Big weekend news! High level leaders of “one party, two sessions”: strict access to wealth management market

When the potential demand for wealth of Chinese residents continues to release, and China’s economic development relies on equity investment, it means that China’s capital market will play a greater role in the effective adaptation between the supply and demand of funds, which can not be separated from the promotion of China’s wealth management industry. On August 22, at the “2020 Qingdao China wealth forum” sponsored by Qingdao Municipal People’s government and hosted by finance and economics and think tank, vice president fan Yifei of the central bank, Zhu Shumin, vice chairman of CBRC, Fang Xinghai, vice chairman of China Securities Regulatory Commission, as well as a number of senior scholars from academic and financial circles, talked about the development prospect of China’s wealth management industry. < p > < p > officials from the “one industry, two sessions” unanimously stressed the need to promote asset management institutions such as financial management subsidiaries, trust and insurance to participate in the process of capital market reform, encourage the asset management industry to increase the allocation of equity assets and alternative assets, promote the construction of multi-level capital market, and cultivate the market atmosphere of long-term investment and value investment. The following are the main points of speeches organized by Chinese journalists of securities companies: < / P > < p > fan Yifei, vice president of the Central Bank of China, said that the high-quality development of the economy needs more suitable financial services. The new driving force of economic growth turns to be consumption and innovation oriented, technology driven, and high-end manufacturing and modern service industries as carriers. As China’s economy enters the stage of high-quality development, the new driving force of economic growth turns to be consumption and innovation oriented. These “new kinetic energy” industries and industries are characterized by light assets, high risks, intensive technology and talents, and they are less dependent on indirect financing. At the same time, it is urgent to obtain direct financing to grow and share risks with itself. For a large economy like China, it is necessary to smooth the self circulation of domestic economic activities to support economic recovery and sustained growth, which further enhances the urgency of improving financial services. According to fan Yifei, history and practice show that within the triangular framework of interaction among supply system, demand system and financial system, the financial system needs to constantly enhance its adaptability to promote the benign interaction among the three. Asset management industry is an important focus to promote direct financing and improve financial services. On the capital side, asset management institutions provide diversified investment options for residents’ wealth management by creating personalized and customized asset management products, and play a role in mobilizing social funds. On the asset side, asset management institutions hold a wide range of financial instruments through cross market, cross variety and cross institution investment, providing appropriate financial support for different financing needs. Therefore, in order to improve the financial structure and promote direct financing, the asset management industry must be taken as an important pole to provide standardized and sustainable financial services and promote high-quality economic development. < p > < p > < p > first, we should constantly promote the reform and transformation. Novel coronavirus pneumonia is a policy arrangement which is based on the principle of seeking truth from facts. It does not involve changes in the regulatory standards of the information management business. Financial institutions are the first person responsible for the transformation and upgrading of asset management business. According to the work deployment of the financial management department, under the new transitional policy, based on their own reality, actively improve the rectification plan, complete the rectification task as soon as possible, and consolidate the achievements of risk prevention. The second is to promote the combination of prudential supervision and behavioral supervision to improve the effectiveness of supervision. The new regulation of asset management has made it clear that asset management business is a licensed business, which can not be operated without a license. However, in practice, some organizations still drive without a license. < p > < p > take the third-party wealth management companies as an example. According to statistics, there are more than 5000 wealth management companies in China, whose main business is selling funds and other financial products on a commission basis. A considerable number of them have problems such as unlicensed sales of insurance, public funds and the establishment of fund pools, which pose a serious threat to financial stability. Fan Yifei said that in this regard, we should focus on substantive supervision of business, adhere to prudent supervision and strict market access, and wealth management companies must apply to the financial management department for a license to engage in the corresponding sales business. The third is to shape the faith culture and professional spirit, and cultivate a good industry atmosphere. The essence of asset management business is “the seller is responsible and the buyer is responsible” on the basis of trust relationship. Loyalty and professionalism are the two major genes of asset management institutions. < p > < p > fan Yifei proposed that asset management institutions should continuously improve their compliance awareness and risk management, strictly prevent conflicts of interest and moral hazard, and put an end to fraud and damage to customers’ interests. We should improve our professional ability, grasp the changes of macro-economy and financial market in an all-round way, develop products that meet the needs of wealth management, and upgrade from relying on licenses and channels to relying on asset management, investment research and asset exploration. < / P > < p > the fourth is to build an asset management ecosystem of win-win cooperation and promote the double circulation of domestic and international funds. We will promote the construction of a multi-level capital market, encourage the asset management industry to increase the allocation of equity assets and alternative assets, adhere to the concept of long-term investment, and appropriately lengthen the assessment cycle. We should speed up the construction of the third pillar for the elderly, increase the innovation of pension type asset management products, cultivate and develop long-term funds, so as to provide a source of water for the development of China’s direct financing system. At the same time, we should implement the policies and measures for opening up the financial market, promote the prosperity of financial products and financial markets through competition, and promote the formation of a new pattern with domestic capital circulation as the main body and domestic and international capital circulation promoting both. Zhu Shumin, vice chairman of the CBRC, said that in the first half of 2020, the balance of wealth management products in banking, insurance and trust industries was 46 trillion yuan, which was an important force in China’s wealth management market. In the next step, the CBRC will continue to make great efforts to deepen the reform and opening up of the financial sector, continuously optimize the financing structure, and continuously promote the steady development of the wealth management industry. Zhu Shumin believes that external shocks such as the epidemic situation will not change the basic trend of long-term wealth growth of Chinese residents. Our country has remarkable advantages of socialist system with Chinese characteristics, complete industrial system and strong material and technical foundation, super large scale market advantage and domestic demand potential, huge human capital and human resources, continuous release of reform and opening-up dividend, rich experience and tools of macro-control, which will support China’s economic development and the growth of residents’ wealth Science and technology industry ushered in broad prospects for development. Zhu Shumin proposed that from the demand side, the wealth management demand potential of Chinese residents will continue to release. This year’s epidemic has raised people’s awareness of risk, and the need for individuals and families to smooth consumption and avoid risks through financial management and insurance has become increasingly urgent. At the end of June this year, the balance of financial products of banks and financial management subsidiaries reached 24.5 trillion yuan, an increase of 10.42% over the same period of last year. Insurance companies added 23.9 billion insurance policies in the first half of this year, up 28% year-on-year. The people actively seek wealth management services and let professionals do professional work is gradually becoming the mainstream. Zhu Shumin believes that the wealth management industry has a bright future in supporting the real economy. Enterprises in different life cycle stages need different types of financing. Indirect financing such as bank credit can well meet the long-term financing needs of mature enterprises, while public financing, private banking, insurance asset management, trust and other wealth management institutions can better match the life cycle and production cycle of enterprises through direct financing methods such as stocks, bonds and venture capital, Provide necessary financial support for small and micro enterprises and innovative enterprises. With the continuous improvement of China’s multi-level capital market system, the wealth management industry will further improve the investment efficiency and give full play to the role of the market. In the next step, the CBRC will continue to make great efforts to deepen the reform and opening up of the financial sector, continuously optimize the financing structure, and continuously promote the steady development of the wealth management industry. Specifically speaking, the first is to grasp the direction and rhythm. The new regulation focuses on unifying regulatory standards, eliminating arbitrage space, and adhering to the product positioning of openness, transparency, simplicity, netting and term matching. In order to maintain the steady development of asset management industry, we must maintain our determination and firmly grasp this general direction. The cbcirc will continue to establish and improve the incentive and restraint mechanism, consolidate the main responsibility of banks, steadily and orderly promote the reform and transformation of financial management business on the basis of locking in the stock assets, and create a good policy space. < / P > < p > the second is to vigorously improve the service ability of the practitioners. Through various kinds of financial preferential policies, we should guide the public to increase Pension Reserves voluntarily, encourage wealth management institutions to actively participate in China’s pension financial construction, enhance the sustainability of the pension insurance system, form a relatively stable expectation of life-long pension income, further stimulate social consumption potential, and promote the proportion of pension funds in the capital market to reach the world average level. We should encourage wealth management institutions to participate in the process of capital market reform, constantly update equity investment strategies and products, introduce more long-term compliance funds, support the development of advanced manufacturing, scientific and technological innovation and other enterprises through real estate investment trust funds in the fields of stocks, bonds and infrastructure, and cultivate a market atmosphere for long-term investment and value investment. The third is to further open up to the outside world. The CBRC will, as always, strive to create a market-oriented, rule of law and international business environment. Overseas experienced asset management institutions and Chinese financial institutions are welcome to cooperate with each other for mutual benefit and win-win cooperation in equity, products, management and talents, and apply the international mature investment concept, business strategy, incentive mechanism and risk control system to the environment In addition, it provides differentiated, personalized and specialized financial products and services. In addition to the approval of Huihua financial management jointly established by Bank of China financial management and Oriental Huili last year, recently, the Bank Insurance Regulatory Commission has approved the establishment of a joint venture financial management company by CCB financial management and BlackRock and fuden company. In the future, more international well-known financial institutions will enter the Chinese market. The fourth is to effectively protect the legitimate rights and interests of investors. Wealth management business should always put the interests of investors and property safety in the first place, and bear in mind the trust and loyalty of investors. It is necessary to strengthen the management and control of consignment channels, accurately evaluate and grasp the risk preference and actual bearing capacity of investors, and implement the requirements of investor suitability management. Fang Xinghai: five aspects to promote the development of wealth management market in the field of bulk commodities. Recently, the CSRC has accepted the application of Qingdao port group and other entities to set up a new futures company in the Shanghai Cooperation Demonstration Zone. We will introduce new domestic and foreign-funded term loan companies in a stable and orderly manner to promote the futures industry’s ability to serve the pay in economy. < p > < p > first, there are many kinds of commodity investment that can be traded, and the trading methods and strategies are flexible and rich. There are various commodity categories, including energy, non-ferrous, black, agricultural products, precious metals, etc. the characteristics of different types of commodities are obviously different. Commodity futures trading can be two-way operation, can be long or short, investment strategy is rich. Secondly, commodities have unique risk return characteristics. Relevant research shows that, compared with the classic “60% stock + 40% bond” portfolio, the yield of commodity index is higher