How does the implementation of 30 policies in Shanghai affect bank insurance, securities, and the Yangtze River Delta?
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!
30 blockbuster policies landed in Shanghai!
How will it affect bancassurance, securities, fintech, and the Yangtze River Delta?
Experts came to explain in detail . On February 14, the People’s Bank of China, the Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Bureau, and the Shanghai Municipal Government jointly issued the “Opinions on Further Accelerating the Construction of the Shanghai International Financial Center and Financial Support for the Integrated Development of the Yangtze River Delta”(Hereinafter referred to as the “Opinions”), from actively promoting the advancement of financial trials in the Lingang New Area, the 30 specific measures proposed at a higher level to accelerate the opening up of Shanghai’s financial industry and financial support for the integrated development of the Yangtze River Delta.
”The promulgation of the” Opinions “has made Shanghai a pioneer in financial reform and opening up, and it is also preparing for the exploration of an open model of the national budget and alternative inventory management system before comprehensive merger and admission.
Deputy Deputy President Chen Yulu said that this is not only conducive to further accelerating the construction of Shanghai’s international financial center and the integrated development of the Yangtze River Delta, but also has great strategic significance for leading the country’s progressive development and accelerating the development of the economic system.
Image source: Tuworm Creative Bank strengthens the unified coordination of the Yangtze River Delta business. The Opinions point out that pilot qualified commercial bank wealth management subsidiaries will set up professional subsidiaries in Shanghai to invest in the equity and unfinished assets of key construction projects in the Lingang New Area and the Yangtze River Delta.Equity of listed companies.
Support qualified commercial banks to set up wealth management subsidiaries in Shanghai, and pilot foreign-funded institutions and large banks to set up wealth management companies in Shanghai.
For qualified high-quality enterprises in the Lingang New Area, the regional banks can directly conduct cross-border trade currency settlement business based on the “Three Principles of Industry Development” and rely on corporate collection and payment instructions, directly conduct foreign direct investment, cross-border financing, and overseas listing, etc.Cross-border RMB income under the business is paid and used in China.
Tan Yaling, a senior partner of the Bank of China, mentioned in an interview with the reporter of the International Financial News that there are many regulations in the “Opinions” that guide financial institutions to directly interface with enterprises, which makes Shanghai’s financial services more deceptive and more effective.Great positive effect.
”Shanghai’s financial opening-up has a great impact on China’s overall opening-up. At present, the location and positioning of Shanghai’s international financial center has been determined. Next, we can go hand in hand in two aspects: first, continue to build financial centers in accordance with international standards; second, strengthenIn Shanghai’s financial affairs, it has gone from reality to reality, strengthened its connection with real enterprises, and truly played the role of a financial center.
“Tanya Yaling said.
Under the blueprint plan, will the banking industry have something to look forward to in the future?
Tao Jin, a senior expert at Suning Financial Research Institute, told reporters that reorganization, investment in commercial banks, and asset management business will be further encouraged in the future. Commercial banks can set up independent investment businesses based on existing wealth management subsidiaries and investment-loan linkage.Investment subsidiaries, focusing on investing in encouraged industries, flowing funds into the direct financing sector, and improving the efficiency of serving the real economy.
There is also plenty of room for qualified banks to cooperate with foreign countries to set up investment institutions.
At the same time, commercial banks can strengthen unified business coordination in the Yangtze River Delta region, invest in and integrate the construction of the Yangtze River Delta, and some small and medium banks can expand their service coverage to the Yangtze River Delta region under the regulatory policy framework.
While Shanghai is actively opening up the financial industry, will it increase the risks of the financial system?
Chen Yulu said that opening up the financial industry does not necessarily mean increasing risks.
Whether financial risks can be effectively prevented is mainly accomplished by the financial supervision system, whether the financial market is effective, whether market constraints are firm, and whether financial institutions have a good level of risk control.
While expanding the opening up of the financial industry, the Opinions also mentioned safeguard measures, for example, supporting the Shanghai headquarters of the People’s Bank of China to organize trials to strengthen the supervision of payment and settlement, and promoting the construction of the People’s Bank of China’s credit reporting system and the dual-active disaster recovery center in Shanghai.
To study and promote the establishment of a Chinese financial market transaction report database in Shanghai, centralize the integration of transaction information in various financial markets, improve the monitoring level, and effectively connect with the related construction of the Xiong’an New Area.
”The agglomeration, marketization, and efficiency and pace of Shanghai’s financial institutions are unique to the country.
But while developing, how Shanghai can work in a balanced and effective way with all parts of the country and how to drive the country in the construction of an international financial center is also a question worth exploring, so that Shanghai can fully play its role as an international financial center.
Tan Yaling told reporters.
The promotion of foreign insurers focused on the insurance industry. The “Opinions” focused on: Promoting the limit on foreign exchange shares in life insurance from 51% to 100%.
Encourage insurance asset management companies to set up professional asset management subsidiaries in Shanghai; pilot insurance asset management companies to participate in overseas asset management agencies and other wealth management companies established in Shanghai; explore insurance funds to pilot investment in gold, oil and other commodities on the relevant Shanghai exchanges.
Promoting the limit on the proportion of foreign investment in life insurance from 51% to 100% to take the lead in Shanghai, what does it mean for Shanghai insurance industry?
Zhu Junsheng, deputy director of the Insurance Research Office of the Financial Research Institute of the Development Research Center of the State Council, said in an interview with the reporter of the International Finance News that the proportion of life insurance companies converted into foreign exchange holdings will be liberalized, and the organizational form of entering the life insurance industry will be more flexible and greatlyStrengthening the supplement and freedom of foreign life insurance companies’ operations will help increase their enthusiasm for expanding the Chinese insurance market.
Zhu Junsheng analyzed that because foreign life insurance companies are currently mainly engaged in agent expansion business, it needs to expand the cultivation process, and its market share increase in the short term is relatively limited.
However, the gradual growth of the agent team and the development stamina of the premium payment gradually show their market share will gradually increase.
At the same time, according to the operating experience of foreign companies in the Asia-Pacific region such as Singapore, Indonesia, Hong Kong, China, bancassurance is also an important channel for expanding their business, thereby increasing their market share.
In addition, foreign companies are also very concerned about insurance technology, which may supplement the empowerment of insurance technology, innovate business models, promote the sales of insurance products, and increase market share.
”The promulgation of the” Opinions “is definitely good for Shanghai’s financial and insurance institutions.
“In the opinion of PwC’s financial industry management consulting partner Zhou Jin, after the financial industry is further liberalized, the efficient integration of international financial laws and market rules is more conducive to the transfer of products by foreign insurance institutions.
At the same time, policy support authorities in Shanghai ‘s insurance institutions are more likely to obtain regulatory approval for innovations in business models, products and services. The expansion and expansion of local financial infrastructure will also highlight Shanghai ‘s information, data, and servicesAdvantages, so that the operation of insurance companies more scale and efficiency.
Liu Bin, director of the Shanghai Pudong Institute of Reform and Development’s Financial Research Office, also said that the opening up to the insurance sector has been very strong. Two of the four contents of expanding the high-level opening up of the financial industry are related to insurance, and they are all substantive.policy.
Shanghai is one of the most open cities and the regional insurance market with the most concentration of foreign insurance institutions.”Beginning on January 1, the restrictions on the equity of foreign life insurance companies were completely liberalized, and Shanghai naturally hopes that the policy will take the lead and win the demonstration effect so as to maintain its advantage in this field.
Zhou Jin bluntly.
Zhu Junsheng added that the reorganization has made remarkable achievements in the construction of the Shanghai International Financial Center, which has improved to varying degrees in the business environment, financial system, infrastructure, human capital, reputation, etc.As well as development potential.
”Accelerate the opening of Shanghai’s financial industry to a higher level, and work to increase Shanghai’s openness, stimulate market vitality, and promote reform of the insurance industry.
International experience shows that economic freedom is a core factor that determines the affiliation of an international financial center.
“Zhu Junsheng said.
Junjun Fang, an associate professor in the Antai School of Economics and Management of Shanghai Jiao Tong University, told the International Financial News reporter that taking the lead in choosing Shanghai for landing has a certain supporting foundation.
At the same time, compared with other international financial centers, Shanghai’s opening up of the financial industry is not enough and its international influence is insufficient. It has not fully played its role as a global investment and financing center for international financial centers.
The implementation of this opening policy in Shanghai is conducive to promoting the in-depth development of Shanghai’s international financial center. It is also a risk stress test, which will gradually increase the experience of opening up the financial industry in the future.
In order to further enhance the competitiveness of Shanghai’s insurance industry and its status as an international financial center, Zhu Junsheng admitted that Shanghai’s economic freedom should be comprehensively improved, that is, the rule of law and the protection of ownership should be further strengthened, and entrepreneurship should be fully demonstrated; corporate taxes should be reduced in due courseThe burden of fees will further release the vitality of the market; strive to improve the efficiency of supervision, promote expansion and commercial freedom; promote market opening, further increase the depth of freedom of trade, investment and financial freedom.
The opening of capital markets has further accelerated the high-level opening of capital markets in developing countries to another step forward.
The “Opinions” show that support for foreign institutions to set up or hold securities business institutions, and fund management companies to land in Shanghai.
Bank of China International Securities chief economist Xu Gao said in an interview with “International Financial News” that the establishment of foreign holding securities firms and fund companies can make their capital markets more in line with international standards and better bring international advanced experience to the domestic level.To increase the efficiency of resource allocation in the capital asset market and allow the capital market to better serve the real economy.
Han Wei, Managing Director of Thai Stone Investment, told the International Financial News reporter that the reorganization reflects full confidence in the internal securities field. At present, domestic securities operating institutions and fund management companies have been able to cope with competition from foreign institutions.
At the same time, it is also conducive to the formation of the “catfish effect”, promoting the development of the industry through dating competition, and improving the efficiency of resource allocation in the entire capital market, and promoting the development of the real economy.
As a major gathering place for financial institutions, Shanghai is committed to becoming a global asset management center with high global appeal.
Shao Yu, chief economist of Orient Securities, told the International Financial News reporter that more securities institutions, fund management companies and wealth management subsidiaries established or controlled by foreign institutions have come to Shanghai to register, which will attract more overseas funds to Chinese capital.The active allocation of various products in the market, and the increase in product transaction volume and complexity will also bring more demand. These will effectively promote the further improvement of the Shanghai International Financial Center in terms of maturity, complexity, and capacity reserves, and better helpPromote the construction and development of an international financial center.
The Opinions point out that we actively support the listing and financing of qualified science and technology enterprises, encourage various types of intellectual property services and assessment institutions to actively develop patent value assessment models or tools, and promote intellectual property transactions and circulation.
Research supports the provision of convenient exchange services for foreign investors to directly participate in the issuance and trading of science and technology boards.
Yang Jianwen, a senior expert of the Shanghai Academy of Social Sciences and a national high-end think tank, said in an interview with “International Financial News” that the goal of the construction of the Shanghai Five Centers, the organic connection between finance and science and technology, and effective interaction are the most important and most critical.
This “Opinion” is the latest progress in providing financial support for the construction of the Shanghai International Financial Center. The focus is to configure the financial innovation chain according to the technological innovation chain, focus on key points, and improve the emerging financial market system.
Shanghai originally had a patent operation market and tried to expand the scope of IP financing pledge trials. Policy support does not appear to be a major issue, but patent valuation is a difficult point.
Yang Jianwen further stated that the State Administration of Foreign Exchange conducted a facilitation of foreign exchange receipts and payments of goods trade in Shanghai in 2019, and studied the implementation of the facilitation business of the payment of foreign exchange income for capital projects across Shanghai.It is urgent to provide foreign investors with convenient exchange services.
If there are substantial advances and breakthroughs in these key issues, it will be sufficient to facilitate the construction of the Shanghai Science and Technology Innovation Center and the development of the GEM market, and it will also gradually deepen the financial supply-side structural reform and expand the opening up of the financial industry.Gain experience and contribute.
The construction of the FinTech Center has accelerated the requirements of the “Opinions”, strengthened the application of FinTech in the regulatory field, and encouraged the development of pilots for FinTech innovation.
Support financial institutions and large-scale technology companies to set up fintech companies in the new area of Lingang according to law, actively and steadily explore the application of new technologies such as artificial intelligence, big data, cloud computing, and blockchain in the financial field, and attach importance to the cultivation of fintech talents.
This is another heavy support policy following the General Plan for the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone and the Guiding Opinions on Promoting Fintech Development to Support the Construction of a Fintech Center in Shanghai.
In an interview with the reporter of the International Financial News, Liu Bin pointed out that the latest support policy is more pragmatic and has a lot of dry goods, which shows that the development of the financial industry in the Lingang area of the China (Shanghai) Free Trade Zone has been wonActual recognition and support.
Liu Bin said that the Lingang area has been developing highly accurate artificial intelligence, big data, cloud computing, blockchain and other emerging technologies, and has attracted outstanding domestic and foreign companies in related fields.basis.
The clearly supplemented policies and industry support policies that have been implemented have created conditions for the development of fintech industries in the Lingang area, further enriched the industrial layout of the fintech center in Shanghai, and will also promote the construction of a fintech center in Shanghai.
Xue Hongyan, Assistant Dean of the Suning Institute of Finance, told the reporter of the International Finance News that at present, it has become a consensus to develop fintech.
In practice, the development of fintech shows the characteristics of an alternative ecological chain, and it is no longer a single institution. It requires the complementarity of various levels of institutions to complement each other and open cooperation. Therefore, it is easier for financial industry clusters to cultivate fintech.
Obviously, the “Opinions” suggest to actively and safely explore the application of artificial intelligence, big data, cloud computing, blockchain and other technologies in the financial field.
Rui Meng, a professor of finance and accounting at CEIBS, believes that the country is still cautious about developing fintech.
He told the reporter of the International Financial News, “Among so many policies, there is only a small paragraph about fintech, positioning fintech as a role for financial companies and financial institutions.
Rui Meng said that Fintech has a relatively weak domestic foundation, lacks extensive basic research, professional talents and hard-core technology, and there are relatively few companies that have a lot of resources for hard-core technology research and development.Is positioned to empower traditional financial institutions, improve efficiency, reduce costs, and better serve the real economy.
Liu Bin also pointed out that the Shanghai Free Trade Zone has always adhered to the “bottom-line thinking” in financial reforms. The combination of fintech and financial opening up will create many possibilities, but any financial innovation must take precautions against risks for prevention.
In addition, the Opinions also pointed out the importance of cultivating fintech talents.
Liu Bin said that this aspect is the focus and foundation for Shanghai to build a global fintech center. At present, the cultivation of fintech talents is very urgent for the country and Shanghai itself. Through the reform and opening up of the free trade zone, it can attract global fintech resources to cultivate internationalFinancial fintech talents to help build the fintech center in Shanghai.
This document, which integrates the Yangtze River Delta’s integration strategy, provides clear opinions on how finance supports the development of the Yangtze River Delta’s integration and points out the direction. He Jianhua, a scholar of the Shanghai Academy of Social Sciences and the former deputy dean, said in an interview with the reporter of the International Finance News that finance is not only a system of banking, insurance, securities, bonds, and currency, but also a country ‘s technology.A comprehensive extraction of innovation, creativity and overall international coordination and leadership.
Therefore, it is of special strategic significance to promote Shanghai’s construction of an international financial center and financial support for the integrated development of the Yangtze River Delta.
He Jianhua believes that modern finance must be supported by the region and the country’s strong comprehensive creative ability in the science and technology industry.
The construction of Shanghai International Finance Center is no exception.
So, where is the powerful force supporting the construction of Shanghai’s international financial center?
He Jianhua pointed out that this powerful force is in Jiangsu, Zhejiang and Anhui provinces in the Yangtze River Delta.
Therefore, the construction of Shanghai International Financial Center can also be understood in a sense as the construction of an integrated international financial center in the Yangtze River Delta.
The Opinions show that in supporting the integrated development of the Yangtze River Delta, the focus will be on promoting the cross-regional cooperation of financial institutions, improving the level of financial supporting services, and establishing and improving the financial policy coordination and information sharing mechanisms in the Yangtze River Delta.
He Jianhua said that Jiangsu, Zhejiang, and Anhui have very strong industrial manufacturing capabilities, strong economic strength, and great potential for the development of science and technology industries.
At the same time, their real economy has very strong financial needs.
Therefore, if Shanghai builds a financial center in the context of the Yangtze River Delta’s integrated national strategy, it will have a more solid foundation, richer resources, and a certain level of development energy.
At present, the nation has been fighting the epidemic of new coronary pneumonia for a long time, and the sudden epidemic has brought severe challenges to the national economy.
How to get the right response to the “epidemic” and the economy?
He Jianhua believes that financial evidence plays a big role in it.
In He Jianhua’s view, Shanghai should build on the following aspects to build an international financial center and financial support for 成都桑拿网 the integrated development of the Yangtze River Delta: First, finance needs to return to its origin.
The origin of finance is to serve the real economy. Funds cannot be circulated internally in the field of financial institutions. Funds need to spill over into the development of the real economy.
Now facing a severe economic budget, it is necessary to vigorously develop finance to make it better serve the real economy.
Second, financial evidence promotes corporate innovation.
For those companies that have done well in the real economy, they have innovation consciousness, clear goals for transformation and upgrading, and at the same time have high-quality assets and good development prospects. It is worth strengthening financial support.
Only innovative and innovative enterprises can give a country a greater advantage in participating in world competition.
Third, it is appropriate to create a good business environment for financial support for the integration of the Yangtze River Delta.
It is necessary to spill Shanghai’s high-quality financial assets into the Yangtze River Delta and make finance a good public service product.
For example, Shanghai’s securities capital market can find more high-quality science and technology enterprises in the Yangtze River Delta to go to the science and technology board for listing and financing. Of course, these science and technology enterprises must be truly technological innovation and focus on the real economy.
Fourth, financial technology has become a development trend. Big data, artificial intelligence, blockchain and other technologies can be used to vigorously develop financial technology.
Coordinate and strengthen financial supervision with scientific and technological means to make financial development more transparent and fair.
He Jianhua said that if the construction of Shanghai’s international financial center is to reach a higher level, it must be placed in the context of the national strategy for the integrated development of the Yangtze River Delta to promote the depth of the construction of the Shanghai International Financial Center and the national strategy for the integrated Yangtze River DeltaIntegration.
Use Jiangsu, Zhejiang, Anhui’s high-quality industrial resources, human resources and the potential of the financial market to support the construction of the Shanghai International Financial Center, and use finance to guide the deeper integration of the Yangtze River Delta’s integration and development, so that you can achieveA win-win cooperation forms a truly integrated development.
Reporter Wei Lai Yu Jichao Luo Gemei Wang Yuanyuan Intern Cao Yunyi