Frequently, what changes have occurred in China's financial market?

In the first half of this year, a regulatory storm of harassment and risk prevention was set off in the financial industry, filling up the shortcomings of supervision and increasing penalties... A series of regulatory combinations were frequently applied. Under the strong supervision, what new changes have occurred in China's financial market? The "Xinhua Viewpoint" reporter conducted an investigation.

Ways to make money: "Good money" and "Make quick money" are no longer

Under the strong supervision environment, the most direct impact on financial institutions is that the era of making money and making quick money is gone.

From January to May, the premium insurance premiums that had soared all the way down 56.53% year-on-year, accounting for 15.04% of personal insurance premium income, down 17.5 percentage points year-on-year.

The essence of insurance is “guarantee”. However, for some time, some insurance companies have been keen on making money quickly, deviating from the short-term financial management business such as the main business development and universal insurance. The insurance period is short and short, and even promises one year. Withdrawal of insurance has deviated from the original intention of the insurance industry. Since the beginning of this year, under the pressure of regulatory policies, some insurance companies have already felt “painful” and began to adjust their business structure.

A person in charge of a small insurance company that relies on the development of universal insurance for a long time told reporters that the company is adjusting its product structure according to regulatory requirements, compressing the scale of short-term wealth management products, working hard on the development of guaranteed products, and developing future business, although during the transition period, premiums The scale has declined, but the company's debt level is more reasonable.

In the capital market, under the policy environment of increasing supply of new shares and tightening supervision of major asset restructuring under the normal IPO, the traditional operation mode of “speculation concept” and “making quick money” is no longer aura. The ST stocks, sub-new shares and high-sending stocks that were once favored by the market were “cold”. Statistics show that among the 10 stocks with the biggest decline in stock prices in the first half of the year, ST stocks accounted for seven seats. During the same period, the high delivery index and the deep new stock index tumbled 12% and 28.6% respectively.

For the banking industry, which has always been called "lying money," money is not so good. The spreads of the main sources of bank profits and the income of intermediary businesses are under great pressure. The net interest margin of commercial banks has dropped from 2.70% in the fourth quarter of 2014 to 2.03% in the first quarter of this year.

"The current market funds rate up, increase the cost of bank debt, but the reaction is slow re-pricing of assets, return on assets end up magnitude less than the cost of debt end rise, resulting in banks' net interest margin." CITIC Bank 601998, shares of companies attending Department Deputy Manager Wang Penghu said.

A number of banking professionals said that wealth management business is an important part of the increase in intermediary business. In the context of strong supervision, the growth rate of wealth management business has shrunk, and the growth of intermediary business income has been constrained. It will be even harder for the banking industry to make money in the future.

Market environment: the original Qingyuan returned to the main business

There is no doubt that the purpose of strong supervision is to manage market chaos and hold the bottom line of risk. Judging from the investigation of the reporters, the supervision of heavy punches has cracked down on violations of laws and regulations, the market environment has been purified, and the financial ecology has become healthier and more reasonable.

In the first half of this year, a series of regulatory actions in the financial sector were striking. The CSRC has accumulatively fined 6.361 billion yuan, 1.5 times that of the whole year of 2016; the market was banned for 30 people, close to the full year of 2016. The capital market "predators" is also said to be the "biggest ticket in history" of 3.47 billion yuan. The China Insurance Regulatory Commission granted Yao Zhenhua, the chairman of Qianhai Life Insurance, a penalty of 10 years in the industry. In response to bill violations, evasion of supervision, and abuse of channels, the CBRC’s fines for violations in the first quarter accounted for 70% of last year. Strict supervision is reshaping the financial ecology, prompting financial institutions to clear the source and return to the main business.

As of the end of May, the scale of wealth management products of banking financial institutions was 28.4 trillion yuan, down from the 30 trillion yuan at the end of April. A number of banking practitioners said that since the first quarter, the growth rate of bank wealth management has begun to decline significantly. After April and May, the scale of interbank wealth management business of various banks has become more obvious, and the financial investment and financial management of the same industry. Both have dropped hundreds of billions of yuan.

Inter-bank business also began to contract, and the scale of inter-bank deposit receipts in May fell for the second consecutive month. The reporter learned from a number of commercial banks that, unlike the increase in the distribution of inter-bank resources in previous years, banks have reduced their inter-bank business in recent months, and the interbank liabilities of some banks have fallen by 20%.

Under the guidance of the supervision, commercial banks began to adjust the structure of assets and liabilities, leaving more resources to the public and retail business. Supporting the coordinated development of Beijing-Tianjin-Hebei, the Yangtze River Economic Belt and other national strategies, and launching new fields such as green finance and technology finance, serving weak links such as agriculture, rural areas and small micro-... The banking industry supports the dynamic growth of the real economy.

In the insurance industry, problems such as blind development of short-term wealth management business and aggressive investment are gradually being transformed. The reporter sorted out the settlement rates of the latest life insurance products of many life insurance companies and found that the settlement rate of most universal insurance products was between 4% and 5%, and the “8%” was no longer seen. Many insurance companies have begun to vigorously develop guaranteed products, expand their business, and shrink their business. The business structure is healthier and the development momentum is more sufficient. In the first quarter, China Life Insurance 601628, attending shares, China Ping 601318, attending shares, China Pacific Insurance 601601, attending stocks, NCI 601,336, clinics shares the first year to pay premiums grew 17.4%, 45.9%, 67.3% and 47.5%.

Jiang Yang, vice chairman of the China Securities Regulatory Commission, said that the current ecological environment of the capital market has been significantly purified. Speculation speculation such as market speculation, speculation, and speculation has gradually been suppressed, and the investment style has gradually shifted to value investment.

Institutional arrangements: gradually improve the foundation and become stronger

In the first half of this year, it was an exciting event for A shares to join the MSCI index after four customs clearances. MSCI Managing Director Remy Bryand said that international investors have widely recognized the significant improvement in China's A-share market access in the past few years. This is a microcosm of the continuous improvement of China's capital market institutional arrangements.

Revise the Measures for the Administration of Major Assets Restructuring of Listed Companies, strictly reorganize the listing criteria; improve the rules for the suspension of resumption of listings of listed companies, and solve outstanding problems such as “arbitrary suspension, general speaking, and long-term stoppage” of listed companies; improve the reduction system and standardize the shareholders of listed companies And Dong Jian’s high reduction behavior; the introduction of appropriate measures for investors provides a unified standard for the appropriate management of markets, products and services...

Experts said that while managing market chaos, the regulatory authorities continue to fill in the shortcomings of supervision and improve institutional arrangements, which helps to contain risks from the root causes.

Through the systematic review of the defects and deficiencies in the supervision system and practice, the CBRC has studied and formulated more than 20 key regulations to be gradually implemented in the near, medium and long term. The China Insurance Regulatory Commission said that it will study and formulate the insurance industry's unified insurance institution equity management rules, study and formulate insurance company's asset and liability management supervision regulations, and fill in the insurance group supervision and other system gaps.

In the view of Chen Shaoxia, chief researcher of Shenzhen Zijingang Capital Management Co., Ltd., the gradual improvement of the “rules of the game” in the financial market is the top priority in clearing the market ills and consolidating the foundation of market development.

“Perfect institutional rules are fundamental to the healthy development of financial markets.” Chen Shaoxia said that strengthening financial supervision may bring short-term pain to the financial market, but in the long run, it can effectively resolve some of the risks accumulated in the early stage and optimize financial development. The configuration of the resource.