Zhou Liang, Vice Chairman of the Banking and Insurance Regulatory Commission, may issue guidance on supporting the development of private economy this week
Reporter Zhang Jones, editor Chen Yu
On the 19th, Zhou Liang, Vice Chairman of the China Banking and Insurance Regulatory Commission, attended the 9th Finance and Reform Summit and spoke. Photographed by reporter Shi Li "The problem of difficult and expensive financing is quite prominent. The CBRC is currently formulating a series of policies, and may issue a guidance to support the development of private economy this week, which will be reported to the CPC Central Committee and the State Council at that time." Zhou Liang, Vice Chairman of the CBRC, revealed at the 9th Financial News Summit on the 19th.
He stressed that some financial risk problems have complex structural causes, which require a certain process to solve. They must be solved step by step, addressing both the symptoms and root causes, and taking the symptoms as the root cause to win time. To do a good job in financial supervision, we need to grasp the strength and rhythm, and avoid the octopus effect of "letting go is chaos, and letting go is death".
Zhou Liang further explained that octopus is a simple ganglion animal. When a certain point of its body is stimulated, it will contract all over the body; Once you stretch, you will relax completely. "Regulation cannot be like octopuses. It should reflect structural orientation and be precise."
Eliminate hidden barriers to financial services for private enterprises
"In the previous period, the so-called argument of private economy leaving the market was extremely wrong." Zhou Liang said that the CBRC resolutely implemented the two "unswervingly", treated state-owned and private economies equally, and treated large, small and medium-sized enterprises equally, especially requiring banks and insurance institutions to take strong and effective measures, To ease the difficulty and high cost of financing of private enterprises and small and micro enterprises, "we should do more to provide timely help. For private enterprises with temporary difficulties, development prospects and normal production and operation, we should not blindly cut off loans, draw loans and suppress loans."
Zhou Liang pointed out that for private enterprises with the risk of stock pledge financing closing positions, the credit enhancement method of supplementing collateral should be adopted to mitigate the risk; Allow insurance asset management companies to set up special products to participate in resolving the liquidity risk of stock pledge of listed companies and private enterprises; Urge the bank to reform the internal performance appraisal system and establish a fault tolerance mechanism for due diligence, exemption and error correction; Guide banks to use modern scientific and technological means to improve loan efficiency and reduce financing costs; We will support market-oriented and legalized debt equity swap and help enterprises reduce their debt burden.
"Through the above measures, we will break the 'glass door' and 'spring door', eliminate the hidden barriers to financial services for private enterprises, and create a good environment for the development of private economy," Zhou Liang said.
In view of the difficulty and high cost of enterprise financing, Zhou Liang revealed that the CBRC is currently formulating a series of policies, and may issue guidance to support the development of private economy this week, which will then be reported to the CPC Central Committee and the State Council. This series of measures is mainly to "break through the 'intestinal obstruction' and 'middle obstruction' in the financial and real economy cycle, especially the microcirculation of capillaries".
Zhou Liang said that the next step is to better serve the real economy in accordance with the central requirements, make financial contributions with practical actions, and provide a boost for high-quality economic development. "Of course, there is a gap between the financial industry and the requirements of the market, enterprises and the central government, which is also the next step of the financial industry."
Supervision should avoid "disorderly release and death upon collection"
"To do a good job in financial supervision needs superb art, grasp the strength and rhythm, and avoid the octopus effect of 'letting go is chaos, and letting go is death'," Zhou Liang said.
Zhou Liang further explained this problem with the governance of shadow banks. He pointed out that the off balance sheet business expanded too fast in previous years, and the scale of wealth management products reached an "astronomical figure" of one million billion yuan. This means that the trend of financial "moving away from reality to emptiness" is significant in terms of both quantity and speed. "Our supervision at that time was loose, soft and broad in a sense. Since the National Financial Work Conference was held, the CBRC has also moved from 'lenient, loose and soft' to 'strict, tight and hard', and the market risks are converging."
Some market people believe that the market feels a little uncomfortable from the original "loose" supervision to the current "tight" supervision. In response, Zhou Liang made it clear: "This discomfort is exactly what we want. It's just that the supervision should grasp the strength and rhythm in the process of transformation."
He pointed out that some financial risk problems have complex cyclical, structural and institutional reasons, which requires a certain process to solve. They must be solved step by step, addressing both the symptoms and root causes, and taking the symptoms as the root cause to win time.
From the perspective of governance results, Zhou Liang concluded that after strengthening the governance of channel business, normal bank loans increased significantly, but non-standard businesses such as entrusted loans and trusts decreased significantly. However, he also stressed that we should encourage real entrustment and trust businesses to lean towards the real economy; However, if it is the channel business between institutions, the supervision will plug the loopholes in this regard. "Judging from the current governance situation, the whole credit market is more orderly and the risk is also converging."
Editor in charge: Zhang Yiyi
