At present, the National Social Security Fund Council manages more than 2 trillion yuan of assets, and is also entrusted to manage the investment and operation of 430 billion yuan of basic pensions in nine provinces. Lou Jiwei 20 13-20 16 served as Minister of Finance and 2007-20 13 served as Chairman of China Investment Corporation (hereinafter referred to as "CIC").
Lou Jiwei said in his speech that when he worked in the Ministry of Finance in the past, he also paid attention to financial risks, but he was not too concerned. "Now I am back in the investment field and see all the risks."
Lou Jiwei said that in his dialogue with foreign investment institutions, he found that although China is gradually liberalizing some financial sectors, some foreign investors are reluctant to enter. "What they see is risk, and what China people see is opportunity."
Lack of risk awareness, Lou Jiwei, for example, said that many limited partners (GPs) now manage dozens of funds, which is not allowed abroad and is the norm in China. Lou Jiwei pointed out that in the case of managing so many funds, the projects with poor performance of the former funds can be sold to the latter funds, and Ponzi investment can be made.
"The whole society has no risk awareness. How can this work? " Lou Jiwei believes that changing this situation is very difficult and requires strict supervision. But when it comes to regulation, Lou Jiwei expressed his concern. He said that the biggest market risk is policy risk, which is the most unpredictable risk and needs a continuous supervision method. Otherwise, the current high leverage and relatively high financial risks are likely to turn into systemic risks and should be strictly controlled.
Finally, Lou Jiwei briefly mentioned the financial supervision model. He believes that what kind of supervision model to choose depends on what kind of financial market model we want.