In April 2018, the people’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued the guidance on regulating the asset management business of financial institutions. According to regulatory requirements, since the beginning of this year, the new asset management regulations have ended the three-year transition period and officially implemented. With the implementation of the new asset management regulations, principal guaranteed financial products will no longer exist. How will this change affect ordinary investors?
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implementation of new regulations on asset management
bank financial management has entered the era of net worth
The reporter browsed the mobile app of major banks and saw that the original pages introducing principal guaranteed financial products have become the introduction of net worth financial products, and many financial products have identified the risk level. A staff member of a bank told reporters that during the transition period of the new asset management regulations, they successively returned principal guaranteed financial products.
bank staff: at the end of 2021, after the transition period of the new asset management regulations, they were all dismissed. Some of the previous works are still in existence. For example, some with a long term will terminate and the principal will be calculated to the customer according to the time.
The reporter learned in the interview that many ordinary investors are aware of the changes in bank financial products and have reconfigured their assets.
Shenzhen citizens: previously configured some bank financial management, which is the guarantee of principal and income. However, there is no such financial product from last year to this year, so I will choose more configurations.
It is understood that the disappearance of bank breakeven financial products comes from the implementation of new regulations on asset management. The core of the new regulations on asset management is to break the “rigid cashing”, since the release of the new regulations on asset management in 2018, after a three-year transition period, the past commitments of bank financial products such as “principal and interest protection” and “zero risk” have become a thing of the past.
Yu Lingqu, deputy director of the Institute of finance of China (Shenzhen) Comprehensive Development Research Institute: when there are more and more “rigid cashing”, it represents that the potential risks of the whole industry and financial market are increasing, which eventually leads to the occurrence of overall systemic risks.
Insiders said that under the new rules and new pattern of asset management, profound changes have taken place in the bank’s financial management business. Many banks have set up financial management subsidiaries to gradually transfer financial management business to financial management subsidiaries for professional operation.
Yu Lingqu, deputy director of the Institute of finance of China (Shenzhen) Comprehensive Development Research Institute: in the future, through the bank financial management subsidiary, its license is roughly the same as that of some public funds now. It can issue more high-risk and high-yield products, which can be invested in the bond market and stock market. In fact, it covers a wider range of customers.
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new regulations on asset management reshape the market pattern
the asset management scale of public funds reached a new high
After the implementation of the new regulations on asset management, the asset management industry is developing towards net worth. Bank financial management, trust funds and insurance funds are increasingly participating in the securities market through direct or cooperation with fund companies. At the same time, the scale of China’s fund issuance market has also reached a new high.
It is understood that 102 new funds will be issued in January 2022. According to the data, 1898 public funds were newly established in 2021, exceeding 1376 in 2020, a record high; The total issued share is nearly 3 trillion copies. According to the official website data of China Securities Investment Fund Association, as of the end of November 2021, the asset management scale of China’s public funds totaled 25.32 trillion, a record high and exceeded 25 trillion for the first time.
Yang Delong, chief economist of Qianhai open source Fund: after the new asset management regulations, public funds have achieved great development and made great progress in cooperation with institutions. In the case of a large number of new funds, there is more cooperation in consignment. In addition, the outsourcing business of institutions has also developed steadily. Many banks have established financial subsidiaries. Most of these financial subsidiaries adopt the way of subscription of public funds in terms of equity investment, which increases the cooperation of institutional business.
for individual investors, how to choose a suitable investment method? insiders suggest that individual investors should clarify the investment threshold. While entering the field of high-risk investment, they must master the necessary financial knowledge and make corresponding investment according to their own risk-taking ability.
Yu Lingqu, deputy director of the Institute of finance of China (Shenzhen) Comprehensive Development Research Institute: with limited risk identification ability in financial knowledge, the best way may be to enter the field of conventional deposits or some relatively low-risk insurance products.
Chinalin Securities Co.Ltd(002945) Zhang Dawei, President of asset management department: giving money to professional institutions may be the simplest way
