On January 25, the State Council Information Office held a press conference on the high-quality economic and social development of financial services. We will continue to guide and support banking institutions to increase credit supply and optimize personal housing loan policies...... This press conference revealed these blockbuster contents.
Summary of key points:
In 2023, a total of nearly 10 trillion yuan of development loans and personal housing loans will be issued;
It will further optimize personal housing loan policies such as down payment ratio and loan interest rate;
In the near future, relevant work deployment meetings will be held to more accurately support the reasonable financing needs of real estate projects;
We will continue to guide and support banking institutions to increase credit supply;
From a national perspective, the current operating and regulatory indicators of small and medium-sized banks are at a reasonable and healthy level;
will increase credit support for private small and micro enterprises;
Continue to promote the pilot of commercial pension finance, and steadily promote the transformation and development of pension insurance companies;
continue to promote the digital transformation of the banking and insurance industries;
The restrictions on the equity ratio of foreign capital participation, acquisition and capital increase of financial institutions have been abolished;
The door of China's financial industry to the outside world will certainly be opened wider and wider as always.
In the near future, we will accelerate the implementation of the urban real estate financing coordination mechanism
Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that in recent years, we have actively cooperated with industry authorities and local governments to integrate the market from both ends of the supply and demand of the real estate market, and continue to increase financial support. The real estate industry chain is long and wide-ranging, which has an important impact on the national economy and is closely related to the lives of the people. The financial industry has an unshirkable responsibility and must be strongly supported. In the near future, we will focus on several major tasks, one is to accelerate the implementation of the urban real estate financing coordination mechanism. In the near future, relevant work deployment meetings will be held to require banks to take action as soon as possible. The second is to guide financial institutions to implement the requirements for the management of operating property loans. The third is to continue to do a good job in personal housing loan financial services. Fourth, it is necessary to guide and require banks and other financial institutions to vigorously support the construction of major infrastructure projects, the transformation of urban villages, and the construction of three major projects.
In 2023, nearly 10 trillion yuan of development loans and personal housing loans will be issued
Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that as of now, the balance of development loans and personal housing loans is 12.3 trillion yuan and 38.3 trillion yuan respectively. Among them, 3 trillion yuan and 6.4 trillion yuan will be distributed in 2023, respectively, and these two items add up to nearly 10 trillion yuan.
Personal housing loan policies such as down payment ratio and loan interest rate will be further optimized
Xiao Yuanqi said that he will continue to do a good job in personal housing loan financial services. Support local city governments and housing and urban-rural development departments to further optimize personal housing loan policies such as down payment ratios and loan interest rates, and guide and urge banks to better serve the financing needs of the masses of people for rigid and improved housing.
We will continue to guide and support banking institutions to increase credit provision
Liu Zhiqing, spokesman of the State Administration of Financial Supervision and Administration and head of the Department of Statistics and Risk Monitoring, said at the press conference of the State Council Information Office today that in the next step, the State Administration of Financial Supervision will continue to guide and support banking institutions to increase credit delivery and optimize the credit structure.
Do a good job in the reform and risk prevention and control of small and medium-sized banks, and strictly prevent manipulation and internal control by major shareholders
Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that the financial regulatory authorities have conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, worked closely with local party committees and governments and relevant departments to work together to do a good job in the reform and risk prevention and control of small and medium-sized banks, and continuously improved the operation and management level of small and medium-sized banks. In terms of key efforts, the first thing is to strengthen corporate governance, optimize the shareholding structure, especially strictly prevent the manipulation and internal control of major shareholders, and strictly prevent the transfer of interests and related party transactions in violation of laws and regulations.
The vast majority of the 350 billion special loans for "guaranteed delivery of buildings" have been put into specific projects
Xiao Yuanqi, deputy director of the State Administration of Financial Regulation, pointed out that in 2023, new development loans and personal mortgage loans will be 3 trillion yuan and 6.4 trillion yuan respectively. At the same time, in 2023, banking financial institutions will purchase a total of 427.5 billion yuan of real estate enterprise bonds, an increase of 15% from the end of 2022. In addition, in 2023, the total amount of M&A loans and stock extension loans provided by banking financial institutions to real estate enterprises will exceed 1 trillion yuan. Xiao Yuanqi said that by the end of 2023, most of the 350 billion yuan of special loans for "guaranteed delivery of buildings" have been put into specific projects, and commercial banks have also provided corresponding commercial supporting financing for these projects to ensure the completion of the task of "guaranteed delivery of buildings".
Optimize the supply of personal pension-related financial products and continue to promote the pilot of commercial pension finance
Yin Jiangao, head of the Property Insurance Supervision Department of the State Financial Supervision and Administration of the People's Republic of China, said that the next step will be to thoroughly study and implement the spirit of the Central Financial Work Conference, focus on the big article of pension finance and the implementation of the relevant policy opinions of the silver economy, promote insurance institutions to give full play to the advantages of insurance protection, vigorously develop commercial insurance annuities, and take exclusive commercial pension insurance as the starting point to actively meet the needs of new industries and new forms of personnel pension security, and further optimize the supply of personal pension-related financial products. In view of the characteristics of the personal pension system, study and improve the regulatory rules of related businesses, summarize experience in a timely manner, continue to promote the pilot of commercial pension finance, consolidate and promote the transformation and development of pension insurance companies, guide and promote pension insurance companies to give full play to their professional advantages, and better participate in and serve the construction of a multi-level and multi-pillar pension insurance system.
The focus of the reform of rural credit cooperatives is to change the functional orientation of provincial cooperatives and standardize the performance of duties
Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said at the press conference of the State Council Information Office that for the rural credit cooperative system, the focus is to transform the functional positioning of the provincial association of rural credit cooperatives, standardize the performance of duties, and start the implementation of the reform of rural credit cooperatives, which has achieved phased results. "We have several provinces, and the reform plan of rural credit cooperatives has been approved by the State Council, some are actively organizing and implementing, and some are already in operation. At present, we have done a phased evaluation, and all of them have achieved the expected goals, and the results are being demonstrated. Xiao Yuanqi said.
We will continue to promote the digital transformation of the banking and insurance industries
Liu Zhiqing, spokesperson of the State Administration of Financial Supervision and Administration and head of the Department of Statistics and Risk Monitoring, said at the press conference that the digital transformation of the banking and insurance industries will continue to be promoted. Carry out digital transformation assessment and include it in the information technology supervision and rating of banking and insurance institutions, guide financial institutions to strengthen top-level design and overall planning, scientifically formulate development strategies, increase investment in resource elements, and realize changes in operation management and services. Enhance the effectiveness of digital empowerment. Fully mobilize the enthusiasm and initiative of financial institutions, continuously optimize digital financial products and services, and do a good job in financial support in key areas such as scientific and technological innovation, advanced manufacturing, green development and micro, small and medium-sized enterprises, so as to effectively reduce the financing costs of enterprises;
The restriction on the proportion of foreign shares has been abolished Foreign capital can fully hold the equity of banking and insurance institutions
Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that more than 50 measures for opening up to the outside world have been introduced recently. First, the restriction on the proportion of foreign shares will be abolished, and foreign capital can now hold 100% of the equity of banking and insurance institutions to achieve full control. The second is the negative list for foreign investment access, and the restrictive measures related to the financial industry have been completely cleared. For example, the business scope of foreign-funded banks and insurance institutions has been completely consistent with that of Chinese capital, and national treatment has been realized. Foreign-funded financial institutions have become a very important force in their in-depth participation in the mainland's economic and financial development and the operation of the financial market. We welcome all kinds of foreign-funded institutions and long-term capital to do business in China, and encourage foreign-funded financial institutions to exchange with their Chinese-funded counterparts in equity management, product development, technology, talent exchange, and training.
Editor-in-charge: Jiang Saisai
Inspector Zhang Xiaonan
Source: Finance Associated Press, China Business Network