investment consulting companies, fund management companies, etc.
The securities mentioned here mainly refer to stocks, bonds, investment funds, depositary receipts and other securities issued and circulated with the approval of relevant government departments. Direct financing through securities as a carrier can realize the organic combination of investment and financing, and can also effectively save financing costs.
9. Insurance institutions:
Refers to institutions specializing in insurance business, including state-owned insurance companies, joint-stock insurance companies, foreign-funded insurance branches and Sino-foreign joint-venture insurance companies engaged in insurance business in China.
Extended data:
The financial system has the following six basic functions:
(1) clearing and payment function, that is, the financial system provides clearing and payment means to facilitate the trading of goods, services and assets;
(2) the function of financing and equity refinement, that is, the financial system gathers funds by providing various mechanisms, leading to large-scale inseparable investment projects;
(3) Providing channels to realize the transfer of economic resources in time and space, that is, the financial system provides methods and mechanisms to promote the transfer of economic resources across time, regions and industries;
④ Risk management function, that is, the financial system provides means and ways to deal with emergencies and control risks;
⑤ Information providing function, that is, the financial system helps to coordinate decentralized decisions of different economic sectors by providing price signals;
⑥ Solving the incentive problem, that is, the financial system solves the incentive problem in the process of information asymmetry and principal-agent behavior between the two sides of financial transactions.
1, clearing and payment functions
With the deepening of economic monetization, it is a basic need to establish an effective and adaptable trading and payment system. A reliable transaction and payment system should be the infrastructure of the financial system. Without this system, high transaction costs will inevitably be accompanied by economic inefficiency. An effective payment system is a necessary condition for social transactions.
The development of exchange system can reduce social transaction costs and promote the development of social specialization, which is a necessary condition for the development of socialized mass production and can greatly improve production efficiency and technological progress. Therefore, modern payment system and modern economic growth go hand in hand.
2. Financing function
The financing function of the financial system contains two meanings. Means of mobilizing savings and providing liquidity. Financial markets and bank intermediaries can effectively mobilize the savings resources of the whole society or improve the allocation of financial resources.
This enables the effective technology of initial investment to be quickly transformed into productivity. While promoting more effective use of investment opportunities, financial intermediaries can also provide relatively high returns for social depositors.
The advantages of financial intermediaries in mobilizing savings mainly include: first, they can spread the risks of individual investment projects;
Second, it can provide investors with relatively high returns (relative to physical assets such as durable consumer goods). Mobilizing savings in the financial system can provide aggregation function for dispersed social resources, thus giving play to the scale effect of resources.
The liquidity service provided by the financial system effectively solves the problem of the source of funds for long-term investment, makes it possible for long-term project investment and enterprise equity financing, and creates a fund supply channel for technological progress and venture capital.
3. Equity refinement function
Divide the inseparable large-scale investment projects into small shares and let small and medium-sized investors participate in the investment of these large-scale projects. The financial system realizes the monitoring of managers and the control of companies through the function of equity refinement. In the modern market economy, profound changes have taken place in the company organization, that is, the equity is highly dispersed and the company management is specialized.
The biggest difficulty of this organizational arrangement lies in the existence of information asymmetry, which makes it difficult for investors to effectively supervise the use of capital. The function of the financial system is to provide a new mechanism, that is, to strictly supervise the company through the role of external lenders, thus protecting the interests of internal investors.
4. Resource allocation function
Raising enough investment resources is a necessary condition for economic take-off. But the efficiency of investment, that is, the efficiency of resource allocation, is equally important for growth. The allocation of investment has its own difficulties, that is, productivity risk, incomplete information of project return and unknowability of operators' actual ability. These inherent difficulties require the establishment of a financial intermediary.
In the modern uncertain society, it is difficult for a single investor to evaluate the company, managers and market conditions.
The advantage of the financial system lies in providing intermediary services for investors, providing a mechanism to share risks with investors, and making the investment allocation of social capital more efficient. The investment services provided by intermediary financial institutions can be shown as follows: first, spreading risks; The second is liquidity risk management; The third is to evaluate the project.
5. Risk management function
The risk management function of the financial system requires the financial system to trade and price the uncertainty of medium and long-term capital investment, that is, risk, and form a risk-taking mechanism.
Due to information asymmetry and transaction cost, the role of financial system and financial institutions is to trade, disperse and transfer risks. If the mechanism of transaction, transfer and compensation cannot be found for social risks, the operation of social economy will not be carried out smoothly.
6. Incentive function
In economic operation, the incentive problem exists not only because the goals or interests of economic individuals who interact with each other are inconsistent, but also because the realization of each economic individual's goals or interests is influenced by the behavior of other individuals or the information they have.
In other words, not all the factors that affect the interests of an economic individual are under the control of the subject. For example, the separation of ownership and control in modern enterprises has created the incentive problem. There are many ways to solve the incentive problem, and the specific methods are influenced by the economic system and environment. The solution to the incentive problem provided by the financial system is stock or stock option.
By allowing managers and employees to hold stocks or stock options, the interests of enterprises will also affect the interests of managers and employees, so that managers and employees can try their best to improve the performance of enterprises, and their behavior will no longer be contrary to the interests of owners, thus solving the principal-agent problem.
7. Information providing function
The information providing function of the financial system means that in the financial market, not only investors can get information about the prices of various investment products and the factors that affect these prices, but also fundraisers can get information about the costs of different financing methods, and management departments can get information about whether financial transactions are going on normally and whether various rules are observed, so that different participants in the financial system can make their own decisions.
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