Industry News | China Wealth Management 50 Forum opens, Shang Fulin, Xiao Gang, Chen Wenhui and others talk about hot economic issues

On August 20, the "2022 Summer Summit" held by the China Wealth Management Forum was held in Beijing. Shang Fulin, chairman of the China Wealth Management Forum, director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, and former chairman of the China Banking Regulatory Commission, attended the meeting and delivered a speech. In addition, Xiao Gang, member of the National Committee of the Chinese People's Political Consultative Conference and former chairman of the China Securities Regulatory Commission; Chen Wenhui, Vice Chairman of the National Council of Social Security Fund; Hu Xiaolian, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and former vice president of the People's Bank of China; Wang Zhaoxing, Counselor of the State Council and former Vice Chairman of the China Banking and Insurance Regulatory Commission, and many other heavyweight guests attended the meeting and delivered speeches.

// Shang Fulin: keep total debt in line with economic growth //

Shang Fulin said that in general, the growth rate of my country's macro leverage ratio over the same period was significantly lower than that of other major economies. In terms of sectors, due to the implementation of more active and promising fiscal policies and the adoption of a series of measures to stabilize enterprises and safeguard employment, the leverage ratios of government and enterprise sectors have grown relatively rapidly. impact on its output. Therefore, it is necessary to realize the effective transmission of monetary policy, guide the accurate flow of funds to the key areas and weak links of the national economy, and prevent funds from idling and deviating from the real to the virtual.

"While increasing financial support, we should pay more attention to the efficiency of financial services, continue to focus on the theme of high-quality development, focus on expanding effective demand, and increase and improve financial supply." Shang Fulin believes that, on the one hand, supporting entities Economic transformation, upgrading and development, guide more capital to invest in advanced manufacturing and technological innovation enterprises, better serve key core technology research enterprises and "specialized and special new" enterprises, support the construction of infrastructure and major projects, and do a good job in the "14th Five-Year Plan". "Planning key areas and financing guarantees for major projects. On the other hand, it is necessary to focus on meeting the needs of financial services in the new era, and continue to guide banking and insurance institutions to strengthen financial services for small and micro enterprises and "agriculture, rural areas and farmers".

In addition, it is necessary to further consolidate and expand the achievements of financial poverty alleviation, improve the social security system, and provide financial services for new citizens. At the same time, aiming at the financial needs of medical care, health care, pension education and other fields, explore innovative financial services and products, develop the wealth management market, enrich investment and wealth management channels, continuously improve the investment market environment, cultivate value investment and long-term investment concepts, and reduce the willingness to save preventively. , to promote the transformation of household savings into investment.

In terms of stabilizing the macro leverage ratio, Shang Fulin introduced that in the first half of this year, in response to the complex situation, the macro leverage ratio has risen. "Although the growth rate of my country's macro leverage ratio over the same period is obviously lower than that of other major economies, we still need to pay close attention to the common problems of other economies due to increased debt and economic slowdown."

Shang Fulin said that from the molecular point of view, the impact of regulatory policies on debt is usually directly reflected in the current situation. It is necessary to insist on putting the service of the real economy in a more prominent position, realize the effective transmission of monetary policy, and guide the accurate flow of funds to the key areas and weak areas of the national economy. link, to prevent funds from idling from the real to the virtual. From the denominator side, it is necessary to continue to improve the efficiency of financial support for the real economy, maintain stable economic growth, match the total debt with economic growth, and achieve the goal of maintaining a basically stable macro leverage ratio proposed in the government work report.

In terms of preventing credit risks, Shang Fulin said that it is necessary to continue to do real asset classification, find out the risk base, fully expose non-performing assets, increase the disposal of non-performing assets, resolutely crack down on debt evasion, and maintain the regional credit environment and financial order. At the same time, it is necessary to rely on deepening the reform of small and medium-sized financial institutions, to solve the deep-seated system and mechanism problems by means of reform, to expand the channels for capital replenishment of small and medium-sized banks, and to fundamentally enhance the ability to resist risks.

//Xiao Gang: Accelerating the Digital Transformation of the Asset Management Industry //

Xiao Gang, member of the National Committee of the Chinese People's Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said at the meeting that from the perspective of the future development trend of asset management, there will be two trends of improved integration and differentiated development, and the development of asset management institutions will eventually focus on the head. However, the differentiated development of small and medium-sized asset management institutions cannot be ruled out.

In Xiao Gang's view, the digital transformation of the asset management industry has become the key to competition. This stems from the needs of customers, product management, investment performance, etc.; and the increasing pressure on risk control and compliance, in order to reduce manual processing, play the role of real-time early warning, and advance risk management, it is also necessary to rely on technology. At the same time, external pressure is increasing, the rapid development of Internet third-party wealth management institutions in recent years, and the fact that the world's top asset management institutions have all settled in China, all of which have increased market competition.

"There are still several problems in the transformation of my country's asset management institutions." Xiao Gang said, such as the digital transformation strategy is not very clear, the common data quality is not high, the business processes and application systems of asset management institutions are complicated, and the technical architecture relatively backward.

Xiao Gang believes that enhancing the core competitiveness of asset management institutions should adhere to the concept of "asset management + investment banking + technology". The so-called "asset management + investment banking" refers to a new type of asset management business as the core, featuring boutique investment banking business. Asset management institutions are generally buyers. They must not only be buyers, but also develop their investment banking business. creator of the product. And all of this must be digitized, intelligent, and integrated with FinTech as the hub.

Regarding the digital transformation of my country's asset management institutions in the future, Xiao Gang suggested that digital asset management should formulate long-term strategic goals; it is necessary to strengthen the construction of the data center, and integrate internal and external data through the construction of the data center to realize the data line. Integrate, centralize, standardize, label, and map. At the same time, it is necessary to build an intelligent investment and research-integrated asset management platform; accurately describe and accompany customers.

Specifically, the first is to establish a long-term strategic goal of digital asset management. "The values and culture of an asset management institution must be unified and sustainable, and the team cannot be changed once."

The second is to strengthen the construction of the data center. Through the construction of the data center, the internal and external data are integrated to realize the online, centralization, standardization, labeling and mapping of data.

The third is to build an intelligent investment and research-integrated asset management platform. Xiao Gang believes that an integrated platform should support investment research, product design, customer marketing, investment decision-making, and back-office operations. Therefore, it is necessary to have a leading technical architecture and data model to measure customer benefits and risks.

The fourth is to accurately describe customers and accompany them. "I think it is more important to accompany customers than to describe customers. Now we all pay attention to how to use digital to describe the characteristics of customers, that is, from know-your-customer (KYC) to know-your-customer's thoughts (KYI)." In addition, Xiao Gang pointed out that big data should also be used to scientifically calculate investable assets and establish customer dynamic risk models to help customers overcome market volatility and accompany customers to grow for a long time.

Finally, speed up the training of digital asset management talents, and follow a personalized, dynamic, and heuristic education method, so that asset management can go from investment games to intelligent portfolios, from learning knowledge to learning tools, so as to better improve the quality of the asset management industry.

// Chen Wenhui: Increase asset allocation in the "dual carbon" field //

Chen Wenhui said that "Double Carbon" is a long, wide and thick investment track. In terms of "long", "dual-carbon" investment will last at least until the middle of this century, and it will last for a long time. Capital actively deploys new economies and new industries, and can sustainably share the dividends of low-carbon transformation; from the perspective of "broadness", a large number of related industries are still In its infancy, as the cost of green energy and carbon reduction technologies continues to decrease, more and more industries will be included in the "dual-carbon" track, and new industries will continue to be derived; In the development of "double carbon", new problems will be constantly encountered, and new industries will be formed if the problems are solved, and new industries and new business forms will emerge one after another.

At the same time, "dual carbon" will also bring about changes in the energy structure, from coal, oil to natural gas, then photovoltaics, wind power and so on. Chen Wenhui analyzed that, in fact, "double carbon" will also bring about a transition from industrial civilization to ecological civilization, which will change our production, lifestyle and economic layout.

Regarding the key areas that can be paid attention to in "dual carbon" investment, Chen Wenhui introduced that first, the renewable energy industry chain and green infrastructure are high-quality assets for investment layout; second, China's low-carbon technology market is in a vacuum stage, and there are still many start-ups. The third is to focus on the field of combining "dual carbon" with the digital economy; the fourth is to study carbon trading and its derived carbon assets in advance, which may become the next important asset type.

Chen Wenhui pointed out that the "cyclical" law should be grasped in "dual-carbon" investment. He believes that the realization of long-term goals is unswerving, but it should also be known that this is a long-term process, "so we may not be able to rush up in the middle, and we can't turn off coal and stop it. , it will also bring many problems, including last year's power cuts and other issues." Chen Wenhui said that from a financial point of view, bank credit should grasp the rhythm of the "dual carbon" field, and investment should also grasp the development of the industry. law.

Finally, Chen Wenhui said that the transformation of "dual carbon" is a very important thing. If the transformation is successful, it will be another opportunity to leapfrog the innovation of the entire social governance through the promotion of technological progress through capital.

 // Hu Xiaolian: China has many new investment growth points //

Hu Xiaolian said that China is one of the countries with the highest level of savings in the world, and as much as 70% of the residents' assets have become bricks and piled up for storage, a considerable part of which exceeds their actual living needs, which is undoubtedly a waste of resources. Therefore, it is necessary to mobilize abundant savings, make good use of them, and put them into the capital market to become a long-term source of investment for economic development.  

Hu Xiaolian believes that there are two main aspects of new investment growth points: First, investment projects such as transportation, energy, water conservancy, land governance, farmland transformation, urban underground pipe corridor construction, and rural infrastructure construction, facing huge public investment needs. According to relevant estimates, the annual investment in the construction of urban underground pipe corridors alone is as high as 3 trillion yuan, which can drive economic growth by 3 percentage points. The second is the digital economy, industrial upgrading, scientific and technological innovation, modern service industry and other fields. These areas are an important starting point for the new round of enterprises and private investment. The new round of investment is not only huge in scale, but also the quality will be comprehensively improved compared with the traditional "iron public foundation" in the past, which is an important driving force for the realization of China's high-quality transformation and development, and the prospect is promising.  

"Carrying out a new round of investment and improving the long-term investment and financing mechanism is the basic guarantee." Hu Xiaolian stressed that for a considerable part of the project investment with a quasi-public nature, although the short-term returns are not obvious, the long-term benefits and social benefits are very significant, which can provide long-term support for high-quality economic development. To meet the investment needs of such projects, affordable long-term funding channels need to be broadened. Consideration may be given to making full use of the advantages of the central government's high credit rating to expand the issuance of central special bonds; Extend the issuance period of bonds, increase the issuance of bonds with a maturity of 30 years or more, and at present, this long-term bond accounts for less than 4%, and there is a large room for improvement; Give full play to the role of national policy-oriented development financial institutions and promote capital investment in civil society. In the process of transforming the momentum of economic growth, local governments should give more play to the role of the market, take the user payment of quasi-public welfare infrastructure as a common way, and adopt low rates and long cycles to achieve full coverage of cash flow of project use cycles and financing cycles.  

At the same time, it is necessary to promote the healthy development of the capital market and stimulate investment by enterprises and private sectors. Hu Xiaolian said that it is necessary to mobilize abundant savings, make good use of them, and put them into the capital market to become a long-term source of investment in economic development.  

In terms of vigorously building capital markets, strengthening corporate governance is crucial. She believes that investment institutions must strengthen professional ethics, be diligent and conscientious, and regulators should achieve "system building, non-intervention, and zero tolerance".  

In addition, it is necessary to continue to expand the opening up of the capital market and attract global funds to enter the Chinese market. Hu Xiaolian stressed: Developing the capital market is a strategic task. If China's capital market wants to play an important role in high-quality economic development, it must further enhance the absorption and tolerance of the market through opening up. The scale of China's stock and bond markets has ranked second in the world, and the opening of the capital market and the promotion of the internationalization of the renminbi promote each other and complement each other, which will greatly enhance the support for the new momentum of economic growth.

//  Wang Zhaoxing: Relevant tools for real estate financial policy should be continuously innovated and enriched //

Wang Zhaoxing pointed out that finance should actively innovate investment and financing mechanisms and provide sufficient financial support for expanding effective investment. Under the condition of controllable risks, around the characteristics of different stages of technological innovation enterprises, create comprehensive financial products and services with differentiated life cycles, and effectively use various financial direct and indirect financing tools to provide more financial support for technological innovation enterprises .

Wang Zhaoxing believes that the people's propensity to save is relatively high, while the willingness to consume is declining, which may be disrupted by the epidemic. However, due to concerns about the uncertainty of economic operation, in order to cope with possible future problems such as income decline and unemployment, residents are more inclined to increase savings and reduce consumption, so it is a phenomenon worthy of attention. At the same time, the scissors gap between the growth rate of M2 and the growth rate of social financing scale has further widened, and the corporate sector and the personal sector have weak motivation to expand production and expand investment.

"Real estate has also encountered great difficulties." Wang Zhaoxing said that it is becoming more and more difficult for real estate companies to obtain financing through (reconstruction). The demand for effective financing in the real economy is insufficient, and the sufficient liquidity of the financial system is not transmitted smoothly to the credit market and the real economy. Financial institutions are also facing the problem of "asset shortage". This also means that there are some problems with the transmission channel of money to funds and to effective investment.

"my country's real estate market is at an important stage of transition between new and old models." Wang Zhaoxing said that financial institutions should meet the reasonable financing needs of distressed housing companies and maintain normal loans to the real estate industry under the premise of adhering to the principles of marketization and legalization. In response to the decline in residents' willingness to buy houses and the market's wait-and-see sentiment, it is necessary to further improve relevant real estate policies to better meet the needs of rigid and improved housing. It is necessary to actively explore new development models for the healthy development of real estate, and constantly innovate and enrich relevant tools for real estate financial policies.

Wang Zhaoxing suggested that my country should further expand the support of development and policy finance. On the one hand, it is necessary to expand the capital investment of policy-based development finance to expand effective demand; on the other hand, it must also be able to guide commercial institutions to provide supporting financial support. However, development and policy tools should also be used in a market-oriented way to maximize the efficiency of use. At the same time, it is necessary to guide and promote more social funds and commercial funds to follow up.

Wang Zhaoxing also suggested that financial support for effective investment, especially technological innovation, should be strengthened. my country is still in the stage of rapid development of new industrialization, informatization, urbanization, and agricultural modernization. The investment potential, investment demand, and investment space are very huge, including the green transformation and "dual carbon" goals just mentioned. These all have huge investment potential.

In addition, he also said that the bottom line of no systemic financial risks must be firmly held. It is necessary to comprehensively analyze and judge the impact of economic fluctuations, economic cycles and macroeconomic policies on financial risks, take timely control and preventive measures, properly deal with the rebound of non-performing assets, prevent the rebound of high-risk "shadow banking", and strengthen supervision to prevent funds from deviating from the real and the virtual. , severely crack down on debt evasion and various illegal financial activities, and maintain the regional credit environment and financial order.

Source comprehensive CSI, wind, Sina, etc.