Present situation and future:
After China's entry into WTO, the opening of China's financial and securities markets should follow the six basic principles of General Agreement on Trade in Services and Financial Services Agreement. The Financial Services Agreement puts forward more specific requirements for the opening of the securities market, including: various associations.
All parties agree to open the banking, insurance, securities and financial information markets to the outside world; Allow foreign countries to set up financial service companies in China and operate according to the principle of competition; Foreign companies have the same right to enter the market as domestic companies; Remove restrictions on cross-border services; Allow foreign investment to account for more than 50% of investment projects. After China's entry into WTO, American banks can provide all foreign exchange services to foreign customers immediately. One year after China's entry into WTO, American banks can provide foreign exchange business to China customers, Sino-US joint venture banks will be allowed to operate immediately, wholly foreign-owned banks will be allowed to operate within five years, and foreign banks will be allowed to operate RMB business within two years and financial retail business within five years.
Gap:
China's banking industry, whether it is a state-owned commercial bank or a new commercial bank, still has a huge gap compared with international first-class banks. So far, the market-oriented financial relationship has not really been established, and the next banking reform in China has a long way to go.
The property right structure of China's banking industry is still single, which leads to low efficiency of banks. The four major state-owned commercial banks in China's banking industry still maintain the form of wholly state-owned. The single and non-tradable subject of property rights makes the financial responsibility of banks unclear, which leads to the absence of the subject of property rights, low economic benefits, easy administrative intervention, low degree of competition and great difficulty in survival and development.
The bank's asset quality and free capital ratio are quite low, which leads to the increase of bank risk and the decline of its reputation. According to the Basel Accord, the four major state-owned commercial banks in China increased their capital by 270 billion yuan, and asset management companies stripped off non-performing assets10.4 trillion, while other banks had lower capital adequacy ratio and venture capital, which led to lower financial risks, but the decline in operational efficiency affected the international reputation of China's banking industry.
China's banking industry is small, with many employees, and there is still a big gap with international banks. In terms of international business, it does not have the strength to compete with major international banks. Many employees cause financial indicators such as per capita income to be lower than the international average. 1993, when the financial and banking sector was reformed, there was another wave of customers choosing banks. In 2006, after fulfilling the WTO commitments, all foreign banks will enter China, and customers will have another choice.
Among many problems in the development of China's banking industry, the lack of financial innovation is the most prominent one. Due to the restriction of system, environment, management system, technology, market mechanism and concept, the innovation consciousness of financial subjects cannot be strengthened, the realistic compliance management suppresses the subjective initiative of financial institutions, and the existing employment mechanism and incentive mechanism cannot stimulate innovation.
Coping with:
Professor Xu Fu from the WTO Research Center of Nankai University believes that the promise of allowing foreign banks to provide local currency services to all China customers in China in 2006 will surely accelerate the reform of domestic banking industry in the third year after China's entry into WTO. At the same time, China must also guard against financial risks.
Liu Chongyi of China World Economic Association pointed out that the system reform of state-owned commercial banks should be deepened and the shareholding system should be steadily implemented; Developing direct financing, promoting the organic combination of money market, insurance market and capital market, coordinating development, reforming and perfecting rural financial system are the urgent tasks of financial reform.
Improving the competitiveness of China's banking industry with financial innovation as a breakthrough. Accelerate business integration, realize the combination of traditional business and innovative business, and improve the market competitiveness of bank products.
Establish and improve the financial risk mechanism and strengthen the internal risk control of banks. Further improve the existing risk monitoring and index system, timely analyze and monitor the relevant information of banks, comprehensively evaluate the risk situation, timely warn, and prevent, control and resolve financial risks in advance.
Strengthen cooperation with peers and non-banks.
insurance industry
Present situation and future:
According to China's WTO accession commitment and the relevant contents of the bilateral agreement between China and the United States, China's insurance industry will be fully open to foreign-funded insurance companies in terms of geography, business scope, joint venture equity and other aspects within five years after China's WTO accession. Since 2003, more and more foreign companies have obtained business licenses and been allowed to open branches. A number of foreign-funded insurance companies, including the British Chamber of Commerce, Allianz Germany and Dutch Insurance, have started business one after another. Thirty-four foreign-funded insurance companies have been allowed to enter the China market or set up business offices. According to the commitment, China will allow foreign life insurance companies and non-life insurance companies to provide services in Beijing, Chengdu, Chongqing, Fuzhou, Suzhou, Xiamen, Wuhan and Tianjin within two years after joining the WTO.
In order to fulfill its promise, China amended its insurance law. According to the new Insurance Law, property insurance companies can operate short-term accident insurance and health insurance from June 65438+ 10/day, 2003.
At present, many property insurance companies are busy designing, packaging and selling accident insurance and health insurance. The new Insurance Law stipulates that an individual agent can only represent the products of one life insurance company, while a professional agent can represent the products of several life insurance companies. Therefore, industry insiders predict that some excellent marketers may be independent from insurance companies and set up professional life insurance marketing companies.
In the coming year, the insurance industry in China will enter a stage of rapid and healthy development. At present, international financial giants who are still on the sidelines abroad are likely to get "admission tickets" next year, and domestic insurance companies will also face more intense diversified competition. With the further intensification of competition, the problem of industry self-discipline will become increasingly prominent, and insurance industry associations, as non-governmental organizations, will play an increasingly important role, which is also one of the manifestations of integration with the international market.
Coping with:
Facing the offensive of foreign insurance, the voice of domestic insurance companies going public is more and more urgent. At present, many insurance companies such as Xinhua Life Insurance, Taikang Life Insurance, Pacific Insurance, Huatai Property Insurance, Tianan Insurance and Volkswagen Insurance have completed the listing counseling period. Industry insiders predict that the "first share of insurance" is expected to debut next year.
At the same time, more and more insurance companies in China hope to keep fit by introducing foreign capital. In 2003, HSBC subscribed for the shares of China Ping An Insurance Co., Ltd. for US$ 600 million, with a shareholding ratio of 65,438+00%.
Opportunities:
After China's entry into WTO, it has promoted the development of China's insurance industry, which is mainly reflected in the following aspects: First, the number of insurance companies has increased, and the competition has further intensified. For example, before Guangzhou's entry into WTO, there were seven foreign-funded insurance companies, and now there are 10; Second, the premium income has increased substantially. As of June 2003 10, the premium increased by 5 1% year-on-year, among which life insurance increased even faster, reaching 76%. Third, insurance products emerge one after another, such as investment-linked insurance, dividend insurance and universal life insurance.
For domestic insurance companies, the state still has some policies to support the development of the insurance industry:
1. Expand China's insurance capital reserve. Encourage joint-stock insurance companies to increase capital and shares and go public for financing; Measures should be taken to expand the capital of several large state-owned insurance companies:
(1) financial investment;
(2) converting tax reduction into capital;
(3) shareholding system reform;
(4) capital market financing;
2. Reform the tax system. The current insurance business tax rate is 8%, which is 3 percentage points higher than other financial services. In terms of income tax, the current tax rate of foreign-funded insurance companies is 15%, while that of Chinese-funded companies is 33%. Such a tax rate is obviously not conducive to the development of national insurance companies, so it is necessary to carry out tax reform.
(1) Tax reduction. After the transition period, the business tax will be reduced to about 3%, and the tax reduction during the transition period will be converted into capital.
(2) unify the tax system of Chinese and foreign insurance companies and cancel the preferential tax rate.
3. Broaden the operation channels of insurance funds. One is to allow insurance funds to enter the primary securities market, and the other is to allow insurance funds to invest in areas with low risks and stable returns such as national key construction projects and infrastructure projects.
retailing
Open process:
Before July 1992, China prohibited foreign businessmen from setting up wholly-owned or joint-venture retail and wholesale enterprises in China.
1In July 1992, the State Council approved the pilot operation of one or two Sino-foreign joint ventures or cooperative commercial retail enterprises in six cities including Beijing, Shanghai, Tianjin, Guangzhou, Dalian and Qingdao and five special economic zones including Shenzhen, Zhuhai, Shantou, Xiamen and Hainan. The project was reported by the local government to the State Council for approval. The business scope of the enterprise is department store retail business and import and export commodity business. It is not allowed to engage in commercial wholesale business or act as an agent for import and export business, and enjoys the right to operate import and export.
From March 1993, "with the approval of the state, a pilot joint venture retail business will be launched in some cities and regions." 1The Catalogue of Industries with Foreign Investment issued in June 1995 listed commercial retail in the Catalogue of Industries with Restricted Foreign Investment, allowing limited absorption of foreign capital. Before 1995 10, the State Council officially approved Beijing Yansha Friendship Shopping Mall and Shanghai First Yaohan 15 Sino-foreign joint venture cooperative retail enterprises.
1995 5438+00 in June, the State Council approved the pilot operation of two Sino-foreign joint venture chain commercial enterprises in Beijing. In addition to comparing with Chinese-foreign cooperative commercial retail enterprises, all policies also stipulate that China must hold more than 565,438+0% of its shares and its operating period shall not exceed 30 years. At this stage, the Sino-foreign joint venture retail industry has developed rapidly, and many enterprises have adopted various flexible ways to open stores without authorization. By the end of 1998, there were 20 Sino-foreign joint ventures officially approved by the State Council, but there were 227 non-pilot enterprises.
1999 On June 25th, with the approval of the State Council, the former State Economic and Trade Commission and the former Ministry of Foreign Trade and Economic Cooperation issued the Pilot Measures for Foreign-invested Businesses, allowing municipalities directly under the central government, provincial capitals, autonomous region capitals, cities with separate plans and special economic zones to pilot 1-2 Sino-foreign joint ventures and cooperative commercial enterprises, and add 1-2 economic center cities and commercial center cities. At the same time, the business type has expanded from retail to wholesale, and 1 wholesale pilot enterprises are allowed in each of the four municipalities directly under the central government. The way to achieve this is to run a pilot project with retail enterprises that meet certain conditions. From the original two joint venture and cooperative chain pilot enterprises in Beijing and Shanghai, we have expanded to set up joint venture chain commercial enterprises in the above-mentioned economic and commercial center cities in a planned and controlled way. But only direct chain is allowed, and free chain and franchise chain are not allowed for the time being.
By the end of 20001,there were 49 foreign-invested retail commercial projects officially approved by the state, but 3 16 were approved by various localities beyond their authority.
On June 1 2004, the Measures for the Administration of Foreign Investment in Commercial Fields was formally implemented. By the end of 2004, China will fully liberalize the market access and capital access restrictions for foreign retail services. The Measures for the Administration of Foreign Investment in Commercial Fields, which came into effect on June 1, mainly includes three aspects: First, it greatly reduces the "threshold" for foreign investment to enter commerce; Second, the investment business field is further opened; Third, the approval procedures have been further simplified.
In addition to directly stipulating that "foreign retail enterprises are allowed to legally open stores in all provincial cities in China", the "Measures" also specifically pointed out that from 65438+February 1 1 this year, the opening of the commercial sector will completely eliminate geographical restrictions; Foreign retailers will be allowed to open stores anywhere in the mainland as early as June 5438+February this year, without looking for China partners.
According to the statistical data of unit area sales of supermarket enterprises by China National Business Information Center, foreign-funded retail enterprises are obviously higher than domestic-funded retail enterprises. The average sales per square meter of foreign-funded enterprises is 20,600 yuan, while the average sales per square meter of domestic-funded enterprises is only 1.4 million yuan.
Challenge:
In the most competitive large-scale comprehensive supermarkets in China, foreign capital has obviously occupied a dominant position.
The world-famous marketing guru McCarthy predicted that in the next three to five years, 60% of China's retail market will be controlled by three to five world-class retail giants, 30% by national retail giants and less than 10% by regional retail giants.
The rapid expansion of foreign-funded enterprises by unequal means has accelerated the loss of commercial resources in China. Moreover, this is not only confined to the commercial circulation field, but also has a fatal impact on China's manufacturing security and financial security.
Coping with:
The army of foreign retailers can bring the most advanced management experience, retail technology, marketing art and service concept to the domestic retail industry. It is reported that the Ministry of Commerce has made up its mind to build 10 to 15 "commercial aircraft carriers" with well-known brands, prominent main businesses and international competitiveness in five to eight years. According to the insiders, as long as the domestic retail industry is structured into a large circulation system, it can resist the invasion of foreign retail giants by assiduously practicing its internal strength, updating its concepts, becoming bigger and stronger, and comprehensively enhancing its competitiveness.
automotive industry
Present situation and future:
At present, China's automobile industry is still in the transition period after China's entry into the World Trade Organization. The state protects the automobile industry by controlling tariffs and import quotas. However, the opportunities for China automobile manufacturers to obtain excess profits will be decreasing.
In recent years, China's automobile industry has made excessive profits under the protection of high tariffs and quota system. In a positive sense, it strengthens the self-accumulation and rolling development ability of automobile manufacturers and lays the foundation for future price reduction competition. On the negative side, first, it harms the interests of Chinese consumers; Second, multinational companies participating in joint ventures have gained greater benefits from the sales of parts and complete vehicles; Third, those car manufacturers without economic rationality can also make profits, and it is difficult to eliminate them, which aggravates the situation of scattered, chaotic and low resource allocation in the automobile industry. In fact, it is to protect backward enterprises and divide the market of large enterprises, so that the production capacity of large enterprises can not be fully exerted.
In 2006, China's import tariffs on complete vehicles and spare parts will be reduced to 25% and 10% respectively, and the situation that the automobile industry relies on high tariffs and quota protection will basically end. How to deal with the challenges before 2005 is a problem that every automobile manufacturing enterprise must face.
Challenge:
Challenges brought by the weakening of urban structure. People think that the development of big cities has come to an end, but when cars enter residents' families, they will see that the new development opportunity period of big cities has just begun.
Challenges from energy issues. With the acceleration of economic globalization, how to adjust the concept of oil safety and form an oil safety guarantee system and supply mechanism conducive to the long-term and stable development of China's economy and society is not only the basic condition of China's energy development strategy, but also an important topic for the development of automobile industry.
Challenge of global division of labor system in automobile industry. At present, the automobile craze mainly lies in vehicle assembly, and a country's automobile manufacturing ability will be more reflected in the production of parts.
Challenges brought by repeated construction. Since last year, the high growth of the automobile industry has provided a strong stimulus for the investment in the automobile industry, and there has been an automobile investment boom in many places. Under the condition of market economy, this is a normal reaction. What is abnormal is that under the existing system in China, part of the investment is made by local governments. In the imperfect market environment, we must distinguish between administrative duplication and market duplication.
Coping with:
Experts pointed out that liberalization or regulation will become a dilemma for the government in the future. China automobile is experiencing great changes from automobile industry to automobile industry and then to automobile society. The focus of the government's attention should be promoted from the automobile industry policy to the automobile social policy, which is the key to the sustainable development of the automobile industry.