China News Service, Shanghai, January 4 (Reporter Jiang Yu) Moody's Investor Service issued a report on the 4th that although China adopted loose monetary policies in the first three quarters of 2020 to support the economic recovery after the epidemic, due to the Chinese government Still focusing on controlling risks in the financial system, the overall downward trend in shadow banking activities continues.
According to the latest "China Shadow Banking Report" released by the research team composed of the Policy Research Bureau of the China Banking and Insurance Regulatory Commission and the Statistical Information and Risk Monitoring Department, China's broad shadow banking mainly includes: interbank specific-purpose vehicle investment, entrusted loans, capital trusts, and trust loans , Bank wealth management, non-stock public offering funds, securities industry asset management, insurance asset management, asset securitization, non-equity private equity funds, online lending P2P institutions, financial leasing companies, loans provided by small loan companies, commercial factoring company factoring , Financing guarantee company’s insurance business, consumer loans issued by non-licensed institutions, debt financing plans and structured financing products provided by local exchanges.
Moody's report stated that following China's ongoing measures to resolve risks in the financial system in 2019, which led to a decline in overall shadow banking assets, related assets increased by 700 billion yuan in the first three quarters of 2020, and the growth of shadow banking assets was mainly attributed to asset management products. And undiscounted bank acceptance bills.
Li Xiujun, vice president of Moody's, said: "The ratio of shadow banking assets to China's nominal GDP in the first three quarters of 2020 is basically the same, mainly because China's economic growth has quickly recovered from the new crown epidemic."
During the same period, other core shadow banking activities, including trust loans and entrusted loans, are still in a contraction trend, and the interconnection between banks and non-bank financial institutions has also declined. Moody's said that by the end of the third quarter of 2020, Chinese commercial banks The net debt balance of non-bank financial institutions fell to the lowest level since 2016.