Sword refers to the acceleration of financial supervision in key areas, and a package of new regulations is on the way.

　　The reporter of the Economic Information Daily was informed that many departments are intensively planning a package of measures to prevent financial risks in key areas and improve the financial supervision system. The New Deal involves systemically important banks, shadow banks, financial holding companies and other fields. In addition, in view of the new challenges brought by financial technology innovation, we will constantly improve the supervision methods, innovate the supervision methods for financial technology giants, and prevent risks and monopoly in promoting development.

　　Experts said that the current targeted financial risk remediation actions have been normalized, and further filling the shortcomings from the policy and system level will effectively strengthen the authority, effectiveness and stability of financial supervision and provide stronger institutional guarantee for financial risk prevention.

　　Local risks still exist.

　　This year is the end of the tough battle to prevent and resolve major financial risks. For some time, with the advancement of various work, financial risks have changed from divergent to convergent.

　　Liu Fushou, chief lawyer of China Banking and Insurance Regulatory Commission, said recently that China has made substantial progress in the tough battle to prevent and resolve major risks. The blind expansion of financial assets has been fundamentally reversed, the risk of shadow banking has continued to converge, and the scale has dropped by about 20 trillion yuan compared with the historical peak. The disposal of non-performing assets has made great strides. From the beginning of 2017 to the end of September this year, the non-performing assets disposed by the banking industry exceeded the sum of the previous eight years.

　　Internet financial risks have also dropped sharply. The actual number of P2P online lending institutions in China has gradually dropped from about 5,000 in the peak period to zero in mid-November this year. The debt risks of large and medium-sized enterprises have been resolved in an orderly manner, and the momentum of real estate financialization and bubble has been curbed. The hidden debt risk of local governments has been initially controlled.

　　Although the overall situation of financial risks is stable, financial supervision is also facing many new and severe challenges. "Risks within the financial system are still accumulating, and some long-term hidden dangers have not been completely eliminated. Under the impact of the epidemic, new and old problems are intertwined and superimposed. High-risk shadow banks with complex structures are prone to resurgence. The rebound pressure of non-performing assets in the banking industry has suddenly increased. The capital gap of some small and medium-sized financial institutions has been accelerated. The debt level of enterprises, residents and local governments has further risen. Illegal financial institutions still exist, and illegal financial activities have been repeatedly banned. " Guo Shuqing, chairman of China Banking and Insurance Regulatory Commission, recently wrote.

　　Guo Shuqing pointed out that there are many shortcomings in the current financial related system, and the financial rule of law is still far from perfect. Some basic laws need to be formulated and revised in advance, and some rules and regulations need to be implemented and deformed. The existing laws and regulations are not powerful enough, and the cost of violating laws and regulations is too low. Some laws and regulations are not professional enough. The normalized risk disposal mechanism of financial institutions needs to be improved. The trading activities in the informal financial system lack effective constraints.

　　A package of short-board policies is on the way.

　　The reporter was informed that in order to continue to effectively prevent and resolve major financial risks, a package of regulatory short-board policies is brewing.

　　Among them, the evaluation method of systemically important banks will be officially implemented on January 1 next year. In the next step, the central bank will work with China Banking and Insurance Regulatory Commission to formulate additional regulatory requirements for systemically important banks, including additional capital, leverage ratio, large risk exposure, corporate governance, recovery and disposal plan, information disclosure and data submission, etc. It will also establish an early correction mechanism to promote systemically important banks to reduce complexity and systemic risks, establish and improve the inherent capital restraint mechanism, improve the ability of banks to resist risks and absorb losses, improve their self-help ability, and prevent risks that are too big to fail.

　　For financial holding companies, following the Trial Measures for the Supervision and Management of Financial Holding Companies, the regulatory authorities will improve the institutional framework and formulate more specific operational rules for the supervision of financial holding companies, such as consolidated management, capital management and related party transaction management.

　　"This method is mainly aimed at financial holding companies formed by non-financial enterprises holding financial business, and formulating relevant management regulations on systemically important banks for large groups formed by the development of financial enterprises will better complement the regulatory framework of the entire financial group." Yin Zhentao, deputy director of the Law and Finance Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, said.

　　For high-risk shadow banks, the regulatory authorities will improve the regulatory system to ensure full coverage of supervision, leaving no regulatory gaps and blind spots; Unify the regulatory standards of similar institutions and products, and reduce the arbitrage of idle funds; Improve the risk classification, risk weight, capital provision and other standards of shadow banking.

　　Yin Zhentao said that the risk of shadow banking is mainly the complexity of business, and the risk of financial control companies is mainly large-scale and highly related. Strengthening supervision in these areas is an important measure to fill the shortcomings of financial supervision and prevent systemic financial risks.

　　Innovating supervision means to adapt to new challenges

　　It is worth noting that while financial supervision is speeding up to fill the shortcomings of the system, the means of supervision will continue to innovate and keep pace with the times to adapt to the new problems and challenges brought about by financial innovation.

　　Wen Bin, chief researcher of Minsheng Bank, said that as China’s economy enters the stage of high-quality development, the financing structure will also change, especially the rapid development of technology and finance, which will bring more challenges to supervision. According to market changes, the regulatory authorities need to improve the regulatory means in time to prevent unstable factors brought about by excessive innovation.

　　Lu Shuchun, secretary-general of China Internet Finance Association, said that in order to conform to the development trend of financial and technological integration, the application of financial technological innovation supervision tools should be further deepened, and more financial technological innovations in inclusive finance, green finance and science and technology finance should be included in the test scope. At the same time, we should vigorously develop regulatory technology, speed up the improvement of financial technology innovation risk monitoring procedures, and comprehensively use big data, artificial intelligence and other technologies to continuously enhance digital regulatory technology means, so that financial management departments can always understand, penetrate, control and manage financial technology innovation well.

　　In view of the supervision of financial technology innovation, new supervision means are accelerating exploration. At present, the "supervision sandbox" pilot project of financial technology has covered nine pilot areas, including Beijing, Shanghai, Chongqing, Shenzhen, xiong’an new area, Hangzhou, Suzhou, Guangzhou and Chengdu, aiming at creating a supervision tool for financial technology innovation that conforms to China’s national conditions and is in line with international standards, and standardizing and guiding the healthy and orderly development of financial technology.

　　Guo Shuqing also said that for financial technology giants, on the basis of grasping the principle of inclusiveness and prudence, special innovative regulatory measures will be adopted to prevent risks and monopoly in promoting development. He also pointed out that the use of regulatory technology will be strengthened and legislation on comprehensive statistics and information standardization in the financial industry will be accelerated. Pay close attention to the construction of a big data platform for supervision and make every effort to promote the informationization and intelligent transformation of supervision work.