China News Agency, Beijing, November 6 (Reporter Wang Enbo) Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, revealed in Beijing on the 6th that the actual P2P online lending institutions in China have dropped from about 5,000 during the peak period to the current three.
The scale of borrowing and the number of participants declined for 28 consecutive months.
Liu Fushou introduced at the State Council’s regular policy briefing that in recent years, the China Banking and Insurance Regulatory Commission has taken various measures against the financial risks faced by the banking and insurance industry and achieved positive results.
The battle to prevent and resolve financial risks has achieved significant results, laying a solid foundation for effectively responding to the impact of the epidemic.
In addition to the fundamental improvement in the Internet financial risk situation, China's shadow banking risks have also continued to converge.
Since 2017, the authorities have concentrated on rectifying irregular interbank, wealth management and off-balance sheet businesses. The current shadow banking scale has dropped by about 20 trillion yuan (RMB, the same below) from the historical peak. Some international organizations and professional institutions have spoken highly of it. China's reduction of shadow banking risks has fundamentally maintained the stability of the financial system.
The identification and disposal of non-performing assets has been greatly advanced.
At the end of the third quarter, the ratio of domestic loans overdue for more than 90 days to non-performing loans of Chinese commercial banks was 80.2%, and some banks' loans overdue for more than 60 days were all included in non-performing loans.
Financial crimes have been severely cracked down.
The China Banking and Insurance Regulatory Commission will conduct risk disposal on high-risk financial groups, and make solid progress in asset liquidation, recovery of stolen goods, and risk isolation.
Improve the regulatory system for financial holding companies to fill up the regulatory gap.
The risk disposal of high-risk financial institutions has achieved initial results.
In addition, the "gray rhino" threatening financial security has also been brought under control.
Liu Fushou said that in the first three quarters, China's new real estate loans accounted for a 3.7 percentage point drop from the same period last year.
The China Banking and Insurance Regulatory Commission cooperates with local governments to resolve debt risks. While reducing stock risks, it supports local governments to regulate financing through the issuance of local government bonds. In the past three years, banks and insurance institutions have accumulated 11 trillion yuan in local government bonds.
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