On March 2, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, stated at the press conference of the State Council Information Office that decisive achievements have been made in the battle to prevent and resolve financial risks.
Risks in the banking and insurance industry have shifted from rapid divergence to gradual convergence, and a number of major problems and hidden dangers "precise bomb disposal" have firmly maintained the bottom line of avoiding systemic risks.
First, the financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed.
Second, the identification and disposal of non-performing assets in the banking industry has made great strides. The cumulative disposal of non-performing loans from 2017 to 2020 is 8.8 trillion yuan, exceeding the total of the previous 12 years.
The third is that shadow banking has been dismantled in an orderly manner, and its scale has dropped by about 20 trillion yuan from its historical peak.
Fourth, financial illegal and criminal acts have been severely punished, the risks of illegal financial groups have been gradually resolved, a large number of illegal fund-raising cases have been dealt with in an orderly manner, and the Internet financial risk situation has fundamentally improved.
Fifth, the response to external risk shocks was timely and effective, and the financial system maintained strong resilience.
Sixth, the bubble of real estate financialization has been curbed.
Seventh, the incremental risks of hidden debts of local governments have been basically controlled, and the resolution of existing risks is progressing in an orderly manner.
Eighth, the debt risks of large and medium-sized enterprises were handled steadily.
(Producing Le Xiaomin)
Editor in charge: [Zhang Kaixin]