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Huang Qifan: Accelerating The Development Of Chongqing'S Financial Industry

2014/8/3 13:03:00 21

Huang Qifan Chongqing'S Financial Industry Is Accelerating Development.

national economy < a href= "http://sjfzxm.com/news/index_p.asp" > securitisation < /a > rate, strive to reach 70% in 2017 and catch up with the national average level.

Over the past ten years, China's economy has increased by two times, and the financial industry has been developing rapidly. The total assets of banks have increased six times, insurance has increased six times, and trust has increased ten times.

In the next ten years, China's capital market will usher in a better development stage under the spring breeze of reform. The securitization of national economy will accelerate, the number of new shares will increase, the market value of securities market will increase, and the national securitization rate of the whole country will reach 70% by 2017. Chongqing's goal in this respect is not high enough to catch up with the national average of securitization rate, if it can surpass that of course, it will be better.

is the policy of making full use of the country and making Chongqing the most complete functional license in the inland financial system by 2017.

The financial system and mechanism of a country are integrated. The financial system, whether it is silver, certificate, insurance or non banking financial institutions, whether it is macro monetary policy or micro regulatory requirements, is integrated throughout the country. Therefore, local governments do not need to carry out financial reform without financial reform.

A new line of business and new licences issued annually by three lines will be a new form of business for the local community. The new development momentum requires local governments to grasp the policy direction of one line and three sessions, grasp the key reform measures every year, and actively strive for new pilot and financial licences each year to carry out these businesses and functions well, that is, local financial innovation.

For example, this year, the three banks will focus on twelve types of licenses, such as private banks, credit insurance, third party payment, consumer finance, car leasing, financial factoring, and Guarantee Corporation. We will strive for eight, ten and twelve licenses.

The third party payment license for network finance has been approved by the state in three batches. We understand the importance of this license and strive to win five.

There are four domestic consumer financial companies, one in Chongqing.

The first batch of private banks approved three, and Chongqing did not win, so we must win the second batch.

There are also credit insurance companies. We also need to win one.

Factoring was launched by the CBRC last year. Chongqing is a pilot area, and we must strive for several.

Besides, there should be an automobile finance leasing licence in Chongqing. We have to apply for an auto finance lease license for Changan group.

is vigorously "a href=" http://sjfzxm.com/news/index_p.asp "development" /a "factor market.

The reason why we attach importance to the factor market is that the factor market is the norm of the market order and the price discoverer of various important factors, which can achieve the optimal allocation of resources.

The basic standard of our factor market is that the total volume of a certain factor in the national market is more than 1 trillion yuan, so the market of such factors is meaningful.

If a factor market paction volume can reach 100 billion yuan, we can basically grasp the pricing power.

For example, medicine, the country's annual drug trading volume of 1 trillion, Chongqing has made a drug exchange, now the paction volume is 20 billion, has already appeared certain pricing effect, if the 100 billion, it has pricing power.

Besides the three functions mentioned above, the factor market is also a financial settlement center. The paction flows to all parts of the country. The cash flows from all parts of the country are settled here, and the tax is handed over here. In general, the factor market has important functions in this area.

in previous years, after the approval of the state, Chongqing has 7 factor trading markets. In the first half of this year, it has made 400 billion yuan trading volume.

One of the most recent developments is the global recycling market for waste materials, which is clearly supported by the Ministry of industry and commerce. It is not only conducive to environmental protection, but also a renewable resource utilization.

There are also textile exchanges, as well as petrochemical products exchanges and insurance asset exchanges.

Some of them are the markets and exchanges of central enterprises. We should actively strive to settle in Chongqing.

In addition, foreign exchange offshore financial trading centers or trading clearing centers should be prepared to generate large amounts of revenue from tax and intermediary services.

is a good financial ecosystem.

One is that the whole community has a relatively good financing structure. Two, financial risk is relatively low and bad debts are relatively low.

In recent years, the financing structure of Chongqing's financial institutions has been quite satisfactory. In the first half of this year, the total amount of new financing was about 300000000000, of which 40% were bank loans, and direct financial stocks and bonds accounted for 26%. The remaining 30% were small loan companies, leasing companies, trust companies and other non bank financial institutions.

Of course, the most reasonable proportion is 45%:30%:25%.

More than 90% of the past financing is bank loans, and now can not go to the other extreme.

Non bank financial institutions need more than ten percent of interest rates, equivalent to semi - usury, which can't be too large.

The interest rate of the capital market bond is also lower than that of the bank interest. It should be vigorously developed and the three measures should be carried out.

focus on five indicators and keep away from financial risks.

first, guard against the risk of the real estate market.

At present, the national real estate market is in a downward state. Although Chongqing is fairly good, it is also necessary to prevent some small and medium-sized real estate companies from bad debts due to capital chain breakup in the next few years.

Second, to guard against the risk of local government debt.

The local government debt in Chongqing is audited by the National Audit Office. The debt rate is less than 30% of GDP, which is within the safety line.

For districts and counties, there are several districts and counties with heavy debts. In the meantime, the city helps them do well in scheduling, and will also give them pressure to reform, so that they can reduce their debts as soon as possible through reform, especially through the PPP reform.

Third, to guard against the risk of difficult enterprises and overcapacity enterprises.

In recent years, Chongqing has basically failed to invest in overcapacity industries, and has helped enterprises to overcome losses and overcome difficulties through the adoption of one enterprise and one strategy for the original difficult enterprises.

Fourth, to prevent Internet financial risks.

Now generally speaking, Internet finance is not about the Internet of financial institutions, but the Internet e-commerce companies to develop Internet finance.

The Internet is a means, and the essence of finance is unchanged. It is necessary to implement effective supervision in line with the regulation of three parties to ordinary financial institutions.

There are mainly four types of Internet finance.

One is the third party payment, the second is the P2P. Everyone loans, and the money deposited by the upstream and downstream users of the Internet is lending to the upstream and downstream businesses.

The third category is the so-called public funding, which will raise funds in the hands of netizens through the Internet.

The fourth category is the monetary fund we are talking about, and it also uses the Internet to collect interest at high interest rates.

The monitoring of these four types of Internet finance must be in place.

fifth, guarding against illegal social fund-raising activities, including underground banks, rats, illegal pawns, pyramid schemes, and illegal fund-raising.

Individuals or groups of non-financial organizations in the society may use high interest rates to collect money or raise funds in a scrambling way. They may cause social instability through non-standard underground banks and pawnshops.

The financial management departments and the public security organs must severely crack down on the law, focus on small businesses, and play outbreaks.

bad debts. The first half of the year in Chongqing was 0.34%, the trust company was less than 0.3%, the small loan company was 0.4%, the Guarantee Corporation was 0.8%, and it was the lowest in the whole country.

In general, the financial ecology of Chongqing is good at the moment and must be maintained.

Some of these five indicators have basically met the requirements, and some have yet to meet the requirements and strive hard to maintain them.

keep in mind five key points and keep the bottom line of financial management /p >

first, finance is the service industry, serving the industrial and commercial entity economy, the industrial and commercial industry prospering, and the financial industry flourish.

In fact, the reason for the financial crisis in the United States is that finance is not serving the industrial and commercial economy well. It is self centred, self circulatory, self singing and finally leading to a world-class financial crisis.

When considering the policy and direction, the financial industry must take the interests of the national economy, the real economy and the industrial and commercial industry as the highest standard, and not be able to design and consider the interests of the financial circle.

for example, after the interest rate liberalization, the interest rate of bank loans has gone up all the way. The original lending interest rate is 6.23%, and the highest interest rate can be 20%. Now the interest rate is marketization, and the bank loans to small and medium-sized enterprises, some of them are up to 50%. The interest of bank loans of many small and medium-sized enterprises is close to 10%. This is not what other loan pfers, third party service fees, etc., all of which add up to 12% and 13%.

In short, the national average lending rate is 6.5%, which was 7.1% last year, and now it has risen to 7.65%.

To think about it, this is why banks did not think of serving industrial and commercial enterprises. They did not expect that monetary policy should be a monetary policy for industrial and commercial enterprises, rather than a monetary policy for the circulation of the financial system itself.

Last week, the State Council issued ten measures to reduce the financing cost of enterprises, all of which are highly targeted. The ten of the State Council spoke very well in terms of directivity, and once again clarified the highest purpose of financial services for industrial and commercial enterprises.

secondly, once the financial crisis is formed, if we want to solve it, we will ultimately depend on the development of the industrial and commercial economy. We must rely on strategic scientific and technological innovation and rely on the new industrial revolution and technological revolution. This is a comprehensive understanding.

For example, the United States in 2008 such a big financial crisis, bad debts trillions, many businesses closed down, but in the past three or four years, the information industry in the United States has increased more than six times, Apple Corp in 2008 only 50 billion U. S. dollar market value, to 2010 reached 500 billion U. S. dollar market value, 2011, 2012 the highest time is 700 billion U. S. dollars.

The new revolution in the information industry has resulted in huge economic increments.

Shale gas has also changed the US energy structure in recent years.

From this, we can see that the economic development depends on the industrial and commercial economy. When the economy is bad, we must rely on the industrial and commercial economy to get rid of the crisis. If we rely solely on the financial industry itself to solve the financial crisis, there are only three consequences: first, postponing the crisis; two, pferring the crisis; and three, resolving the present crisis, but brewing a bigger crisis.

I never despise finance, but the more familiar I am with finance, the more I understand that.

Third, the essence of finance is credit.

What is credit? Money management for the rich, financing for people who need money. In this process, financial institutions need intermediaries, which requires credit.

To maintain good credit, financial institutions must make three points.

First, finance has leverage ratio in the trading process. This leverage ratio can not be too high, too high will produce bubbles, and there must be something wrong.

1:3, 1:5, 1:10, 1:20 can be discussed under different conditions, the greater the leverage ratio, the greater the risk. In those days, Lehman brothers was dead on the CDS bond's leverage than hype.

There must be no mistake in keeping this conservative.

Second, we should not put in usury, interest can not be too high, and usury appears to be very profitable at the moment. But on the one hand, usury will kill the loan enterprise, the enterprise will die, and your loan object will not be there. On the other hand, why this business will come to borrow usury, it can be very ill. If you lend it to him, it may very well ruin your account.

Third, the intermediate links can not be too much. From the source of funds to the whereabouts of funds, there is only one link in the middle, and there are two important links.

Many links, three or four, five links in series, there must be a black curtain, there must be trouble.

In short, the leverage ratio can not be too high, interest can not be too high, the links can not be too many, the three is the iron rule of finance, is to maintain the principle of credit, which is also the regulatory authorities should control.

Fourth, < a href= "http://sjfzxm.com/news/index_p.asp > > social /a > direct finance and indirect finance, including non bank financial system, there must be a reasonable proportion.

The biggest problem of China's financial system is that the replenishment mechanism of equity capital has not been established.

Since the reform and opening up, the financing system has been established and perfected, whether banks, securities or non bank financial institutions have been engaged in, but because of the abnormal development of the stock market, China's state-owned and private enterprises' capital replenishment mechanism has not really formed, resulting in a high debt ratio of Chinese enterprises.

Some people say that the Chinese government is heavily in debt. In fact, the Chinese government debt is not very serious. The US government debt is 1.1 times that of GDP, Europe is 1.5 times that of Japan, and Japan is 2 times that of the central government plus the local government debt is 50% of GDP.

But the total debt of Chinese enterprises is 140% of the total GDP, while the United States, Europe and Japan only have 50% to 60%. This is because their enterprise capital market replenishment mechanism is very sound, so enterprises do not have to borrow too much money from banks or other channels.

To solve this problem, we must promote the capital market, including the public securities market and the private equity fund market.

finally, regulation and innovation are a pair of contradictions, and we must always maintain a balance.

We should have wisdom, vision, tolerance and support for meaningful innovation.

However, the inexplicable innovation that has left the essence of the aim is highly leveraged, usurious, and multi links. The innovation under these three backgrounds must be resolutely and resolutely and uninhibited. Otherwise, if problems arise, it will produce great risks and serious consequences.