摘要
2017年之后,中国进入强监管、去杠杆的金融新周期,金融周期和经济周期趋向同步演进。资管新规和细则是严监管政策的重要举措,其核心内容是打破刚兑、规范资金池、去除多层嵌套、约束杠杆比例,引导近30万亿元的银行理财净值化转型。通过统计分析发现,2018年年初至二季度,净值型产品发行速度加快,但非净值型理财占新发行产品比重不降反升。说明银行理财业务转型速度较慢,整改空间和挑战较大。未来,银行理财业务转型需兼顾客户端和投资端,采取两端发力、系统推进的策略选择。
After 2017,a new financial cycle of strong supervision and de-leveraging emerges in China,and the financial cycle and economic cycle tend to evolve simultaneously.The new regulations and rules for asset management are important measures in the policies of strict supervision,and the core contents are breaking rigid payment,standardizing fund pool,removing multi-layer nesting,constraining leverage ratio,and guiding the networth transformation of nearly 30 trillion yuan wealth management of banks.The statistical analysis shows that,the issuance of net-worth products is accelerated,and the proportion of non-net-worth wealth management products in new-issued products does not fall but rises, which indicates that speed of the transformation is slow,and more reforms are needed.In the future,both the client and' the investor needed to be considered in the transformation of wealth management business of banks,and forcing at both ends and systematical promotion should be the strategic choices.
作者
周月秋
藏波
ZHOU Yue-qiu;ZANG Bo
出处
《金融论坛》
CSSCI
北大核心
2019年第1期3-11,共9页
Finance Forum
关键词
资管新规
资管细则
银行理财
净值化转型
监管政策
new regulation of asset management
asset management rule
bank wealth management
net-worth transformation
supervision policy
作者简介
周月秋,男,中国工商银行城市金融研究所所长,全面深化改革领导小组办公室主任,博士,研,琉员(北京,100031);藏波,男,中国工商银行全面深化改革领导小组办公室,博士。文章内容不代表本机构观点。
