China News Service, Qingdao, August 22 (Reporter Xia Bin) Fan Yifei, deputy governor of the People's Bank of China, attended the "2020 Qingdao China Fortune Forum" in Qingdao on the 22nd, said that two years after the introduction of the new asset management regulations, the transformation of the asset management industry has been achieved. Significant results have been achieved. As of the end of June 2020, the balance of funds raised by asset management products was approximately 80 trillion yuan (RMB, the same below), a decrease of 7.4% from before the release of the new asset management regulations.
According to Fan Yifei, as of now, 21 commercial bank wealth management subsidiaries have been approved for establishment, and 17 have been approved for opening. Various types of asset management institutions have strengthened the construction of active management capabilities based on their own industry characteristics, and the industry has shifted from disorderly regulatory arbitrage to orderly cooperation and competition, and has entered a sound development track.
Fan Yifei pointed out that the asset management industry has rectified and dismantled high-risk shadow banking businesses in accordance with policy requirements. The scale and proportion of funds for asset management products from the same industry has continued to shrink, the issuance of long-term and net-value products has increased, and the degree of maturity mismatch and overall leverage ratio have increased. Declining, the channel business and various products with complex structures continue to shrink, the phenomenon of money speculation and capital idling has been significantly reduced, and risks have been effectively controlled and gradually mitigated. The scale of shadow banking has dropped by 16 trillion yuan from its historical peak, and the pressure on inter-bank wealth management has dropped by nearly 90% during the peak period.
At the same time, while gradually reducing the stock of non-standard assets, asset management products have supported the real economy by increasing investment in bonds, stocks, financial bonds and certificates of deposit. As of the end of June 2020, the balance of assets allocated to the real economy by asset management products reached 39.6 trillion yuan, an increase of 2.4 trillion yuan from the end of 2018.
Fan Yifei emphasized that in recent years, asset management chaos such as rigid redemption, multi-level nesting, fund pool operation and non-standard investment have not only alienated asset management institutions into credit intermediaries, but the asset management industry has deviated from the source of direct financing and magnified macro leverage. , Disrupting the financial order, if there is no timely treatment at the time, the situation of preventing financial risks under the impact of the epidemic will be more complicated and severe. (Finish)