2024-08-22
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Interface News Reporter |
Interface News Editor | Jiang Yiman
"In terms of science and technology finance, we will accelerate the construction of a science and technology finance system that is compatible with scientific and technological innovation, focus on the key link and key areas of scientific and technological innovation, and improve adaptability by combining the financing services and insurance protection needs of science and technology companies in different industries and at different growth stages." On August 21, Xiao Yuanqi, deputy director of the State Financial Regulatory Administration, said at a series of thematic press conferences on "Promoting High-quality Development" held by the State Council Information Office.
Wang Shengbang, Director of the Department of Laws and Regulations of the Financial Supervision Administration, Liao Yuanyuan, Director of the Department of Statistics and Risk Monitoring, and Yin Jiangao, Director of the Department of Property and Casualty Insurance Supervision, attended the press conference and responded to questions such as the "five major articles" of finance, the reform and risk reduction of small and medium-sized financial institutions, and the coordination mechanism of real estate financing.
Xiao Yuanqi said that as of the end of June 2024, the loan balance of high-tech enterprises nationwide was 15.3 trillion yuan, of which credit loans and medium- and long-term loans accounted for more than 40%, and the loan balance increased by 19.5% year-on-year.
In terms of green finance, we have issued guiding opinions on promoting the high-quality development of green insurance, and continued to optimize green finance standards and green finance evaluation work. By the end of June, the green credit balance of our 21 major banks was 3.1 trillion yuan, a year-on-year increase of 25.9%.
In terms of inclusive finance, a notice on inclusive credit work in 2024 was issued, and guiding opinions on promoting the high-quality development of inclusive insurance were issued. At the same time, the inclusive credit system was further improved. By the end of June, the balance of inclusive small and micro enterprise loans was 3.2 trillion yuan, a year-on-year growth of 17%.
In terms of pension finance, we have worked with relevant departments to promote the development of the personal pension system. Currently, more than 60 million accounts have been opened, and more than 500 savings deposits, bank wealth management, and commercial pension insurance products have been launched. At the same time, we have also vigorously developed commercial pension insurance, with a total pension fund size of more than 6 trillion yuan, covering nearly 100 million people.
In terms of digital finance, guiding opinions on the digital transformation of the banking and insurance industries will be issued to accelerate the development of digital financial products and services, and strengthen data capabilities and infrastructure construction.
Liao Yuanyuan, director of the Statistics and Risk Monitoring Department of the State Financial Supervision and Administration, said that in recent years, the growth rate of net profit of Chinese commercial banks has continued to slow down, mainly due to the continuous decline in loan interest rates and the continuous narrowing of net interest margins.
From January to July this year, the average interest rate of newly issued corporate loans by banks fell by 39 basis points compared with the same period last year, and fell by more than 100 basis points from the previous high point in 2021. In the first half of the year, the net interest margin of commercial banks was 1.54%, a year-on-year decrease of 19 basis points, and a decrease of more than 50 basis points from the previous high point. The narrowing of the net interest margin has led to a significant slowdown in the growth rate of banks' net interest income. Another factor affecting net profit is that commercial banks have continuously reduced service charges in recent years, among which the fee and commission income has declined year-on-year for five consecutive years.
Wang Shengbang, Director of the Regulations Department of the State Financial Supervision and Administration, said that the advantages of the "four-level vertical management" system of the Financial Supervision and Administration Bureau should be brought into play, and the General Administration, provincial bureaus, branches and sub-bureaus should work together as a whole to continuously strengthen financial risk monitoring and early warning and enhance risk prevention and control capabilities.
Achieve full coverage of financial supervision. The Financial Supervision Administration uses new technologies and new means to strengthen information interconnection, improve the monitoring and early warning platform for illegal financial activities, enhance the ability to identify illegal financial activities and entities, achieve dynamic monitoring, timely early warning, move the checkpoints forward, and deal with them as soon as possible.
Strengthen supervision and improve supervision efficiency. Implement the requirements of strong and strict supervision, strengthen the full-chain supervision of the Financial Regulatory Bureau, realize the linkage of administrative licensing, off-site monitoring, on-site inspections, regulatory enforcement measures and administrative penalties, rectify market chaos, focus on the "key issues" that affect financial stability, strengthen supervision, and severely punish illegal and irregular behaviors.
"In time, compliance will truly become the gene of financial institutions and lay a solid micro-foundation for our financial stability," said Wang Shengbang.
Xiao Yuanqi believes that in terms of reform, we adopt the principle of seeking truth from facts and advancing steadily, and do not adopt a "one-size-fits-all" approach. China is very large, and small and medium-sized financial institutions are distributed all over the country, from large cities to small and medium-sized cities, to counties and villages. The regional conditions served by each institution are different, and the conditions of each financial institution itself are also different. Therefore, we adhere to the principle of one policy for each province, one policy for each bank, and one policy for each company.
In terms of supervision, we must first focus on corporate governance. At the same time, we must strengthen information disclosure and give play to the role of market constraints and external supervision. In particular, we must strengthen behavioral supervision. We must focus on strengthening supervision of the behavior of major shareholders to prevent major shareholders from manipulating and dominating small and medium-sized financial institutions. Small and medium-sized financial institutions must find their own market positioning. The general principle is to take the path of differentiated and characteristic development.
Liao Yuanyuan introduced the real estate financing coordination mechanism and said that at present, commercial banks have approved 5,392 "white list" projects, with a financing amount of nearly 1.4 trillion yuan. Driven by the city coordination mechanism, "white list" projects that meet the requirements have received financial support in a timely manner, playing a positive role in promoting the completion and delivery of projects, protecting the legitimate rights and interests of buyers, and stabilizing the real estate market.
At present, in order to ensure the delivery of houses, the coordination mechanisms of various cities are comprehensively understanding the information of real estate projects under construction that have been sold but not delivered. For projects that need to obtain financing support through the "white list" but have not yet met the "white list" conditions and standards, the city coordination mechanism urges banks to put forward targeted opinions and suggestions, real estate companies to take measures to repair problematic projects as soon as possible, and city governments to strengthen coordination and promote the inclusion of projects that meet the "white list" conditions and standards.
When talking about increasing financial support for technological innovation, Wang Shengbang said that first, the policy framework for technology finance should be improved. The technology credit service mechanism should be further optimized to guide banking and insurance institutions to provide differentiated and targeted financial services to technology-based enterprises in different industries and at different growth stages, continuously improve service efficiency, and adapt to the financial needs of different enterprises.
Second, actively innovate financial products. Standardize the development of exclusive financial services such as "loan + external direct investment", technology insurance, and supply chain finance for leading technology companies. The Financial Supervision Administration, together with the National Intellectual Property Administration, has promoted paperless online registration of intellectual property pledge financing across the country, improving the financing convenience of technology-based enterprises.
Third, further leverage the risk protection and long-term capital advantages of insurance funds. At the end of June, insurance companies provided 6 trillion yuan of insurance protection for risks in the process of scientific and technological activities such as scientific and technological research and development, achievement transformation, and promotion and application. Support the unblocking of some policy barriers that exist in equity investment and venture capital by insurance funds. Some large insurance companies actively participate in various funds and equity investments. At the end of July, insurance funds had invested 2.7 trillion yuan in long-term equity.
Fourth, improve the incentives for technology finance supervision and enhance the professional service capabilities of technology finance. The credit rating of technology companies is forward-looking, and we encourage banks to develop a differentiated credit evaluation system that is more in line with the operating characteristics of technology-innovative companies.
"It takes a long time for a science and technology enterprise to go from a patent and a technology to mass production. So it is difficult to measure the performance of its equity investment and loans through short-term performance evaluation. We encourage banks to explore longer-term performance evaluation plans, appropriately increase tolerance for non-performing loans, and establish a due diligence exemption mechanism," said Wang Shengbang.
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