The Supervision Trial Measures will come into effect on November 1st-
Financial holding companies have iron rules
Our reporter Wen Jicong
The "Trial Measures for the Supervision and Administration of Financial Holding Companies" promulgated by the People's Bank of China came into effect on November 1, providing a regulatory framework for the development of the financial holding company model in my country.
For a long time, my country has not included financial holding companies as a whole. Individual non-financial companies have blindly expanded into the financial industry, their shareholding structure and organizational structure are complex, and there are even prominent problems such as cross-shareholding and false capital injection.
Pan Gongsheng, deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, stated that in September this year, the "Decision of the State Council on Implementing the Access Management of Financial Holding Companies" and the "Trial Measures for the Supervision and Management of Financial Holding Companies" were issued one after another, and a financial holding company was initially established. The regulatory system framework clarifies that financial holding companies formed by non-financial companies investing in holding financial institutions shall have legal access and accept supervision.
Zhu Hexin, Chairman of CITIC Group, said that the policy clarifies the access conditions and continuous supervision requirements of financial holdings, and ensures the completeness of the regulatory system from the top-level design, which will effectively promote the financial holdings to carry out beneficial innovations and conform to international practices.
Peng Chun, chairman of China Investment Corporation, said that it is necessary to always take serving the real economy as the starting point and foothold, focus on supporting weak areas and key links such as small and micro enterprises, private enterprises, and advanced manufacturing, and continue to innovate financial service methods.
Leverage comprehensive financial advantages, further improve financial accessibility, and more precisely meet diversified financial needs.
Explore the application of emerging technologies such as big data, cloud computing, artificial intelligence, and distributed databases, and rely on financial technology to improve the quality and efficiency of financial services.
Strengthen risk prevention and control, and resolutely maintain the bottom line of no major risks.
Zhu Hexin suggested that while continuously improving financial control supervision, the high-quality development of financial holding companies should be fully encouraged and promoted, and under the premise of risk isolation, the comprehensive financial advantages should be used to continuously improve the level of financial services to the real economy.
Cai Yunge, deputy secretary of the Party Committee of the Bank of Communications, said that it is necessary to continue to make efforts in terms of system supply, deepening cooperation, technological innovation and application, and risk prevention and control to promote the banking financial holding group to better serve the real economy.
For example, support qualified large banks to explore the establishment of financial holding companies, and promote in-depth cooperation between banking financial holding groups and non-bank financial holding groups.
Liu Qiao, dean of the Guanghua School of Management of Peking University, said that there are several key points in the future development of financial holding companies: one is that development goals should not be scale-oriented; the other is to improve investment efficiency; kinetic energy.