Liang Tao said in his speech that at all stages of the development of the asset management industry, the CBRC has always regarded the resolution of shadow banking risks as an important task, and standardized the development of the asset management industry as an important starting point for this work.
Liang Tao introduced that China Banking Regulatory Commission (CBRC) adhered to the general tone of striving for progress while maintaining stability, carried out actions to rectify market chaos for many years, severely rectified complex structured products that were over-leveraged, divorced from reality and regulated arbitrage, and resolutely cleaned up the shadow banking chaos in the name of financial innovation to make up for the shortcomings of supervision. According to the new asset management regulations, formulate specific implementation rules in the fields of financial trust and insurance supervision, and unify the supervision standards of similar institutions and products.
He said that the CBRC has stepped up on-site inspection of shadow banking and cross-financial business, and has seriously held accountable for illegal acts, and those suspected of illegal crimes have been transferred to judicial organs. After continuous rectification, the risk of credit shadow banking in China has obviously converged, and the stock assets have obviously declined. By the end of June, 2022, the scale had dropped by more than 29 trillion compared with the historical peak, effectively curbing the withdrawal of funds from real to virtual, and creating policy space for stabilizing the macroeconomic market and giving play to the role of financial countercyclical regulation.
However, Liang Tao also said that the governance of shadow banking has achieved remarkable results in recent years, but some products have complex structures and high leverage ratio, and the hidden risks are still great.
"The risk management of off-balance-sheet non-standard investment in some banks is not in place, and the asset classification and provision standards are significantly lower than those of off-balance-sheet loans. With the help of improper financial innovation, some institutions have derived new varieties of shadow banking, which has induced the rebound and resurgence of shadow banking. We should maintain the necessary vigilance against this. " He said.
Liang Tao: We will study and further expand the pilot scope of wealth management products for the aged in due course.
In his speech, Liang Tao said that the asset management industry should deepen the supply-side structural reform, actively respond to the wealth management needs of various investment groups, do a good job in customer segmentation, effectively turn the dividends of national economic reform and development into shareable investment income, and boost the prosperity of the whole people.
"Actively respond to the aging of the population, and solve the problem of balance of payments at different stages of life by providing financial products such as pension financing, and meet the multi-level pension needs of residents." He said.
Since last year, the China Banking Regulatory Commission has officially launched the pilot program of endowment wealth management products. At present, 236,5438+0,000 investors have subscribed for wealth management products for the aged of more than 600 million yuan, and the overall start is good and the progress is smooth.
Liang Tao said that the next step is to further expand the scope of the pilot on the basis of fully summarizing the pilot. In addition, the foreign management industry should also actively satisfy people's yearning for a better life, and strive to provide warm financial services to new citizens to enhance their sense of acquisition, happiness and security.
Fang Xinghai: The private equity industry has developed into an important part of the asset management industry.
Fang Xinghai said that under the new development pattern, private equity and industry are facing good development opportunities.
Fang Xinghai pointed out that the economic recovery and growth in the post-epidemic era brought new development opportunities for private equity funds. From the aspect of fund-raising, with the investment concept of diversified asset allocation gradually taking root in people's hearts, residents' growing demand for wealth management will provide more funds for private equity funds. "After the previous market turmoil, some qualified managers with low risk control level and weak investment ability have been eliminated, objectively forming a positive trend of more professional managers and longer-term funds."
From the investment link, under the new development pattern, independent innovation and development will create a lot of investment opportunities for equity investment funds, and various new technologies, new models, new formats and new industries (40.25-0.74%, consulting units) will provide diversified trajectories and investment strategy choices for venture capital funds. "China has many high-growth technological innovation enterprises with significant international advantages in photovoltaic power generation, new energy batteries and other fields, and has become an important investment destination for private equity funds," Fang Xinghai said.
From the exit link, with the comprehensive promotion of the registration system and the optimization of the integration mechanism of mergers and acquisitions, equity venture capital funds have withdrawn actively through IPO and mergers and acquisitions, improved the reverse linkage policy, and given more support to equity venture capital funds that reduced their holdings and made more investments earlier. At the same time, pilot innovations such as share transfer of equity venture capital fund, physical allocation of equity of equity venture capital fund, and the growing scale of S fund all make the exit mode of equity venture capital fund more diversified. At the same time, the CSRC will strengthen international cooperation in the capital market to ensure smooth exit channels for China enterprises listed overseas.
However, Fang Xinghai also stressed that we should be soberly aware that the private equity industry has also accumulated some problems and risks in the process of rapid development.
First, the entry threshold of the industry is low, the quality of institutions is uneven, the number of market-oriented head institutions is small, and the professional operation level still needs to be improved. Some high-impact risk cases have seriously affected the industry image.
Second, multiple factors are superimposed. At present, the long-term sources of equity venture capital funds are insufficient, and it is temporarily difficult to raise funds.
Third, the effects of early investment, small investment and scientific and technological investment are gradually emerging, but compared with overseas mature markets, the ability of early investment and small investment is still insufficient, and the investment and research ability of head institutions has made great progress, but most institutions still need to be improved.
Fang Xinghai said that in recent years, the private equity fund industry in China has developed vigorously from scratch, from small to large. By the end of June, the number of private fund managers registered with China Fund Industry Association had reached 24,000, and there were only 0/30,000 funds under management, with assets under management approaching 20 trillion yuan. The number and management scale of funds jumped to the forefront of the world, second only to the United States.
Fang Xinghai pointed out that, on the whole, the private equity fund industry in China has developed from a niche industry to an important part of the asset management industry, and started to develop from quantitative growth to qualitative development. While meeting the needs of residents' wealth management, it is playing an increasingly important basic strategic role in promoting the formation of innovative capital, increasing the proportion of direct financing, supporting scientific and technological innovation and industrial transformation and upgrading.
Fang Xinghai said that private equity funds should make full use of the increasingly abundant futures and options products, develop more fund products to meet the needs of different investors, attract more residents' savings to enter the securities market, and make contributions to the stable development of the market. It is necessary to serve the development of the real economy and scientific and technological innovation as the starting point, and promote supply-side structural reform and innovative growth. Actively undertake the responsibility and mission of serving the real economy, increasing national wealth, driving scientific and technological innovation and promoting economic transformation, and balancing the social value and economic value of investment.
Fang Xinghai: Promote the private equity industry to adhere to professional operation.
Fang Xinghai said that the development environment of private equity fund industry in China has been optimized. He said that the CSRC follows the law of the development of private equity funds. On the one hand, it pays attention to supervision, on the other hand, it promotes development, draws on the best practices of international supervision, and promotes the private equity industry to adhere to professional operation, discard the false and retain the true, and enhance the endogenous development momentum.
He introduced four points.
First, improve laws and regulations and lay a solid foundation for the development of the industry. "The long-awaited Regulations on the Supervision and Administration of Private Equity Funds have made important progress, and several provisions on strengthening the supervision of private equity funds have been issued, which have clarified the bottom line requirements of private equity funds, supported real private equity, strictly guarded against counterfeit private equity, promoted the establishment of comprehensive judgment and consultation mechanisms for private equity funds in various places, and ensured the entrance of industrial and commercial registration," he said.
The second is to improve the exit environment and promote the formation of a virtuous circle of investment, exit and reinvestment. Fang Xinghai said that with the comprehensive promotion of the stock issuance registration system, the number of equity venture capital funds withdrawn through IPO has doubled. At the same time, the CSRC promulgated and optimized the policy of reverse linkage between the lock-up period of equity venture capital funds and the pre-listing investment period, piloted the share transfer of equity venture capital funds in Beijing and Shanghai, and started the pilot of distributing shares to investors in kind, with more diversified exit methods and significantly improved the industry exit environment.
The third is to improve the tax support policy for fundraising. China Banking Regulatory Commission cancelled the limit that the scale of insurance funds to invest in venture capital funds should not exceed 500 million yuan, and guided insurance funds to invest in venture capital funds. The CSRC encourages qualified venture capital enterprises to issue dual-creation bonds. As of May this year, a * * * has issued an amount of about 80 billion yuan, and the finance and taxation departments have also carried out pilot projects of preferential corporate income tax policies for enterprise venture capital funds in specific areas such as Beijing and Shanghai, further reducing the overall tax burden of the venture capital fund industry.
Fourth, fund industry associations will further deepen reform, simplify administration and decentralize power, strengthen supervision, improve services and improve service levels. By publishing the list of registration materials for private fund managers, the key points of private fund filing, publicizing the registration procedures for managers to the public, improving the transparency of registration and filing, improving the service quality of the industry, expanding the scope of application of the fund filing system, greatly improving the efficiency of registration and filing, optimizing the fund service chain, promoting the signing of electronic contracts in the industry, strengthening the application of financial technology, and exploring cross-verification of information such as fund registration and filing, custody, investment and withdrawal.
Wang xin: Study and publish the timetable and road map of environmental information disclosure of financial institutions.
In his speech, Wang xin said that establishing and improving the standard system of green finance and speeding up the formulation of transitional financial standards are important foundations for financial support for green and low-carbon development.
He pointed out that since 20021,the People's Bank of China has intensified its efforts to study and formulate transitional financial standards in order to clarify the scope of financial support for low-carbon transformation of nuclear power projects in high-carbon industries and prevent financial institutions from reducing carbon and exercising power across the board. At present, we have preliminarily defined the basic principles of transitional finance.
For example, the financial support field in transition should directly or indirectly make a significant contribution to mitigating and adapting to climate change, and will not cause significant damage to other environmental and social sustainable development goals. Transitional financial standards should be coordinated with national, local and industrial policies, compatible with internationally accepted standards, and the environmental disclosure corresponding to the standards should be simple and easy, so as not to cause excessive burden to market participants.
Regarding the formulation of specific standards, Wang xin said that he is organizing efforts to carry out research on transitional financial standards in the fields of building materials, steel, coal, electricity and agriculture. , and will be published when conditions are ripe. The establishment of relevant standards will help financial institutions to actively innovate and transform financial products and tools according to market demand, provide more investment options for wealth management industry, and fully realize social, environmental and economic benefits.
In addition to clear standards, the healthy development of green finance and transitional finance is also inseparable from comprehensive, accurate and timely information disclosure.
Wang xin introduced that in recent years, the rapid advancement of environmental information disclosure of global financial institutions has shown some characteristics:
First of all, more and more financial institutions incorporate climate and environmental factors into their development strategies, and make net zero emission commitments. Scientific carbon accounting and active disclosure of environmental information are important measures.
Second, green finance and ESG investment have developed rapidly, and investors' demand for full disclosure of environmental information has greatly increased.
Third, international organizations and regulatory authorities have introduced more measures to require financial institutions to enhance the transparency of environmental information, such as the G-20 sustainable financial roadmap of 202 1, focusing on ten waving environmental information. The EU has promoted sustainable information disclosure regulations.
Great progress has been made in the environmental information disclosure ability of financial institutions in China. Financial institutions explore environmental information disclosure from large to small, from easy to difficult, step by step;
First, deepen the reform of environmental information disclosure system in accordance with the law and continuously improve the environmental information disclosure standards of financial institutions. In 20021year, the People's Bank of China formulated and issued the financial industry standard-Guidelines for Environmental Information Disclosure of Financial Institutions, and many regions have continuously improved the scientificity and effectiveness of disclosure.
The second is to promote the preparation of environmental information disclosure reports in various places. 202 1, the people's bank of China guided the green financial reform and innovation pilot zone, and more than 200 financial institutions completed the trial compilation of environmental information disclosure reports, exploring various disclosure methods. Some provinces where the pilot area is located also play a subjective role and actively carry out environmental information disclosure of financial institutions.
The third is to guide financial institutions to strengthen the application of environmental information disclosure structure, and the People's Bank of China will incorporate law enforcement information into the basic database of financial credit information. In 20021year, environmental punishment information of 34,000 enterprises nationwide was inquired by 789 financial institutions1328,000 times, which played an active role in assisting financial institutions in early warning related loan risks.
"In the next step, we will further establish and improve the environmental information disclosure and carbon emission accounting standards of financial institutions, study and introduce the timetable and roadmap for environmental information disclosure of financial institutions, improve the incentive and restraint mechanism, strengthen the capacity building of environmental information disclosure of financial institutions, and consolidate the institutional foundation for the healthy development of green finance and transitional finance." He said.