How can finance support the steady growth of the real economy? What are the differences between policy finance and commercial finance in stabilizing foreign trade? Can buying a house appreciate? Can I buy bank shares? How about the development of the “three pillars” of the old-age insurance system?
For the above hot topics, Hu Xiaolian, chairman of the Export Import Bank of China, Chen Siqing, chairman of Industrial And Commercial Bank Of China Limited(601398) China, Tian Guoli, chairman of China Construction Bank Corporation(601939) China, Bai Tao, Secretary of the Party committee of China Life Insurance Company Limited(601628) insurance group, and Wang Sidong, chairman of China Taiping insurance group responded at the press conference held by the Information Office of the State Council.
Export Import Bank Hu Xiaolian: two characteristics of policy finance supporting foreign trade
“We do not provide financing support to specific types of enterprises or specific fields. We support both large enterprises and small and medium-sized enterprises. We support both Chinese and foreign-funded enterprises, which are indistinguishable.”
Hu Xiaolian said that an important part of the “six stabilities” and “six guarantees” is to maintain the stability of foreign trade. Financial support for foreign trade is the main responsibility and business of the Export Import Bank of China. We have always regarded supporting the high-quality development of foreign trade as an important part of financial services.
What is the difference between policy finance and commercial finance in supporting foreign trade? Hu Xiaolian explained that policy finance has two characteristics in supporting foreign trade: first, policy finance supports foreign trade in a timely manner; Second, policy banks can combine the power of policy finance and commercial finance through interbank cooperation.
What is subsidy? Hu Xiaolian said that according to the definition of WTO, first, it depends on whether the financial resources provided by financial institutions are indiscriminate, or whether financial credit support is only provided for a certain type of enterprises, a certain type of fields and a certain type of products. Second, whether the loan interest rate provided is significantly lower than the market average level. “From these two aspects, the financing support we provide to foreign trade enterprises is definitely not a subsidy. As a policy bank, especially the official export credit agency, we can provide support to foreign trade enterprises like foreign official export credit agencies.”
With regard to the question raised by the reporter “whether the financial support for exports continues to increase and whether it is an actual export subsidy”, Hu Xiaolian said: “Our interest rate is provided in accordance with the principle of marketization, and the capital of the export import bank is also financed from the financial market, and the financing cost is not low, which is similar to the issuing interest rate and bond issuing interest rate of Industrial And Commercial Bank Of China Limited(601398) , China Construction Bank Corporation(601939) in the financial market. Our operation is subject to capital preservation and low profit. In this case, we will not and cannot be significantly lower than the market average level Foreign trade enterprises are subsidized at the interest rate of. “
ICBC Chen Siqing: formulate exclusive scheme for “specialized and special new” enterprises
“Serving the real economy is the bounden duty and purpose of finance.” Chen Siqing said.
He said that in 2021, ICBC’s loan increment reached a new high, and focused on the key areas and weak links of real economic development. The average interest rate of newly issued manufacturing loans and inclusive loans decreased again on the basis of 2020. The decline in 2020 itself was also relatively large, and there was a further decline in 2021, which effectively helped manufacturing enterprises, especially small and medium-sized manufacturing enterprises, reduce costs and increase efficiency.
According to Chen Siqing, service industry and manufacturing industry are the traditional characteristics of ICBC. In recent years, focusing on the construction of “manufacturing power”, ICBC has actively promoted to solve the pain points, difficulties and blocking points of manufacturing financial services. The following measures have been taken:
First, increase loan support. In the past three years, ICBC’s new manufacturing loans exceeded 100 billion yuan, 200 billion yuan and 300 billion yuan respectively, with a cumulative increase of more than 40%. The loan balance took the lead in breaking through 2 trillion yuan. During the “14th five year plan” period, ICBC strives to take the lead in breaking through 3 trillion yuan in manufacturing loan balance.
Second, help stabilize and strengthen the chain. At the end of 2021, ICBC’s financing balance for core enterprises in the industrial chain in the manufacturing industry exceeded 750 billion yuan, and financing for manufacturing enterprises upstream and downstream of the industrial chain exceeded 300 billion yuan.
Third, highlight key areas. The improvement of the “credit + non credit” comprehensive service system is not only the support in credit, but also ICBC helps the high-quality development of the manufacturing industry by building an “Overpass” of financial services in the manufacturing industry. At the end of 2021, ICBC’s financing balance of strategic emerging industries exceeded 1 trillion yuan, supporting the manufacturing of “big country heavy tools” such as domestic large aircraft and “Fuxing” high-speed railway.
It is worth mentioning that for “specialized and special new” enterprises, ICBC has established a special mechanism, issued a special plan for “specialized and special new” enterprise service, carried out “specialized and special new · spring action”, and established 11 head office level scientific and innovative enterprise financial service centers and 100 special branches. At the same time, it has formulated an exclusive scheme for “specialized and special new” enterprises. Launched the special financing scheme of “specialized special new loan”, fully connected with the financial needs of “specialized special new” enterprises, and actively extended credit to more than 6000 “specialized special new” enterprises. According to the data, at the end of 2021, there were more than 15000 credit customers of “specialized special new” enterprises, with a financing balance of more than 100 billion yuan, with a growth rate of more than 18%.
CCB Tian Guoli: the era of appreciation when buying a house has passed, and large bank stocks are not suitable for short-term
“The era when buying a house can appreciate is over.”
Tian Guoli said that from the perspective of financial management, renting a house is also OK, because now people don’t always think that they can appreciate after buying a house. That era has passed. Even with appreciation, cash out is very difficult. In fact, real estate is not a particularly ideal asset sale. With the maturity of China’s market, the era of relying on leasing will certainly come soon.
In his opinion, no matter how the house price drops in the future, it is difficult to really solve the housing problem of the working class, especially to meet the housing needs of ordinary Lbx Pharmacy Chain Joint Stock Company(603883) , those without savings, migrant workers and new citizens. In the future, they need to rely on rental housing. “We emphasize that people are the center, the housing market must be controlled rationally, and there must be a new model.”
“Fortunately, we have some policy and institutional advantages. But how can we gradually turn this advantage into the economic driving force of sustainable development by means of financial marketization?” Tian Guoli said that if we continue to design financial products around this, we will see a new scene, that is, many residents will gradually get used to leasing in the future. In the final analysis, we still implement the sentence, “the house is for living, not for speculation.”
It is worth mentioning that when asked by the reporter “how to make the bank’s share price more truly reflect its value when the share price of large banks is low and the price to book ratio is not high”, Tian Guoli said: “to be exact, after the subprime mortgage crisis in 2008, the business model of traditional commercial banks has become less and less favored by investors. The past glory has not reappeared, and the price to book ratio has changed from more than twice to less than one time.
In this case, China is closely connected with the world, and finance is a Borderless Business in a sense. At present, the average price to book ratio of A-Shares of Chinese banks is basically 0.66 times, and the average price to book ratio of H shares is 0.47 times, higher than 0.44 in Japan, lower than 0.72 in Europe and 1.42 times in the United States. Therefore, in fact, these are problems of traditional financial cognition. In terms of investment itself, I think it is still cost-effective. “
Tian Guoli believes that from the perspective of ups and downs, large bank stocks are not suitable for short-term, but in the long run, the dividend rate of banks has been much higher than financial products, and there are still opportunities to make profits after holding them.
China Life Insurance Company Limited(601628) Bai Tao: participating in the construction of “three pillars” old-age security system
“The insurance industry has an important function and role, that is, its economic ‘shock absorber’ and social ‘stabilizer’ functions.” Bai Tao said.
Social security concerns thousands of households, the interests of every Lbx Pharmacy Chain Joint Stock Company(603883) and the well-being of people’s livelihood, as well as the long-term stability of the country. Pension is one of the topics that Lbx Pharmacy Chain Joint Stock Company(603883) pays most attention to. Pension insurance plays an important role in residents’ pension. At present, China’s pension system has three pillars. The first, second and third pillars are basic pension insurance, enterprise annuity and individual pension (individual commercial pension insurance, etc.).
According to Bai Tao, China Life Insurance Company Limited(601628) FA actively participates in the construction of the “three pillars” old-age security system. Among them, in the first pillar, the scale of managed social security fund is nearly 30 billion yuan. In the second pillar, it provides the whole process services of enterprise annuity and occupational annuity management. At present, it manages the pension scale of enterprises and institutions of about 1.2 trillion yuan, provides occupational annuity management services for 32 overall planning areas, and serves nearly 30000 enterprise annuity customers. In the third pillar, long-term care insurance was carried out to protect more than 23 million people; More than 52 million old-age insurance businesses have been underwritten, and the accumulated reserve is about 1.7 trillion yuan.
At the same time, improve the service and health support system. Bai Tao said, China Life Insurance Company Limited(601628) giving full play to the characteristics of relatively long insurance fund cycle, it has established a large pension fund and invested in a number of pension institutions in South China, North China, East China and southwest China. Now it has been put into operation, providing multi-level elderly care services such as institutional elderly care, community elderly care and home-based elderly care. In addition, focusing on the needs of health management, a large health fund has been established, and more than 40 enterprises have been invested to integrate resources for medical, pharmaceutical and hospital services and provide customers with health management services.
China Taiping Insurance Wang Sidong: Shengeng Dawan District
What are the new explorations and breakthroughs of the financial industry in supporting the construction of Dawan district?
According to Wang Sidong, in 2019, China Taiping Insurance took the lead in issuing the white paper on China Taiping’s participation in the construction of Guangdong, Hong Kong and Macao Dawan District, focusing on serving the Bay District, innovating insurance products, promoting the interconnection of residents in Dawan district and the protection of people’s livelihood in Hong Kong and Macao. For example, the innovative introduction of cross-border vehicle insurance for the Hong Kong Zhuhai Macao Bridge, the establishment of a three place insurance and compensation mechanism for Guangdong, Hong Kong and Macao, and the purchase of insurance policies in three places and one place. In addition, it also launched the exclusive serious illness insurance in Dawan district and cross-border medical insurance to provide insurance services for residents in the Bay district.
Wang Sidong further said: “We also give full play to the advantages of long-term investment of insurance funds to provide financial support for the construction of Dawan district. For example, we jointly initiated and established a HK $10 billion Dawan District common home fund with China Merchants and China Resources Group. At the end of last year, we established a 6.5 billion China Taiping medical and health industry equity investment fund in Shenzhen. At present, China Taiping is in charge of investment projects in Dawan district The total amount of the project is 50 billion. Last December, we also successfully held the first Dawan District insurance industry high quality development forum, which promoted the international exchange of Dawan District insurance industry. “
Wang Sidong said: “during the 14th Five Year Plan period, we will continue to base ourselves on Hong Kong and Macao and deeply cultivate Dawan district. We have formulated a three-year action plan to serve Dawan district. We hope to reflect the effectiveness of the insurance industry in serving Dawan district through the implementation of specific projects one by one.” First, do a good job in the implementation of the policies of “Australian cars going north” and “Hong Kong cars going north”; Second, cooperate with the regulatory authorities to carry out cross-border “insurance links”; Third, participate in and promote the construction of cross-border insurance service centers.
In addition, One belt, one road, China will also be set up in the Tai Wan District to build a good retirement community and build a China Taiping medical and health science and Technology Industrial Park. In addition, we will intensify efforts to introduce some international high-quality resources to the big bay area. Last year, we have made a more meaningful attempt to build a “one by one” area. “, promote double circulation and better integrate Hong Kong and Macao into the overall national situation. We are full of confidence in the high-quality development of Dawan district.”
