, the municipal government held a financial forum on the work to implement the Central Financial Work Conference, summed up in recent years, especially the achievements and experience of the last year, Chongqing financial front, to further clarify ideas, research and deployment how to do financial work this year. Anticipation pointed out that the financial work, you must firmly grasp a purpose, financial services for the real economy.
meeting, the City Finance Office, the central person in charge of monetary authorities in Chongqing, district and county government representatives, representatives of financial institutions around the deepening of financial innovation and services to better serve the economic development of Chongqing made an exchange of speeches.
building financial centers, Chongqing financial sector showing the five characteristics
listen to the speeches, Anticipation that the last year, in the context of monetary tightening, Chongqing financial sector still achieved good results gratifying. City last year, new loans, 220 billion, an increase of 20 percent, 4.1 percentage points higher than the national average, such as Agricultural Bank of China, Construction Bank, ICBC, Bank of China, Bank, Minsheng Bank, the Export-Import Bank, Agricultural Development Bank, the Three Gorges Bank Rural Commercial Bank, have played an important role in the financing of Chongqing. At the same time, our bank net profit after tax reached 37 billion, the profit margin of about 3% above the national average. Banks’ bad assets rate of only 0.7%, lower than the national average, ranked fourth in the country.the
Of particular note is the construction of the financial center of the upper reaches of the Yangtze River, Chongqing financial sector showing the five characteristics: First, financial GDP ratio to improve. 6% in 2009 to 6.1 percent in 2010, 2011 accounted for 7 percent, ranking fourth in the country. Second, agglomeration effects of radiation appear. Chongqing GDP and the loan balance has reached a ︰ 1.3, a local GDP big demand for loans is how much, when the loan of GDP, indicating that this place has gradually become a financial center, more than the GDP of loans to the surrounding radiation, reflecting the effects of radiation. Our bank loan ratio also reflects the concentration ability, Chongqing bank loan ratio of more than 80 percent over 10 percentage points higher than the national average, indicating that Chongqing will credit lines in other parts of the lure. In addition, the rapid development of Chongqing, a variety of non-bank financial institutions and factor markets, the financial gathering radiation effects. Third, the rich format. Chongqing is a city in the west, but include a of China for all financial business, the first is the traditional Bank and Insurance financial institutions, a total of 241 last year, an increase of 36. Innovative financial institutions in the rapid development of a total of 413, an increase of 77%. In addition, there are markets for factors of 78 short full range of financial market activity is increasing year by year. Fourth, service trades and industries. Last year, the city’s banks and non-bank financial institutions to raise 310 billion yuan, accounting for the business entity economic finance nearly 80 percent of the total. Fifth, to support people’s livelihood, shrink poor, rich services. The total annual mortgage payment of the “three powers” of 18 billion yuan; support the construction of public rental, credit of 24.7 billion yuan, 5.7 billion yuan of loans; also supports the development of micro enterprises, to provide loans to micro enterprises.
China’s financial industry should learn from the lessons of the financial crisis in Europe and America, a solid service for the real economy
Anticipation that the grasp of financial work, you must figure out the purposes and guiding ideology of the financial
. Everyone to remember: “100 Yip Hing financial Hing, all trades litter the financial death.” Financial services for the real economy, which is our financial objectives. If the summary United States , the lessons of the financial crisis in Europe, mainly out of two issues: one is the financial issues, on the one hand, the problem of government finance. Financial issues mainly in three aspects, First, financial services for the real economy, financial increasingly independent, self-expansion, self-centered, self-loop in the virtual economy. Finance is the economic center, the center formed for all the real economy in the service process, when the financial services for the real economy, it is no longer the center, so the “100 Yip Hing financial Xing, businesses dry financial death “is the true truth, is a financial entrepreneur should keep in mind the motto. Second, the financial leverage ratio is too high, 1 ︰ 3-1 ︰ 10 basic leverage ratio range, the leverage ratio is too high, is an important reason to cause the entire world financial crisis. Third, financial executives income is too high, and high-income and profits linked to income generation will take the risk, making profits, and even engage in fraud.Anticipation that China’s financial sector in an open process, learn the rules of the game in Europe and America, with international practice, the U.S. and European financial industry suffering from the disease will be transmitted to us, despite the different characteristics, but the substance is broadly consistent with
. At present, Chinese financial institutions, including Chongqing, financial institutions, and also appeared in several diseases, the need to cause us to attach great importance: First, the profits are too high. 12 listed banks in the country last year, net profit rose by more than 30 percent, compared with 40 percent in Chongqing. The bank’s return on capital is also high, at around 30 percent, than all industrial and commercial enterprises, it is not reasonable. Formed a monopoly of banking, deposit and lending interest rate differential more than 3 percent, while Europe and the United States only a few per cent, this is a Chinese disease with Chinese characteristics, the financial center, not taking into account the real economy, and the U.S. financial crisis the nature of a bit like, but the performance is different.
credit conditions, a price hike, the central bank’s monetary tightening, the scarcity of financial resources, the higher the status of the bank, industrial and commercial enterprises ask you, 3% -6% of the normal interest rate differential does not meet, but also a price hike. interest rates go up 10 percent of the loans is inevitable, 20%, 30% will also appear, then interest is first deducted, the actual floating a piece of. Fourth, the Chinese economy, China’s financial over-reliance on banks, social GDP generated by money left over, 90% of investments in banks, people the channel is very limited, and only to the bank to put the safest, caused by the bank is very advantageous position. So that regardless of upstream capital providers, or downstream funding requirements, the Bank has the absolute advantage. To change this situation, on the one hand to adjust the institutional mechanisms, on the one hand, the Bank and Insurance business in all directions, can not let the banking system an independent, after three to five years, that ratio has dropped from 90% to 80%, 70%, even up to about 60%, with the adjustment of the fundamentals, a variety of market-based regulation will be strengthened in order to further promote the improvement of the entire financial structure.
from eight proceed to do a good job this year of financial work
talked about how to do this year’s financial Anticipation put forward specific requirements. First, with the further expansion of the economies of scale, financial increment should also further expand the total municipal government consider the 450 billion yuan, bank loans increased to 250 billion non-bank financial institutions lending to 90 billion, plus the use of foreign capital of 10 billion dollars, there are over 600 million outside the capital; ten billion thirty-four central enterprises borrowing. 450 billion yuan of financial increment protection, I believe this year, Chongqing’s economy will still maintain a rapid growth.
to boost people’s livelihood. Five areas need special attention: First, to support micro-enterprise loans to reach 50 billion yuan this year, including local three banks to bear half of the task; two “rural” financing loans to reach 30 billion yuan this year, the Government must be carry out this assessment; three loans to SMEs; livelihood class project loans, such as public rental, people first suite, or to improve the housing mortgage loans; five major infrastructure projects, public infrastructure projects.
Third, to strengthen the development of private financial. Focus on strengthening the bonding companies, small loan companies, leasing companies, trust companies, finance companies, auto finance companies, private equity funds, venture capital funds, the eight categories of non-bank financial institutions, these finance companies, services for small and medium enterprises financing, are belongs to a private financial company, and this a good, on the one hand, the development of private finance, on the other hand will help SMEs to financing, will be substantially compressed usury living space.
Fourth, multi-to to Hong Kong financing. Lending rates in Hong Kong only a few percent, while Hong Kong is vigorously building offshore RMB center in China, Chongqing enterprises to take advantage of these conditions and more financing to the Hong Kong market, issuance of bonds.
Fifth, to better develop the offshore dollar market. Our offshore finance for International Settlements (BIS) to reach over 300 billion U.S. dollars last year, this year’s fight for doubling of billions of dollars seventy-eight settlement amount, over $ 100 billion next year. To develop e-commerce international financial settlement last year, has been a breakthrough in real operation, this year to fight for a real deal $ 5 billion in 2015 to reach $ 50 billion. In addition, we must vigorously develop the settlement of a variety of multinational companies and trade wholesale company.
sixth, to promote more enterprises are listed. This is a private enterprise the more the better; also promote scientific and technological enterprises listed, in particular, to promote private equity funds and micro-enterprises to combine the stock exchange; addition, we must vigorously promote the listing of state-owned enterprises to strive for the securitization of the state-owned enterprises in Chongqing rate of 70% in 2015.
seventh, local financial institutions in Chongqing this year to complete their specific task. Chongqing Bank should strive to achieve market goals; Southwest Securities to Chongqing as the center, a good development in the southwest areas of investment banking, efficiency, and efforts to build a financial group; agricultural firm to further increase the “three rural” loans; Three Gorges Bank for this year started listing; trust companies to further promote the development of municipal government to support the Chongqing Trust to carry out the trust of the public rental business; Chongqing auto financial leasing companies to compete for the first quarter to complete the preparatory work, formally in the second quarter.
eighth, should be placed on financial ecological construction. First, pay attention to crack down on underground banks and illegal financial institutions; preferential policies to further regulate the financial institutions; further efforts to make the financial district Jiangbeizui Jiefangbei environmental construction; four is to do a good job in the training of financial personnel , to create a favorable environment for financial talents gather. Vice Mayor Ling Yueming presided over the meeting