Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Capital flows to get boost, official says

By JIANG XUEQING | China Daily | Updated: 2021-03-03 07:10
Share
Share - WeChat
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, answers questions from reporters after a news conference in Beijing on Tuesday. [Photo/Agencies]

Authorities also vow to avoid sweeping variations in domestic financial market

China will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market, the country's top banking and insurance regulator said on Tuesday.

The volume of foreign capital inflows will increase noticeably, as China's asset prices are attractive to investors and its economy is closely linked to other economies due to a high level of globalization, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission.

The size and speed of foreign capital inflows are under control, Guo said at a news conference held by the State Council Information Office.

He stressed that the force and impact of proactive fiscal policies and ultra-loose monetary policies, which were adopted by many other countries, should be taken into more consideration, as these policy measures, though necessary for stabilizing the economy, also have side effects, which have gradually started to show.

"The financial markets of developed countries in Europe and the Americas have been running high, which is against the ongoing trends in the real economy. If the difference is too huge between financial markets and the real economy, problems will occur, and the financial markets will be forced to make adjustments. So we are worried about financial markets, especially the problem that one day foreign financial asset bubbles may burst," he said.

"We continue studying how to take more effective measures to encourage cross-border capital flows at an increasingly more open level on the one hand, while not causing huge fluctuations in the domestic financial market on the other hand. We have confidence in doing the work well."

The efforts to reduce financial market volatility are in accordance with China's battle against financial risks.

In the first year of the country's 14th Five-Year Plan (2021-25), the China Banking and Insurance Regulatory Commission will take risk prevention and control as "an eternal theme of the financial sector" and will relentlessly monitor and tackle various types of financial risks, Guo said.

"The regulator will also maintain a market environment of fair competition, strengthen anti-monopoly efforts, prevent the disorderly expansion of capital and ensure financial innovation is conducted under prudential regulation," he added.

Dong Ximiao, chief researcher at Merchants Union Consumer Finance Co, said financial reform and innovation must obey and serve the eternal theme of financial work, which is preventing and controlling financial risks.

"New technologies and new methods should be adopted to identify and control risks more precisely," Dong said.

In recent years, China has reduced the high leverage ratios of its banking and insurance sectors.

From 2017 to 2020, the average annual growth of total assets was 8.3 percent for the banking sector and 11.4 percent for the insurance sector-roughly half of the numbers from 2009 to 2016.

Interbank assets idling within the financial system are now taking a significantly smaller part of total assets of the banking and insurance sectors, according to the China Banking and Insurance Regulatory Commission.

In addition, the banking sector disposed of 8.8 trillion yuan ($1.36 trillion) of nonperforming loans from 2017 to 2020, exceeding the total volume during the 12 years before 2017.

The country also worked to dismantle shadow banking in an orderly manner, cutting its size by about 20 trillion yuan from the historical peak, Guo said. The broad measure of shadow banking is defined by the Financial Stability Board as credit intermediation involving entities and activities outside the regular banking system.

Gu Shu, chairman of Agricultural Bank of China, said the large State-owned commercial lender continuously ramped up efforts to dispose of nonperforming loans in recent years.

Last year, the Chinese banking sector disposed of 3.02 trillion yuan of nonperforming assets. The volume of disposal of nonperforming loans also remained at a fairly high level for Agricultural Bank of China, enabling the bank to maintain stable credit asset quality, Gu said.

In 2020, China deferred principal and interest payments on 6.6 trillion yuan on loans to a number of micro, small and medium-sized enterprises and export-oriented companies. That policy will come to an end on March 31. Agricultural Bank of China has been closely monitoring the asset quality of these loans, of which the risks still remain controllable, although their nonperforming ratios are higher than those of typical types of loans, he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 中文字幕色婷婷在线精品中| 精品一区二区视频在线观看| 残忍女王虐茎chinese| 国内精品久久久久久久97牛牛| 国产爆乳无码一区二区麻豆| 五月天久久婷婷| 里番本子库全彩acg亚洲| 我的极品岳坶34章| 免费观看一级特黄欧美大片| 99精品在线观看视频| 欧美性猛交xxxx88| 国产午夜精品理论片| 一级毛片**不卡免费播| 永久不封国产毛片AV网煮站| 国产一级片在线| 99国产精品永久免费视频| 最近中文字幕在线mv视频在线| 国产丝袜第一页| a级片免费在线观看| 欧美a在线视频| 国产一区二区三区无码免费| h在线看免费视频网站男男| 欧美乱xxxxx| 国产免费丝袜调教视频| 一本色道久久88| 欧美人与动牲高清| 免费看又黄又无码的网站| **性色生活片久久毛片| 日韩理论电影在线| 六月丁香激情综合成人| 6080yy午夜不卡一二三区| 日韩人妻潮喷中文在线视频| 动漫无遮挡在线观看| 奇米影视久久777中文字幕| 日本a∨在线播放高清| 人妻在线日韩免费视频| 怡红院色视频在线| 天天摸天天做天天爽天天弄| 亚洲aⅴ男人的天堂在线观看 | 91福利免费体验区观看区| 李莫愁好紧好湿好滑|