Financial regulation welcome "line two sessions" a new pattern of China Banking Regulatory Commission and China Insurance Regulatory Commission proposed consolidation of responsibility, the formation of the government work report Insurance Regulatory Commission pointed out that strengthening financial institutions internal risk controls。
Strengthen the coordination of financial supervision, improve on shadow banking, internet banking, financial holding companies, supervision, and further improve the financial supervision。   In recent years, China's financial reform has made great achievements, whether it is the gradual opening of the capital account, the yuan "into the basket," or ubiquitous mobile payment。 Since last year, a strong financial sector regulation and strict supervision, risk prevention and control of the market, regulators improve the ability to control the financial markets。   China Banking Regulatory Commission and China Insurance Regulatory Commission to integrate responsibilities, the formation of the Bank of China Insurance Regulatory Commission。
The new reform plan, let Chinese financial regulators will enter a "line two sessions" of the times。 Why two regulatory authorities to carry out the functions of integration?What impact will bring integration?To solve the problem of what functional integration?  During the "two sessions", the Beijing News launched the theme "Economic policy"。 Through in-depth interviews on behalf of members of the new economy, the development of high-quality, in-depth to explore the personal information protection, the reform of state-owned enterprises, the business environment, industry promotion, lowered tariffs and other issues, hoping to representatives from members of the answer, look to answer questions countermeasure。
  March 13, Thirteenth National People's Congress held the fourth plenary meeting to hear the State Council, State Councilor Wang Yong instructions on institutional reform program。
The proposed scheme, the China Banking Regulatory Commission and China Insurance Regulatory Commission to integrate responsibilities, the formation of the Bank of China Insurance Regulatory Commission。 This marks the Chinese regulatory framework of the financial system will enter a "line of two sessions" of the times。   Program pointed out that the China Banking Regulatory Commission and China Insurance Regulatory Commission to develop the banking sector, the insurance industry important responsibilities draft laws and regulations and the basic system of prudential supervision included People's Bank of China。
No longer retain the China Banking Regulatory Commission, China Insurance Regulatory Commission。   People's Bank of China Research Bureau Director Xu Zhongzhuan article said, banking and insurance regulators unity is the inevitable choice comply with comprehensive management trends。 China's financial industry has become a trend comprehensive management, banking and insurance depth cooperation, integration and development of the distinctive characteristics。 Banks and insurance in favor of a unified regulatory focus on the integration of regulatory resources, to play professional advantages。
  "Bancassurance together" to make up for regulatory gaps CPPCC member Yang Securities chief economist at the Institute grow in an interview with Beijing News reporter, he said that the combined bank and insurance reform means that the country's financial regulatory system has taken an important step。
  Yang believes growth, China Banking Regulatory Commission, China Insurance Regulatory Commission, the Commission is based on the category of institution, in the past mainly by category regulatory agency to supervise。
As can be seen, the reform of financial regulatory agencies to change two aspects, one regulatory change by the regulatory body to the market, no longer depending on the nature of the institution, and to be divided according to the nature of supervision of financial markets; on the other hand, from the past regulatory approach of separate supervision to the sub-sector with a unified combination of transition。
  Why is the Commission reserved.?Yang represents growth, from the operation of the assets, business operations on the object, there are two main objects of financial markets: the capital market, money market。
Therefore, the reform of financial regulatory agencies are also divided into two categories。 China Banking Regulatory Commission and China Insurance Regulatory Commission has a corresponding asset management objects, but mainly bank money market, and the Commission is to manage major capital markets。 Regulation and supervision of the capital market bank currency market is completely different, the functional integration reflects the market in accordance with the regulatory category conversion。
  In the CPPCC National Committee members, Nankai University financial executive vice president Fan Xiaoyun it seems, an integral part of China Banking Regulatory Commission and China Insurance Regulatory Commission duty to solve China's financial sub-sector regulatory system due to lack of coordination, poor communication efficiency, and thus a greater degree of financial governance China chaos industry clusters, eliminating the blind spot monitoring, preventing regulatory arbitrage, avoid cross-infection risks, reduce the level of Chinese financial systemic risk。   What are the implications integration responsibilities Banking Regulatory Commission and China Insurance Regulatory Commission will bring?Yang represents growth, on the one hand, it can be seen more clearly shift to the regulatory agencies pipe and tube products market; on the other hand, the integration of duty to make up for gaps in supervision, such as the last tube bodies, there is a gray area of asset management, interbank business, regulatory benchmarking business loopholes。 After the adjustment, regulators can manage the full range of financial markets to make up for regulatory gaps。   "For us, little effect, it may sell financial future, when the consignment insurance, need to be more standardized。 "One governor from a stock bank branch in Chengdu, look at the impact of this adjustment on the future of business。
  Professor of finance at the Central University of Finance and Economics, Guo Tian Yong said, "I think for the commercial banks have little effect。 Between these two banks with the insurance industry nor is there a strong competitive relationship before。
But from the business may regulate commercial banks (bancassurance after the merger) will improve。 The banks concerned, since the development of a unified regulatory rules, will make it more standardized future business。 "Emphasis on financial supervision to prevent risks Archive for the 'line 3 will be' now becomes 'line of two sessions'。 Financial regulation mode will be going?  Recently a number of technical central bank officials suggested that China should learn from the UK financial supervision "Twin Peaks" regulatory approach。 Zhou Xiaochuan recently said, reform of China's financial regulators to study the British "Twin Peaks" supervision mechanism。 Data show "Twin Peaks" supervision means the one hand and financial system stability, strengthening market supervision model code of conduct。   Dean Hengda Economic Research Institute Ren Zeping wrote that "Twin Peaks" regulatory approach in favor of a sound macro-prudential policy framework, to prevent systemic risk。 Traditional monetary policy aimed at price stability only, while ignoring asset price volatility; micro-prudential supervision of individual financial institutions only concerned with sound and ignore systemic risk。
Significance of macro-prudential policy is left to make up between monetary policy and micro prudential supervision of the blank, to suppress pro-cyclical finance from the perspective of macroeconomic and overall financial system and cross-market risk。   Guo Tian Yong believes that the regulatory system must be conducive towards preventing risks and improve the efficiency of the direction of financial services to do。 The combined bank and insurance regulation, it should be said to go in this direction。   Yang represents growth, the reform of the institutions can not be understood as thoroughly mixed industry management, or to certain sub-sector regulation and supervision mixed combine in China。
Or to emphasize various financial institutions, various financial industry to highlight their main to the main core。 At the same time, now through mutual investment, cooperate with each other to form a certain business market, to adapt to the requirements of Mixed unified supervision will be carried out。   On behalf of members suggestions David: bank and insurance regulators to the depth of integration, or two sets of people can not, "I suggest two departments to the depth of integration, China Banking Regulatory Commission, China Insurance Regulatory Commission two sets of people, two skins inappropriate, can not achieve the goal of integration。 Should combine to become a group of people, reorganize departments。 "Beijing News: how to treat financial institutions reform program?  David: financial regulation more uniform by combining form, the People's Bank to strengthen the authority of insurance and banking supervision, the People's Bank set up rules and regulations to strengthen the capacity。 At the same time the merger with China Banking Regulatory Commission CIRC, in the case of banks and insurers increasingly synchronized, the bank also has a large number of insurance companies, banks and insurance companies with a strong business mix state properties, control of the bank and insurance institutions focus。 So these two together in one, is justified。   Xin: bancassurance combined object?Whether separate regulation no longer suited to the current situation?  David: I agree with this statement in principle, now is the financial mixed operation, so regulators must be mixed in one, unified, and not each of the tubes。
Since the separate supervision, supervision at the junction leading to some of the mixed operation is not in place, for example, insurance companies turn of the year to send "good start" insurance products, in fact, financial products, insurance companies mobilize their own broker, agent, several billion, hundreds of million on the sale of these financial products essence, this is the bank's business。 But before the CIRC is not enough supervision, the CBRC has no control, the formation of regulatory gaps。 Bancassurance After the merger, since you can supervise this matter, played guard against financial risks, standardize the effect of business, the risk did not happen before, put it nipped in the bud。
  Beijing News: What is the impact of bank and insurance industry consolidation?  David: will shorten the company introduced reasonable and in line with market demand for products time。
For example, the insurance company to send financial products, China Insurance Regulatory Commission can not grant the CBRC have no control, you can now accelerate the introduction of。
Indeed in line with market demand for products, the introduction of compliance can be。
Regulatory responsibility before confirmation difficult, now merged bank and insurance regulatory responsibilities clear。   Xin: How the combined internal mechanism disposed bancassurance?  David: I recommend two departments to the depth of integration, China Banking Regulatory Commission, China Insurance Regulatory Commission two sets of people, two skins inappropriate, can not achieve the goal of integration。 Should combine to become a group of people, reorganize departments。
For example, consumer protection, according to asset size of depositors and consumers to buy insurance to protect unity; secondly asset management, you attract a deposit or, how to buy insurance policies after the investment, it was learned that this regulation should。   Beijing News: reform of financial institutions will have a transitional period?  David: I would recommend this transition period as short as possible, I believe there should be no more than three months。
Local insurance regulatory and banking regulatory bureaus may have difficulties in restructuring, integration takes a little time to digest。 But the center of this level, I think there is no reason to drag, the rapidly changing financial markets, financial market like a battlefield, if dragged six months, responsibility fluctuations, regulatory financial markets has hit this time。
  Beijing News: reform of financial institutions to strengthen the functions of the central bank which?  David: The central bank is the final guarantor of the financial system, the financial system is the largest, last insured, in the most dangerous time of the financial system, the central bank must sell, have to inject funds, Ye Hao to banks, insurance companies or, allow financial institutions to survive。   This determines the function of the central bank must shoulder the rules, but also some of the most important rules, such as financial holdings, such as the amount of own funds。
Macro-prudential supervision by the central bank to do the most suitable, otherwise it becomes a final pay people who have no say in advance, can not make rules in advance, it will be a problem。   Like husband and wife go to the mall shopping, and finally pay the husband, get a credit card to pay, or micro-channel brush, brush Alipay, his wife just buy stuff, in the end trouble, and how to avoid it?Set good rules before entering the mall, jewelry category can not exceed ten thousand dollars, to buy clothes can not exceed five thousand dollars, no cap on consumables as long as the daily use, this rule will be a good, go play, go purchase it。 Her husband a cup of coffee, and went to his wife shopping, meet two hours later, and then check out the same place, so a rule。
So the central bank has played a role previously given rule。 He will rule his final pay, pay after a problem。   Beijing News: Why did not the Commission merger?  David: I think the SFC business is relatively unique, independent, the Commission faced the stock market, bonds, options, futures, stocks, this function is relatively independent of the financial institutions, large banks relative to insurance companies, relatively independent, plus leadership development and financial stability committee, so this is not a temporary merger。 I believe that any restructuring, is an exploration and exploration process, the OCI put together in one and the Banking。
I believe the effect is good。
  Zhou Yanli: To strengthen the regulatory bodies, but also to strengthen the regulatory function, "not only to strengthen supervision of institutions, but also to strengthen the regulatory function, in particular, to strengthen supervision of market behavior is particularly important, which need to be achieved through institutional reform。
"Beijing News: how to look at China Banking Regulatory Commission, China Insurance Regulatory Commission's duty to integrate?  Zhou Yanli: Any time of institutional reform are designed to adapt to the current economic development, financial situation demands。
  At present, China faces a complicated economic situation, winning the next five years mainly around the goals and tasks fully completed such a well-off society, to improve the quality of economic development, rapid economic development to the original flight to quality development。 These economic development objectives and requirements of deepening reforms, including economic reform, financial system reform。
Among them, economic reform must grasp the "three to a meeting of a down," the objectives and requirements, deepen financial reform to guard against major risks。 The most important risk prevention is the prevention of financial risks, because finance is the core of modern economy, is the performance of national competitiveness, it should improve the financial regulatory capacity and level up。   We can say that China Banking Regulatory Commission, China Insurance Regulatory Commission to integrate responsibility is to guard against and defuse risks, improve deal with various levels of risk, and constantly improve the system requires some effective。
Surrounding the above aspects, the state has been adjustment system, institutions, and thus promote the modernization of national governance。   Beijing News: What are the risks need to guard against?  Zhou Yanli: Currently the financial sector, whether it is banking, insurance and there have been some illegal act, to take some measures to curb。
  For example, some large banks frequent violations of laws, there is a lot of chaos in the insurance market, which requires regulatory。 But our main focus on the regulatory solvency regulation, the next step not only to strengthen supervision of institutions, but also to strengthen the regulatory function, in particular, to strengthen supervision of market behavior is particularly important, which need to be achieved through institutional reform。 Therefore, to integrate the power of supervision, improve the capacity and level of regulation, so that the stable and healthy development of financial markets。   Beijing News: China Banking Regulatory Commission, China Insurance Regulatory Commission to integrate functions, may have any effect?  Zhou Yanli: the impact is of course positive, positive。 Can promote the deepening of financial reform, improve financial supervision and regulation, to better mitigate risks and promote the healthy, stable, high-quality development。   Beijing News: merging the functions of two regulatory authorities, if there are some problems to be solved?  Zhou Yanli: I believe will be a smooth transition, I believe that the two institutions will be the cadres and workers thinking action with the central decision-making up to seriously study and understand the importance of the reform of state institutions, and also the thoughts and actions as soon as possible to be able to turn around, go to normal working condition。
  40 years of reform and opening up, China conducted a number of institutional reforms, reducing the original 50 to more than 100 institutions from more than 20 then, with the deepening of the reform of institutional reform and change。
Relative to other ministries and institutions reform, changes in the financial industry is still relatively small。   Beijing News: In your opinion, whether it will integrate responsibility to set a transitional period?  Zhou Yanli: Under normal circumstances, after the institutional reform program out, certainly there will be "three" program, that is scheduled functions, statutory body, will be prepared。
But it is certain that the integration responsibility, the current market may appear empty, but definitely no convergence of regulatory gaps, in order to ensure stable and healthy operation of the market。
  Version B04-B05 written / Beijing News reporter Huang Xin Yu Hourun Fang Wang Quanhao。