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银保监促进居民储蓄入市核心政策考量是培育机构投资者
2020-01-08 01:53   来源:  www.carrylines.com   评论:0 点击:

银保监促进居民储蓄入市核心政策考量是培育机构投资者1月6日,银保监会召开媒体通气会,银保监会首席风险官

1月6日,银保监会召开媒体通气会,银保监会首席风险官兼办公厅主任、新闻发言人肖远企,银保监会政策研究室一级巡视员叶燕斐等出席,就上周末发布的《中国银保监会关于推动银行业和保险业高质量发展的指导意见》(下称“《意见》“)作出详细解读。

On January 6, the CBRC held a media briefing, the chief risk officer of the CBRC and head of the general office, press spokesman Xiao Yuan enterprise, the first-level inspector of the policy research office of the CBRC, Ye Yanfei, and others attended the meeting to give a detailed interpretation of the guidance of the China Banking Regulatory Commission on promoting the high-quality development of the banking and insurance industry (hereinafter referred to as \"the opinion \") issued last weekend.

本次通气会可谓信息量巨大,尤其是对于上周末刷屏的“多渠道促进居民储蓄有效转化为资本市场长期资金”消息,银保监会有关负责人作出详细解释,澄清市场误读。同时,银保监会有关负责人还就《意见》涉及的银行业保险业加大对先进制造业支持力度、农信社股份制改革、问题金融机构处置、银行资本补充等热点问题作出回应。

The briefing is a huge amount of information, especially for last weekend's \"multi-channels to promote the effective conversion of household savings into capital market long-term funds\" news, the head of the csc detailed explanation to clarify the market misreading. At the same time, the relevant head of the CBRC also responded to the issue of increasing support for the advanced manufacturing industry, the reform of the joint-stock system of rural credit cooperatives, the disposal of financial institutions and the replenishment of bank capital involved in the Opinion.

《意见》指出,要发挥银行保险机构在优化融资结构中的重要作用。银行保险机构要健全与直接融资发展相适应的服务体系,运用多种方式为直接融资提供配套支持,提高直接融资比重。有效发挥理财、保险、信托等产品的直接融资功能,培育价值投资和长期投资理念,改善资本市场投资者结构。大力发展企业年金、职业年金、各类健康和养老保险业务,多渠道促进居民储蓄有效转化为资本市场长期资金。鼓励各类合格投资机构参与市场化法治化债转股。

The Opinion points out that the important role of bank insurance institutions in optimizing the financing structure should be brought into play. Bank insurance institutions should improve the service system suitable for the development of direct financing, use various ways to provide supporting support for direct financing, and increase the proportion of direct financing. Give full play to the direct financing function of financial management, insurance, trust and other products, cultivate the concept of value investment and long-term investment, and improve the structure of investors in the capital market. Vigorously develop enterprise annuity, occupational annuity, all kinds of health and old-age insurance business, and promote the effective conversion of residents'savings into long-term funds in the capital market through multiple channels. All qualified investment institutions are encouraged to participate in market-oriented debt-for-equity swaps based on the rule of law.

究竟该如何正确理解“多渠道促进居民储蓄有效转化为资本市场长期资金”?这是否意味着让“散户”直接入市?对此,肖远企解释,我国的融资结构中,间接融资比例较高、直接融资占比较低,中央多次提出要发展多层次资本市场,落脚到《意见》指出的“促进居民储蓄有效转化为资本市场长期资金”,其核心的政策考量主要还是培育机构投资者。例如,在直接融资发达的美国、英国,居民储蓄主要通过养老保险基金、共同基金等金融产品投资金融市场。也就是说,机构投资者的一部分资金就是来自于居民储蓄,机构投资者可以根据自己的投资策略配置债券、股票等资产,并非单一地让居民储蓄资金直接投入股市。

How to correctly understand \"multi-channel to promote the effective conversion of household savings into long-term capital market \"? Does that mean letting \"retail\" go straight into the market? To this, Xiao Yuan enterprise explains that in our country's financing structure, indirect financing ratio is high, direct financing accounts for relatively low, the central government has repeatedly proposed to develop multi-level capital market, to settle down to \"promote the effective conversion of resident savings into long-term capital market funds \", its core policy consideration is to cultivate institutional investors. For example, in the United States and the United Kingdom, where direct financing is developed, resident savings are invested in financial markets mainly through pension insurance funds, mutual funds and other financial products. That is to say, some of the funds of institutional investors come from residents'savings, and institutional investors can allocate bonds, stocks and other assets according to their own investment strategies, rather than simply let residents'savings funds directly into the stock market.

叶燕斐强调,资本市场既指股票市场和股权市场,也包括期限超过一年的债券市场。他指出,居民储蓄是国民经济核算概念,是指居民部门的收入用于消费后的结余部分,其可以以各种金融产品的形式进入金融市场。过去大部分居民储蓄是以银行存款的方式进入金融市场,这就形成了间接融资;未来居民储蓄可能会加大对理财、信托、保险等其他金融产品的投资力度,这些资金进入金融市场就会形成直接融资,从而平衡间接融资和直接融资的占比。

Ye Yanfei stressed that the capital market is not only the stock market and the stock market, but also the bond market with a period of more than one year. He pointed out that the concept of the national economy accounting for resident savings means that the income of the resident sector is used for the surplus of consumption, which can enter the financial market in the form of a variety of financial products. In the past, most of the population's savings have been in the form of bank deposits into the financial markets, which form indirect financing; future resident savings may increase the investment in other financial products such as finance, trust, insurance and other financial products, which will form direct financing in the financial markets, So as to balance the proportion of indirect financing and direct financing.

同时,肖远企强调,对于个人和企业等资金持有人而言,其储蓄资金既可以投资银行存款,也可以通过委托投资、购买理财、债券或股票等方式进行投资,资金具体如何运用完全是根据自己的风险偏好和收益偏好来决定。

At the same time, Xiao Yuan stressed that for holders of funds such as individuals and enterprises, their savings funds can be invested in both bank deposits and by entrusting investment, buying financial management, bonds or stocks, and the specific use of funds is determined solely on the basis of their own risk and income preferences.

《意见》在银行保险业完善服务实体经济方面作出了多方面的详细部署,总体看,这些规划与当前所实施的政策高度吻合,但也有在个别实体经济领域有所突出。例如,《意见》对银行保险业加大对战略性新兴产业、先进制造业的支持力度着墨较多。

Detailed deployment has been made in many aspects of improving the service entity economy of the banking insurance industry. In general, these plans are highly consistent with the current policies, but some are also prominent in the field of physical economy. For example, Increased support for strategic emerging industries and advanced manufacturing industry for banking and insurance industry.

根据《意见》,要积极开发支持战略性新兴产业、先进制造业和科技创新的金融产品。扩大对战略性新兴产业、先进制造业的中长期贷款投放;鼓励保险资金通过市场化方式投资产业基金,加大对战略性新兴产业、先进制造业的支持力度。支持银行业金融机构向科技企业发放以知识产权为质押的中长期技术研发贷款,试点为入选国家人才计划的高端人才创新创业提供中长期信用贷款。鼓励保险机构创新发展科技保险,推进首台(套)重大技术装备保险和新材料首批次应用保险补偿机制试点等。

According to the Opinions, we should actively develop financial products to support strategic emerging industries, advanced manufacturing industries and scientific and technological innovation. We will expand medium- and long-term loans to strategic emerging industries and advanced manufacturing industries, encourage insurance funds to invest in industry funds through market-oriented means, and increase support for strategic emerging industries and advanced manufacturing industries. Support banking financial institutions to issue medium- and long-term technology research and development loans pledged by intellectual property rights to scientific and technological enterprises. Insurance institutions should be encouraged to innovate and develop science and technology insurance, and the first major technology and equipment insurance and the first batch application of insurance compensation mechanism for new materials should be promoted.

值得注意的是,为引导银行扩大对先进制造业中长期贷款投放,央行近期在宏观审慎评估(MPA)中增设制造业中长期贷款和信用贷款等指标,银保监会方面也将有所“动作”。据肖远企透露,银保监会正在研究制定制造业中长期贷款投放考核指标,其中会包括“制造业贷款增速不能低于平均贷款增速”,但也不排除还有其他指标。

It is worth noting that, in order to guide banks to expand their lending to the advanced manufacturing sector in the medium- and long-term, the central bank will also have a \"move\" in the recent macro-prudential assessment (MPA) of manufacturing medium- and long-term loans and credit loans. According to mr xiao, the csc is working on a long-term assessment of long-term loans in the manufacturing sector, including \"manufacturing loans cannot grow below average loan growth \", but does not rule out other indicators.

去年以来,问题金融机构处置取得实质性进展。市场也有声音呼吁监管部门要尽快建立明确的问题金融机构处置机制,清华大学金融与发展研究中心主任、央行货币政策委员会委员马骏就建议,我国需要建立系统性的金融风险干预机制,包括建立金融风险预警等级体系和分级响应干预机制,并提前准备好干预“菜单”、可能有必要接受干预的机构名单和干预问题机构的流程。

Since last year, substantial progress has been made in the disposal of troubled financial institutions. The market has also voiced calls for regulators to establish a clear mechanism for the disposal of problem financial institutions as soon as possible, and Ma Jun, director of the Center for Financial and Development Research at Tsinghua University and a member of the Central Bank's monetary policy committee, has suggested that China needs to establish a systematic financial risk intervention mechanism, including a financial risk warning rating system and a hierarchical response intervention mechanism, and to prepare in advance the \"menu\" of intervention, the list of institutions and intervention agencies that may be necessary to accept the intervention.

《意见》也指出,要积极稳妥推进问题金融机构处置。注重统筹规划、协调推进,压实金融机构、地方政府和金融管理部门责任。推动制定并实施恢复与处置计划,把握强化市场纪律、防范道德风险和维护金融稳定之间的平衡。对不同机构,必须分类施策,遵循市场规律,在充分评估潜在影响的基础上稳妥实施,严防出现处置风险的风险。多措并举深化高风险中小机构改革和风险化解,采取不良资产处置、直接注资重组、同业收购合并、设立处置基金、设立过桥银行、引进新投资者以及市场退出等方式。加大资产清收力度,维护机构合法债权,最大限度减少损失。推动建立审慎文化,增强风险意识和合规意识,提升制度约束力和执行力。

The Opinions also point out that it is necessary to actively and steadily advance the handling of problem financial institutions. Focus on overall planning, coordinated promotion, compacting the responsibilities of financial institutions, local governments and financial management departments. Promote the formulation and implementation of recovery and disposal plans, and grasp the balance between strengthening market discipline, guarding against moral hazard and maintaining financial stability. For different organizations, it is necessary to classify the policy, follow the market law, and carry out it safely on the basis of fully evaluating the potential impact, and strictly guard against the risk of handling the risk. Multi-measures should be taken to deepen the reform of high-risk medium- and small-sized institutions and risk-dissolving, adopting non-performing assets disposal, direct capital injection and reorganization, interbank acquisition and merger, setting up disposal funds, setting up bridge crossing banks, introducing new investors and withdrawing from the market. Increase efforts to clear assets, safeguard the legitimate creditor's rights of institutions, and minimize losses. Promote the establishment of a culture of prudence, enhance risk awareness and compliance awareness, enhance institutional binding and execution.

那么,当前监管部门在建立问题金融机构处置机制有何最新进展?据肖远企透露,监管部门制定过关于问题金融机构处置的相关指导意见,但目前整个处置机制还处在探索过程中,需要不断摸索与完善。

So, what are the latest developments in the regulatory establishment of a mechanism to deal with troubled financial institutions? According to xiao, regulators have formulated guidance on the disposal of problem financial institutions, but the entire disposal mechanism is still in the process of exploration, need to continue to explore and improve.

“《意见》中提出了包括直接注资重组、同业收购合并等在内的7种处置方式,但实际操作中,处置问题金融机构可能不只使用一种模式,我们也在不断摸索,同时借鉴国外经验。”肖远企称,问题金融机构处置机制还是要一边探索,一边规范,一边完善。同时,考虑到金融风险(的传染)具有快速性,处置风险一方面要遵循市场化法治化原则,另一方面则要果断快速。

\"The opinion has proposed seven disposal methods, including direct capital injection restructuring, interbank acquisition and merger, but in practice, the disposal of financial institutions may not only use one model, we are also constantly groping, while learning from foreign experience. Xiao Yuan enterprise said that the problem of financial institutions to deal with the mechanism or while exploring, while regulating, while improving. At the same time, given the rapidity of financial risk (contagion), dealing with risk should follow the principle of marketization and rule of law on the one hand, and be decisive and quick on the other.

值得注意的是,《意见》除了对稳妥推进问题金融机构处置提出具体规划,也对深化中小银行改革作出部署,二者相辅相成。《意见》指出,要增强地方中小银行金融服务能力。城市商业银行要建立审慎经营文化,合理确定经营半径,服务地方经济、小微企业和城乡居民。农村中小银行要坚持支农支小市场定位,增强县域服务功能,支持乡村振兴战略,助力打赢精准脱贫攻坚战。在保持县域法人地位总体稳定的前提下,因地制宜对农村信用联社和农村合作银行实施股份制改造。

It is worth noting that in addition to proposing concrete plans for the safe advancement of the disposal of problematic financial institutions, the Opinion has also made arrangements for deepening the reform of small and medium-sized banks, both of which complement each other. The Opinion points out the need to strengthen the financial services capacity of local small and medium-sized banks. Urban commercial banks should establish a prudent management culture, rationally determine the operating radius, and serve the local economy, small and micro enterprises and urban and rural residents. Small and medium-sized rural banks should adhere to the positioning of small market support for agriculture, strengthen the county service function, support the strategy of rural revitalization, and help win the battle against poverty with precision. Under the premise of maintaining the overall stability of the status of county legal persons, according to local conditions, rural credit unions and rural cooperative banks to implement joint-stock system transformation.

肖远企解释称,深化中小银行改革不仅仅指对问题金融机构的处置,也包括经营尚好的金融机构的改革转型。过去部分地方中小银行倾向快速扩张,跨区经营、垒大户,《意见》明确了地方中小银行的经营定位,这也是吸取了过去的经验教训。下一步,银保监会将推进省联社改革,但改革会因地制宜采取多样化的模式。

Mr. Xiao explained that deepening the reform of small and medium-sized banks not only refers to the disposal of troubled financial institutions, but also to the transformation of well-run financial institutions. In the past, some local small and medium-sized banks tend to expand rapidly, cross-district operation, base large, the \"opinion\" clear local small and medium-sized banks operating positioning, which is also to learn from the past experience. In the next step, the CBRC will push forward the reform of the provincial Associated Press, but the reform will adopt a diversified model according to local conditions.

防范化解金融风险依旧是当前及未来一段时间监管部门的重要工作,《意见》也对精准有效防范化解银行保险体系各类风险提出具体规划,除上述提及的推进问题金融机构处置外,还包括有序化解影子银行风险、大力整治违法违规金融活动、增强抵御风险能力等多方面。

Prevention and mitigation of financial risks is still an important task of the regulatory authorities at present and for a period of time to come.The Opinions also put forward specific plans for the precise and effective prevention and mitigation of all kinds of risks in the banking insurance system.In addition to the above mentioned measures to promote the disposal of financial institutions, they also include resolving the risks of shadow banks in an orderly manner, vigorously rectifying illegal and illegal financial activities, and enhancing the ability to resist risks.

其中,在影子银行治理方面,中国最近三年来压缩高风险影子银行规模近16万亿,这一成绩也得到了包括穆迪、惠誉、国际货币基金组织等国际机构的高度肯定。

Among them, in the shadow bank governance, China in the last three years to reduce the size of high-risk shadow banks nearly 16 trillion, this achievement has also been highly recognized by international institutions including Moody's, Fitch, the International Monetary Fund and other institutions.

肖远企指出,监管部门继续治理高风险影子银行的决心不会变。《意见》也提出,逐步清理压缩不合规的表外理财非标资产投资、表内特定目的载体投资、同业理财等业务规模,严控银信类通道业务。按照业务实质实施一致性、穿透式、全覆盖风险管理,严格适用相应的风险分类、资本占用和拨备计提等要求。

Xiao pointed out that regulators'determination to continue to govern high-risk shadow banks will not change. The \"Opinion\" also proposed to gradually clean up and reduce non-standard off-balance-sheet financial assets investment, specific purpose carrier investment in the statement, interbank financial management and other business scale, strict control of silver channel business. Carry out consistency, penetration and full coverage risk management according to the business substance, strictly apply the corresponding risk classification, capital occupation and reserve collection and other requirements.

不过,肖远企也强调,并非所有的影子银行业务都不好,影子银行的治理是有重点领域,主要聚焦在高风险、不合规、乱加通道的影子银行业务。

However, Xiao Yuan also stressed that not all shadow banking business is not good, shadow banking governance is a focus area, mainly focusing on high-risk, non-compliance, random channel shadow banking business.

此外,在增强抵御风险能力,《意见》提出,银行保险机构要制定中长期资本规划,多渠道补充资本,依法合规创新资本补充工具。对于出险机构,原有股权要采取缩股、未来收益抵扣等方式依法合理分担损失,其他具有损失吸收功能的特定债权应减记或转股,高管人员和相关责任人延迟支付的薪酬和奖金要依法依责减扣。

In addition, in strengthening the ability to resist risks, the \"Opinion\" states that banking and insurance institutions should formulate medium- and long-term capital plans, supplement capital through multiple channels, and innovate capital replenishment tools according to law. For out-of-risk institutions, the original equity should adopt the way of stock reduction, future income deduction and other ways to reasonably share the loss, other specific creditor's rights with the function of absorbing losses should be written down or transferred to shares, and the salary and bonus paid by senior executives and relevant responsible persons should be deducted according to the law.

肖远企表示,当前,我国银行业的资本补充压力还是比较大,银行虽然可以依靠利润留存的方式补充资本,但单靠内源性渠道不足以支撑业务发展,银行也需要拓展外部的资本补充渠道。从我国银行业的资本结构看,核心一级资本相对充足,但其他类型的资本充足率相对较低,且非核心一级资本补充工具相对较少。相较之下,国外银行业的非核心一级资本补充工具较多,资本补充工具减记和转股的触发条件明确,且执行严格。下一步,我国也要对资本补充工具的减记和转股条件进一步细化明确,并严格执行。(原题为《促进居民储蓄转作长期资金入市有何政策意图?银保监会最新详解》)(本文来自澎湃新闻,更多原创资讯请下载“澎湃新闻”APP)

Xiao said that at present, the capital replenishment pressure of our banking industry is still relatively large, although banks can rely on the way of profit retention to replenish capital, but relying on endogenous channels alone is not enough to support business development, banks also need to expand external capital replenishment channels. From the capital structure of our country's banking industry, the core tier one capital is relatively sufficient, but the other types of capital adequacy ratio is relatively low, and the non-core tier one capital replenishment tool is relatively few. In contrast, foreign banks have more non-core primary capital replenishment tools, capital replenishment tools write-down and equity conversion trigger conditions are clear, and strict implementation. In the next step, our country should also further refine the capital replenishment tool write-down and equity conversion conditions, and strictly implement. (Originally entitled \"What are the policy intentions of promoting the transfer of residents'savings to long-term funds into the market? (For more original information, please download the \"News of the Storm\" app)


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