Financial chess is alive and well (classic China, 60 years of glory)

Topic: 60 years of classic China glory

The overall strength of the banking industry continued to increase.

　　Cartographic song song

　　Six years, just six years, the world has seen China’s financial industry in a completely different way.

　　Six years ago, in 2003, foreign power decided: "China’s banking industry is technically bankrupt and is a time bomb."

　　Today, six years later, foreign news lamented: "ICBC, CCB and BOC in China have become the three banks with the largest market capitalization in the world, and new leaders have emerged. China is not only a’ world factory’, but also a’ world bank’."

　　Different evaluations reflect the rapid development of China’s financial industry from one aspect.

　　"Finance is very important and is the core of the modern economy. Finance is well done, and everything is alive when you play chess. " Comrade Deng Xiaoping’s words brilliantly clarified the position of finance. Over the past 60 years, China’s financial industry has opened a new era in the cheers of the founding of New China, and achieved a historic leap in the spring breeze of reform and opening up, which is strongly supporting economic and social development and effectively meeting the financial needs of the people …

　　expand from a small to a large force

　　Form a complete financial system

　　Have an impressive world ranking

　　Zhao Haikuan, former director of the Financial Research Institute of the People’s Bank of China, visited Swiss banks in the 1970s. "They used machines and floppy disks to record data, while we used abacus and dip pen to keep accounts. The gap between floppy disk and abacus is too big. "Speaking of this, he changed his subject." However, now our bank’s equipment has reached the international first-class level! "　　

　　Zhao Haikuan is changing from a technical point of view. In fact, from the perspective of organizational system, China’s financial industry has undergone greater changes.

　　A multi-level financial institution system has gradually taken shape.

　　Before the reform and opening up, there was only one bank in China-China People’s Bank, which was both a central bank and a commercial bank. On September 17th, 1983, the State Council decided that the People’s Bank of China should exercise the functions of the central bank exclusively. Since 1979, China Agricultural Bank, China Bank, China People’s Construction Bank (renamed as China Construction Bank in 1996) and China Industrial and Commercial Bank have successively started business. In 1987, a number of new joint-stock banks such as Bank of Communications were established. In 1994, three policy banks were established to undertake the original policy business of four professional banks. By the end of June this year, China had more than 5,600 legal persons of various banking financial institutions.

　　The insurance industry has also moved from "one flower alone" to "full of spring scenery". At the beginning of reform and opening up, there was only one insurance company in China-China People’s Insurance Company. In the past 30 years, insurance institutions have grown from one to more than 120; The annual premium income jumped from less than 500 million yuan to 978.41 billion yuan in 2008. Yang Chao, president of China Life Insurance (Group) Company, still remembers that in order to adapt to the rapidly expanding business, in 1985, under the background of lack of professional talents, PICC China started the first training course. "They are all demobilized cadres in their forties, squatting on the curb at night and reciting insurance clauses."

　　The all-round financial market system has been accelerated.

　　The emergence of the capital market is a major breakthrough in the development of China’s financial market. On November 18th, 1984, Feile Audio became the first public offering stock. Qin Qibin, then the director of Shanghai Electroacoustics General Factory, recalled that at that time, with the improvement of people’s living standards, there was a great demand for audio equipment. He is thinking about raising money to expand audio production by issuing shares. "In September 1986, two stocks, Feile and Yanzhong, were traded on the counter in the Shanghai Jing ‘an Trust Business Department of ICBC. The place is very small and there are many people. I am very excited and think that someone really buys and sells our stocks! " Since then, the development of direct financing in China has been persistent and firm, and the capital market has become one of the landmark achievements in the process of China’s economic transformation from a planned system to a socialist market economic system.

　　In addition to the capital market, financial markets such as interbank lending market, insurance market, foreign exchange market and gold market are also developing continuously.

　　The professional financial supervision system has been continuously improved.

　　Before 1984, there was no financial supervision in the modern sense in China. Since 1984, the People’s Bank of China has been specializing in the functions of the central bank. Liu Hongru, former deputy governor of the People’s Bank of China, former deputy director of the State Commission for Economic Restructuring and the first chairman of the China Securities Regulatory Commission, recalled: "At that time, it was supposed to be called the Central Bank of People’s Republic of China (PRC), leaving the name of the People’s Bank to separate professional banks. Later, the party group of the People’s Bank of China discussed that, firstly, the RMB issued by the People’s Bank of China has been in circulation for many years, and it is difficult to change the banknotes. Secondly, the People’s Bank of China was established in 1948 and has been the only national bank for decades. If it suddenly becomes a professional bank, it will not be easily understood and accepted by people. Therefore, it was finally decided that the central bank should also be called the People’s Bank of China. "

　　Since then, the financial supervision system has been continuously deepened. In November, 1997, the securities institutions originally supervised by the People’s Bank of China were placed under the unified supervision of China Securities Regulatory Commission. In November 1998, the China Insurance Regulatory Commission was established. In 2003, the supervision function of banking financial institutions was separated from the People’s Bank of China, and the China Banking Regulatory Commission was established. So far, a financial management system of "one line, three meetings" has been formed.

　　After 60 years of grinding a sword, today’s China financial industry has a proud "world ranking": the total profit, profit growth and return on capital of the banking industry rank first in the world; The total market value of Shanghai and Shenzhen stock markets ranks third in the world; Premium income ranks sixth in the world.

　　"China’s financial industry plays an important role in the world. We hold more than $2 trillion in foreign exchange reserves and are the largest creditor of the United States. Any major financial problems in the world today, without the participation and cooperation of China, I am afraid it will be difficult to be properly resolved. " Zhou Zhengqing, former member of the Standing Committee of the National People’s Congress, vice chairman of the Financial and Economic Committee and former chairman of the China Securities Regulatory Commission, said.

　　Great changes come from the reform and opening up of the financial industry. In January, 2004, the State Council announced the decision of Bank of China and China Construction Bank to implement the pilot joint-stock reform, and the joint-stock reform of state-owned banks officially entered the implementation stage. Zhou Zhengqing recalled that in 2002, the non-performing loan ratio of four state-owned banks reached 25.12%, far higher than the international risk level of 5%; The average capital adequacy ratio is only 4.25%, which cannot meet the international regulatory requirements of 8%. Now, the non-performing loan ratio of major banks has dropped to 6.01%, and the weighted average capital adequacy ratio of commercial banks is as high as 12%. These indicators are among the best in the world.

　　From light to heavy

　　From Treasury to Economic Core

　　Support development and regulate economy.

　　"In the early 1980 s, most of the banks were on the high side, and enterprises had to take the initiative to find everything. As soon as you look at the counter, you will know that it is much higher than half a person, like a pawnshop, "said Lu Keping, chairman of Jiangsu Sunshine Group." Now, the height of the counter has come down and the service level has gone up. Banks often go to the door to conduct business, and the support for enterprises and the economy is too great! "

　　Zhao Haikuan said that in the 30 years before the reform and opening up, the role of the financial industry in China’s economy was mainly manifested in two aspects: First, an independent, independent and unified RMB standard system was established, ending the chaotic history of China’s monetary system in the past 100 years; First, raise social idle funds to support socialist economic construction.

　　"However, under the condition of planned economy, the bank is just an accountant, cashier and vault, and has not really played the role of a bank. Finance really plays the core role of modern economy in the 30 years after the reform and opening up. " Liu Hongru said frankly.

　　The "core" role of finance is first manifested in supporting the economy. Banking "blood transfusion" economy. From 2003 to 2008, the balance of bank loans increased by 16.5% annually. In the first half of this year, the bank’s new loans reached 7.37 trillion yuan, which played a vital role in promoting economic stabilization and recovery.

　　The securities industry boosts the economy. "As long as the organization is properly used, the capital market can play many positive roles in promoting economic development," Zhou Zhengqing said. For example, it is conducive to continuously and stably raising long-term funds. By the end of July this year, the domestic capital market had raised 2.5 trillion yuan for corporate stocks and 2.9 trillion yuan for bonds. Another example is that it is conducive to the concentration of social resources to high-quality enterprises. From 2003 to 2007, the control rights of nearly 600 listed companies changed.

　　The insurance industry stabilizes the economy. In the past five years, the average annual compensation for natural disasters in the insurance industry has reached 72.5 billion yuan, about 10 times that of government compensation and other forms of compensation.

　　The "core" role of finance is also manifested in regulating the economy.

　　After 1984, the People’s Bank of China actively carried out financial macro-control, which effectively curbed inflation in 1984, 1988 and 1992-1993. In 1998, the People’s Bank of China began to use a combination of monetary policy tools consisting of open market operations, deposit reserve ratio, rediscount, refinancing and interest rates.

　　Since then, the words "raising interest rates" and "raising the deposit reserve ratio" have gradually become familiar to the public, and financial regulation has frequently appeared on the economic stage: in response to the Asian financial crisis, the People’s Bank of China has implemented a prudent monetary policy and appropriately increased the money supply; Since 2003, the People’s Bank of China has raised the deposit reserve ratio 15 times, the benchmark interest rate for deposits 8 times and the benchmark interest rate for loans 9 times, thus preventing a new round of inflation and economic ups and downs. In the face of the once-in-a-century international financial crisis, in accordance with the decision-making and deployment of the CPC Central Committee and the State Council, the People’s Bank of China implemented a moderately loose monetary policy, comprehensively implemented and enriched the package plan and related policies and measures to stimulate the economy, and promoted economic stabilization and recovery …

　　From far to near

　　More and better financial services.

　　Fly into the families of ordinary people

　　When Aunt Yuan, 58, joined the work 37 years ago, there were few bank outlets. "It takes half an hour to go there, and there is a long queue to get there. It takes a long time to save a few dollars." Aunt Yuan said that it is much more convenient now. There are four outlets such as ICBC and China Merchants Bank in her community alone, as well as a 24-hour self-service terminal. The deposit and withdrawal can be done in one minute. "I also opened online banking, so I can pay, transfer and pay without leaving home!" 　　

　　Over the past 60 years, especially since the reform and opening up, China’s financial industry has "flown into the homes of ordinary people" and has become more and more closely connected with the people.

　　The banking service is even better. Bank outlets are scattered all over urban and rural areas, and there are more than 80,000 outlets in only four state-owned banks. "In the past, going to the bank was to deposit and withdraw money. Now, utilities, telephone bills and gas bills can be paid at the bank, and you can also buy various wealth management products there." Aunt Yuan said.

　　There are more securities services. In August 1992, about 1.5 million people flocked to Shenzhen from all over the country to snap up the application form for subscription of new shares to be issued soon. There were not enough porridge, and finally I had to issue an application form for subscription, which calmed the once out-of-control situation. This is the famous "8.10" incident in Shenzhen.

　　Nowadays, no matter stocks or funds, it has become a common way for people to invest and manage money. By the end of July this year, stock investors had opened nearly 133 million accounts and fund investment accounts had exceeded 178 million.

　　Insurance services are more familiar. When the domestic insurance business was resumed in 1980, there were only a few types of insurance, and most people were unfamiliar with insurance. Today, more than 1,000 kinds of insurance products protect people’s lives from the wind and rain, covering thousands of households with risk protection.

Editor: Xu Guimei