Original title: pilot pension savings, RMB exchange rate, financial anti-corruption… This briefing of the China Banking and Insurance Regulatory Commission will give a comprehensive response
Pension savings are coming, how to price it? How is the financial anti-corruption progress? How do you view the sharp drop in the RMB exchange rate? Under the impact of the epidemic, how was the credit situation in April? Will the new inclusive small and micro loans of large state-owned banks meet the standards this year?
On May 13, at the briefing meeting of the China Banking and Insurance Regulatory Commission, the heads of relevant departments of the China Banking and Insurance Regulatory Commission responded to the above questions one by one.
The old-age savings plan is to be piloted in some cities by four large banks: Industry, Agriculture, China and Construction
The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that in order to further enrich the supply of third-pillar pension financial products, the China Banking and Insurance Regulatory Commission is working with the People’s Bank of China to study and launch a pilot program of specific pension savings business. The specific pension savings business takes into account both inclusiveness and pension features. The product has a long term, stable income, and guaranteed principal and interest, which can meet the pension needs of residents with low risk preference. It is initially planned that four large banks of industry, agriculture, China, and construction will carry out pilot projects in some cities. The pilot scale of a single bank is initially considered to be 10 billion yuan, and the pilot period is tentatively set for one year. Specific retirement savings products include three types: lump-sum deposit, lump-sum deposit and lump-sum withdrawal, and lump-sum deposit and zero-withdrawal. The product term is divided into four grades: 5 years, 10 years, 15 years and 20 years.
Don’t bet on the continued unilateral devaluation of the renminbi
Recently, the RMB exchange rate has experienced a short-term decline.
The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission pointed out that first, the fluctuation of the RMB exchange rate is still within a reasonable range, and the overall performance is stable; second, the depreciation of the RMB exchange rate will not continue unilaterally for a long time; third, the long-term strengthening of the RMB exchange rate is a historical necessity of China’s economic development.
The person in charge said that from the history of developing countries rising and entering developed countries, a country’s rapid economic growth will inevitably lead to an appreciation of its currency. After World War II, after the economic take-off of Japan, Germany and the Four Little Dragons, the real effective exchange rate all appreciated for a long time. According to the estimation of the World Bank, the PPP conversion factor of USD to RMB in 2020 is 4.19, which is significantly lower than the current nominal exchange rate of RMB. In the long run, there is more room for the RMB exchange rate to return to purchasing power parity.
In addition, the person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission emphasized that participants in the financial market, whether they are individuals or enterprises, whether they are financial institutions or non-financial institutions, whether domestic or overseas, must not bet on the continuous unilateral devaluation of the RMB, otherwise will suffer unnecessary losses. Over the past 30 years, many businesses and residents have suffered huge losses. Before the unification of the RMB exchange rate in 1994, the US dollar was actually around 10 yuan against the RMB in the market. After the merger in 1994, the US dollar against the RMB reached the highest on January 25, 1994, and one US dollar was 8.71 yuan against the RMB, and then fell in fluctuations, and it was 6.09 yuan on January 14, 2014. It is conceivable that if the holding of US dollar assets does not move, the loss of unsettled foreign exchange will be huge. Therefore, it is necessary to form a reasonable market expectation according to its own business conditions, changes in capital turnover or other actual needs. It is necessary to lock the exchange rate for hedging and de-hedging.
630 cases filed in the financial anti-corruption system
The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that they will resolutely investigate and deal with the corruption behind the risk chaos, and severely punish all kinds of regulatory failures and illegal and criminal acts. With the significant intensification of financial anti-corruption and chaos control, a strict atmosphere of “strong supervision and strong supervision” in the financial sector is taking shape. A number of major and important cases with bad market influence were resolutely investigated and dealt with, and a number of corrupt elements who colluded with officials and businessmen, channeled interests, and illegally occupied were brought to justice. Some of them were the staff of the financial management department who “guarded themselves”.
According to reports, since 2021, Liaoning, which has been hit hardest by financial risks, has taken lien and criminal compulsory measures against 63 “leaders” of small and medium-sized banks. Since the 19th National Congress of the Communist Party of China, a total of 630 cases have been filed within the CBIRC system, 83 persons have been retained, and 73 persons have been transferred to judicial organs.
With the rapid growth of the wealth of enterprises and residents, my country’s financial assets have achieved leapfrog development. Taking the total assets of banking financial institutions as an example, it was only about 3.5 trillion yuan at the end of 1990, 18.8 trillion yuan at the end of 2000, 95.3 trillion yuan at the end of 2010, and 345 trillion yuan at the end of 2021. Including the insurance and securities industries, the total assets of all financial institutions have exceeded 380 trillion yuan.
Steady progress in preparations for commercial pension pilot
The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that the China Banking and Insurance Regulatory Commission, drawing on domestic and foreign experience, is preparing to innovate and launch a commercial pension management business with distinct pension attributes, providing individuals with pension financial planning and long-term fund management services, combining pension planning, account management and financial products. Combined, we provide customers with professional elderly care consulting services and financial solutions to meet consumers’ differentiated elderly care needs. Strive to be piloted by some pension insurance companies as soon as possible.
According to reports, at present, commercial insurance with pension attributes has accumulated more than 4 trillion yuan of long-term pension funds for the people. The innovative commercial pension finance pilot has achieved remarkable results, and the reform and development of commercial pension finance has achieved important milestones.
In June 2021, six large insurance companies will officially launch a pilot program of exclusive commercial endowment insurance in Zhejiang Province and Chongqing City. Exclusive commercial endowment insurance adopts account-based management, which is easy to apply for insurance, flexible in payment and stable in income. Funds are locked for endowment for a long time, supporting consumers to receive endowment pensions for a long time or for life after retirement.At the same time, enterprises and institutions are allowed tonew industry, New business practitioners will be insured to provide payment support. As of the end of April 2022, a total of 120,000 insurance policies were underwritten, with a cumulative premium of nearly 900 million yuan. Among them, more than 15,000 employees in new industries and new formats such as couriers and online car-hailing drivers have been insured.
In the next step, the China Banking and Insurance Regulatory Commission will strengthen investigation, research and business monitoring and analysis, evaluate and summarize the effectiveness and experience of the pilot program in a timely manner, improve the business rules for commercial pension financial products, and continue to strengthen supervision. At the same time, we will continue to deepen the reform of commercial pension finance, continue to carry out consumer education on pension finance, and standardize and promote the development of the third pillar pension insurance, so that the results of the reform will benefit more people.
Large state-owned banks have added 850.4 billion inclusive small and micro loans
The State Council executive set the tone before: this year, large state-owned banks added 1.6 trillion yuan in inclusive small and micro loans, guiding banks to take the initiative to strengthen services; reasonable loan renewal, extension, and adjustment of repayment arrangements for small and medium-sized enterprises and individual industrial and commercial households, free of charge penalty interest.
According to the person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission, at the end of the first quarter, the balance of inclusive loans to small and micro enterprises of six large banks was 7.3 trillion yuan, an increase of 850.4 billion yuan or 13.1% over the beginning of the year. The average interest rate of newly issued inclusive small and micro enterprise loans is 4.1%, which is 0.1 percentage points lower than the average interest rate in 2021.
In addition, the China Banking and Insurance Regulatory Commission has guided large banks to increase the proportion of first-time loans to small and micro enterprises, and rationally adjust the loan structure of small and micro enterprises. The number of new small and micro enterprise legal person first loan accounts in the whole year was higher than that of the previous year. In the first quarter, a total of 91,000 new small and micro enterprise first-time loan customers were added, an increase of 20,000 over the same period last year. In terms of continuing the policy of deferred repayment of principal and interest, further promote the “repay as you borrow” model, and proactively follow up on the financing needs of small and micro enterprises; take measures such as extension and restructuring as a whole, and negotiate the repayment of loan principal and interest independently in accordance with market-oriented principles Way.
Loan issuance continued to grow in the first 4 months
The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that due to the impact of the epidemic, the data for April is being counted. In order to better grasp the situation earlier, the China Banking and Insurance Regulatory Commission has strengthened monitoring and research and analysis in a targeted manner in the early stage. From the monitoring situation, there are three clear characteristics.
First, the loan supply continued to grow in the first four months. In the first quarter, the increment of various RMB loans was 8.6 trillion yuan, and the growth will be further maintained in April.
The second is to further increase support for the real economy represented by the manufacturing industry. In the first quarter, manufacturing loans increased by 1.8 trillion yuan, an increase of 1.5 times that of the same period last year. Support will continue to increase in April.
The third is to support the cost reduction of real enterprises, and the loan interest rate will be stable with some decline. The survey learned that in April, the average loan interest rate for newly issued corporate loans, the average loan interest rate for inclusive small and micro enterprises, the average loan interest rate for private enterprises and the average loan interest rate for manufacturing all maintained a further downward trend.
Big banks reduce provision coverage in an orderly manner
The previous National Standing Committee proposed to encourage large banks with higher provision levels to reduce their provision coverage ratios in an orderly manner. The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that in accordance with the requirements of the National Standing Committee, several large banks are preparing to reduce the provision coverage ratio.
The person in charge pointed out that the provision coverage ratio should be reduced in an orderly manner, and the China Banking and Insurance Regulatory Commission will guide major banks to formulate work arrangements and measures to reduce the provision coverage ratio within this year in accordance with the requirements of orderly reduction. In addition, the reduction of provisions should be combined with the disposal of non-performing loans to digest existing risks, so as to free up more resources to support the development of the real economy.
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Responsible editor: Wang Shanshan
