Economic ** reporter Ma Chunyang.
The balance of RMB loans increased by 22 for the year7 trillion yuan, broad money (M2) and social financing at the end of the year increased by 9 percent year-on-year7% and 95%……Looking back on 2023, against the backdrop of complex and severe economic situations at home and abroad, China's financial industry will continue to deepen reforms, maintain its efforts to serve the real economy, effectively prevent and control financial risks, and promote opening-up in an orderly manner, laying a solid foundation for accelerating its journey towards a financial power.
Increase investment in the real economy.
The economy is the body, finance is the blood, and the two are symbiotic and co-prosperous. In 2023, the financial industry will adhere to the fundamental purpose of serving the real economy, providing strong support for the healthy development of the real economy.
In the past year, the People's Bank of China has lowered the reserve requirement ratio twice and cut interest rates twice, and optimized real estate financial policies and other measures have been introduced one after another, effectively encouraging financial institutions to increase capital investment in the real economy, and cooperating with the macro policy combination such as the additional issuance of government bonds and the acceleration of the "three major projects" to enhance the sustainability of the steady economic recovery.
The total amount of credit grew steadily. As of the end of 2023, the balance of RMB loans was 2376 trillion yuan, a year-on-year increase of 106%, an increase of 22 for the year7 trillion yuan, an increase of 1 year-on-year3 trillion yuan.
The credit structure continued to be optimized. By the end of 2023, the balance of inclusive small and micro loans increased by 23% year-on-year5%, the growth rate of loans to specialized, special and new, and science and technology small and medium-sized enterprises reached 18 respectively6% and 219%。The balance of medium and long-term loans to the manufacturing industry increased by 31% year-on-year9%, of which the growth rate of medium and long-term loans for high-tech manufacturing reached 34%, and the balance of medium and long-term loans for infrastructure increased by 15% year-on-year. Loan growth in these key areas was significantly higher than 106% growth rate for all loans.
Credit investment in private enterprises has increased. Strengthening the financial services of private enterprises is the highlight of the financial system in the past year, the central bank has held many financial institutions symposium to emphasize the concept of "equal treatment", and also jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy" in November last year to further improve the top-level design of financial support for private enterprises. From January to November 2023, loans to privately held enterprises increased by 1 trillion yuan year-on-year, and the effect of financial support for the private economy has initially appeared.
In addition to traditional credit support, the capital market adheres to serving scientific and technological innovation, bringing "capital living water" to key areas such as advanced manufacturing, digital economy, and green and low-carbon, and effectively promoting the high-level circulation of science and technology, capital and the real economy. According to data from the China Association of Public Companies, by the end of 2023, there were 5,346 listed companies in the domestic ** market, with manufacturing, information transmission, software and information technology services, and wholesale and retail as the top three listed companies.
The supply of product innovation also provides support for guiding funds to invest in science and technology and innovation. In recent years, the Shenzhen ** Exchange has vigorously developed science and technology theme bonds, optimized the review "green channel" mechanism, issued innovation and entrepreneurship bonds and science and technology innovation bonds more than 90 billion yuan, and raised more than 470 billion yuan of innovative green financial products. Peng Ming, deputy general manager of the Shenzhen Stock Exchange, said that it will increase its service to new technologies, new tracks and new markets, and accelerate the cultivation of new momentum and new advantages.
Pan Gongsheng, governor of the People's Bank of China, said that he will continue to play the dual functions of monetary policy tools in terms of total amount and structure, strengthen tool innovation, and continue to guide financial institutions to do a good job in science and technology finance, green finance, inclusive finance, pension finance and digital finance.
Improve the effectiveness of financial supervision.
Promoting high-quality financial development and accelerating the construction of a complete and effective financial regulatory system is the only way to achieve the goal of accelerating the construction of a financial power.
In March 2023, the Communist Party of China issued the "Plan for the Reform of Party and State Institutions", many of which involve the field of financial supervision: the establishment of the ** Financial Commission, the establishment of the ** Financial Working Committee, the establishment of the State Administration of Financial Supervision and Administration, and the adjustment of the China ** Supervision and Administration Commission to the ...... directly under the institution
On May 18, 2023, the State Administration of Financial Supervision and Administration was inaugurated. Tian Xuan, deputy dean of Tsinghua University's PBC School of Finance, believes that this round of financial regulatory system reform has strengthened the goal of effectively preventing and resolving major economic and financial risks, and will strengthen and improve modern financial supervision and strive to improve the effectiveness of financial supervision.
The prevention and control of financial risks is an important theme of financial work. In the past year, the rule of law in the financial sector has been strengthened. The financial management department has issued regulatory rules such as the Measures for the Risk Classification of Financial Assets of Commercial Banks, the Measures for the Capital Management of Commercial Banks, and the Measures for the Management of Operational Risk of Banking and Insurance Institutions, to build a differentiated capital supervision system, improve the operational risk supervision rules of banking institutions, and improve the overall risk management level of the banking industry.
At present, China's financial industry is running smoothly on the whole, and the overall risk resistance is strong. At the end of 2023, the balance of non-performing loans of banking financial institutions was 395 trillion yuan, non-performing loan ratio of 162%。The provision coverage ratio of commercial banks was 2051%, capital adequacy ratio 151% and a core Tier 1 capital adequacy ratio of 105%, and the insurance industry's composite and core solvency adequacy ratios were 1965% and 1278%。
In recent years, affected by multiple factors, China's real estate market has adjusted. Promoting the steady development of the real estate market has become an important task to effectively prevent and resolve major economic and financial risks. Since last year, the People's Bank of China (PBoC) has set up a 100 billion yuan rental housing loan support plan, restarted the provision of supplementary mortgage loans (PSL), reasonably optimized the down payment ratio and loan interest rate requirements, and reduced the interest rate of the existing first home loan, so as to meet reasonable financing needs, maintain the overall stability of real estate credit, and contribute financial strength to maintaining the stable and healthy development of the real estate market.
Steadily expand institutional opening-up.
In January this year, AllianceBernstein, a wholly foreign-owned enterprise, obtained the "Business License" issued by the China Securities Regulatory Commission, becoming one of the global asset management companies that carry out public offering business in China. Up to now, there have been 9 wholly foreign-owned public offering companies established in China.
In recent years, the financial sector has launched more than 50 opening-up measures, steadily expanded institutional opening-up, improved cross-border investment and financing facilitation, and more foreign-funded financial institutions with stable operations and excellent qualifications have chosen to "settle down" in China.
Foreign-funded financial institutions have become an important force in China's financial industry. By the end of 2023, foreign banks have set up 41 corporate banks, 116 branches of foreign, Hong Kong, Macao and Taiwan banks and 132 representative offices in China, with a total of 888 operating institutions and total assets of 386 trillion yuan. Overseas insurance institutions have set up 67 operating institutions and 70 representative offices in China, and the total assets of foreign-funded insurance companies have reached 24 trillion yuan, and the market share in the domestic insurance industry has reached 10%.
Financial openness is an intrinsic requirement for speeding up the construction of a financial power. Experts believe that the institutional opening up of the financial sector is not only conducive to improving the market mechanism and enhancing market maturity, but also conducive to boosting the competitiveness of China's traditional industries, introducing more international capital, technology and talents to emerging industries, and better promoting the high-quality development of China's economy.
Foreign investors continue to cast a "vote of confidence" in the Chinese market and RMB assets. As of the end of 2023, foreign investors have been net ** Chinese bonds for 11 consecutive months, and the cumulative net ** volume in 2023 will exceed 15 trillion yuan; A total of 1,124 foreign investors entered China's bond market, holding a total of 37 trillion yuan. At present, the proportion of RMB in the world's ** financing has risen to the second place, and more than 80 foreign central banks or monetary authorities have included RMB in foreign exchange reserves.
The door of China's financial industry to the outside world will surely open wider and wider. Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that he will further benchmark the relevant rules of the financial field in the international high-standard economic and trade agreements, continue to firmly promote the high-level opening up of the financial field, and adhere to the principles of marketization, rule of law and internationalization on the basis of the implementation of the pre-entry national treatment plus negative list management system, and welcome all kinds of foreign-funded institutions and long-term capital to develop business in China.
Opening up to the outside world is a basic national policy that China has adhered to for a long time, and it is an important driving force for the reform and development of China's financial industry. In the future, China's financial opening-up will not stop, and its determination to share development opportunities with the world will not change. Through high-level opening up, improving the efficiency of China's financial resource allocation and enhancing international competitiveness will certainly play an important role in promoting the construction of a financial power.
*:Economy**.