129773822086250000_49Guo Tianyong (data) Bank "windfall" banking is the most popular topic in the recent half a year, banks, academics, regulators and when higher level are involved in this annual debate. As focused on banking sector development for the Central University of finance and banking Research Center of China Guo Tianyong without exception. Recently, Guo Tianyong even debate "battlefield" moved to the micro-BoOn. In this debate, Guo Tianyong are considered to be found banks "windfall" of the party. Yet, there is a "windfall", different people have different views, have expressed all kinds. Around the Bank a "windfall" issue, Guo Tianyong had many ideas seen reported, but Guo Tianyong recently on this topic still accepted the exclusive interview with this reporter. In a cafe in Beijing, Guo TianyongVivian speaking to reporters, combing all of his opinion, based on and extended thinking. "Windfall" not a simple number defined in Shanghai Securities News: why Bank with high growth likely to provoke criticism of public opinion, said that finance is the blood of the economy, we should like to see high profits and high growth of the Bank? Guo Tianyong: "Bank profits" the word first came from netThe people, in fact, I personally do not agree with the "windfall" of the word. But why the public has been using this word? In fact, that all may understand what, here more with emotion, where members of the public on the negative interest rates, deposits on monopolies, dissatisfaction with the service, rather than a simple number defined. In fact, since 2003, after the reform of the banking industry ROE (ROE)High, has always been a people long for money-making industry. But why 2011 criticized before people start their profits? There are two reasons: first, from 2002 to 2008, macroeconomic stability and rapid development of China; 2009-2010 was under the influence of the financial crisis, but 4 trillion investment, China's real economy overall condition good. You eatMeat, I can drink soup, live. Second, 2011, under the influence of international financial crisis and the domestic macroeconomic regulation and control policies, solid economic development constraints, closure of business losses, increased inflation and negative interest rates of serious and continuous decline in the purchasing power of households. But the banks are tightening machine direct raise or raise lending rates in a disguised form, charge various fees,Proliferation of private financing and risk exposure. Banking services questioned the role of the real economy, while banks ROE remains high and continues to increase. Contrast large banks and the real economy, fire and ice a two-day campaign, you continue to delicacies, I was hungry, and disputes appear natural. Shanghai Securities News: you come to the bank profitability based on what? NowChina's economic development situation, a reasonable profitability of the banking sector is healthy? Guo Tianyong: the economy in a free flow of capital, industry profit margins will eventually approach the social average profit rate of convergence. A ROE of long time well above the social average profit rate, there are two main reasons: first, there are barriers to capital flows, orBarriers, or administrative barriers. Technical innovation is the driving force of social development, community to encourage technical progress, technical barriers brought about by a "windfall" few accusations. People such as Steve jobs, MA, Yao just envy, without envy and hate. Administrative barriers because of "profiteering" is different, it's obviously unfair, will lead to issues such as rent seeking, corruption, inefficiency, and resistanceThe development and progress of society, so people always denounced. It should be recognized that bank ROE high has a certain amount of technical barriers, like I've been investigation of Minsheng Bank "credit link", Bank of Beijing "little giant", Hankow Bank technology financial "investment facility", Guiyang Bank characteristics of the public service, innovation and technology, access to the market for a wide rangeRecognized, but there is no denying that is, banks also exist at present a higher level of administrative barriers, form of management bodies at the level of approval, the entry threshold. Second, price controls, and control high pricing. At present, China's market-oriented interest rates did not, banks have not right to obtain direct pricing, but the Central Bank controls interest rates has been reserved for the Bank sufficient protection spreads. It is understood that theAfter the Asian financial crisis, Central Bank interest rates set by the reform spread levels take into account the recuperation of the banking system, large 1%. At present, despite the number of banking institutions not small, has some competition, but this more reflected in the non-price aspects of competition, and general financial benefit consumers rarely. So it reflects the price of entire industries under the control of collective "stormLee "spree. It should be said that China's reform of interest rate marketization time has matured, but some of the people and to maintain the steady growth of profits, interests of Bank stock prices basically stable, avoid badmouthing of foreign investment by the Chinese banking, gaming market-oriented reform of interest rates by central banks. Profit attributable to reasonable Shanghai Securities News: after you think the Bank a "windfall" of SFC solutionAgreed, meant to increase the proportion of direct financing, will elaborate the logic behind it? At present is a strong calls for reform, including the marketization of interest rates, the average level can be seen as bank profit margins return to society do? Guo Tianyong: a lot of people talk about high profits of the Bank of China, will be attributed to poor usury. Bank's net interest margin level less than 3%, Not the highest in the world. United States banking long-term average net interest margin 3.98%, much higher than us, but why not "excessive profits"? United States bank credit than the entire financing of less than one-third, but we were up to 80%. Visible banking profitability in China mainly is related to indirect financing-dominated financing system, therefore I have said before, from the fundamentalSettlement on bank profitability issues
tera gold, through the development of capital markets, expanding the direct financing, raise the proportion of direct financing in the social finance to complete. The other hand, carry high is not a leading cause of high banking profits in China, however, does not mean that we should not promote the reform of interest rate marketization, indirect financing-led East Asia (for example, Japan, and Thailand), it spread widelyLower, while Europe is the opposite. Therefore, indirect financing in China under the dominant pattern of hard to change in the short term, promote from the market-oriented reform of interest rates, or take the form of unilateral or bilateral and cutting to reduce Bank profits is feasible. Of course, as the market puts pressure on bank interest rates, so the premise should be the establishment of deposit insurance and financial institution insolvency regimes. At the same time,Marketization of interest rate and broaden access are two faces of a coin. If market-oriented interest rates, relaxation of access to financial institutions, they would form a financial black hole, a large number of social capital are scrambling to move into the financial sector, equally, if the interest rate liberalization and access not to relax, Bank it is possible to use a relative monopoly on the contrary lead to higher lending rates. Therefore, in promoting the interest rate marketizationAt the same time, threshold required by financial institutions to reduce significantly. Shanghai Securities News: critical banks "profiteering" at the same time, will talk about the stock after a few years
tera power leveling, your eyes change and growth in the banking sector? Guo Tianyong: prior to the Asian financial crisis, China's financial industry is in recovery, in the process of establishing and perfecting of the system, including the independence of the Central Bank, major banks and insuranceRecovery and commercialization reform, joint-stock company commercial bank and the establishment and development of small and medium-sized financial institutions, capital markets, securities and establishment of companies, establishment of policy banks. During this period, China's financial industry has been as an important means of promoting economic reforms and social stability, financial sector and in particular the banking industry make important contributions to development of the national economy and social stability, but alsoPart the cost of enterprise and social transformation. More than 10 years after the 1997 Asian financial crisis, the Chinese Government greatly speeding up the reform of the financial sector, including the closure of a large number of problems of small and medium-sized financial institutions, restructuring of some financial institutions to speed up a large joint-stock system reform of State-owned banks, insurance companies, promoting the reform of rural credit cooperatives, promoting the Corporation fully mechanizedGovernance
tera power leveling, promoting the reform of interest rate and exchange rate management, at the same time promoting the external financial legal system, accounting system, financial and ecological aspects of the reform of financial regulation, the financial markets. State-owned commercial banks in particular, through split dealing with bad, injecting capital, publicly traded, State financial support, new man has changed beyond recognition, have been gradually perfected corporate governance, risk and its managementControl capacity and profitability continued to improve, significantly improving the market position and strength, service efficiency and capacity-increasing of national economic and social development, for the health of the national economy running smoothly and laid a good foundation for financial stability. But at the same time, there are still some outstanding issues in the financial sector in China, most notably: overall extensive financial institutions, corporate governance and the windRisk management is still plagued with problems, rural finance and small and medium-sized financial institutions development has lagged behind, market-oriented reform of interest rates, exchange rates, and so on need to be further forward, macro financial control has yet to be improved, the financial supervisory capacity needs to be further enhanced, ability and level of services in the financial sector and economic development needs of society still has a big gap. Reform needs the top design in ShanghaiSecurity: current banking is also behind the high profits in certain worries exist? How to solve? Guo Tianyong: engineering, building, agriculture, and national development banks and other large banks in assets is systemically important financial institutions, an institution there, everyone can be a problem, it will form a system of financial risk, national salvage and disposal costs are great,Handled properly is likely to need international assistance, it will be dragged into the abyss of the national economy. From this angle, can also be said that large banks remain the lifeline of the national economy. From crises and systemic perspective, effective risk prevention, and system should be established to ensure that systemically important financial institutions do not produce a large number of non-performing assets, avoid large capital lossesCaused by a systemic risk. Therefore, in the long run, preventing systemic financial institutions are not the problem, should be increased by strengthening the supervision of systemically important financial institutions, raise the level of supervision, and promote the improvement of corporate governance, the strengthening of internal control measures to deal with, not resolved by policy dividends to maintain the industry's high-ROE (of course, regulators,This is the simplest method). Short term, macro-prudential supervisory system is not yet perfect, under the deposit insurance system has not yet been established, we have no way to effectively prevent bank crises and pass it down to the real economy channels, maintain a moderate profit banking is the choice of suboptimal or helpless. Shanghai Securities News: from a long-term perspective, the future of financial reform is needed toWhat concerns? Guo Tianyong: looking back on the course of more than 30 years of reform and opening up, concerns are few of the top design. From this round about Bank "windfall" controversy, we have clearly felt that the resistance of the interest group on reform. Therefore, financial reform is needed in the future to do top-tier design. The current reform has entered a "Sham Shui Po District", a wide, especially involving Department responsibilitiesAnd interests, extremely difficult. Therefore, reform cannot be dominated by a sector of interest, otherwise easily "deviation". Should draw on the experience of the reform of State-owned banks, set up under the leadership of many departments of the State Council reform working group, design reform programmes, interest sector specific programmes implemented. First of all, promote the construction of marketization reform of financial system. Finish is established and ongoingGood macro-prudential management system. Currently needed is the establishment of macro-economic growth and the growth of credit-linked dynamic provisioning system, controlling credit growth too quickly on the one hand; on the other hand is more important to establish "counter-cyclical" profit control mechanism. Second is to speed up the introduction of deposit insurance system. Provide institutional support for the development of small and medium-sized banks on the one hand, too much control systemically important banksAppears on the more important is ready for market-oriented reform of interest rates, and break down the barriers to market access. Third, establish a system of consumer protection. Consumer first of all need to be protected, secondly need education. The functions should be by an independent third party, regulators should not be responsible for, nor by the trade association responsible for. Many of China's industries Association has a great deal of parasitic,To become the advocate of industry interests. Secondly, in accordance with market principles to promote major reforms. First of all to improve approval and permission system, resolutely get rid of unnecessary financial control, minimizes interference with micro-finance activities. Relax the market access barriers, encouraging more private capital into the financial sector. Countries subject to control several large financial institutions, otherTransfer of shares of small and medium-sized financial institutions should be gradually and relaxed the restrictions for private capital to set up financial institutions. Secondly, promoting the reform of interest rate marketization and play function and role of the market in the allocation of resources to inspire all kinds of activity of the subject of the financial markets, optimizing the allocation of financial resources. Thirdly, accelerate the development of direct finance markets such as bills, bonds, both supply and demand of funds has more thanMore choices. In addition, to strengthen the financial management, services in the real economy. Further clarified the role of Government and the area of the border, the firm let go, the tube properly. First, strengthening consumer protection, clean up the code for a variety of charges. The second is to guide financial institutions to better serve the real economy. Management from different perspectives to take measures to ensure that funds investing entityEconomy to effectively address the real economy financing, financing your problem. Financial institutions should firmly establish the service of the real economy, and comprehensively improve the quality and level of services to the real economy, achieve financial and real economies of coexistence and common prosperity. Third, strengthen financial supervision to prevent systemic financial risk. Capacity-building for strengthening financial supervision, improve regulatory rules, updates regulatory concepts, systems andAnd strengthening the construction of supervision and improve regulatory effectiveness and to constantly improve and perfect financial supervision coordination mechanisms, financial regulatory efforts, preventing systemic financial risk.
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