21st Century Business Herald reporter Yang Zhijin Shanghai report On January 15, the Global Wealth Management Forum • Shanghai Suhewan Summit was held in Shanghai. Cao Yu, Vice Chairman of the Banking and Insurance Regulatory Commission, delivered a keynote speech on "Implementing the New Development Concept and Promoting the High-quality Development of Asset Management Business in the Banking and Insurance Industry".
Cumulative pressure drop of more than 80% for non-compliant trust projects
Cao Yu said that on the basis of the overall steady growth of the asset management business of the banking and insurance industry, it has achieved a good reform effect of returning to the source, structural optimization, quality improvement and efficiency.
First, the rectification business during the transition period has been basically completed. The banking and insurance industry has basically completed the rectification task of the transition period of asset management business at the end of 2021, which is generally in line with expectations. By the end of 2021, the capital-protected wealth management and non-compliant short-term wealth management products have been cleared to zero, and the vast majority of banks have completed the task of rectifying the wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time, laying a solid foundation for the healthy development of bank wealth management business. Insurance asset management products have basically realized the transformation of net worth, and the investment and operation of products have been further standardized. The proportion of financing trusts has been declining, the channel business has dropped significantly, and the cumulative pressure drop of non-compliant trust projects has exceeded 80%. Some high-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the situation of idling funds and derealization to virtual has been fundamentally reversed.
Second, the quality and efficiency of serving the real economy have been greatly improved. As of the end of November 2021, the asset management products of banking and insurance institutions have directly allocated nearly 40 trillion yuan to the real economy, accounting for about 13% of the stock of social financing in the same period. Wealth management, insurance asset management, and trust funds have invested more than 27 trillion yuan in stocks and bonds through direct or indirect means, providing a long-term and stable source of funds for the capital market.
Third, the needs of residents' wealth management have been further met. The CBRC actively guides the innovation of financial services under the premise of legal compliance and risk control. The types of asset management products in the banking and insurance industry are constantly enriched, the term structure is becoming more and more diverse, the institutional system is more perfect, the number of investors covered continues to grow, and efforts are made to achieve more stable property income for investors. By the end of 2021, there were 36,300 existing bank wealth management products, and the number of investors reached 81.3 million, creating nearly 1 trillion yuan of income for investors in the whole year.
Fourth, regulatory capacity building has been continuously strengthened. The CBRC continues to promote the unified regulatory standards for similar asset management products, and has issued more than 10 institutional measures to establish and improve the system rules for product issuance, sales management, investment operation, risk control, information disclosure and other aspects.
Three directions of high-quality development
Cao Yu said that at present, the problem of unbalanced and insufficient development in China is still prominent, the innovation ability is insufficient, and the gap between urban and rural regional development and income distribution is still large. Achieving high-quality development is the fundamental way to solve these problems. The asset management industry is an important part of the modern financial industry and should play an important role in promoting high-quality development.
The first is to actively serve the upgrading and transformation of the service industry. The asset management products of the banking and insurance industry have a long term and a large scale, and efforts should be made to improve the professionalism, efficiency and flexibility of the allocation of financial resources, and guide funds into key links and core areas of the national economy. Encourage insurance funds to invest in industrial funds through market-oriented methods, and increase support for strategic emerging industries and advanced manufacturing industries. Support insurance funds and qualified asset management products, invest in venture capital funds and equity investment funds for technology enterprises, broaden financing channels for science and technology enterprises, and support innovation-driven development. Actively explore and expand green finance business to help achieve carbon peaking and carbon neutrality.
The second is to continuously strengthen the old-age security. The development of China's pension financial system is relatively lagging behind, and there are problems such as insufficient effective supply, insufficient coverage, low long-term investment ability, and weak anti-cyclical ability. The asset management industry should give full play to the functions of pooling medium- and long-term funds, flexibly allocating assets, and crossing cyclical fluctuations, and actively help urban and rural residents manage wealth throughout the life cycle and enhance their ability to resist risks.
In addition, asset management institutions should do a good job of customer portraits, and enrich the supply of pension products for customer groups of different ages and risk preferences. Focusing on the long-term and inclusive characteristics of pension products, adhere to the steady investment strategy, optimize the term structure, improve the custody model, and continuously improve the professional management level. Strengthen the publicity and education of investors' pension financial knowledge, cultivate long-term value investment concepts, establish a scientific concept of risk and income, and enable more urban and rural residents to "want to understand", "understand" and "invest" in pension financial products.
The third is to solidly promote common prosperity. China has built a moderately prosperous society in an all-round way, with a middle-income group of more than 400 million people. The asset management industry needs to take the initiative to give full play to its advantages, help urban and rural residents maintain and increase their assets, increase property income, and transform the dividends of national economic reform and development into shareable investment returns, which will widely benefit the people. As a basic financial service provider, banking and insurance institutions need to focus on helping public investors, especially low- and middle-income groups, to manage their wealth, allocate resources, and contribute to the realization of common prosperity.
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