天美九一厂制作

    Speech on the Forum of Luxembourg’s Role as the Financial Hub of China and Europe

   (Delivered by Yang Zaiping,Executive Vice President of China Banking Association)

    Respectable Chancellor Pierre Gramegna，Ambassador Paul Steinmetz， Mr. Nicolas Mackel，Deputy-director Guo Jianwei, Ladies and Gentleman：

    Good morning!

    I am honored to be invited to attend the forum held by Luxembourg for Finance and I will share with you the current situation and future of financial cooperation between China and Luxembourg.

    As we know, the average per capita income and living level of the Grand Duchy of Luxembourg is the highest among EU member states，and the financial sector is one of its three pillar industries. Luxembourg ranks number 1 in Europe in fund industry and is the second largest center worldwide, next only to the United States. Meanwhile, Luxembourg is also the second largest net export country in the area of financial services, being next only to the United Kingdom. It is one of the two non-Asian financial centers with great potential. At the same time, Luxembourg is the cross-border yuan trading center in Europe and its yuan payment amounts ranks the second in the Euro zone.

    Luxembourg enjoys stable political and economic environment, with relatively low public debts and government deficits, and high solvency. The law and tax systems work effectively, with rich financial management experiences and high-quality financial services. Especially in the area of assets management, the experiences in cross-border capital usage, fund investment instruments and fields, and fund institutions management are rich, with complete supervisory system and long-term friendly cooperation with many countries.80 percent of the 30 top asset management companies take Luxembourg as a major distribution platform in Europe.

    The economic and cultural exchanges between our two countries have a long history, and are increasingly close. Luxembourg was the first EU member state which started business with China. China’s large commercial banks, such as Industrial and Commercial Bank of China and China Construction Bank, set their European headquarters in Luxembourg. For a long time, China’s assets management sector and asset custody sector have kept good relationships with Luxembourg’s financial sector. As the Chinese representative of the Second High-level Workshop in Sino-EU Assets Management Sector, Ms. Zhang Liang, Deputy Secretary-General of CBA, just paid a visit to Luxembourg in May and shared hot topics with Mr. Robert Scharfe and Mr. Alain Kinsch. Here, on behalf of China Banking Association, I’d like to extend my sincerest thanks to you.

    Currently, China continues to implement prudent monetary policy and make fine-tuning in line with the economic situations. The banking regulatory bodies have issued a range of new regulatory policies in terms of perfecting capital regulation, improving financial services, guarding against financial risks, guiding economic structure adjustment and so on, continuously clarifying their regulatory objectives to facilitate the deepening reform and opening up of the banking industry. In the year 2013, China’s banking sector actively implemented the macro control policies. Its total assets surpassed the milestone of RMB 150 trillion, an increase of 13.27% year on year, maintaining a steady growth; the growth of gross liabilities dropped considerably, among which the gross liabilities of China’s banking financial institutions stood at 141.18 trillion yuan, maintaining a growth of 12.99%, 4.8 percentage points down year on year; and the speeding innovation and development in the intermediary business sector has brought a consistent increase on intermediary business in terms of revenue, growth and ratio of 16 listed commercial banks, showing a strong growth momentum. Also, the quality of credit assets remained stable. Capital was relatively abundant, the level of provisions in general remained relatively high, and credit risk management was relatively good. In 2013, impacted by the slowdown of economic growth, accelerated liberalization of interest rate and continued financial disintermediation, China’s commercial banks have witnessed some decline in NIM (net interest margin) when their growth in scale and size gradually returned to normal. Although the intermediary business revenue saw some increase in growth, and the ratio of cost and income further declined, it wouldn’t change the trend that both the profit growth and asset quality are under increasing pressure. Over 2013, the commercial banks reported a net profit growth of 14.5% to 1.42 trillion yuan. We could estimate that the general slowdown in scale growth of the banking industry will become normal in 2014, and the net profit growth could further drop to around 9%.

    Given that many of you are experts in asset management, I’m more than willing to share with you some data on China’s asset custody sector. Asset custody has a 16 year-development history in China and, as it fits well with the force of development of direct financing capital market and wealth management market, it has become an indispensable institutional arrangement for China’s economic system. As of the end of the first quarter of 2014, the business scale of asset custody in China had reached 38.5 trillion yuan, increasing by 52% year on year. With regard to the cross-border asset custody business, by the end of April, 2014, the accumulated amount of approved QFII investment reached 54.418 billion US dollars (about 339.1 billion yuan), and the accumulated amount of approved RQFIIinvestment reached 215.6 billion yuan, while the amount of approved QDII investment reached 74.293 billion US dollars.

    The Chinese government and financial regulatory authorities attach great importance to China banking industry’s deepening reform and opening-up, constantly encourage our banking industry to “go out” and take an active part in international market competition.

    To our delight, yuan internationalization has achieved substantial progress. As one of the core parts of financial system, commercial banks play an important role in the process of yuan internationalization as main promoters and participants. As RMB’s host country, China’s commercial banks will endeavor to take advantage of the opportunity to play an active and leading role, launch a variety of products including RMB deposits, loans, settlement, clearings, wealth management, transactions and investments, and to expand business scale. We believe, China’s commercial banks will gradually enter mainstream international financial market along with the rise in RMB’s international position and eventually achieve substantial improvement in international management level.

    In this course, it’s imperative for Chinese financial industry to intensify communication and cooperation with Luxembourg financial industry, bring the powerful radiation functions of Luxembourg as an important European financial hub to the fullest play, and comprehensively drive the healthy and steady development of both countries’ banking industries.

    Finally, I’d like to sincerely wish a complete success to this seminar!

    Thank you!  

尊敬的Pierre Gramegna阁下，Paul Steinmetz大使， Nicolas Mackel先生，郭建伟副司长，尊敬的各位同业，女士们，先生们：

    大家上午好！

    很荣幸受邀参加由卢森堡金融推广署主办的此次研讨会，和大家共同探讨中国和卢森堡金融合作的现状和未来。

    我们知道，卢森堡大公国是欧盟成员国中人均收入和生活水平最高的国家，金融业是其三大支柱产业之一。卢森堡也是欧洲排名第一的基金中心，是仅次于美国的全球第二大基金中心，是继英国之后的第二个金融服务净出口国，是未来发展潜力最大的两个非亚洲金融中心之一。同时，卢森堡还是欧洲重要的人民币跨境交易中心、欧元区人民币支付第二大户。

    卢森堡政治经济稳定，公共债务和政府赤字较低，具有较高的偿债能力；卢森堡拥有高效的法律和税收制度；卢森堡的金融业具备先进的管理经验，并可提供优质的金融服务。尤其是在资产管理领域，卢森堡在跨境资金运用、基金投资工具和投资范围、基金机构管理等方面的经验十分丰富，监管体系较为完备，并与多个国家存在长期友好的经济合作，全球30家顶级资产管理公司中，80%把卢森堡作为主要的欧洲分销平台。

    中国和卢森堡经济文化交流源远流长，并日益密切。卢森堡是首个与中国建立商业来往的欧盟国家，中国工商银行、中国建设银行等中国大型商业银行均将其欧洲总部设在卢森堡。长期以来，中国资产管理和资产托管行业与卢森堡金融界保持着良好的合作关系。作为第二届中欧资产管理行业高层交流论坛的中方嘉宾，我们的副秘书长张亮女士刚刚在5月拜访了卢森堡的金融同业，与在座的Robert Scharfe先生（卢森堡证券交易所首席执行官）、Alain Kinsch先生（安永会计师事务所主管合伙人）等同仁进行了深入的研讨和交流，并受到你们周到的款待。在此，我谨代表中国银行业协会向你们表示诚挚的感谢。

    目前，中国继续实施稳健的货币政策，并根据经济形势变化，适时适度进行预调微调。银行业监管部门在完善资本监管、改进金融服务、防范金融风险、引导经济结构调整等方面陆续出台着新的监管政策，不断明确监管目标，推动银行业深化改革开放。2013年，中国银行业积极贯彻落实宏观调控政策，资产总额突破150万亿元，同比增长13.27%，继续呈现平稳增长态势；总负债增速大幅回落，中国银行业金融机构负债总额达141.18万亿元，增幅为12.99%，同比下降4.8个百分点；银行业中间业务的创新和发展加快，16家上市商业银行中间业务收入总额、增速和占比一致回升，表现出强劲的增长态势。同时，银行业信贷资产质量基本稳定，资本较为充足，整体拨备水平较高，信用风险管理处于较好水平。2013年，受中国经济增长中枢下移，利率市场化进程加速和金融脱媒持续深入等因素的影响，商业银行在规模增长逐步回归常态的背景下，净息差有所下降。尽管中间业务收入增速有所回升，成本收入比也进一步下降，但依旧难改利润增长与资产质量同步承压的态势。2013年，商业银行全年实现净利润1.42万亿元,同比增长14.5%。我们预计，2014年，银行业整体规模增速趋缓将成为新常态，净利润增速可能进一步回落到9%左右。

    鉴于在座的多位嘉宾是资产管理行业的专家，我十分愿意与大家分享中国资产托管行业发展的几个数据。资产托管行业在中国已历经了16年的发展，凭借适应直接融资资本市场和财富管理市场需要的内在发展动力，托管业务已成为中国经济体系中不可或缺的制度安排。截至2014年一季度末，中国托管业务规模达38.5万亿元，同比增长52%。在跨境资产托管业务方面，截至2014年4月末，QFII（合格境外机构投资者）投资累计审批额度达544.18亿美元（合3391亿元人民币），RQFII（人民币合格境外机构投资者）投资累计批准额度达2156亿人民币，QDII（合格境内投资者）投资审批额度达742.93亿美元。

    中国政府和金融监管当局高度重视中国银行业的深化改革和对外开放，鼓励银行业不断走出国门，积极参与国际市场竞争。我们欣喜地看到，目前，人民币国际化已经取得了实质性进展。商业银行作为金融体系的核心主体之一，在人民币国际化过程中扮演着重要角色，是人民币国际化的主要推动者和参与者。作为人民币的东道国，中国的商业银行将努力顺势而为，积极参与并发挥主导作用，推出包括人民币存款、贷款、结算、清算、理财、交易、投资在内的系列产物，做大业务规模。我们相信，中国的商业银行一定能够随着人民币国际地位的提升而逐步打入主流国际金融市场，最终实现国际化经营水平的大幅提升。在此过程中，中国金融界迫切需要与卢森堡同业加强交流与合作，充分发挥卢森堡作为欧洲重要金融枢纽的强大辐射功能，全面推动两国银行业健康稳步发展。

    最后，衷心祝愿本次研讨会取得圆满成功！谢谢大家！