Chinanews.com, Beijing, September 14 (Reporter Wang Enbo) Based on the early implementation of the "3, 3, and 4" special governance, the China Banking and Insurance Regulatory Commission has continuously carried out the rectification of the "ten chaos" since 2017, deepened the rectification, and consolidated the rectification results Promote the comprehensive management of a series of market chaos in the banking and insurance industry, including the construction of compliance and the rectification of "look back".
How effective is the above work?
The China Banking and Insurance Regulatory Commission held a press conference on the 14th, and several department heads showed up and showed their transcripts.
"Rectifying market chaos is an urgent need to win the battle to prevent and resolve financial risks." Zhu Tong, deputy director of the Banking Inspection Bureau of the China Banking and Insurance Regulatory Commission, said that in the early stage, many bancassurance institutions deviated from the concept of prudent operation, and their funds were nested and out of reality. Virtual, the blind expansion of financial assets, shadow banking and the real estate bubble, local hidden debt, illegal Internet financing and other intertwined, risk hidden dangers were once very serious.
According to reports, in this context, the China Banking and Insurance Regulatory Commission has carried out regulatory inspections to increase the cost of violations.
In the three years from 2017 to 2019, a total of 16,800 inspection teams were dispatched, and 32,800 banking financial institutions were inspected.
Give full play to the weapon of punishment and accountability, let the system “tend teeth” and discipline “live”. In three years, 8,818 bancassurance institutions have been punished, 10,713 persons responsible for punishment, and a total of 7.24 billion yuan (RMB, the same below) has been fined and confiscated. The sum of more than ten years.
After continuous and in-depth rectification of chaos, the current risks in key areas of the banking industry are shifting from divergence to convergence.
Among them, the continuous dismantling of high-risk shadow banks has initially shown a fundamental improvement momentum.
Liu Zhongrui, the second-level inspector of the Information Department of the China Banking and Insurance Regulatory Commission, said that since 2017, the regulatory authorities have taken effective measures to dismantle the shadow banking business with perseverance. After three years of special governance, significant results have been achieved.
The "barbaric growth" of shadow banking has been effectively curbed.
Before the special rectification, shadow banking had experienced rapid growth. After in-depth rectification, the scale of shadow banking has shrunk by nearly 16 trillion yuan from the historical peak in 2017, and systemic risks have been greatly reduced.
Regarding the rectification of market chaos in the non-banking sector, Yang Yushan, deputy director of the Non-Banking Inspection Bureau of the China Banking and Insurance Regulatory Commission, introduced that after the rectification of market chaos, the irrational competition of insurance institutions has slowed down, and there has been no irrational use of insurance funds since 2018. Raising cards" and other radical investment behaviors.
Non-bank financial institutions have stepped up their efforts to return to their main businesses. At the end of the second quarter, the proportion of non-performing asset businesses of the four financial asset management companies in the parent company’s revenue increased by 4% compared to the beginning of 2017.
The special rectification of online lending risks is the first battle to win the battle to prevent and defuse financial risks, which is related to the safety of people's property and social stability.
Feng Yan, deputy director of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, introduced that since the launch of the special rectification work in 2016, as of the end of August 2020, there are only 15 online lending institutions operating across the country, a 99% decrease from the beginning of 2019.
The number of online lending institutions, the scale of lending and the number of participants have declined for 26 consecutive months, and the special rectification work has achieved substantial results.
However, she does not deny that the task of dealing with the current closed institutions is still arduous, and the problems of "retiring and difficult to clear" are prominent, and risk resolution still requires a lot of arduous and meticulous work.
Strengthening the supervision of corporate governance is seen as an important starting point in the battle to prevent and defuse financial risks, and it is also an important foundation for doing a good job in rectifying market chaos.
Deng Yumei, the first-level inspector of the Corporate Governance Department of the China Banking and Insurance Regulatory Commission, said that in recent years, the China Banking and Insurance Regulatory Commission has continued to improve corporate governance regulations, continuously strengthened the awareness of corporate governance, and carried out special rectification of chaos in equity and related transactions, and achieved positive results in special rectification.
Deng Yumei introduced that since the launch of the special rectification work, a number of shareholders with serious violations of laws and regulations have been cleared and retired, severely punished, and publicly notified, and the regulatory deterrent effect has initially appeared.
She gave a set of persuasive data: officials took prudential supervision measures or administrative penalties for violations of laws and regulations in accordance with the law, and held accountability and punishment on relevant persons responsible. In 2019, more than 3,000 violations were investigated and more than 1,400 were cleared. Shareholders held by natural persons or legal persons.
With the deepening development of China's financial market, the general public has more and more demands for wealth management and other financial services, and financial products and services are increasingly diversified, complicated, and mixed.
At the same time, various problems that infringe on the legitimate rights and interests of consumers occur from time to time, affecting people's sense of gain and happiness to a certain extent, and correspondingly increase financial risks.
In this regard, Guo Wuping, director of the Consumer Insurance Bureau of the China Banking and Insurance Regulatory Commission, said that the China Banking and Insurance Regulatory Commission has made a big strike, and urged bancassurance institutions to pay back the real money by focusing on the rectification of consumer rights and interests, special inspections, and complaint verification. Consumers were paid 4.092 billion yuan, of which 2.397 billion yuan was paid back through rectification and protection of chaos, 1.07 billion yuan was cleared through on-site inspections, and 625 million yuan was cleared through complaints, supervision and rectification that ignored the interests of the masses.
2020 is the final year of the battle to build a well-off society in an all-round way and prevent and resolve major financial risks.
Speaking of the next step, the China Banking and Insurance Regulatory Commission stated that serving the real economy is the bounden duty and purpose of finance, as well as a fundamental measure to prevent financial risks. It will continue to be forward-looking and prudential, and closely follow the "six stability" and "six guarantees" tasks. To promote the precise implementation of macro policies with stricter supervision and firmly hold the bottom line of avoiding systemic risks.