In 2007, the word "finance" was deeply engraved in the memory of China people: several interest rate hikes, the return of blue chips, the hot sale of funds, compulsory insurance, the new mortgage policy ... all of these have proved the important role of the financial industry in economic operation, and monetary supervision and financial innovation are closely related to people's lives.
In 2008, the tone of "tight" monetary policy has been determined. At the beginning of the year, the national banking, securities and insurance regulatory conferences were held one after another. What new news did the meeting convey? In the new year, what will the reform of the financial industry focus on? What impact will the new policy have on people's lives? Please read a group of reports written by our reporter.
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bank
Improve the competitiveness of banks
Improve financial services
Our reporter Ouyang Jie.
● Promote institutional reform.
● Accelerate product innovation.
In 2007, China's banking industry made breakthroughs in all aspects.
The banking industry is fully open to the outside world. 265,438+0 foreign banks have transformed their branches in China into corporate banks, and the RMB business has been completely liberalized to foreign banks.
The reform of the shareholding system was accelerated. Bank of Communications and China Construction Bank have successively returned to A shares, and CITIC Bank, Industrial Bank and Bank of Beijing have successfully listed.
The products and services of financial institutions are also constantly innovating. The total sales of personal wealth management products of Chinese and foreign commercial banks reached 1 trillion yuan.
The scale of banking assets has been continuously expanded and the quality of assets has been steadily improved. By the end of 2007, the total assets of banking financial institutions increased from 23.7 trillion yuan at the end of 2002 to 52.6 trillion yuan, more than doubling. The non-performing loan ratio of major commercial banks decreased from 23.6% at the end of 2002 to 6.7%.
Although remarkable achievements have been made, financial services in rural areas, small and medium-sized enterprises and other fields are still relatively weak, and there is still a big gap between domestic banks and international advanced banks in corporate governance, development strategy and operating performance.
At this year's working meeting of the China Banking Regulatory Commission, Liu, chairman of the China Banking Regulatory Commission, pointed out that in 2008, the banking industry will further promote reform, vigorously promote financial innovation, and enhance the competitiveness and service level of banks.
In 2008, we will focus on promoting the shareholding system reform of rural credit cooperatives and the provincial management system reform. Strengthen financial services for weak links such as agriculture, rural areas and small enterprises, actively develop and launch diversified and distinctive financial products according to the demand characteristics of diversified financial services in rural areas, and encourage and support the establishment of ATM machines in rural areas. Explore and develop all kinds of electronic banking services that meet the characteristics and habits of farmers.
Liu pointed out that in 2008, we should focus on promoting the reform of small and medium-sized financial institutions and support qualified banks to promote internationalization and integrated operation. At the same time, we will continue to guide the rational distribution of foreign banks' outlets in China and encourage domestic capital to participate in the restructuring and transformation of financial enterprises.
● Conduct comprehensive management.
● Strengthen innovation supervision.
In 2007, the financial assets owned by residents were more diversified, and stocks and bonds entered more and more ordinary families. By the end of the year, the total scale of three types of financial assets, deposits, stocks and bonds, reached 84.8 trillion yuan, and the proportion of bank deposits decreased from 73.4% in 2004 to 47.3%.
In 2008, financial products will further expand to the international market. The CBRC will continue to relax the investment scope of overseas wealth management business on behalf of customers and provide more investment products on behalf of customers. On the basis that commercial banks can invest in the stock markets of Hong Kong, Britain, Singapore and Public Offering of Fund on behalf of customers, they can also invest in the stock markets of the United States, Germany, Japan and other countries on behalf of customers, so as to broaden the investment channels and space for the people.
The cooperation of bank trust, bank rent, bank insurance and bank securities will provide more space for financial innovation and bring convenience to people's financial management. With insurance companies investing in commercial banks, commercial banks will become the most important channel for insurance sales, and the comprehensive operating platform will continue to expand. Comprehensive management will promote the innovation of financial products, provide people with a variety of investment product combinations, and the services of financial institutions will become more comprehensive.
While wealth management products are constantly enriched, how to ensure the rationality of wealth management product design and investment safety? In this regard, the CBRC will strengthen the risk supervision of innovative business, and propose to banking financial institutions to resolutely put an end to "face-slapping" and "follow the trend" financial innovation and set up a "safety door" for people to invest in financial products.
securities
Strengthen market construction
Enrich investment products
Our reporter Xu Zhifeng
● More balanced development of the fund.
Low-risk products are expected to increase.
The past year of 2007 was an unforgettable year for the fund industry. This year, the fund has developed by leaps and bounds, and the scenes of people queuing to "snap up" funds have appeared again and again.
According to statistics, by the end of 2007, the total scale of funds in China had exceeded 2 trillion yuan, the net value of funds was about 3 trillion yuan, nearly three times higher than that at the end of 2006, and the total number of fund holders' accounts exceeded 1. 1 billion. At present, fund investment accounts for 28% of the market value of the stock market.
However, in the process of its rapid development, the fund industry also has some problems. At present, the net asset value of stock investment funds totals 2.94 trillion yuan, accounting for nearly 90% of the net asset value of all funds, while the proportion of money market funds and various bond funds is too small. Experts believe that money market funds and bond funds are important components of investors' investment portfolio, and the product structure of funds should be optimized to change the current situation that the proportion of equity funds is too high.
At this year's National Conference on Securities and Futures Supervision, the person in charge of the CSRC said that it is necessary to constantly improve the fund supervision system, vigorously support the development of money market funds, bond funds and innovative closed-end funds, and gradually change the imbalance situation that the proportion of Chinese-funded and equity funds in Public Offering of Fund is too large and low-risk products are insufficient. It can be predicted that the fund industry is expected to achieve a more balanced development in product structure this year.
In addition, the fund's retail market and institutional customer market will also go hand in hand. According to insiders, the development focus of China's fund industry is still the retail market, serving the general public. At the same time, the fund special account wealth management business for enterprise annuities, pensions, insurance funds and other institutions can further broaden the development space of the fund industry, and its development this year has attracted much attention.
● Seek breakthroughs in the construction of multi-level capital markets.
● Strive to launch GEM in the first half of the year.
After 10 years of twists and turns, the GEM is finally "ready to go". News came out at this year's securities and futures regulatory meeting, striving for a breakthrough in the construction of a multi-level market system, and striving to launch the Growth Enterprise Market in the first half of this year.
Experts believe that GEM is conducive to promoting the development of innovative enterprises, especially small and medium-sized enterprises. Some enterprises in the initial stage or seed stage are expected to grow rapidly with the help of GEM. In the current tight monetary policy environment, credit contraction has a great impact on small and medium-sized enterprises. The launch of GEM will provide new financing channels for SMEs.
As an important part of the capital market, the bond market made great progress in 2007. In September 2007, Changjiang Power issued the first single corporate bond, and so far three corporate bonds have been issued. But overall, compared with the stock market, the development of the bond market is still obviously lagging behind. The data shows that in 2007, the amount of corporate bonds and corporate bonds financing was only 22% of the amount of stock financing.
It is understood that actively developing the corporate bond market is one of the key work arrangements of the regulatory authorities this year, and major reform measures are being planned in many aspects such as application review, innovative varieties, participants and market interconnection.
Experts suggest that combined with the actual situation in China, we can also consider issuing corporate bonds in a targeted manner, and small and medium-sized companies will pool corporate bonds to study and launch innovative products such as exchangeable bonds. These innovative products are conducive to improving the reality of slow development of China's fixed income market, market demand and immature issuers, better meeting the investment and financing needs of the corporate bond market and improving market efficiency.
insurance
Give play to the guarantee function
Covering the corner of people's livelihood
Our reporter's song
In 2007, there were many "hot topics" in the insurance industry:
In rural areas, the central government subsidized agricultural insurance for the first time, and selected five main crops in six provinces (regions) to carry out pilot projects, covering an area of 65.438+0.4 billion mu; Take out 1 1 100 million yuan to subsidize sow insurance and underwrite 28.88 million sows; The insurance industry actively participated in the new rural cooperative medical system, covering more than 20 million people. The "agricultural flavor" of insurance is getting stronger and stronger, which has become the starting point for the country to help agriculture, rural areas and farmers. After the publication of the operating data of the first year of urban compulsory insurance, the first "price hearing" was held in the domestic financial industry. The reform of aviation accident insurance has been started, and the new market competition of accident insurance is ready to go. In the wealth management market-with the help of the fiery capital market, the income from the use of insurance funds reached 279,654.38 billion yuan in 2007, exceeding the sum of the previous five years. In this case, the upsurge of "investment-linked insurance" has come back, and new products have made policyholders dizzying.
What are the "highlights" of the insurance industry in 2008?
● Policy-based agricultural insurance covers a wider range.
● More liability insurance pilots.
● Micro-insurance into the post office.
This year, the central government will further improve the subsidy measures for policy agricultural insurance, adjust the subsidy ratio and increase the types of subsidies. A few days ago, the China Insurance Regulatory Commission issued a document asking the company to extend its marketing network to rural areas, and clearly stipulated the time and process of claim settlement, requiring the company to make claims conveniently and timely. There will be a breakthrough in agricultural insurance legislation this year. According to informed sources, the draft agricultural insurance law has been submitted to the Legislative Affairs Office of the State Council.
Liability insurance will also become a hot topic this year. Wu Dingfu, Chairman of the China Insurance Regulatory Commission, pointed out at the National Insurance Work Conference that at present, the coverage rate of compulsory insurance is only 38%, and there is still a lot of room. But its high cost and other issues can not be ignored. It is necessary to strengthen the accounting management and cost control of compulsory insurance, improve the way of information disclosure, and severely punish intermediaries that harm the interests of policyholders and seriously violate regulations.
In addition to compulsory insurance, the China Insurance Regulatory Commission will continue to improve the pilot work of various liability insurance in cooperation with relevant ministries and local governments in 2007. Let employer liability insurance, public fire liability insurance and other types of insurance further play the role of managing society and protecting the public.
At an international symposium on micro-insurance held not long ago, an official of the China Insurance Regulatory Commission said that in 2008, China will pilot micro-insurance aimed at serving low-income people. Micro-insurance has the characteristics of moderate protection and low premium. The CIRC will steadily push forward the pilot cooperation among insurance companies, banks and postal systems.
● Don't blindly develop wealth management products.
● It is planned to publicize the industry "blacklist"
Insiders pointed out that the essence of insurance is to provide risk protection, and it is irresponsible to blindly persuade customers to buy "risky" investment-linked insurance.
Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC), made it clear a few days ago that he encouraged the insurance industry to develop affordable products. "Don't follow the vicious competition of banks regardless of cost, and correctly handle the relationship between insurance protection and wealth management products." . In 2008, the CIRC will strive for preferential tax policies and pilot new personal old-age security products in areas where conditions permit. At the same time, combined with the reform of the medical system, standardize the entrusted management services of health insurance carried out by insurance institutions.
In 2007, there were many cases in the insurance industry in which salesmen used loopholes in company management to cheat insurance, which seriously damaged the overall image of the insurance industry. At the same time, problems such as misleading marketing and difficult claims have always existed. Wu Dingfu said that he would consider publishing a "blacklist" of intermediaries, and people on the list would never be allowed to enter again.
"This year, off-site inspection and on-site inspection will be organically combined to severely punish irrational price competition, misappropriation of premiums and fraudulent misleading behavior." Wu Dingfu said that in the future, companies whose branches violate laws and regulations seriously should be directly accountable to the leaders of the head office.