China news agency, Beijing, May 19 (Reporter Wang Enbo) With the rapid expansion of the wealth class and the transformation of the mass consumption structure, the Chinese people are now paying more and more attention to how to realize "money and money."
In this context, huge financial service needs have emerged. Take the asset management business of financial institutions as an example. In recent years, this market in China has been expanding. As of the end of 2017, regardless of cross-holding factors, its total scale has reached 100 billion yuan.
However, in the face of the new demand for financial services brought about by the economic restructuring, despite the current adjustment and adaptation of China's financial system, the mismatch between service supply and demand is still widespread.
According to a report issued by CF40 of China Financial Forty Forum, overall, the financial assets of China's resident sectors are still concentrated on deposits and bank deposits for a long time. The proportion of financial assets allocated to pension insurance is much lower than that of developed countries, and growth has been slow in recent years. At the enterprise level, China's equity financing is small, making it difficult to provide adequate financial services support for high-risk Internet start-ups such as the Internet.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, also bluntly stated that China's current financial institutions and financial markets have limited capabilities, and it is still unable to allocate large amounts of domestic savings to the real economy.
At the same time, the larger financial services gap has also brought some drawbacks. CF40 senior researcher Zhang Bin told reporters that under this circumstance, the bypass of financial services “the main entrance does not open the back door†is highlighted, and the shadow banking, inter-bank business and a large number of channel businesses are rapidly emerging. At the same time, some financial intermediaries have increased the risk by amplifying leverage and maturity mismatches through unregulated financial bypass services.
How to open the "main entrance" of supplementary financial services? With the current release of China’s signal to fully expand imports, the answer to this question is getting clearer.
CF40 senior researcher Ha Jiming believes that consumption is the most powerful driving force for China's economic development today. Many Chinese people will turn to the relatively lack of service consumption in China, especially financial services, after meeting the basic consumption needs of food, clothing, housing and transportation.
Compared with China's financial industry, which started late and has not yet developed, some developed countries have a solid foundation in the financial sector. For example, the UK, as a traditional financial power, has established many existing financial systems and rules; the US investment banking, insurance and other industries are highly developed, and financial institutions can provide different forms of service products to individuals or families.
According to statistics, the average managerial fund of each client manager of the private banking department of Goldman Sachs is about 1 billion US dollars. China has a huge gap in this respect. Therefore, industries such as financial services are expected to become the focus of China's expansion of imports in the future, and bring tangible benefits to the people.
In fact, the Chinese side has repeatedly stated that it will further expand the opening up of the service industry, especially to speed up the opening of various fields such as finance, medical care, education and telecommunications.
The recent series of measures to expand and open up in China have attracted many of the world's top financial institutions to “enterâ€. JPMorgan Chase from the United States recently indicated that it will strengthen its presence in China, hoping to provide more support to Chinese customers in terms of capital services, custody and fund services, and provide world-class private banking and asset management services to Chinese institutions and individual investors. .
The industry believes that China will continue to open up the service industry market and increase service trade imports, which will further enhance mutually beneficial cooperation between China and the United States and other financial traditions. At the same time, the Chinese people will benefit from high-quality imported financial services products, making life more “goodâ€.
In addition, as foreign advanced service products enhance the overall industry standards, China's financial services market will also usher in more intense competition. This fabric will force local Chinese financial institutions to improve service quality and efficiency, and strengthen service innovation, thus creating a good market environment that is more conducive to consumer interests and long-term development of the industry. (Finish)
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