The development of Yunnan's financial industry and the construction of regional financial centers
Liu Guangxi, Director of Provincial Finance Office.
After more than 30 years' development, Yunnan's financial industry has made remarkable achievements, which has strongly supported Yunnan's economic and social development, and made Yunnan's position in China's economic development strategies such as regional economic cooperation, open development along the border, and foreign economic and trade exchanges increasingly prominent. 20 1 1 in may, "the State Council's opinions on supporting Yunnan province to speed up the construction of an important bridgehead open to the southwest" clearly stated that Kunming should be built into a "regional financial center facing southeast Asia and south Asia".
On September 15 this year, one of our series articles on the construction of "regional financial center" comprehensively analyzed the basic conditions and prospects for the development of cross-border RMB financial business in Yunnan, and held that vigorously promoting and innovating cross-border RMB financial business is not only conducive to trade and investment, but also conducive to improving the quality and level of financial services in Yunnan, which is an important breakthrough and focus for the construction of "regional financial center facing Southeast Asia and South Asia". On September 29th, the second in a series of articles on the construction of "regional financial center" analyzed the realistic basis and conditions for the development of Yunnan small currency foreign exchange market, and held that the development of Yunnan small currency foreign exchange market is an important measure to promote the internationalization of RMB, which will further promote the development of offshore RMB basic market and RMB derivatives market and become an important connotation and support of "regional financial center".
Based on the present situation and level of financial development in Yunnan Province, this paper further analyzes the feasibility and related measures of building a regional financial center.
First, Yunnan's economic and financial development has initially possessed the foundation of building a regional financial center.
Yunnan province is rich in resources and has obvious geographical advantages. After more than 30 years of reform and opening up, the management system of Yunnan's open ports has basically taken shape, the infrastructure such as transportation is relatively perfect, and pillar industries such as non-ferrous metals, electricity and tobacco have developed rapidly. On the basis of economic development in the 11th Five-Year Plan, the 12th Five-Year Plan of Yunnan Province proposes to build Yunnan into an important renewable clean energy base, a bio-industrial development base, a clean energy bearing industrial base for deep processing of comprehensive resources of electricity, minerals and chemicals, a petrochemical base, an export-oriented processing base and a strategic resource and raw material base.
As an important pillar of Yunnan's economic and social development, financial industry has a corresponding scale. By September 20 1 1, the balance of deposits and loans reached 1.49 trillion yuan and1.7 trillion yuan respectively, making it the third province in the western provinces to enter the deposit and loan trillion yuan club. Direct financing increased from 800 million yuan in 2005 to 27.6 billion yuan; The premium income increased from 8 1 billion yuan in 2005 to18.6 billion yuan. As an indicator to measure financial development, M2/GDP in 20 10 and total credit /GDP are 1.85 and 1.47 respectively, which are 0.05 and 0. 19 percentage points higher than the national average. At the same time, Yunnan's financial assets began to show diversified distribution, non-bank financial assets grew rapidly, the proportion of direct financing increased year by year, premium income increased rapidly, equity investment funds developed supernormally, and people's livelihood finance made a breakthrough.
At present, Yunnan's financial industry has basically formed a multi-level, diversified and open financial system. As of June 20 1 1, there were 27 domestic banking institutions in Yunnan province. 4. Foreign-funded banking institutions; 72 securities institutions; 13 futures operating institutions; 29 insurance institutions; 10 village bank; 133 rural cooperative institutions; 320 small loan companies; 15 equity investment fund; /kloc-financial institutions such as trust, asset management and finance companies above 0/5.
The development function of Yunnan's financial industry has been gradually improved, and the degree of openness has become increasingly prominent, which has strongly supported the development of infrastructure construction, agricultural economy, forestry economy, county economy, pillar industries and commodity exports, and played a huge role in cultivating the market and promoting the construction of the market system.
Second, Yunnan's comprehensive opening-up has provided external development space for the construction of regional financial centers.
Since 1980s, China has established a series of economic and trade cooperation organizations with Southeast Asia and South Asia, which have become a platform for exchanges and cooperation between the two sides. Mekong Subregion Cooperation, Bangladesh-China-India-Myanmar Economic Cooperation, China-ASEAN Free Trade Area, Pan-Dianchi Lake Cooperation and other organizations are all the results of joint efforts of both sides. Yunnan has given full play to its geographical advantages, and successively cooperated with neighboring countries to build cooperation mechanisms such as Yunnan-Laobei, Yunnan-Taipei Cooperation Working Group and Yunnan-North Vietnam Economic Consultation Meeting, which greatly expanded the space for Yunnan to open to the outside world along the border and turned Yunnan from the tip of domestic opening to the outside world into a frontier base for opening to the outside world.
With its unique geographical advantages, Yunnan has become an important platform for China to participate in economic and trade cooperation and financial cooperation among Southeast Asian and South Asian countries. Yunnan's foreign trade and foreign direct investment have developed rapidly. From 20 1 1 to September, the total import and export trade of Yunnan Province reached 120 1 billion dollars, only lower than 20 10/35.8 billion dollars, with a year-on-year increase of 19.2%. ASEAN became Yunnan Province.
Banks, mainly the Yunnan Branch of China Development Bank, actively support Yunnan enterprises to implement the "going out" strategy. Five countries in the Mekong Subregion have become the main market players for Yunnan enterprises to implement the "going out" strategy, and their investment fields involve agriculture, minerals, electric power, metallurgy, transportation and other industries. By September of 20 1 1 year, there were 330 overseas-invested enterprises in our province, with the Chinese agreed investment of1065438+700 million US dollars, and the accumulated actually utilized foreign capital reached176 million US dollars, ranking ninth in the country.
The increasingly close economic, trade and financial relations between China and ASEAN countries have comprehensively promoted the opening space of Yunnan's financial industry. Yunnan's financial industry vigorously implements the strategies of "bringing in" and "going out". Foreign financial institutions such as hengfeng bank, Hang Seng Bank, HSBC and Bank of Thailand have set up branches in Yunnan, and financial institutions such as Citibank and Bank of East Asia are also actively planning to develop in Yunnan. On July 6th, 20 1 1, Huili Equity Investment Fund Management Co., Ltd., the first Sino-foreign joint venture in Yunnan, was formally established. At the same time, six commercial banks in Yunnan signed agency settlement agreements with nine commercial banks in Vietnam, Laos, Thailand, Myanmar, Singapore and other countries, forming a point-to-point settlement model with neighboring and non-neighboring countries. In June this year, Fudian Bank took the lead in launching the exchange business of Laos kip against RMB in China, and made a breakthrough in the construction of small currency foreign exchange market in Yunnan and neighboring countries.
Third, the preferential policies for the development of Yunnan's financial industry provide strong support for the construction of regional financial centers.
Yunnan's economic and financial development level and the present situation of opening to the outside world have already possessed the foundation and conditions for building a regional financial center. On June 20 10, the People's Bank of China approved Kunming to build a regional cross-border RMB financial service center, allowing Yunnan financial industry to provide services for RMB cross-border settlement through financial product innovation and promote the development of cross-border financial business. 20 1 1 In May, the State Council officially issued "the State Council's Opinions on Supporting Yunnan Province to Accelerate the Construction of an Important Bridgehead Opening to the Southwest", clearly pointing out that it will increase the number of pilot enterprises for RMB settlement of cross-border trade in Yunnan, actively promote the signing of bilateral local currency settlement agreements with neighboring countries, establish a bilateral inter-bank payment settlement mechanism, promote the use of RMB for trade and investment, speed up the process of free convertibility, and build Kunming into a Southeast Asia-oriented and Southeast Asia-oriented city.
20 1 1 In April, the construction of Kunming Financial Industrial Park was officially launched, and preferential policies of 14 were formulated in terms of industry and commerce, taxation, registered capital subsidies of financial institutions, land planning, land use indicators and talent introduction, making the industrial park a platform and carrier for regional cross-border RMB service centers. 2065438+01June, Yunnan implemented the idea of developing the western region, and will vigorously develop the financial market, encourage and promote financial innovation, promote the development of RMB cross-border financial business, and actively attract financial institutions to settle in Yunnan.
Fourth, the further optimization of the development environment of Yunnan's financial industry has provided a guarantee for the construction of regional financial centers.
After years of development and continuous optimization of the financial environment, Yunnan's financial industry has formed a port management system, a tax management system, a foreign trade management system and a foreign affairs management system that are suitable for RMB cross-border trade settlement, and enhanced the compatibility between financial policies and related policies. Among them, the advanced layout of financial planning, the continuous improvement of financial policies, the remarkable achievements of financial coordination, the fruitful financial cooperation and the orderly promotion of financial information platforms have provided a strong guarantee for the rapid development of the financial industry.
1. Financial planning. Yunnan's comprehensive opening to the outside world has greatly improved the development space of the financial industry, and the Yunnan provincial government and the Kunming municipal government have planned the development of Yunnan's financial industry in advance. 20 10 Kunming became a pilot city of regional cross-border RMB financial service center in China. On this basis, Yunnan started the construction of Kunming Financial Industrial Park and Financial Trading Park, and made every effort to build a financial bridgehead. The Twelfth Five-Year Plan of Yunnan clearly puts forward to accelerate the development of financial services, cultivate the financial industry into a pillar industry in Yunnan, and put forward new development goals for the financial organization system, financial market, financial environment and financial opening up. In addition, Yunnan's "Twelfth Five-Year Financial Plan" will also be introduced soon. Relevant financial planning optimizes the allocation of financial resources, improves the efficiency of resource use, and promotes the process of new industrialization in Yunnan.
2. Financial policy. The supervision authority of the financial industry is mainly in the central department, but with the vigorous development of local financial institutions, it is not impossible for local governments to support and promote the development of the financial industry. Judging from the situation in Yunnan Province, in recent years, the Yunnan provincial government has issued opinions on speeding up direct financing, speeding up the construction of social credit system in Yunnan Province, implementing opinions on promoting the innovation of rural financial products and services, strengthening the work of forest right mortgage loan, speeding up the development of insurance industry, cracking down on illegal fund-raising activities and vigorously developing equity investment funds. These documents have played a positive role in improving the legal environment for financial development.
3. Financial coordination. As early as 2004, Yunnan Provincial Financial Work Coordination Leading Group was established. In the following years, joint meetings on illegal fund-raising, direct financing of enterprises, insurance reform and development, use of insurance funds, prevention and control of insider trading in capital markets, development of provincial equity investment funds, and construction of social credit system were successively established. In 20 10, Yunnan established a cross-border RMB payment and clearing coordination group composed of customs, taxation, foreign trade, foreign affairs and financial institutions, and promoted the signing of bilateral local currency settlement agreements with neighboring countries according to different clearing modes, which provided conditions for RMB exchange rate pricing mechanisms with relevant countries, and formed a small currency foreign exchange trading center with RMB as the core. The above coordination mechanism has strengthened the communication between the government, financial institutions, enterprises and overseas financial institutions, formed a platform for sharing credit information, and provided a good early warning mechanism and a long-term mechanism for financial supervision and risk prevention.
4. Financial cooperation. Yunnan financial cooperation is mainly reflected in three aspects. First, the Yunnan provincial government cooperates with the central financial institutions. During the "Eleventh Five-Year Plan" period, the intentional amount of financial cooperation agreements signed by the two sides reached 474.2 billion yuan. By the end of June, a total of 2711550 million yuan had been completed, which strongly supported infrastructure construction such as water conservancy, highways, railways, airports and urban "two pollution" control. Second, financial institutions in Yunnan Province signed special cooperation and project financing agreements with local governments, mainly involving the development of agriculture and industrialization with Yunnan characteristics, a new round of water conservancy infrastructure construction, affordable housing construction, cultural industries, the "3+5" border economic cooperation zone, and overseas RMB loans. Third, the cross-border financial cooperation between Yunnan and ASEAN countries. Strengthen financial information communication and cooperation with ASEAN countries through financial forums, counterpart consultation mechanism between functional departments of both sides, regular release of economic and financial data of ASEAN countries, and construction of cross-border RMB payment system, so as to prevent international financial risks and enhance the ability to respond to financial emergencies.
5. Construction of social credit system. Compared with Beijing, Shanghai, Guangdong and other economically developed provinces, the construction of social credit system in Yunnan started late, but it developed rapidly.
20 10 Yunnan province puts forward that the construction of social credit system is an important basic work for the province's economic development, and strives to initially build a province-wide social credit system covering government, enterprises, individuals and financial institutions in five years. At present, Yunnan Province has about 654.38 million enterprises' credit information (including some enterprises' illegal environmental protection, provident fund deposit, unpaid wages, quality inspection information, etc.). ) and1credit information of more than ten thousand natural persons. By the first half of 20 1 1, the People's Bank of China had completed the construction of credit files for 2 1 134 small and medium-sized enterprises, of which 3,686 enterprises received credit support, involving an amount of 1003 billion yuan. We have established 6,700,500 economic files, 2,434,380 credit users, 2,388 credit villages and 49 credit towns. The orderly construction of social credit system in Yunnan has greatly eased the financing bottleneck caused by the lack of credit, formed the institutional environment needed for the development of financial industry, and played an important role in strengthening financial supervision, controlling non-performing assets and cracking down on illegal financial activities.
Five, clear thinking, vigorously promote the development of Yunnan's financial industry, and promote the construction of regional financial centers.
The development level of the existing financial system and scale in Yunnan Province has laid the core foundation for building a regional financial center. The strategic planning of bridgehead makes Yunnan's financial industry face unprecedented development opportunities. Because Yunnan is in the period of accelerated economic and social transformation, the development of Yunnan's financial industry needs to combine industrial structure adjustment and industrial upgrading to develop low-carbon economy, circular economy and green economy; Combine the construction of new countryside and build a harmonious society; Optimize the development environment of financial innovation by combining the advantages of government organizations; Combined with the opening up, Yunnan will be built into a regional financial center based in the southwest and facing Southeast Asia and South Asia.
As the core of the development of Yunnan's financial industry, the construction of regional financial centers needs to implement the strategy of financial talents based on the construction of innovative financial service subjects, the improvement of financial market system as the core, the promotion of financial investment and financial innovation as the means, the optimization of financial environment construction and the strengthening of financial risk prevention as the guarantee (see the fourth part of this paper).
In terms of financial services, relying on financial industrial parks, actively attract domestic and foreign financial institutions to settle in Kunming; Deepen the reform of local financial institutions; Establish various financial institutions suitable for bridgehead construction; Vigorously develop credit intermediary service institutions; Continue to encourage local financial institutions to implement the "going out" strategy and strengthen financial cooperation with ASEAN countries.
In the construction of financial market system, constantly improve the cross-border RMB fund settlement market; Gradually promote the RMB-based small foreign exchange trading market; Actively develop the offshore RMB basic asset market; Steadily promote the RMB derivatives market; Vigorously develop the financial factor market; Integrate and innovate the traditional credit market; Actively develop the insurance market.
In terms of financial innovation, two major projects are implemented: financial multiplication project and financial industry innovation; Innovate traditional financial products through credit asset transfer, direct loans from the head office, financial leasing, trust financing, entrusted loans, letters of credit, bank acceptance bills and other financing methods; We will carry out innovations in financial organization system, financial products, financial market and financial supervision in the fields of cross-border finance, agriculture, rural areas and farmers economy, forestry economy and the development of small and medium-sized enterprises, and provide characteristic financial services.
In terms of financial talents, formulate and implement financial talent planning, introduce high-end financial talents, and strengthen the training of local financial talents.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.