Central Bank Governor Announces Big News!11 Hot Policies of Financial Opening

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A few days ago, Yi Gang, governor of the Central Bank, announced at the Boao Forum for Asia the specific measures and timetable for further opening up the financial sector.He pointed out that in the next few months, a number of opening measures in the financial sector will be implemented, such as lifting the restrictions on the proportion of foreign shares held by banks and financial asset management companies, and treating both domestic and foreign investors equally. Foreign banks are allowed to set up branches and subsidiaries in China at the same time.

Yi Gang said that yesterday, General Secretary Xi Jinping announced that China would greatly relax market access including the financial industry.The People's Bank of China and various financial supervision departments are pressing ahead with the implementation. According to the arrangements of the Party Central Committee and the State Council, the financial sector will be greatly opened to the outside world to enhance its international competitiveness.

He said that in the next step, the central bank will follow the following three principles to promote the opening up of the financial industry: first, the principle of national treatment and negative list before admission; Second, the opening of the financial sector to the outside world will be coordinated with the reform of the exchange rate formation mechanism and the process of capital account convertibility and will be promoted jointly. Third, while opening up, attention should be paid to preventing financial risks and matching the financial supervision ability with the financial openness.

Yi Gang said that according to President Xi's spirit of "sooner rather than later, sooner rather than later", the following financial liberalization measures will be implemented in the next few months:

-To lift the restrictions on the proportion of foreign-owned shares held by banks and financial asset management companies, and to treat both domestic and foreign investors equally; Allow foreign banks to set up branches and subsidiaries in China at the same time;

-The upper limit on the proportion of foreign shares held by securities companies, fund management companies, futures companies and life insurance companies will be relaxed to 51%, and no restrictions will be imposed after three years.

-It is no longer required that at least one of the domestic shareholders of the joint venture securities company is a securities company;

-To further improve the interconnection mechanism between the stock markets of the Mainland and Hong Kong, the daily quota for interconnection will be quadrupled from May 1, i.e. the daily quota for Shanghai Stock Connect and Shenzhen Stock Connect will be adjusted from 13 billion yuan to 52 billion yuan, and the daily quota for Hong Kong Stock Connect will be adjusted from 10.5 billion yuan to 42 billion yuan.

-Allowing qualified foreign investors to operate insurance agency business and insurance assessment business in China.

-Liberalize the scope of business of foreign insurance brokerage companies, consistent with that of Chinese-funded institutions.

Yi Gang pointed out that before the end of this year, the central bank will also introduce the following measures:

-Encourage the introduction of foreign capital in banking finance fields such as trust, financial leasing, auto finance, currency brokerage, consumer finance, etc.;

-There is no upper limit on the proportion of foreign capital held by financial asset investment companies and financial management companies newly established by commercial banks;

-Expanding the business scope of foreign banks by a large margin;

-There will be no separate restrictions on the business scope of the joint venture securities company, and domestic and foreign investment will be the same.

-Completely abolish the requirement for foreign insurance companies to open representative offices for two years before their establishment.

In addition, with the joint efforts of China and Britain, preparations for Hurun Pass are progressing smoothly. The Central Bank will strive to open Hurun Pass by 2018.

He said that all the previously announced opening measures are progressing smoothly. The central bank has released the market access restrictions for bank card clearing institutions and non-bank payment institutions, relaxed the restrictions on foreign financial service companies to carry out credit rating services, and implemented national treatment for foreign investment credit reporting institutions.

Yi Gang further pointed out that at present, various departments are paying close attention to revising relevant procedures of laws and regulations and will implement them before the above-mentioned time point.In order to promote the smooth implementation of relevant work related to the opening of the financial industry, the central bank will also take necessary measures to strengthen financial supervision while expanding the opening of the financial industry.While relaxing the access to foreign capital and business scope, all kinds of enterprises under ownership should still be carefully monitored in accordance with relevant laws and regulations.By strengthening financial supervision, the central bank can effectively prevent and resolve financial risks and maintain financial stability.

With the "11 Rules" of Financial Opening up coming, can China's Financial Industry Hold up?

The 40th anniversary of the reform and opening up, the 30th anniversary of Hainan's establishment of a provincial special economic zone, and the theme of the 2018 annual meeting of the Boao Forum for Asia are bound to be closely linked to the reform and opening up.

The results did not disappoint the outside world.Chinese officials have decided to take a series of new and important measures to expand the opening up of the financial sector.

What exactly does it include?Major measures to relax the restrictions on the ratio of foreign capital stocks in the banking, securities and insurance industries will be implemented. At the same time, efforts will be stepped up to speed up the process of opening up the insurance industry. Restrictions on the establishment of foreign-funded financial institutions will be relaxed, the scope of business of foreign-funded financial institutions in China will be expanded, and the scope of cooperation between Chinese and foreign financial markets will be broadened.

Yi Gang, governor of the People's Bank of China, revealed that by June 30 this year, most of the six financial opening measures, including lifting the restrictions on the proportion of foreign shares held by banks and financial asset management companies and allowing foreign banks to set up branches and subsidiaries in China, will be implemented.

In addition, five financial liberalization measures including encouraging the introduction of foreign capital in banking finance fields such as trust, financial leasing, auto finance, money brokerage, and consumer finance will be launched before the end of this year.

At the same time, Yi Gang said that with the joint efforts of China and the UK, preparations for Hurun Pass are progressing smoothly and efforts will be made to open Hurun Pass by 2018.This "11 Rules" of Financial Openness Will Destroy China's Financial Industry?

"Catfish Effect" Favors Development

Wang Youxin, a researcher at the Institute of International Finance of the Bank of China, told reporters that allowing foreign capital to enter the domestic financial market will create a benign "catfish competition" effect and will not have a great impact on the development of domestic institutions and financial stability.

一方面,目前国内金融体系发育良好,内资机构体量巨大,公司治理完善,市场竞争能力和防控风险能力较强,且外资机构还要面临本地化的问题,“水土不服”是其必须要克服的难关。

另一方面,开放不代表不需要监管,外资金融机构准入或开展业务时依然要按照相关法规进行审慎监管,防止相关风险的发生和蔓延。

星石投资首席策略师刘可认为,外资进入后的差异化竞争,会补充国内不同层次客户需求,使得国内市场机构的竞争能力增强,在良性竞争与合作中优化中国资本市场格局。

王有鑫表示,对中国资本市场而言,金融业扩大开放后,整体竞争力将明显提升,资本市场将持续健康发展,多层次资本市场和现代金融体系建设将加快推进,股市、债市和汇市发展将获得更多支持。

“未来随着开放程度的提高,中国金融机构也将迎来全球布局和经营的新机遇,通过与外资合作,将投资渠道和服务扩展到全球,有利于扩大业务规模、改善盈利。”王有鑫说。

开放不停歇也不盲目

中国金融业对外开放的态度一以贯之。从上世纪80年代开始,中国银行、保险、证券行业相继对外国金融机构敞开怀抱,开放试点一一出现,开放政策源源而来。

2018年政府工作报告亦提到,有序放开外资保险经纪公司经营范围限制,放宽或取消银行、证券、基金管理、期货、金融资产管理公司等外资股比限制,统一中外资银行市场准入标准。

“这代表了中国在金融业方面一以贯之的开放态度。” 西班牙对外银行亚洲研究部亚洲首席经济学家夏乐在接受记者采访时表示,在金融行业放宽外资进入门槛、扩宽外资业务范围、增强中外资机构合作是中国接轨国际市场,迈向高质量发展,建设现代化经济体系的客观需求。

中国人民银行前行长周小川曾表示,金融服务业是竞争性服务业,受益于对外开放,还要进一步扩大开放。

周小川强调:“各国经验,包括中国自身经验都表明,(对金融服务业的)保护导致懒惰,财务软约束等问题反而使竞争力更弱,损害行业发展”。

中国开放全球受益

当今世界经济发展,你中有我,我中有你,中国金融扩大开放将为全球送上红利。

王有鑫直言,中国金融市场开放,将为接近饱和的国际市场注入新的增长源泉,基于国际贸易和投资的投融资等金融服务将获得极大发展。

中国证监会副主席方星海称,现在全世界需要更多的投资,美国这样的发达国家同样需要,而全世界最多的储蓄在中国,“若能把这些储蓄通过金融体系很好地配置起来,特别是在开放的前提下向全世界配置,我们会改变世界。”

夏乐表示,从放开国内在岸业务到有序推进资本跨境流动,中国金融开放将对全球金融市场的一体化和定价带去正面影响,“尤其是在这个过程中,人民币以市场化的方式逐步实现国际化,会对整个国际金融秩序和投融资体系带来深刻的变革。”

(来源:中国新闻社)

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