Financial risks are mentioned 31 times defamatory and strict supervision will continue

[This meeting only involves a phrase "strengthening Internet financial supervision" for Internet finance, and the policy-level attitude is obviously negative, which confirms the government's attitude toward risk prevention]
The National Financial Work Conference closed in Beijing on the 15th. As an important meeting to adjust China's financial structure in the next five years, this meeting focused on “anti-risk” and “strengthening financial supervision” and became one of the focuses of market attention.
According to the statistics on the word frequency in the financial work conference draft, the “risk” became the most frequently occurring keyword, and was mentioned 31 times in the full text, while “regulatory” ranked second and was mentioned. Twenty-eight times, "development" and "reform" ranked third and fourth, respectively, 25 times and 16 times.
The reporter combed and found that there were six "strict" characters in the full text of the meeting. “All references to regulation have emphasized a 'strict' word, and the National Financial Work Conference continues to convey the idea of ​​strict supervision. While strengthening comprehensive risk management, the idea of ​​strengthening supervision is very clear.” The political commissar Lu pointed out.

“Deviation from reality” and “regulation is strict”
According to the analysis, it can be seen from the contents of this financial work conference that “de-funding” and “regularity” will continue for a long time.
Market participants pointed out that the "important principle" of financial work at the meeting is "returning to the source, obeying the service to economic and social development. Finance should take the service of the real economy as the starting point and the foothold", "intensify supervision and improve the ability to prevent and resolve financial risks." ". In particular, it is pointed out that “guiding the development of the financial industry is in harmony with economic and social development”, the implication is that the financial industry used to be too idling in the self-system and was not in harmony with the overall social economy.
In fact, in the first half of the year, the regulatory layer's deployment of financial work can already be described as “tight”.
For example, since the end of March this year, the China Banking Regulatory Commission has deployed “three violations” (from the 45th document, which refers to violations of financial laws, violations of regulatory rules, violations of internal regulations), “three sets of benefits” (No. 46 document, regulatory arbitrage, arbitrage arbitrage, association Arbitrage), "Four Improper" (No. 53 text, improper innovation, improper trading, improper incentives, improper charges) special governance work - commonly known as "three three four."
After the first quarter of the China Banking Regulatory Commission system (including the China Banking Regulatory Commission, the local banking regulatory bureau and the banking supervisory bureau) issued 443 administrative penalties, the first financial reporter roughly combed the official website of the China Banking Regulatory Commission and found that the second quarter commercial banks ushered in a more violent "penalty" The season, including the four major asset management companies (AMC), received a total of 744 administrative penalties, which is unprecedented.
On the eve of the financial work conference, Xinhua News Agency successively conducted an exclusive interview with the heads of the “three sessions” of the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission. Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission, said that "continue to increase risk prevention and resolution efforts." Jiang Yang, vice chairman of the China Securities Regulatory Commission, also said that "the company continues to maintain a high pressure on violations of laws and regulations." Chen Wenhui, vice chairman of the China Insurance Regulatory Commission, pointed out that "under strict management, the problem company has realized that the radical development path in the past will not work. The next step is a painful transformation. The direct performance is a temporary decline in premium income, and investment can no longer be' Big hands and feet '."
The meeting also made it clear that “the formation of risks without timely detection is dereliction of duty, and the failure to promptly prompt and dispose of risks is a serious regulatory atmosphere for dereliction of duty.” The clearing and strengthening of local government’s territorial risk disposal will greatly enhance the sense of local government responsibility. .
The meeting pointed out that to enhance the authority and effectiveness of financial supervision and coordination, and to strengthen the professionalism, unity and penetration of financial supervision, all financial services must be incorporated into the supervision, and the risks should be effectively identified and resolved in a timely manner. It is necessary to adhere to the central unified rules, compact local regulatory responsibilities, and strengthen accountability for financial supervision.
Zeng Gang, director of the Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, pointed out that banks should optimize their business philosophy, rationally set profit targets, adjust profit expectations, and form a long-term coordinated development concept with the real economy. At the same time, it is necessary to reduce the bank supervision cost in an orderly manner by optimizing the supervision policy, and at the same time reducing the bank's operating costs, it is also conducive to reducing the financing cost of the real economy.

Inhibition of Mutual Gold "For the market's hot-selling 'Internet finance', this meeting is restrained." Deng Haiqing, chief global economist of Kyushu Securities, pointed out.
The meeting pointed out that "we must resolutely rectify the behaviors that seriously interfere with the financial market order, strictly regulate the trading behavior of financial markets, standardize the integration of financial integrated operations and integration of industry and finance, strengthen the supervision of connected financial institutions, and strengthen the responsibility of financial institutions to prevent risks."
Coincidentally, Internet finance was also mentioned in the six tasks proposed by the industry at the end of April at the Financial Security Conference of the Central Political Bureau at the end of April.
The third of these six tasks is aimed at domestic risks. It is required to take measures to deal with risk points, focus on controlling increments, actively dispose of stocks, crack down on evading debts, control leverage, increase efforts to crack down on market violations, and focus on financial markets and Internet finance. ".
Deng Haiqing said that before the Internet finance and financial technology had always been the hot words of the financial market, the meeting only involved a sentence of “strengthening Internet financial supervision”, and the policy level was obviously negative, which confirmed the government’s risk prevention. Attention to attitude.
Regardless of quantity or scale, China's Internet finance industry has ranked first in the world. According to the latest monitoring data of the national Internet financial risk analysis technology platform, the cumulative transaction volume of online lending, network crowdfunding and Internet payment reached 70 trillion yuan. There are more than 19,000 mutual gold platforms. From the perspective of the industry, there are 21 categories of mutual gold business, including online lending, Internet asset management, and online crowdfunding. Among them, there are more than 6,000 online lending platforms, nearly 3,500 Internet asset management, and 800 online crowdfunding.
Recently, Zhou Hongren, executive deputy director of the National Informationization Expert Advisory Committee and director of the National Internet Finance Professional Technical Committee, pointed out at the 2017 China Internet Finance Summit Forum that statistics show that the losses caused by Internet fraud in China reached 0.63% of GDP. Only 0.64% after the United States. In the current hot consumer finance sector, more than 50% of bad debt comes from fraud.
"Because of the light assets, cross-regional, and high concealment characteristics of Internet finance, a large number of criminals are mixed in and evade supervision. In many cases, it is hard to prevent." Zhou Hongren said. In response to the problems and risks in the above-mentioned mutual gold field, Zhou Hongren said that while accelerating the construction of the mutual legal system of laws and regulations, it is necessary to address the more pressing regulatory and technical issues facing the development of mutual funds.
Some insiders believe that some mutual gold companies have walked in various gray areas with the "double creation" hat in the past few years. This time, it is proposed to strengthen supervision. "The knife of mutual financial supervision policy risk may have to fall."

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