Speech at the Official Institutions Conference
Secretary General of China Banking Association - Runzhong Huang
Ladies and Gentlemen,
Good morning!
It is my honor to attend the Official Institutions Conference. On behalf of China Banking Association, I’d like to extend my warmest congratulations to the success of the conference, and express my sincere gratitude to everyone to your interest in Chinese banking industry and custody industry. In China, there is an old saying “A bosom friend afar brings a distant land near”. It’s very relevant for us to gather here, discussing the global economy, investment and risk management, fintech. Take this opportunity, I would also like to share some of recent development in China banking industry and custody industry. Hopefully you will find the value of reference.
Today, I would like to introduce a Chinese family - Mr. Ji , Ms. Wang and their daughter Yu. Yu came to the US high school in 2011, and was admitted to Boston University in 2013. 6 years passed, this year, Yu graduated with excellent grades! Mr. Ji and Ms. Wang came from Shenzhen to attend the graduation ceremony, we also witnessed this proud and memorable moment. After graduation, Yu chooses to return to China, the rest of the world gave this excellent graduates lots of opportunities, why does she choose to return and work in China? Because China today is full of vibrant, opportunities and hope, she is the promised land for young people to realize their dreams! The future is in China!
After this exciting story, let's come to the macroeconomic policies in China. This year, China will continue to adopt proactive fiscal policy and prudent monetary policy, focusing on the coordination and balance of policies on consumption, investment, trade, regional development, industries and environmental protection, ensuring the economic growth in a sustainable manner. At the same time, China banking industry and financial market will be further opening up. For instant, China Banking Regulatory Commission liberalized a number of business qualifications to foreign banks in March this year. Such as, the foreign-owned banks and joint venture banks can underwrite treasury bonds, as well as invest in the domestic banking financial institutions; foreign-owned banks, joint ventures, foreign bank branches are allowed to perform custody, financial advisory among other businesses. Moreover, the stock exchange market and the bond market between HongKong and Shanghai, Shenzhen will be directly connected, All the good news about investing China and sharing the Chinese development benefit can be got from the official website of CBRC, CIRC, PBOC, etc.
By the end of 2016, the total assets of China banking industry reached 33.68 trillion US dollars and the year-on-year growth is 15.8%, while the total currency liabilities was 31.1 trillion US dollars, with a growth of 16%. According to “China Financial Times”, the total assets of China banking is about twice that of the US (about $16 trillion), slightly more than the Eurozone (about $31 trillion), making it almost the largest asset banking system in the world. The NPL rate in China banking remains under control. By the end of 2016, the capital adequacy ratio was 13.28%, staying at a good level by international standard.
The China banking industry continues growing, and at the same time, we are also actively exploring the modern and characteristic operating model. Research shows that about half of the global fintech investment flows into China in 2016. On one hand, the traditional banking industry has been continuously innovating. For example, the Industrial and Commercial Bank of China launched the "e-ICBC" strategy. By the end of 2016, the online transaction rate of China banking industry is 84%, with an increase of 6.6%. On the other hand, a number of outstanding innovative banks is emerging, such as “Webank” and “BaiXin bank” , which are operated totally on-line.
Moreover, China banking industry has played an important role in fulfilling social responsibilities. In the aspect of inclusive finance, the support we provide to agriculture, countryside, farmers, micro enterprises and basic financial services creates the convenience services with Chinese characteristics. In terms of improving services, we better the service channels, focus on special groups, develop the financial security knowledge popularization and consumer protection in various forms. As for green finance, one is the concept of green, low-carbon operation and development, the second is conforming to the requirements of China's supply-side structure reform, reduce financial waste and promote the real economy development.
With the integration of science, technology and finance, the financial industry is facing more opportunities and challenges, which brought the uncertainty. The market needs a financial security system, then custody industry came up. Asset custody originated in the US in the 1930’s, which promoted the normative development of the fund industry. While in China, the asset custody industry is a young industry based on market requirement, which has just walked through 19-year development.
As you can see from the graph, there are 4 stages:
The first is exploring and starting stage (1998-2001) : In the end of 1997, “Interim measures for the administration of Securities Investment Fund” was promulgated, starting the custody business in China. At that time, there were only five state-owned banks conducting custody business, the securities investment funds are mainly closed-ended. By the end of 2001, there were 51 closed-end funds, whose net value was about 11.85 billion US dollars.
The second is high speed development stage(2002-2005): At this stage, open-ended fund emerged, the cross-boarder custody initiated, the insurance industry introduced custody system, the security companies launched the collective asset management plan, many joint-stock banks obtained the custody qualification. The mainstream custodian products were still securities investment funds. By the end of 2005, there were 12 commercial banks qualified for asset custody with 218 securities investment funds and 67.94 billion USD assets under custody.
The third is vigorous innovation stage (2006-2015): During this decade, the custody market has gradually expanded to trust, banking finance, equity funds, customer asset management and subsidiaries of fund companies, pension, internet finance and other fields. By the end of 2015, there were 42 institutions altogether obtained the custody qualification. The banking custody scale reached 12.7 trillion US dollars, accounting for about 95% of the market share, the average growth rate of the industry was 54.9% from 2009 to 2015.
The fourth is normative and refinement stage (since 2016): In recent years, China's multi-level capital market construction is increasingly standardized, asset management market is booming, reform on the pension system is constantly advancing. Since last year, regulators have introduced a series of policies to enhance supervision and reduce overleverage, which have impacted and challenged the scale and direction of the asset custody development. Under such background, instead of simple vertical expansion, the custodians start to focus more on horizontal expansions and value-added services, concentrate on enhancing internal management efficiency and risk control, and aim at improving the standardization and the operational intelligence level of the industry. At the end of March 2017, China banking custody scale reached 18.3 trillion US dollars, with a growth of 34.06%. By comparison, the same data of State Street was about 28 trillion US dollars, surpassing the total scale of China. The Chinese custodians still has a long way to go, they should enhance learning from the advanced international peers to promote the customer service level. Meanwhile, it is a good chance to enter the big Chinese market, making money and benefits,
CBA was established in 2000, and we has 31 professional committees now. CBA serves for the members’ common interests according to the economic and financial situation, fulfilling the functions of "self-discipline, rights protection, coordination, service", acting as bridge and belt between the governments and markets. With the opening-up of the capital market, CBA is deepening exchanges and cooperation with overseas government agencies, industry organizations and financial enterprises constantly. For example, by means of proposal, press conference and seminar, CBA leads the banking industry into serving “The Belt and Road initiatives” by the optimization of overseas layout, promoting the integration of production and integration, strengthening financial cooperation. As well, we have invited senior executives and experts of State Street to exchange and share development experiences in forums and meetings organized by the custody committee of CBA for many times. Last year, CBA and part of our members came to State Street to learn business experience on pension investment and asset custody. This year, the custody committee of CBA established the "Cross-boarder custody working group", aiming to strengthen business communication of custody market, compliance, risk control and operation through various forms of forums, training, seminars, and State Street is an important participants. My colleagues and I also made a special trip to the Hangzhou sector of State Street in April this year, we had a friendly and in-depth conversation with Jerry Cristoforo. In the second half of this year, we plan to organize a symposium in China on risk and liquidity management, data processing, mutual recognition of funds, offshore business and global market dynamics with the Beijing of State Street Here, I also wish the cooperation between State Street and CBA could be long-standing and well-established.
The road ahead will be long and our climb will be steep. Under the new global financial situation and the banking development situation, CBA would like to cooperate with State Street and everyone here to achieve mutual benefits. We are willing to work together with everyone in the industry to seek the sustainable and long term development of banking industry by setting up a safe and organized financial environment.
Thank you everyone!Look forward to welcoming your visit to China Banking Association in Beijing! Good luck everybody!
译文
在“政府投资机构研讨会”上的演讲
中国银行业协会秘书长 黄润中
女士们、先生们：
大家上午好！
很荣幸参加此次“政府投资机构研讨会”。我谨代表中国银行业协会，对此次会议的成功召开表示热烈的祝贺，对在座各位给予中国银行业、中国资产托管行业的关注和支持表示由衷的感谢！中国有句老话“海内存知己，天涯若比邻”，今天，高朋胜友济济一堂，围绕全球经济形势、投资和风险管理、金融科技的应用等开展交流。借此机会，我也想与大家分享中国的经济发展现状，中国银行业、中国资产托管行业的发展情况，希望能给大家一些参考和启发。
今天，我要向大家介绍一个中国家庭--冀先生、王女士和他们的女儿小宇。2011年小宇来到美国读高中，2013年考入波士顿大学，转眼6年过去，今年小宇以优异的成绩毕业了！冀先生和王女士几天前从深圳赶来参加女儿的毕业典礼，我们也一起见证了这个值得骄傲和令人难忘的时刻。毕业后小宇选择回祖国参加工作，世界各地给了这个优秀毕业生很多机会，而她为什么选择回到中国？因为今天的中国，生机勃勃，充满机遇和希望，是年轻人实现梦想的乐土！未来在中国！
听完这个令人振奋的小故事，我们再来分享中国宏观经济政策。今年，中国将继续实施积极的财政政策和稳健的货币政策，注重消费、投资、贸易、区域、产业、环保等政策的协调配合，确保经济运行处于合理区间。同时，中国金融市场和银行业进一步加大对外开放力度。比如，银监会于今年三月发布《对于外资银行开展部分业务有关事项的通知》，向外资银行开放了多项业务资格，如外商业独资银行、中外合资银行可依法开展国债承销业务、投资境内银行业金融机构，外商独资银行、中外合资银行、外国银行分行可依法开展托管、财务顾问等有关业务；沪港通、深港通的实施加强了香港与内地市场的互联互通。上述政策发布在中国银监会、证监会、人民银行的官网上。
截至2016年末，中国银行业总资产达33.68万亿美元，同比增长15.8%；本外币负债总额为31.1万亿美元，同比增长16%。中国《金融时报》统计显示，中国银行业总资产约为美国（约16万亿美元）的2倍，略超过欧元区（约31万亿美元），几乎成为世界上资产规模最大的银行体系。中国银行业不良率总体保持稳定态势，截至2016年末，资本充足率为13.28%，处于国际同业良好水平。
在规模持续增长的同时，中国银行业也在积极探索现代化、特色化经营路径。研究表明，2016年全球约50%的金融科技投资流向中国。一方面，中国传统银行业不断革新经营理念和商业模式，在获客、交易、风控等方面开创自助式、电子化服务渠道，整合线上线下资源优势，积极探索综合化智能金融服务，如中国工商银行推出的“e-ICBC”战略。截至2016年底，中国银行业离柜交易率达84%，同比提高6.6%。另一方面，中国还涌现出一批优秀的创新型银行，如微众、百信等采用纯互联网线上经营模式的银行。
此外，中国银行业在践行社会责任方面发挥了重要作用。在普惠金融方面，加强对“三农”、小微和基层金融服务的支持，开创了颇具中国特色的便民服务。在改进服务方面，完善服务渠道，关注特殊群体，以多种形式开展金融安全知识普及和消费者保护工作。在绿色金融方面，一是坚持绿色、低碳运营和发展理念；二是顺应中国供给侧结构改革要求，减少金融浪费，促进实体经济发展。
随着科技与金融的融合发展，金融行业面临着更多机遇和挑战，造成了行业发展的不确定性。这样，市场需要一种资金安全保障制度，资产托管也就应运而生。资产托管发源于19世纪30年代的美国，促进了当时共同基金行业的规范发展；中国资产托管行业是一个基于市场需要逐步发展起来的年轻行业，到今天刚刚走过19年的发展征程。
探索起步阶段（1998-2001年）：1997年末，《证券投资基金管理暂行办法》颁布，开启了中国资产托管业务。在这一阶段，国内托管机构只有五大国有银行，证券投资基金以封闭式为主。截至2001年底，行业托管51只封闭式基金，净值规模约118.5亿美元。
高速发展阶段（2002-2005年）：这一阶段，开放式基金崭头露角，跨境托管开始萌生，保险行业引入托管机制，券商推出集合资管计划，多家股份制托管银行获得托管资质。该阶段的主流托管产物仍为证券投资基金，截至2005年末，全国有12家商业银行具备资产托管资格，托管了218只证券投资基金，规模达679.4亿美元。
蓬勃创新阶段（2006-2015年）：这十年间，托管市场逐步拓展至信托、银行理财、股权基金、基金公司及其子公司资管、养老金、互联网金融等领域,托管产物、服务和系统也随之不断升级和改良。截至2015年末，中国共有27家银行、14家证券公司和中国证券登记结算公司，共42家机构取得了托管资格；银行业资产托管规模达12.7万亿美元，占比约95%；2009-2015年托管规模平均增速达54.9%。
规范精细阶段（2016年起）：近年来，中国多层次资本市场建设日渐规范，资产管理市场蓬勃发展，养老金融体制改革不断推进。去年以来，国内出台了一系列严监管、去杠杆政策，对资产托管业务规模和发展方式带来影响和挑战。在这一背景下，托管人正在逐步把目光放在业务纵向延伸和增值服务、而非单纯横向扩张，把关注点放在提升内部管理效率和风控水平，把努力方向定在提升行业的标准优化水平和运营的智能化程度。截至2017年第一季度末，中国银行业资产托管规模达18.3万亿美元，同比增长34.06%；相较之下，道富托管资产总额约28万亿美元，超过中国银行业托管规模总和。中国托管人还有很多工作要做，将加强向国际先进同行学习，提升客户服务水平。
中国银行业协会成立于2000年，目前设立了31个专业委员会。协会紧密结合国内外经济金融形势，致力于实现成员单位共同利益，履行“自律、维权、协调、服务”职能，发挥好政府和市场之间的桥梁纽带作用。随着中国资本市场的对外开放，中国银行业协会正在不断深化与境外政府机构、行业组织、金融公司的交流与合作。比如，以倡议书、论坛、新闻发布会等形式，引领银行业从优化海外布局、促进产融结合、强化金融合作等方面服务“一带一路”建设。再如，我们还多次邀请道富银行的高管和专家在协会托管业务专业委员会组织的论坛和会议上交流业务经验，分享发展心得；去年，中国银行业协会与部分会员代表来到波士顿向道富银行学习养老金投资管理和资产托管业务经验；今年，中国银行业协会托管业务专业委员会成立了“跨境托管工作组”，旨在通过论坛、培训、研讨等多种形式，加强托管市场、合规、风控、运营等方面的业务沟通，实现优势互补，道富银行是其中的重要成员；我和同事还在今年4月专程前往道富杭州进行学习考察，与Jerry Cristoforo进行了友好、深入的会谈；今年下半年，我们计划与道富北京合作，围绕风险和流动性管理、托管数据处理、基金互认、离岸业务和全球市场动态等内容，在中国举办一次专题研讨会。在此，我也祝愿道富和中国银行业协会的合作能够行稳致远、源远流长。
“路漫漫其修远兮，吾将上下而求索”。在新的国际金融局势和银行业发展形势下，中国银行业协会愿意与道富银行及在座各位一起，以精诚合作共促互利共赢格局，以自律合规共建和谐金融秩序，以绿色普惠共谋持续健康发展。
谢谢！欢迎大家到访中银协！愿大家一切顺利！
