Chinanews.com, Beijing, July 25 (Reporter Xia Bin) Wang Zhaoxing, former vice chairman of the China Banking and Insurance Regulatory Commission, said when he participated in the "2021 International Monetary Forum" in Beijing on the 24th, he had served as a member of the Basel Banking Committee and participated in international financial regulatory reforms and regulations. In terms of personal experience and feelings of the formulation, it is believed that the Basel Committee is not a club for the elderly, and the Basel Agreement is not an antique, and China’s financial regulatory authorities have not become simple porters of international rules.
Wang Zhaoxing pointed out that the Basel Capital Accord is a concentrated expression of international financial rules and conventions, and it is also a rule that China’s financial industry must study and refer to to promote internationalization and participate in international competition.
The Basel regulatory rules are not conservative, closed and immutable, but are constantly adjusted and improved according to changes in financial formats and financial risks.
He further stated that China’s financial regulatory authorities did not copy all of them, but proceeded from China’s actual conditions and formulated and implemented financial regulatory rules based on local conditions. They were followed, innovative, and developed. Some areas are more stringent, and some are more flexible. Make up for the weaknesses and shortcomings of the regulatory system.
While promoting finance to support the real economy, we must firmly hold on to the bottom line of preventing systemic financial risks.
Specifically, Wang Zhaoxing pointed out: First, the dynamic evolution of the Basel Agreement.
Regarding the capital agreement, major changes have taken place in the capital structure and quality, and greater emphasis has been placed on adjusting capital requirements based on risks, and the scope of risks covered has continued to expand.
In terms of core principles, in accordance with the issues exposed by the international financial crisis, the requirements for corporate governance, information disclosure, regulatory resource protection, regulatory independence and collaboration have been strengthened.
In terms of emerging risks, we pay great attention to financial technology risks, climate risks, business interruption risks, and the impact of the new crown pneumonia epidemic.
Second, the implementation and changes of Basel regulatory rules in China.
Wang Zhaoxing said that the rules formulated by the Basel Committee are not statutory uniform standards, but reference standards. The characteristics of my country's banking industry should be fully considered to learn from and implement relevant rules.
China’s financial regulatory authorities have adjusted and optimized core tier 1 capital adequacy ratios, leverage ratios, risk weights, provisions, etc. based on actual conditions, and implemented recovery and resolution plans for high-risk financial institutions based on national conditions, developed green finance, and regulated Internet financial platforms Wait.
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