According to Chinanews.com, at a press conference held by the Information Office of the State Council at 10:00 on Tuesday, March 2, Guo Shuqing, party committee secretary of the people's Bank of China and chairman of the China Banking and Insurance Regulatory Commission, gave a briefing on promoting the high-quality development of the banking and insurance industry. And answer reporters' questions.

Written record

CCTV reporter, Central Radio and Television headquarters:

My question would like to be put to Chairman Guo. Last year was the end of the battle to prevent and defuse financial risks. May I ask what key progress we have made in the past three years? What is the focus of financial risk prevention and control in the next step? You have pointed out that real estate has become the biggest "gray rhino" in terms of financial risks in China. What do you think of the current risks in the real estate field? What new measures will be taken this year? Banks have accelerated their digital transformation in the past two years. May I ask President Guo what challenges the digital transformation of banks has brought to supervision, and what risks should we focus on preventing during the digital transformation? Thank you.

Guo Shuqing:

Thank you. Your question is very good, but your question is actually seven or eight questions. I can't take up too much time. I'll give a brief answer and leave the opportunity to other journalists and other colleagues who publish it together.

Preventing and defusing financial risks from the banking and insurance industry, the prominent thing is to follow the requirements of the central government.FirstReduce high leverage within the financial system. In the past, after a period of long-term and rapid development of the financial system, the average annual growth rate of total assets in the banking and insurance industries dropped to a relatively low level from 2017 to 2020, with 8.3% in the banking industry and 11.4% in the insurance industry. roughly half of the average annual growth rate between 2009 and 2016, the proportion of idle interbank assets within the financial system has dropped sharply, which is a very important achievement. It also determines that the banking system and the whole financial system can operate smoothly and the risk can be controlled as a whole.

In addition,The banking industry has made more efforts to dispose of non-performing assets, and it has just been mentioned that the disposal of non-performing loans in four years is equivalent to the sum of the previous 12 years.

ThirdThe "shadow bank" has been dismantled in an orderly manner. In the past, the "shadow bank" was very large, and its biggest feature was that it was actually still credit, equivalent to bank credit, or similar credit, whether it was called investment, financial management, or P2P. That is to say, doing banking business does not follow the rules of the bank. For example, banks have sufficient capital, and these platforms have no capital constraints, no regulatory constraints, and no market constraints, so the problem is relatively serious. The scale of "shadow banking" has been reduced by about 20 trillion, making the financial system healthier and more stable.

In addition,Financial crimes were severely punished, the risks of illegal financial groups were gradually resolved, and a large number of cases of illegal fund-raising were dealt with in an orderly manner. The problems in these areas have been fundamentally improved.

About the housing problem you mentioned. The problem of real estate should be said that the tendency of financialization and bubble is still relatively strong, but the growth rate of loans invested in real estate fell below the average loan growth rate for the first time last year, which is not easy to come by. We believe that the real estate problem will gradually improve. Now we have also taken a series of further measures, and you may also have noticed that the comprehensive real estate regulation and control measures launched by various cities under the "one city, one policy" are aimed at stabilizing land prices, stabilizing housing prices, stabilizing expectations, and gradually solving the real estate problem.

Of course, I also talked about the problem of "gray rhinoceros". Many people buy houses not to live, but to invest or speculate, which is very dangerous, because if the market comes down in the future, if the market comes down in the future, there will be great losses on personal property, loans will not be repaid, banks will not be able to recover loans, principal and interest, and there will be great chaos in economic life. Therefore, we must actively and steadily promote the stable and healthy development of the real estate market. That's all I'm saying. Thank you.