The 222 China Fortune Forum was held in Qingdao from July 3th to 31st, 222. The theme is: the innovative path of wealth management under the new development pattern. Liang Tao, Vice Chairman of the Insurance Regulatory Commission of the Bank of China, Fang Xinghai, Vice Chairman of the Securities Regulatory Commission of China, Wang xin, Director of the Research Bureau of the People's Bank of China and many other distinguished guests attended and gave speeches. Liang Tao: The governance of shadow banking has achieved remarkable results, but some products are still risky //

Liang Tao said in his speech that in all stages of the development of the asset management industry, China Banking and Insurance Regulatory Commission always regards the risk of dismantling shadow banking as an important task, and takes standardizing the development of the asset management industry as an important starting point for this work.

Liang Tao introduced that China Banking and Insurance Regulatory Commission adheres to the general tone of striving for progress while maintaining stability, and has carried out actions to rectify market chaos for many years in a row, severely rectifying complex structured products that add leverage indiscriminately, break away from reality and regulate arbitrage, and resolutely clean up the chaos of shadow banking 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 China Banking and Insurance Regulatory Commission has stepped up on-site inspection of shadow banking and cross-finance business, held serious accountability for illegal acts, and transferred those suspected of illegal crimes to judicial organs. After continuous rectification, the risk of credit shadow banking in China has obviously converged, and the stock assets have dropped significantly. By the end of June, 222, the scale had dropped by more than 29 trillion compared with the historical peak, which effectively curbed the withdrawal of funds from reality to emptiness, and created a policy space for stabilizing the macro-economic market and giving play to the countercyclical adjustment role of finance.

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, and the hidden risks are still great.

"Some banks fail to manage the risks of off-balance-sheet non-standard investments, and the asset classification and provision standards are significantly lower than those of off-balance-sheet loans. Some institutions, with the help of improper financial innovation, 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 further expand the pilot scope of wealth management products for the aged in due course.

Liang Tao said in his speech 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, and effectively turn the dividends of national economic reform and development into shareable investment income, so as to boost the prosperity of all people.

"Actively respond to the aging population, and solve the problem of the balance between residents' income and expenditure at different life stages by providing financial products such as pension financing, so as to meet residents' multi-level pension needs." He said.

Since last year, China Banking and Insurance Regulatory Commission has officially launched the pilot project of endowment wealth management products. At present, 231, investors have subscribed for endowment wealth management products with a total of more than 6 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 for new citizens to enhance their sense of acquisition, happiness and security.

Fang Xinghai: the private equity fund industry has developed into an important part of the asset management industry

Fang Xinghai said that private equity and the industry are facing good development opportunities under the new development pattern.

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, the growing demand of residents 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 cleared, which objectively formed 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 (4.25-.74%) provide diversified track and investment strategy choices for venture capital funds. "China has many high-growth scientific and technological innovation enterprises with remarkable 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 from being active through IPO, mergers and acquisitions and other channels, improved the reverse linkage policy, and given more support to equity venture capital funds with early investment and long investment in reducing their holdings. At the same time, the pilot innovations such as the share transfer of equity venture capital funds, the physical distribution of shares by equity venture capital funds, and the growing scale of S funds all make the exit methods of equity venture capital funds more diversified. At the same time, the CSRC will strengthen international cooperation in the capital market to ensure the smooth exit channels for Chinese enterprises listed overseas.

However, Fang Xinghai also stressed that we should clearly see that the private equity industry has 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, due to the superposition of multiple factors, the current long-term funding sources of equity venture capital funds are insufficient, and there are temporary difficulties in raising funds.

Third, the effects of investing early, investing small and investing in science and technology are gradually emerging, but compared with overseas mature markets, the ability of investing early and investing small is still insufficient, and the investment and research ability of head institutions has made great progress, but the investment and research ability of most institutions needs to be improved.

Fang Xinghai said that in recent years, China's private equity fund industry has developed vigorously, from scratch, from small to large. By the end of June, there were 24, private equity fund managers registered with China Fund Industry Association, with 13, funds under management and assets under management approaching 2 trillion yuan, ranking first in the world, second only to the United States.

Fang Xinghai pointed out that, on the whole, China's private equity fund industry has developed from a niche industry to an important part of the asset management industry, and has begun to move 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 and 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 that meet the needs of different investors, attract more residents' savings to 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 innovation 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 balance the social value and economic value of investment.

Fang Xinghai: Promoting the private equity industry to adhere to professional operation

Fang Xinghai said that the development environment of China's private equity industry has been optimized. He said that the CSRC adheres to the development law of private equity funds, pays attention to supervision on the one hand, promotes development on the other, draws lessons from the best practices of international supervision, and promotes the private equity fund 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 Management of Private Investment Funds have made important progress, and several provisions on strengthening the supervision of private investment funds have been issued, clarifying the bottom line requirements of private equity funds, supporting genuine private equity, strictly guarding against counterfeit private equity, promoting the establishment of a comprehensive judgment and consultation mechanism for private equity funds in various places, and keeping the entrance to industrial and commercial registration well," 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 exiting through IPO has doubled. At the same time, the CSRC introduced and optimized the policy of reversely linking the lock-up period of shares held by equity venture capital funds with the pre-IPO investment period, piloted the share transfer of equity venture capital funds in Beijing and Shanghai, and started the pilot project of distributing shares to investors in kind, which made the exit methods more diversified and the industry exit environment significantly improved.

the third is to improve the tax support policy for fundraising. China Banking and Insurance Regulatory Commission, China, canceled the limit that the scale of insurance funds invested in venture capital funds should not exceed 5 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, the issuance amount of a * * * is about 8 billion yuan, and the finance and taxation departments have also carried out pilot projects of preferential corporate income tax policies for corporate venture capital funds in specific areas of Beijing and Shanghai, further reducing the overall tax burden of the venture capital fund industry.

Fourth, the fund industry association will further deepen the reform in streamline administration, delegate power, strengthen regulation and improve services and raise the level of the service industry. By publishing the list of registration materials for private fund managers, the key points for private fund filing, publicizing the procedures of managers' registration to the public, improving the transparency of registration and filing, improving the service quality of the industry, expanding the application scope of the fund filing system, greatly improving the efficiency of registration and filing, optimizing the fund service chain, promoting electronic contract signing in the industry, strengthening the application of financial technology, and exploring cross-verification of information such as fund registration, filing, custody, investment and withdrawal.

Wang xin: Study and publish the timetable and road map of environmental information disclosure of financial institutions

Wang xin said in his speech that establishing and improving the standard system of green finance and accelerating the development of transitional financial standards are important foundations for financial support for green and low-carbon development.

He pointed out that since 221, in order to clarify the scope of financial support for low-carbon transformation of nuclear projects in high-carbon industries and prevent financial institutions from reducing carbon across the board and in a sports way, the People's Bank of China has intensified the research and formulation of transitional financial standards. At present, we have preliminarily defined the basic principles of transitional finance.

For example, the financial support for transition should make a significant contribution directly or indirectly in mitigating and adapting to climate change, and it 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 players.

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 and electricity, agriculture, etc., which will be released to the public when conditions are ripe. The establishment of relevant standards will help financial institutions to actively innovate and transform financial products and tools in combination with market demand, and provide more investment options for the wealth management industry to comprehensively realize social, environmental and economic benefits.

in addition to clear standards, the healthy development of green finance and transitional finance also depends on comprehensive, accurate and timely information disclosure.

Wang xin introduced that in recent years, the rapid promotion of environmental information disclosure by global financial institutions has shown some characteristics:

First, more and more financial institutions have incorporated climate and environmental factors into their development strategies and made commitments of zero net emission, and scientific carbon accounting and active disclosure of environmental information are important measures.

Second, with the rapid development of green finance and ESG investment, 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 sustainable financial roadmap of the G2 in 221, focusing on ten items of waving environmental information. The EU has promoted sustainable information disclosure regulations.

Great progress has been made in the ability of environmental information disclosure of financial institutions in China. Financial institutions explore environmental information disclosure from large to small, from easy to difficult, and step by step:

First, deepen the reform of environmental information disclosure system according to law and constantly improve the environmental information disclosure standards of financial institutions. In 221, the People's Bank of China formulated and issued the financial industry standard-"Guidelines for Environmental Information Disclosure of Financial Institutions", and many regions continuously improved the scientific and effective disclosure accordingly.

the second is to promote the preparation of environmental information disclosure reports in various places. In 221, the People's Bank of China guided the green financial reform and innovation pilot zone, and more than 2 financial institutions completed the trial compilation of environmental information disclosure reports, and explored various disclosure methods. Some provinces where the pilot zones were located also exerted their subjective initiative and actively carried out environmental information disclosure for 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 221, the environmental penalty information of 34, enterprises in China was inquired by 789 financial institutions for 1.328 million 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.