Recently, the report on the rectification and accountability of the State Council's deliberation opinions on the special report on the management of state-owned assets of financial enterprises was submitted to the ninth meeting of the Standing Committee of the 14th National People's Congress for deliberation. The report points out that the Ministry of Finance and the financial management department are working together to optimize the allocation of state-owned financial capital, adjust its proportion in various financial industries, deepen the reform of policy-based financial institutions to increase the supply of policy-based finance, and promote the differentiated development of state-owned financial enterprises.
Promote the quality and efficiency of financial state-owned assets and state-owned enterprises
In view of the fact that the competitiveness of China's financial industry needs to be improved despite its large scale, the Ministry of Finance and the financial management department have taken a series of positive measures to promote the high-quality development of financial state-owned assets and state-owned enterprises, thereby improving the operational efficiency of the entire financial industry. The specific measures are as follows:
(1) Concentrate on building a "national team" in the financial industry
Action Plan for Strengthening the Management of State-Owned Financial Capital: Research and draft a set of specific action plans to strengthen the management of state-owned financial capital, aiming to guide large state-owned financial enterprises to benchmark against world-class financial institutions, focus on core business, and improve the level of refined management, so as to enhance their market competitiveness and international influence.
Promote the professional development of financial enterprises: Encourage state-owned financial enterprises to highlight their main business, refine their professional capabilities, and continuously improve their core competitiveness by optimizing resource allocation, innovating service models, and improving risk management.
Promote the standardized development of non-bank financial institutions: For non-bank financial institutions such as the insurance industry, we will study and formulate special guidance on high-quality development to standardize their business behavior, guide their steady development under the premise of compliance, and improve their ability to serve the real economy.
Supporting leading securities companies to become stronger and better: Adopt policies and measures to help leading domestic securities companies further strengthen their strength, improve service quality and innovation capabilities, and enhance their competitiveness in the global financial market.
Promote the construction of exchanges: Actively support the Shanghai and Shenzhen stock exchanges to benchmark against the international advanced level, improve the trading system, improve market efficiency, attract high-quality enterprises and investors at home and abroad, and strive to build them into "world-class exchanges" with global influence.
(2) Improve the profit distribution and capital replenishment mechanism
Enhance the ability of endogenous capital replenishment: In accordance with the spirit of the "Opinions on Further Improving the State-owned Capital Operating Budget System", according to the industry characteristics and development stages of different financial enterprises, study and adjust the profit distribution policies of state-owned financial enterprises, and optimize the rules for the proportional classification and classification of the income paid, so as to encourage enterprises to retain more profits for internal capital accumulation and self-development.
Broaden the channels for replenishing external capital:
Supporting the issuance of TLAC bonds by large banks: Encourage large state-owned commercial banks to issue total loss-absorbing capacity (Total). Loss Absorption Capacity, TLAC), which is a capital instrument that meets international regulatory requirements and enhances the ability of banks to absorb losses in times of crisis, thereby enhancing the stability of the entire financial system.
Allowing insurance companies to issue perpetual bonds: Relaxing policy restrictions and allowing insurance companies to issue indefinite maturity bonds (perpetual bonds) in the interbank bond market as a new type of capital replenishment tool, which will help broaden the capital replenishment channels of insurance companies and enhance their capital strength and risk resilience.
Optimize the functional positioning and strategic layout of state-owned financial capital
In view of the problems pointed out in the deliberation opinions, such as the "dominance of banking institutions" and the weakening of policy-oriented financial functions, the Ministry of Finance and the financial management departments have put forward a series of targeted reform measures in terms of optimizing the layout of state-owned financial capital, strengthening policy-oriented financial functions, and promoting the differentiated development of central and local state-owned financial enterprises.
(1) Accelerate the optimization of the layout and structural adjustment of state-owned financial capital
Guided by high-quality development: Focusing on the theme of promoting high-quality development in the financial sector, we will conduct in-depth research and improve the allocation of state-owned financial capital among various financial institutions, ensure that state-owned financial capital plays a leading role in the financial system, and guide financial resources to serve the overall situation of economic and social development more efficiently.
Flexible adjustment of capital structure: Using various means such as capital replenishment and profit increase, and following the principle of "advancing and retreating, and rational flow", the proportion of state-owned financial capital in banking, insurance, securities and other industries should be adjusted in a timely and appropriate manner, so as to meet the needs of economic restructuring and the evolution of financial formats, and avoid risk imbalances caused by excessive concentration in a certain industry.
(2) Continue to strengthen the positioning of policy-based financial functions and increase supply
Clarify the positioning of policy-based finance: Emphasize that policy-based finance should be closely aligned with national strategies, focusing on providing services that cannot or are difficult to be covered by commercial finance, such as supporting major infrastructure construction, inclusive finance, agricultural development and other fields, filling market gaps, and realizing effective replenishment of financial resources.
Deepen the reform of policy banking business: Promote policy financial institutions to return to their origins, focus on their main responsibilities and main businesses, strictly control the scale of commercial business, and prevent deviations from the original intention of policy finance. At the same time, we will study and improve the assessment and evaluation mechanism to ensure that its operational activities are consistent with policy objectives.
Strengthen policy-based financial support: By improving the corporate governance structure, guide policy-based financial institutions to increase financial support for major national strategies, key areas and weak links, and improve the accuracy and effectiveness of serving the real economy.
(3) Strive to promote the differentiated development of central and local state-owned financial enterprises
Support central financial enterprises to become stronger and better: Encourage central financial enterprises to give full play to their own advantages, do a good job in serving the main role of the real economy, and strengthen financial support for major national strategies, scientific and technological innovation, green and low-carbon and other fields, and maintain the stability of the financial market.
Promote the characteristic operation of local state-owned financial enterprises: guide local state-owned financial enterprises to focus on their main business, improve the quality and efficiency of their operations, and carry out characteristic and differentiated financial services to better meet the needs of the local real economy and enhance their ability to resist risks.
Deepen the reform of rural financial institutions: Adhere to the positioning of supporting agriculture and small enterprises, and adopt the "one province, one policy" approach to promote the reform of rural financial institutions, such as promoting the implementation of the reform plan of rural credit cooperatives in Hainan, Sichuan and other places, improving the ability of the rural financial system to serve the "three rural" and small and micro enterprises, and helping the implementation of the rural revitalization strategy.
Improve the management system and mechanism of state-owned financial capital
In response to the suggestions put forward in the deliberation opinions on the positioning of the responsibilities of investors of state-owned financial capital and the distinction between the responsibilities of financial departments and investors of financial enterprises funded by state-owned enterprise legal persons, the Ministry of Finance has adopted the following measures to further strengthen the positioning of the responsibilities of state-owned financial capital management, improve the relevant management system and mechanism, and firmly follow the path of financial development with Chinese characteristics:
(1) Uphold and strengthen the Party's leadership
Integration into corporate governance: In the process of improving the corporate governance structure of state-owned financial enterprises, adhere to the unwavering leadership of the party and ensure the legal status of the party organization in corporate governance. For the "three major and one big" matters involving major decision-making, important personnel appointment and dismissal, major project arrangement and large-scale capital operation, etc., it must be collectively studied and discussed by the party committee before being submitted to the board of directors for deliberation to ensure that the party's will is reflected in the company's decision-making.
Two-way entry and cross-posting: Actively promote the implementation of the two-way entry and cross-appointment system between the leadership of the Party committee, the board of directors and the management of state-owned financial enterprises, ensure that the Party's leadership over financial work runs through the whole process of corporate governance, and ensure that the decision-making and deployment of the Party Central Committee can be resolutely implemented through an effective corporate governance mechanism.
(2) Strengthen system construction
Issuance of management regulations: Accelerate the formulation of regulations on the management of state-owned financial capital, clarify the management authority and scope of responsibility of institutions that perform the duties of state-owned financial capital investors in the form of laws and regulations, and ensure that the management of state-owned financial capital is carried out in accordance with laws and regulations, so that the rights are granted by law and the powers and responsibilities are statutory.
Revision of departmental regulations: With the development of financial practice, timely study and revise the rules and regulations of relevant departments such as the evaluation, supervision and management of state-owned assets of financial enterprises, so as to adapt to the new financial environment and regulatory requirements, further tighten the fence of the system, and improve the standardization level of state-owned financial capital management.
Guide local financial departments: supervise and guide local financial departments to earnestly perform their responsibilities as investors of state-owned financial capital, study and draft performance evaluation methods for local state-owned financial capital management, establish a scientific, fair and transparent performance evaluation system, and promote the improvement of local state-owned financial capital management efficiency.
(3) Straighten out the relationship between the investor's responsible institution and the entrusted management institution
Clarify rights and responsibilities: In accordance with the principle of clear rights and responsibilities and equal rights and responsibilities, clearly define the respective responsibilities and power boundaries of the institutions that perform the responsibilities of state-owned financial capital investors and the entrusted management institutions, and ensure that the two perform their respective duties and coordinate in the management of state-owned financial capital.
Refinement of the responsibilities and rights of the trustee management institution: For the state-owned financial capital trustee management institution, further refine its responsibilities, powers and interests in the process of state-owned financial capital management, so as to ensure that the trustee management institution has sufficient management authority to perform its duties and assume corresponding responsibilities, and at the same time enjoys reasonable rights and interests, so as to stimulate its management enthusiasm and innovation vitality.
