SCIO briefing on performance of banking and insurance sectors
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E-mail China.org.cn, January 15, 2020
Yicai TV:
The new rules on asset management have been implemented for almost two years. How is the current implementation of banks' stock assets? The transition period is set at the end of this year. I want to know how we can ensure that banks can smoothly pass through this transition period before this date. Will the restrictions be relaxed if banks cannot reach what is expected of them in time? Or will you relax other criteria in the aspect of implementation?
Xiao Yuanqi:
All aspects of the transition period of the new rules on asset management are of great concern. On the whole, after the introduction of the new rules on asset management and the subsequent measures issued by the China Banking and Insurance Regulatory Commission on relevant bank wealth management subsidiaries and bank net capital management, all the banks have progressed smoothly and in an orderly manner. The stock asset management business is also being regulated in accordance with the new asset management rules and related regulations and requirements. This year is a very important year for the transition of the new asset management regulations. We require banking institutions to conscientiously implement the new asset management regulations and related financial management rules, seriously defuse the risks of stock assets, and successfully fulfill related tasks during the transition period.
On the other hand, some banking institutions have a relatively large stock inventory of asset management products. Before the introduction of the new asset management rules, the inventory was relatively large. If you want them to fully resolve it during the transition period, certain individual institutions will still have some difficulties. But we require them to formulate rectification plans, including medium and long-term solutions. And the requirement is that, in principle, they must resolve this during the transition period. For some institutions in particular with large stocks and which face difficulties during the transition period, we will also study related arrangements to ensure that asset management products, especially bank wealth management products, can be regulated in a smooth and orderly fashion in the future. Some flexible arrangements will also be given to certain individual institutions as deemed appropriate. Thank you.
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