Strictly prevent bancassurance funds from speculating on commodities
Wen Baochen
Recently, with the successive introduction of a series of measures to ensure supply and stabilize prices, the supply and demand situation of some domestic bulk commodities has improved, effectively stabilizing social expectations.
While improving the supply capacity, we must also strictly prevent large-scale capital inflows into the commodity market for speculation and speculation, disrupting normal order and affecting the hard-won results of regulation and control.
A few days ago, the China Banking and Insurance Regulatory Commission issued the "Notice on Serving the Normal Production of the Coal and Electricity Industry and Orderly Circulation of the Commodity Market to Ensure the Stable Operation of the Economy".
This notification is very timely and necessary.
Affected by factors such as the mismatch of supply and demand, the supply of domestic bulk commodities is still tight.
In August, the PPI rose 9.5% year-on-year, and the rate of increase continued to expand, and it may still run at a high level in the short term: on the one hand, international bulk commodity prices still remain high, although the recent increase has declined, but the future trend is still uncertain; on the other hand, On the one hand, the supply-demand relationship of products in some domestic upstream industries is relatively tight, and prices are under pressure to rise.
The National Development and Reform Commission predicts that this winter, affected by factors such as stable economic growth and rapid increase in electricity consumption for heating, the country's highest electricity load will gradually rise and may exceed the peaks of this summer and last winter.
This puts forward higher requirements for the stable supply of bulk commodities such as coal and natural gas. At present, the task of maintaining the supply and price of bulk commodities is still very arduous.
While doing everything possible to grasp supply, we must also guard against speculative forces making troubles in the bulk commodity market and disrupting expectations.
For bancassurance institutions, it is necessary to grasp "insurance" with one hand and "prevention" with the other.
Every effort must be made to ensure the supply of bulk commodities through capital supply.
For coal-fired power, coal, heating and other enterprises that meet the support conditions, a rapid response mechanism should be established, green loan channels should be opened, and loan approval should be prioritized; relevant enterprises should be supported to make good use of international resources, maintain a moderate import scale, and effectively supplement domestic supply.
Every effort must be made to prevent large-scale capital inflows into the commodity market for speculation.
It is strictly forbidden to misappropriate credit funds or bypass financial management, trust and other methods, illegally participate in the speculation of coal, steel, non-ferrous metals and other commodities, disrupting social expectations; strictly prevent the use of bancassurance funds to drive up prices and increase downstream enterprises in the industrial chain, especially the majority of small and medium-sized enterprises The cost of production and operation of an enterprise affects social stability.
Banking and insurance institutions, especially large commercial banks and insurance institutions, should also pay attention to managing the export of funds to ensure that funds flow to the places where the real economy is most needed, so as to create a safe and efficient financing environment for economic and social development.