Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

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The Information Office of the State Council held a press conference at 3: 00 p.m. on Monday, October 21, 2019, inviting Huang Hong and Zhu Shumin, vice chairmen of the Bank of China Insurance Regulatory Commission, to brief them on the operation of the banking and insurance industry and the service of the real economy. And answer questions from reporters.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The State New Office held a press conference on the operation of the banking and insurance industry and the service of the real economy. Photo taken by Zong Chao on China net

Shou Xiaoli, Information Office of the State Council:

Good afternoon, ladies and gentlemen. Welcome to the press conference of the Information Office of the State Council. Today, we are very pleased to invite the two vice chairmen of the Bank of China Insurance Regulatory Commission, Mr. Huang Hong and Mr. Zhu Shumin, to brief you on the operation of the banking and insurance industries and the service of the real economy. And answer your questions. Also present at today's conference was Mr. Xiao Yuanenterprise, chief risk officer and chief of staff of the Bank of China Insurance Regulatory Commission and spokesman for the Bank of China Insurance Regulatory Commission. Next, I would like to invite Mr. Huang Hong to make an introduction.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Huang Hong, vice chairman of the Insurance Regulatory Commission of the Bank of China. Photo taken by Zong Chao on China net

Huang Hong, Vice Chairman of the Bank of China Insurance Regulatory Commission:

Good afternoon, friends from the media. It is a pleasure to meet you again at the press conference. First of all, I would like to introduce to you the recent operation of the banking and insurance industry.

In 2019, the Banking and Insurance Regulatory Commission conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, did not forget the initial ideals and aspirations, kept in mind the mission, took the courage to take the responsibility and took the initiative, and worked hard to balance the relationship between risk prevention and steady growth, and made great efforts to prevent and defuse financial risks. We will promote the banking and insurance industries to better serve the real economy and promote the high-quality development of the banking and insurance industries.

At present, the banking and insurance industries have maintained a sound operation, financial risks have changed from divergence to convergence, the effectiveness and universality of financial services have been enhanced, and new progress has been made in the reform and opening up of the banking and insurance industries. Specifically, it is reflected in three aspects:

First, the quality and efficiency of the real economy of banking and insurance services have been improved. Bank and insurance institutions fully mobilize credit, bonds, equity, insurance and other funds to provide strong financial support for the "six stable". In the first three quarters, RMB loans for the real economy increased by 13.9 trillion yuan, an increase of 1.1 trillion yuan over the same period last year, focusing on key areas such as infrastructure, manufacturing, and weak links such as private small and micro enterprises. Loans for infrastructure industries and manufacturing industries increased by 2.2 trillion yuan and 770.5 billion yuan respectively, while loans for inclusive small and micro enterprises totaled 10.94 trillion yuan, and the cost of comprehensive financing fell by more than 1 percentage point. Bond investment increased, with banks investing 4.7 trillion yuan in new bonds and insurance funds investing more than 500 billion yuan in bonds. Local government special bonds invested by banks and insurance institutions accounted for more than 80% of all special bonds. It has strongly supported the issuance of special bonds by local governments. Actively and steadily implement the market-oriented debt-to-equity swap, with funds in place exceeding 1 trillion yuan, and promote enterprises to reduce leverage, reduce debt, and improve efficiency. The insurance industry should give full play to its functions of risk management and protection, and further improve insurance products and services related to the national economy and people's livelihood, such as pension, health, agriculture, housekeeping, catastrophes and so on. Since the beginning of this year, the cumulative amount of compensation paid by the insurance industry has reached 941.1 billion yuan.

Second, steady progress has been made in preventing and defusing major financial risks. Solid efforts to rectify market chaos, the rapid expansion of bank assets, multi-layer nesting, false increase in the scale of the stubborn disease has been effectively curbed. Over the past two and a half years, the growth rate of banking assets has slowed from about 15 per cent in the past to about 8 per cent now. The size of shadow banking has shrunk sharply. Over the past two years, the total compression of cross-financial high-risk assets is about 14.5 trillion yuan, mainly reducing channel business and de-real to virtual funds. We will continue to encourage banks and insurance institutions to replenish their capital through various channels and improve their ability to resist risks. Financial institutions are urged to formulate and implement recovery and disposal plans to continuously dispose of non-performing loans from banks. In the first three quarters, about 1.4 trillion yuan of non-performing loans were disposed of, 176.5 billion yuan more than the same period last year. We will adopt a variety of effective ways to safely deal with high-risk institutions, effectively maintain the overall situation of financial stability, rectify the risks of online lending in an orderly manner, and a large number of risks have been released. Resolutely crack down on illegal fund-raising and other illegal financial activities, and seriously investigate and deal with illegal and illegal acts of institutions. In the first nine months, the system of the Banking and Insurance Regulatory Commission made a total of 2912 decisions on administrative penalties, punishing 1575 banks and insurance institutions, and punishing 2091 persons responsible. The fine was 775 million yuan.

Third, the reform and opening up of the banking and insurance industries have been continuously deepened. We will promote the construction of the corporate governance system of banking and insurance institutions, continue to implement the supervision of equity penetration in small and medium-sized banks and insurance companies, improve the ability of the board of directors, the board of supervisors and senior executives to perform their duties, and optimize the incentive and restraint mechanism. To strengthen internal control, promote compliance, improve the due diligence mechanism and other work effectively, standardizing corporate governance is becoming the conscious action of bank and insurance institutions. We will promote the improvement of banking and insurance institutional systems, market systems, and product systems, vigorously develop specialized and characteristic financial institutions, and guide banking and insurance institutions to improve financial products and services, so as to achieve high-quality development with equal emphasis on quality and efficiency. We will step up the implementation of the major financial opening measures that have been announced, promote the revision of the regulations on the Administration of Foreign Banks and the regulations on the Administration of Foreign Insurance companies, and further relax the entry conditions for insurance institutions of foreign banks. To provide a more relaxed and independent institutional environment for the establishment and operation of foreign banks and insurance companies.

Next, under the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, the Banking and Insurance Regulatory Commission will adhere to the general tone of seeking progress in the midst of stability, further deepen the structural reform of the financial supply side, and guide financial institutions to better serve the real economy. We will prevent and defuse major financial risks, effectively maintain financial stability and financial security, and provide stronger financial support and a more suitable financial environment for the implementation of the "six-stable" policy and high-quality economic development.

That's all for the briefing.

Shou Xiaoli:

Thank you, Chairman Huang. Let's move on to the question section. Please let the media know which news organization you are in before asking questions. Let's start asking questions.

Reporter from the Central Radio and Television Station of the Central people's Republic of China:

Just now Chairman Huang introduced the situation in supporting the real economy, but from the feelings of enterprises, especially small and micro private enterprises, the cost of financing is still not low, the sense of access is not strong. In solving the financing difficulties, financing is expensive, the Banking and Insurance Regulatory Commission has put forward a lot of requirements and indicators for banks, how is the completion of the banks? How to improve the sense of acquisition of private small and micro enterprises? Thank you.

Huang Hong:

Please answer this question.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Zhu Shumin, vice chairman of the Insurance Regulatory Commission of the Bank of China. Photo taken by Zong Chao on China net

Zhu Shumin, Vice Chairman of the Bank of China Insurance Regulatory Commission:

The Banking and Insurance Regulatory Commission has conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council on alleviating the financing difficulties and financing costs of small and micro enterprises, and has mainly carried out work in the following aspects.

First, expand the scope of credit coverage and increase the total amount of credit. At the end of August 2019, the number of small and micro enterprise loans was 20.4751 million, an increase of 3.2427 million, or 18.8 per cent, from the beginning of the year. The balance of loans for small and micro enterprises was 10.94 trillion yuan, an increase of 1.58 trillion yuan over the beginning of the year, an increase of 16.85 percent, 8.15 percentage points higher than the growth rate of various loans, and the goal of "two increases and two controls" has been achieved in stages. To urge large banks to play a "wild goose" effect, by the end of September, the loan balance of small and micro enterprises at five large banks was 2.52 trillion yuan, an increase of 814.8 billion yuan, or 47.9 percent, from the end of 2018. As a whole, the annual incremental plans of the five major banks and the 30% incremental target of the government work report have been exceeded.

Second, we should adhere to the principle of "maintaining capital and making small profits" and reduce the cost of comprehensive financing. Banking institutions are required to maintain a balance between volume and price, consolidate the decline in loan interest rates for small and micro enterprises on the basis of 2018 in accordance with the principle of commercial sustainability and "capital preservation and small profits", and fully reflect the national preferential policies in the financing costs of enterprises. In the first eight months of 2019, the interest rate on new loans to small and micro enterprises was 6.8%, down 0.59 percentage points from the average for the whole of 2018. Of these, the average lending rate for the five major banks in the first nine months of 2019 was 4.75%, down 0.68 percentage points from the average lending rate for the whole of 2018. At the same time, large banks reduce other financing costs of small and micro enterprises by 0.58 percentage points by issuing credit loans, reducing fees and making profits. So the combined cost of credit financing for companies has actually fallen by 1.26 percentage points.

Third, we should improve the mechanism of "dare to lend and be willing to lend" and enhance the ability of "able to lend". The CBIC continues to promote banks to further improve the due diligence exemption assessment mechanism, urge banks to incorporate small and micro loans into the assessment system, reduce the transfer price of internal funds, and arrange special incentive fees. Banks are required to further strengthen their integration with the Internet and big data, deeply mine the resources of their own financial data and external credit data, and popularize some successful experiences such as "small and micro loans" of large and medium-sized banks and Internet banks. Support local banks to combine the digital information of "running number" with the socialized information of "running the street" to perfect the mode of community management.

Reporter from CCTV, Central Radio and Television Station:

Finance is the lifeblood of the real economy. Data released by the Bureau of Statistics last week showed that there was still some pressure on the real economy in the first three quarters. What was the work of the banking and insurance industries in the first three quarters to support the real economy? What's the plan for the next step? Thank you.

Huang Hong:

Thank you for your question. I'll answer that question. The Banking and Insurance Regulatory Commission resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council, strengthens supervision and guidance, promotes banks and insurance institutions to innovate their products and services, and increases financing support for key areas and weak links in economic and social development. We will continue to improve the quality and efficiency of the real economy of financial services. In terms of supporting the real economy, the banking and insurance industry can be summarized as "four durations" and "one effective".

"four durations":

First, the supply of effective finance has continued to grow. The CBRC accurately grasps the relationship between promoting economic growth and risk prevention and control, promotes banks and insurance institutions to increase effective financial supply, and supports stable economic growth. Between January and September, yuan loans for the real economy increased by 13.9 trillion, up 1.1 trillion from a year earlier. From January to September, the insurance industry provided 5445 trillion yuan for economic and social risk protection, and the use of insurance funds totaled 17.8 trillion yuan, an increase of 8.4 percent over the beginning of the year.

Second, the allocation of financial resources should be continuously optimized. The CBRC will continue to guide banking and insurance institutions to focus on key areas and key links, promote more financial resources to invest in advanced manufacturing, high and new technology, and green industries, and promote the transformation and upgrading of industries. The manufacturing and infrastructure sectors remain important components of the stock of bank loans. From January to September, related loans increased by 770.5 billion yuan and 2.2 trillion yuan respectively over the beginning of the year. The loan growth rate of personal consumption credit, science and technology service industry and information technology service industry is obviously faster than the average growth rate of various loans, and positive progress has been made in the development of green finance. The balance of green credit of 21 major banks in China in the first half of the year was 10.6 trillion yuan. Accounted for 9.6% of all loans from 21 banks. Environmental pollution liability insurance has been extended from the previous pilot to the whole country. By the end of August, the insurance industry had provided more than 500 billion yuan in risk protection for more than 3700 first major technical equipment projects.

Third, financial services in weak areas have continued to improve. The Banking and Insurance Regulatory Commission continues to improve the policy system to support the development of small and micro private enterprises, strengthen supervision, inspection, assessment and evaluation, and promote banking institutions to establish and improve the long-term mechanism of "dare to lend, willing to lend and able to lend". By the end of August 2019, the loan balance of all-inclusive small and micro enterprises was 10.94 trillion yuan, an increase of 16.9 percent over the beginning of the year, significantly higher than the growth rate of various loans in the same period. Through financing, credit insurance and guarantee insurance have helped 1.742 million enterprises to obtain 371.9 billion yuan in bank financing. The number of loans for inclusive small and micro enterprises was 20.4751 million, an increase of 3.2427 million over the beginning of the year.

Fourth, we should continue to improve the quality and efficiency of serving the country's major strategy and ensuring people's livelihood, and guide banks and insurance institutions to increase financial services and financing support for key projects and major projects around the country's major strategy. We will issue pilot programs to promote the development of the banking and insurance industries to support the development of community family services such as pension, domestic economics, nursery and nursery, expand the business of personal tax deferred old-age insurance, and support the development of community family services. The Ministry of Agriculture and villages will promote the work of stabilizing pig production and ensuring market supply, and guide banks and insurance institutions to increase support for the pig industry. The joint Ministry of Finance, the people's Bank of China and other departments have made arrangements and arrangements for the key work of poverty alleviation and microfinance to help win the fight against poverty.

"one effective": the difficulties and blockage problems of enterprise financing have been effectively alleviated. In order to reduce the intermediate link expenses of enterprise financing, the CBI has successively issued a number of fee reduction policies, carried out a special inspection of charges related to enterprises, standardized the charging behavior of banking services, and required a reasonable determination of the term of the loan and the mode of repayment. We will increase the development of loan renewal products and appropriately increase the proportion of medium-and long-term loans, especially in the manufacturing industry. In order to solve the financing problem of light asset enterprises such as science and technology enterprises, the Banking and Insurance Regulatory Commission actively guides banks to develop pledge financing such as intellectual property rights, equity and accounts receivable, and requires a reasonable increase in the proportion of credit loans. In order to alleviate the problem of information asymmetry between banks and enterprises, the Banking and Insurance Regulatory Commission has jointly carried out the work of "credit and easy loan" to promote the construction and application of the national credit information sharing platform. Banks are encouraged to actively use information technologies such as artificial intelligence, big data, blockchain and cloud computing to innovate products and services and enhance the effectiveness, convenience and availability of financial services.

In the next step, the CBIC will strengthen supervision and guidance on the implementation of various policies, ensure the effectiveness of policies, continue to promote banking and insurance institutions to combine the effective needs of the real economy, and increase product and service innovation. We will further improve the quality and efficiency of financial services.

CNBC reporter:

Many foreign financial companies feel very positive about some of the open policies recently introduced by the government. I would like to ask: in the insurance industry, a foreign company, from applying to actually opening a foreign insurance company in China, About a year or how long? Thank you.

Huang Hong:

Thank you for your question. You have just mentioned the landing of the opening up policy of the banking and insurance industry, with emphasis on the landing of the opening up policy of the insurance industry. That's a good question. Over the past two years, we have made significant opening-up policies for the banking and insurance industry. These policies are coming to the ground, and you have just talked about when they will fall to the ground. I answered you in the affirmative that I was already landing. So far this year, we have approved the administrative license applications of some foreign institutions for the establishment of insurance institutions, that is, their applications have been approved. In the next step, we will continue to do a good job in implementing the policy of opening up the insurance industry to the outside world, and as long as the licensing conditions are met, we will approve foreign insurance institutions to enter the Chinese market in accordance with the law. Thank you.

China Daily reporter:

We know that preventing and defusing financial risks is the key to preventing and resolving major risks. How can the CBI deal with some major risks and outstanding problems in the banking and insurance industries at present? Thank you.

Huang Hong:

Thank you for your question. Let Comrade Xiao Yuanenterprise, our chief risk officer, answer this question.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Xiao Yuanenterprise, chief risk officer and chief of staff of the Bank of China Insurance Regulatory Commission. Photo taken by Zong Chao on China net

Xiao Yuanenterprise, Chief risk Officer, Chief General Office Director and spokesman of the Bank of China Insurance Regulatory Commission:

Thank you for your question, this question is an important work of the Banking and Insurance Regulatory Commission, I would like to make a simple response, wait for other leaders to talk about. The main risks of the current banking and insurance industry are mainly in several aspects:

First, it is necessary to dispose of the non-performing assets of banks. The risk of non-performing assets remains a major risk for us at present. On the one hand, we have to take a variety of measures to resolve the poor disposal, from the beginning of 2017 to the present, we have disposed of 4.9 trillion non-performing loans, adopted a variety of disposal methods. On the other hand, to make non-performing loans, is to make the figures of non-performing loans solid, strictly prevent banks from making false accounts, so that non-performing loans can truly reflect the risk level of bank loans on the basis of five levels of classification.

Second, vigorously rectify the risk of shadow banking. Shadow banking has been developing very fast for some time, and the risks are relatively large. We have carried out strong supervision and rectification of shadow banking since 2017. There are two figures to say: first, in the past, the assets of the entire banking industry grew at an average annual rate of 14.5%, of which the fastest growth was in the shadow banking sector. Since the crackdown, asset growth has fallen from 14.5 per cent in the past to about 8 per cent now. Over the past two years, nearly three years, at this rate of growth, our assets have increased by about 50 trillion. Second, the digital pressure of high-risk shadow banks has been reduced by more than 15 trillion yuan. These high-risk shadow banks have stretched out some businesses in the capital chain, and some of them have evaded supervision. Evade some of our industrial policies, investment policies, so it is the focus of our rectification, in this regard, the international and domestic markets have a very good reflection, and have been positively evaluated. Recently, Moody's released a report on China's shadow banks, which said that after two or three years of rectification, the shadow banks have not only been greatly reduced in scale, but more importantly, the risks have been converged. This has laid a very good foundation for the healthy development of the whole market in the future.

Third, the focus on addressing the risks of high-risk institutions, especially some small and medium-sized institutions, has been effectively resolved. First, to adopt a list system of management, requiring all departments and regions to carry out inspections and stress tests on small and medium-sized financial institutions under their jurisdiction, and on this basis to formulate rectification measures that are classified, one enterprise, one policy, one line, one policy. On the whole, the risks of these institutions have been well controlled, some prominent risks have been resolved, and a lot of reports have been made some time ago. The next step is to strengthen the list system management, strengthen the stress test, strengthen the maneuverability and enforceability of the plan, and keep the risk of shadow banking at a reasonable level.

Fourth, we have dealt with the chaos in the market. After nearly three years of rectifying the market chaos, we can see that the market is more standardized than before, and the original institutional chaos, business chaos, transaction chaos, and so on in the formal and informal financial sectors have been effectively curbed. Risk has changed from divergence to convergence in the past.

Fifth, we pay more attention to the root causes while treating the symptoms. Establish a long-term risk prevention mechanism to prevent the resurgence of risks. For example, we have repeatedly stressed the need to strengthen the construction of corporate governance, including integrating the leadership of the Party into all aspects of corporate governance, strengthening the implementation of the responsibility of the main body of corporate governance, and managing financial institutions in accordance with the structure of modern corporate governance. At the same time, banks are required to strengthen the construction of internal risk system, especially the "three lines of defense", so that each line of defense can really become a "live high-voltage line", so that it can really play the role of risk prevention in different stages and different fields. Thank you.

Reporter from the Hong Kong Economic Guide:

Excuse me, what new measures are there in supporting the deep cultivation of "Belt and Road Initiative" by bank and insurance institutions? What new progress has been made in deepening cross-border regulatory cooperation with "Belt and Road Initiative"? Thank you.

Huang Hong:

Thank you for your question. Chief Shaw, please continue to answer.

Xiao Yuan Enterprise:

With regard to the further support of banking and insurance institutions for the construction of "Belt and Road Initiative," the BICRC attaches great importance to it. Chairman Huang and Chairman Zhu personally came to the front line and commanded in person, and achieved very good results. There are several main aspects:

First, we should support and encourage Chinese-funded bank and insurance institutions to set up corresponding institutions along the "Belt and Road Initiative" line so that they can provide services close to the local areas. Over the past period of time, our major banking and insurance institutions have seen more growth in the countries along the "Belt and Road Initiative" route, filling in some of the gaps in the past.

Second, we should actively encourage these organizations to carry out more business in the region, not only to serve the business of the "Belt and Road Initiative" Chinese-funded institutions, but also to cooperate with local institutions and markets to give better play to the local role. To achieve the goal of cooperation and improvement with the local community.

Third, we should pay attention to the prevention of related risks, especially the risks of compliance and anti-money laundering. This is in any place, not only in the countries along the "Belt and Road Initiative" route, but also in all overseas business expansion. We have always stressed to the bank and insurance institutions, Compliance, anti-money laundering, counter-terrorism and anti-sanctions financing must be placed in the most important position of risk control. Therefore, in this regard, we also see that the compliance personnel of these institutions have doubled in the past few years, they have invested a lot of resources, the system construction has also grown rapidly, and the compliance construction has made great progress. There is also to encourage insurance institutions to carry out credit insurance business, carry out catastrophe insurance, reinsurance business, better serve the "Belt and Road Initiative" construction.

With the rapid development of the construction of "Belt and Road Initiative", it is also an important business field for bank and insurance institutions. On the one hand, they should be encouraged to develop and open up these markets and cooperate with local institutions and markets. Another is to do a good job of risk management, especially anti-money laundering, compliance risk management.

Reporter People's Daily:

Recently, the Banking and Insurance Regulatory Commission has launched the work of rectifying the chaos of the banking and insurance industry infringing upon the rights and interests of consumers, and has listed some specific manifestations in detail. A special notice was issued last week on structured deposits, and protecting the rights and interests of consumers is an important responsibility of financial regulators. Excuse me, what kind of measures does the Banking and Insurance Regulatory Commission have in this regard in the next step? Thank you.

Huang Hong:

Thank you for your question. I'll answer that. The protection of consumers' rights and interests is the concentrated embodiment of the implementation of General Secretary Xi Jinping's thought of people-centered development. Since its establishment, the Banking and Insurance Regulatory Commission has actively implemented the spirit of General Secretary Xi Jinping's important instructions, initially formed the cornerstone of system construction, propaganda and education, and took on-the-spot inspection and complaint verification as its pillar. The consumer rights and interests protection and supervision system of bank insurance led by the assessment and evaluation of consumer insurance. We are highly responsible to the people and the broad masses of financial consumers, from 288 yuan of tooth washing cards to 86 million yuan of financial investment, from mobile phone screen risk to catastrophe insurance, and seriously handle every consumer complaint. Although the banking and insurance industry has achieved phased results in protecting the rights and interests of consumers, some bank and insurance institutions have not yet implemented the main responsibility for the protection of consumers' rights and interests, and some employees have deliberately misled consumers. The rapid development of financial science and technology has also brought about some new problems. "false innovation" and "false innovation" deserve great attention, and prepare in advance and take effective measures to prevent and resolve them.

Next, the CBIC will remain unchanged in rhythm and intensity, combined with special arrangements to further promote the rectification of chaotic phenomena that infringe upon the rights and interests of consumers. To sum up, we should focus on three things, that is, to improve a set of systems, open a channel, and carry out a rectification.

First, to improve a set of systems, that is, to promote banking and insurance institutions to establish and improve the consumer rights and interests protection system and mechanism, compacting the main responsibility. We will revise and improve the measures for the assessment and evaluation of consumer insurance and the regulations on the management of the real-name insurance system, and improve the relevant systems. The second is to open a channel for consumers to complain, that is, to enhance the breadth and depth of the 12378 hotline service, so that the data will run more errands and the common people will run less, and promote the establishment of a third-party mediation mechanism for contradictions and disputes. To provide a convenient and efficient service platform for the people to solve the problem of bank insurance consumption. Increase consumer education and risk tips, strengthen the information security protection of financial consumption, and enhance the risk prevention awareness of the majority of consumers. Third, we will carry out a rectification, and in the light of the key problems found in daily supervision and research, as well as the chaos in the industry and the market, we have decided to carry out a three-month rectification of the disorder of the banking and insurance industry infringing upon the rights and interests of consumers. Carry on the centralized special treatment to the pain point problem which the consumer reflects strongly.

The work of rectifying the chaotic phenomena of infringing upon the rights and interests of consumers is also an important part of the special education on the theme of "never forget the original ideals and aspirations and bear in mind the mission" carried out by the party committee of the Banking and Insurance Regulatory Commission. In order to improve the transparency of our work, give full play to the role of supervision by public opinion, and enhance the effectiveness of chaos control work, we will disclose them in the form of typical cases in the follow-up work, and invite friends from the media to continue to pay attention to and support them. Thank you.

Zhu Shumin:

I would like to briefly add that just now my friend mentioned the notice on structured deposits issued last week. In fact, the formulation of this notice is a systematic review of the provisions of the current regulatory system of structured deposits to ensure the orderly convergence of the regulatory system. Overall, there are no stricter regulatory requirements. In the aspect of transitional arrangement, the notice adopts the policy arrangement of transitional period and new and old section at the same time, which is beneficial to the adjustment of bank assets and liabilities and liquidity arrangement, and promotes the smooth transition and orderly development of business. That's all I'm adding. Thank you.

Reporter from the Hong Kong Business Daily:

Just now, the President mentioned that the balance of small and micro loans is growing at a very good rate. We would like to ask what consideration will be given to the intensity and rhythm of the introduction of small and micro loans in the fourth quarter. Thank you.

Zhu Shumin:

We have a lot of work going on, and the data just reported actually reflect that the banking industry has done a lot of work in solving financing difficulties and providing services to small and micro enterprises. In particular, the big five banks, small and micro business loans have increased by nearly 50%. I would like to add that we are recently organizing the financing docking work of "hundreds of banks into all enterprises". This is mainly to promote banks to enhance their initiative and consciousness in serving small and micro enterprises, to raise the level of financial services and to expand the coverage of services.

Not long ago, the CBRC conducted a pilot project in five provinces and cities to "never forget the original ideals and aspirations and bear in mind the mission" of banking financial institutions to "enter ten thousand enterprises" financing docking work. Through the combination of questionnaire survey and on-the-spot visit docking, we can understand the basic situation of enterprises and financing docking needs, and urge banks to take the initiative to provide financing services. At present, more than 1.6 million small and micro enterprises in five provinces and cities have filled out questionnaires on customer financing intentions, among which there are financing needs, and about 130000 households hope that banks will visit and dock. In the two weeks since entering the docking stage of field visits, banks have initially reached an intention to cooperate with more than 9000 small and micro enterprises in financing, accounting for about 1 / 4 of the visited enterprises, and the docking work is still in progress.

Next, we will extend this work to the whole country in due course to benefit more small and micro enterprises. Thank you.

Reporter from China Economic Information Service:

During this period of time, pork prices have risen sharply, but the difficulty of making up for live pigs is still there. Pig farmers and pig farms are relatively short of funds in the process of resuming and expanding pig production. Last month, the Banking and Insurance Regulatory Commission and the Agricultural and Rural Department issued a circular. With regard to the banking and insurance industry's support for stabilizing pig production and ensuring market supply, this paper puts forward clear requirements for the banking and insurance industry to support the stability of pig production and ensure market supply. What is the implementation so far? are there any relevant support cases? For example, bank credit how to better support and insurance how to strengthen risk protection, remove the worries of pig farmers. For example, Guangdong Zhaoqing recently launched live pig mortgage business, how do you look at it? Thank you.

Huang Hong:

Thank you for your question. The issue you mentioned is also a hot issue at present. Since the beginning of this year, the CPC Central Committee and the State Council have attached great importance to pig production and have taken a number of measures to stabilize and promote the development of the pig industry. In accordance with the deployment requirements of the State Council, the CBRC actively cooperates with relevant departments to participate in this work. We mainly from these aspects: first, to encourage and support banking institutions to participate in pig production related financing work. The second is to encourage and support insurance institutions to use insurance functions to participate in pig risk protection work. There are two main aspects, on the one hand, the insurance of breeding sows, on the other hand, the insurance of fattening pigs. Now we have made great efforts to protect the breeding sows and expand the insurance coverage for the production of live pigs as far as possible. Third, banks and insurance institutions should actively develop some new products to promote pig production innovation. As you mentioned just now in Zhaoqing, this is also a new financial product and financial service that serves pig production innovation in the financial industry. These banking and insurance regulators are encouraged.

In the next step, we will continue to promote banking and insurance institutions to speed up product innovation and service innovation in accordance with the deployment requirements of the State Council, so as to provide convenient conditions and a good environment for financing and insurance services to meet the needs of pig production.

Shou Xiaoli:

Because of the time constraint, the last two questions.

China News Service reporter:

As we all know, the trend of aging in China can not be ignored. What is the situation of the insurance industry in providing commercial pension products? "Housing for the aged" insurance pilot has been launched for five years, how is the operation, what are the problems that need to be solved or the supporting measures that need to be improved, and are there any further promotion plans? Thank you.

Huang Hong:

Thank you for your question. I'll answer that. At present, China has entered an aging society. The aging of our country is characterized by a large population base and a large elderly population. Another characteristic is that the growth rate is very fast, and the speed of initial aging to deep aging is faster than that of European and American countries. Therefore, the rapid improvement of the degree of aging has brought a heavy burden to the old-age insurance system of our country. From the experience of developed areas in Europe and the United States, commercial old-age insurance is an important means to alleviate the pressure of national old-age pension and improve the replacement rate of old-age insurance for residents. At present, in accordance with the requirements of financial supply-side structural reform, the Banking and Insurance Regulatory Commission continues to increase the supply quality of commercial old-age insurance products and promote the healthy and rapid development of commercial old-age insurance.

First, increase the supply of traditional commercial old-age insurance products to meet the growing needs of the people for commercial old-age care. In 2019, insurance companies developed and sold 830 types of pension annuity insurance products, with a premium income of 41.5 billion yuan. By the end of the third quarter of 2019, the number of effective underwriters of commercial old-age insurance and annuity insurance had exceeded 58 million, and more than 510 billion yuan of insurance liability reserves had been accumulated.

The second is to increase product innovation and actively serve the construction of the old-age security system. For example, support companies to develop long-term care insurance products, support companies to actively layout pension medical institutions, and explore to increase the service supply of social health care for the aged.

Third, actively strive for policy support, explore the use of fiscal and tax leverage to pry the development of the old-age insurance market. Tax deferred old-age insurance pilot more than a year, 23 companies have participated in the tax deferred old-age insurance pilot, 66 products on the market, a total of 200 million yuan in premium income, the number of participants 45200 people.

This is the supply of commercial pension products as a whole. You also mentioned the issue of "providing for the aged with a house", and I would like to report briefly. In July 2014, the former Insurance Regulatory Commission officially launched the pilot of individual housing reverse mortgage insurance for residents, the pilot has been more than five years, on the whole, the pilot operation is relatively stable. At present, a total of happy life, people's life two companies operating personal housing pension reverse mortgage insurance business. By the end of September 2019, 129 policies were valid at the end of the reverse mortgage insurance period, with a total of 191 elderly people from 129 families. The average age of the insured elderly was 71 years old, and the average monthly pension was more than 7000 yuan, with the highest family receiving a monthly pension of more than 30,000 yuan.

On the whole, reverse mortgage insurance has become the first financial product to form a certain scale of "providing for the aged with housing", and the insurance industry has gradually explored a new way for the elderly to finance and provide for the aged. It has met the three core needs of the elderly to provide for the aged at home, increase the pension income and receive the pension for life, and has been widely recognized by the insured elderly. As you said, "housing for the aged" in the current pilot for more than five years, the overall operation is stable, but the scale is not very large. I think there are four main reasons:

First, reverse mortgage insurance is a niche business. From an international point of view, "housing for the aged" is also a minority business, conditional, demand, conscious use of this way of providing for the aged is less. From a global point of view, home pension is the vast majority, other ways of providing for the aged, including housing pension are very few, so it is a niche market, niche market can not pursue the same scale as the mass market.

The second is the influence of traditional ideas. In the view of most people, housing is the most important property of the family and should be inherited by children and other future generations. This traditional concept determines that "providing for the aged with housing" cannot become a way for the public to provide for the aged. But it is more reflected in the addition of a pension option for the elderly.

Third, the supporting policies are not perfect. For example, there are still some problems in mortgage, inheritance and other provisions, as well as in real estate mortgage registration, transaction taxes, notarization and so on.

Fourth, the operating ability of insurance companies needs to be improved. Reverse mortgage insurance is an innovative insurance business, lack of basic data, complex risk factors, which provides high requirements for reasonable pricing and risk control of insurance companies. The ability and preparation of commercial insurance companies in this area are also insufficient.

Next, we are prepared to improve the system from four aspects: first, to further evaluate the practical experience of the past five years, and improve the relevant regulatory policies. The second is to dredge the blockage point of development and solve the problem of inadequate supporting policies. Third, strengthen positive publicity to encourage conditional and willing elderly people to choose "housing for the aged" this way. Fourth, we should focus on the construction of the capacity of insurance companies, especially the construction of actuarial, pricing and professional teams. That's my answer.

Shou Xiaoli:

One last question.

Reporter of the 21st Century Economic report:

I have two questions. The first question is that Chief Xiao has just mentioned that the list system is adopted for the management of small and medium-sized high-risk financial institutions. Could you tell us again about the risk types of small and medium-sized financial institutions in the list system and the measures to resolve them?. The second question is, now you are very concerned about P2P clearance, I would like to ask what is the intention of regulation? Is it possible for these P2P companies to obtain a record or further license in the future? Thank you.

Huang Hong:

You asked two questions. The first question asked Comrade Xiao Yuan-enterprise to answer, and the second question asked Vice Chairman Zhu Shumin to answer.

Xiao Yuan Enterprise:

The list system management we are talking about should first of all be able to understand the risk base of the various institutions under their jurisdiction, divide the risk into high, medium, and low levels according to the risk base, and adopt low-frequency supervision for low-risk institutions. High-frequency supervision of high-risk institutions. As for the specific policy measures and paths to resolve risks, we should not only follow unified regulatory rules and regulations, but also allow them to tailor and formulate useful and effective measures according to the characteristics and causes of the risks of each institution.

Judging from the information we have at present, their resolution is still effective. In the past, many institutions seemed to have relatively high risks. After a period of resolution, the risk has now dropped to a very low level. Many regulatory indicators and business indicators are in a good state. However, there are also individual institutions with relatively high risks, and more efforts need to be made to take various measures to further pressure drop.

Zhu Shumin:

Online lending from all walks of life is very concerned, I am also concerned, media friends also reported a lot. Among the media friends I know here, it is not news to talk about it here. Last week, Director Zou Lan of the people's Bank of China also talked about this situation, and there were a lot of reports from all over the world. I would like to briefly introduce the work of online lending to you. Since the rectification work was carried out, we still focus on the combination of short-term measures and long-term mechanism, grasp the causes of the risk, trace back to the source, timely and take the initiative to attack.

On the one hand, enhanced cooperation between departments, including the political and legal Commission, public security, the Supreme Court, the Supreme Procuratorate, including publicity departments, media friends have also done a lot of positive reports to make investors aware of the risks. The Ministry of Industry and Information Technology, the Development and Reform Commission, the Letters and visits Office, and market supervision and other departments have worked closely to solve the pain points and difficulties in the rectification work at the same time.

Second, all localities have the courage to shoulder their responsibilities and overcome difficulties. Beijing, Shanghai, Guangdong, Shenzhen, Zhejiang and other key areas have actively explored a number of effective experiences and practices, and some areas have adjusted measures to local conditions, and all institutions under their jurisdiction have achieved benign withdrawal. There have been some reports lately.

Third, we should promote the benign withdrawal of organizations that do not conform to the "one method and three guidelines." So far this year, there have been more than 1200 shutdowns, most of them voluntarily opting out of business. There are also many P2P online lending platforms ready to exit.

Fourth, guide the transformation and development of qualified institutions. The Banking and Insurance Regulatory Commission and the people's Bank of China are working with relevant regions to study and formulate specific plans for the transformation of P2P online lending institutions to small loan companies.

Fifth, severely crack down on online lending institutions that seriously break the law and regulations, and earnestly safeguard the legitimate rights and interests of investors. By the end of September, 786 cases had been filed and investigated nationwide.

Sixth, we should study and establish a long-term mechanism for supervision and strengthen the regular monitoring and supervision of Internet financial activities.

Through the joint efforts of all parties, the speed of online loan risk clearance continues to accelerate, and the risk situation has fundamentally improved. First, significant progress has been made in risk pressure drop. By the end of September this year, 462 online lending institutions had actually operated across the country, with loan balances down 48% from the beginning of 2019, lenders down 53% from the beginning of the year, and borrowers down 35% from the beginning of the year. The number of institutions, the size of lending and the number of participants have declined for the 15th month in a row. Second, the special rectification work has completely changed the predicament of "the blind walking on the night road." By the end of July, all the 462 online lending institutions actually operating across the country had been connected to the National Internet Emergency response Center. Among them, there are 268 normal operating organizations, and the business activities of some platforms that do not actively apply for access are also monitored in real time by the parties concerned. Third, investors have increased their awareness of risk, fewer and fewer people blindly pursue high returns on Internet finance, and the legitimate rights and interests of investors have been further protected. I will brief you on the situation. Thank you.

Shou Xiaoli:

Thank you, President Huang, thank you, Chief Shaw, thank you, friends of reporters, that's all for today's press conference. Goodbye, everyone.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

| gov.cn

The Information Office of the State Council held a press conference at 3: 00 p.m. on Monday, October 21, 2019, inviting Huang Hong and Zhu Shumin, vice chairmen of the Bank of China Insurance Regulatory Commission, to brief them on the operation of the banking and insurance industry and the service of the real economy. And answer questions from reporters.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The State New Office held a press conference on the operation of the banking and insurance industry and the service of the real economy. Photo taken by Zong Chao on China net

Shou Xiaoli, Information Office of the State Council:

Good afternoon, ladies and gentlemen. Welcome to the press conference of the Information Office of the State Council. Today, we are very pleased to invite the two vice chairmen of the Bank of China Insurance Regulatory Commission, Mr. Huang Hong and Mr. Zhu Shumin, to brief you on the operation of the banking and insurance industries and the service of the real economy. And answer your questions. Also present at today's conference was Mr. Xiao Yuanenterprise, chief risk officer and chief of staff of the Bank of China Insurance Regulatory Commission and spokesman for the Bank of China Insurance Regulatory Commission. Next, I would like to invite Mr. Huang Hong to make an introduction.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Huang Hong, vice chairman of the Insurance Regulatory Commission of the Bank of China. Photo taken by Zong Chao on China net

Huang Hong, Vice Chairman of the Bank of China Insurance Regulatory Commission:

Good afternoon, friends from the media. It is a pleasure to meet you again at the press conference. First of all, I would like to introduce to you the recent operation of the banking and insurance industry.

In 2019, the Banking and Insurance Regulatory Commission conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, did not forget the initial ideals and aspirations, kept in mind the mission, took the courage to take the responsibility and took the initiative, and worked hard to balance the relationship between risk prevention and steady growth, and made great efforts to prevent and defuse financial risks. We will promote the banking and insurance industries to better serve the real economy and promote the high-quality development of the banking and insurance industries.

At present, the banking and insurance industries have maintained a sound operation, financial risks have changed from divergence to convergence, the effectiveness and universality of financial services have been enhanced, and new progress has been made in the reform and opening up of the banking and insurance industries. Specifically, it is reflected in three aspects:

First, the quality and efficiency of the real economy of banking and insurance services have been improved. Bank and insurance institutions fully mobilize credit, bonds, equity, insurance and other funds to provide strong financial support for the "six stable". In the first three quarters, RMB loans for the real economy increased by 13.9 trillion yuan, an increase of 1.1 trillion yuan over the same period last year, focusing on key areas such as infrastructure, manufacturing, and weak links such as private small and micro enterprises. Loans for infrastructure industries and manufacturing industries increased by 2.2 trillion yuan and 770.5 billion yuan respectively, while loans for inclusive small and micro enterprises totaled 10.94 trillion yuan, and the cost of comprehensive financing fell by more than 1 percentage point. Bond investment increased, with banks investing 4.7 trillion yuan in new bonds and insurance funds investing more than 500 billion yuan in bonds. Local government special bonds invested by banks and insurance institutions accounted for more than 80% of all special bonds. It has strongly supported the issuance of special bonds by local governments. Actively and steadily implement the market-oriented debt-to-equity swap, with funds in place exceeding 1 trillion yuan, and promote enterprises to reduce leverage, reduce debt, and improve efficiency. The insurance industry should give full play to its functions of risk management and protection, and further improve insurance products and services related to the national economy and people's livelihood, such as pension, health, agriculture, housekeeping, catastrophes and so on. Since the beginning of this year, the cumulative amount of compensation paid by the insurance industry has reached 941.1 billion yuan.

Second, steady progress has been made in preventing and defusing major financial risks. Solid efforts to rectify market chaos, the rapid expansion of bank assets, multi-layer nesting, false increase in the scale of the stubborn disease has been effectively curbed. Over the past two and a half years, the growth rate of banking assets has slowed from about 15 per cent in the past to about 8 per cent now. The size of shadow banking has shrunk sharply. Over the past two years, the total compression of cross-financial high-risk assets is about 14.5 trillion yuan, mainly reducing channel business and de-real to virtual funds. We will continue to encourage banks and insurance institutions to replenish their capital through various channels and improve their ability to resist risks. Financial institutions are urged to formulate and implement recovery and disposal plans to continuously dispose of non-performing loans from banks. In the first three quarters, about 1.4 trillion yuan of non-performing loans were disposed of, 176.5 billion yuan more than the same period last year. We will adopt a variety of effective ways to safely deal with high-risk institutions, effectively maintain the overall situation of financial stability, rectify the risks of online lending in an orderly manner, and a large number of risks have been released. Resolutely crack down on illegal fund-raising and other illegal financial activities, and seriously investigate and deal with illegal and illegal acts of institutions. In the first nine months, the system of the Banking and Insurance Regulatory Commission made a total of 2912 decisions on administrative penalties, punishing 1575 banks and insurance institutions, and punishing 2091 persons responsible. The fine was 775 million yuan.

Third, the reform and opening up of the banking and insurance industries have been continuously deepened. We will promote the construction of the corporate governance system of banking and insurance institutions, continue to implement the supervision of equity penetration in small and medium-sized banks and insurance companies, improve the ability of the board of directors, the board of supervisors and senior executives to perform their duties, and optimize the incentive and restraint mechanism. To strengthen internal control, promote compliance, improve the due diligence mechanism and other work effectively, standardizing corporate governance is becoming the conscious action of bank and insurance institutions. We will promote the improvement of banking and insurance institutional systems, market systems, and product systems, vigorously develop specialized and characteristic financial institutions, and guide banking and insurance institutions to improve financial products and services, so as to achieve high-quality development with equal emphasis on quality and efficiency. We will step up the implementation of the major financial opening measures that have been announced, promote the revision of the regulations on the Administration of Foreign Banks and the regulations on the Administration of Foreign Insurance companies, and further relax the entry conditions for insurance institutions of foreign banks. To provide a more relaxed and independent institutional environment for the establishment and operation of foreign banks and insurance companies.

Next, under the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, the Banking and Insurance Regulatory Commission will adhere to the general tone of seeking progress in the midst of stability, further deepen the structural reform of the financial supply side, and guide financial institutions to better serve the real economy. We will prevent and defuse major financial risks, effectively maintain financial stability and financial security, and provide stronger financial support and a more suitable financial environment for the implementation of the "six-stable" policy and high-quality economic development.

That's all for the briefing.

Shou Xiaoli:

Thank you, Chairman Huang. Let's move on to the question section. Please let the media know which news organization you are in before asking questions. Let's start asking questions.

Reporter from the Central Radio and Television Station of the Central people's Republic of China:

Just now Chairman Huang introduced the situation in supporting the real economy, but from the feelings of enterprises, especially small and micro private enterprises, the cost of financing is still not low, the sense of access is not strong. In solving the financing difficulties, financing is expensive, the Banking and Insurance Regulatory Commission has put forward a lot of requirements and indicators for banks, how is the completion of the banks? How to improve the sense of acquisition of private small and micro enterprises? Thank you.

Huang Hong:

Please answer this question.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Zhu Shumin, vice chairman of the Insurance Regulatory Commission of the Bank of China. Photo taken by Zong Chao on China net

Zhu Shumin, Vice Chairman of the Bank of China Insurance Regulatory Commission:

The Banking and Insurance Regulatory Commission has conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council on alleviating the financing difficulties and financing costs of small and micro enterprises, and has mainly carried out work in the following aspects.

First, expand the scope of credit coverage and increase the total amount of credit. At the end of August 2019, the number of small and micro enterprise loans was 20.4751 million, an increase of 3.2427 million, or 18.8 per cent, from the beginning of the year. The balance of loans for small and micro enterprises was 10.94 trillion yuan, an increase of 1.58 trillion yuan over the beginning of the year, an increase of 16.85 percent, 8.15 percentage points higher than the growth rate of various loans, and the goal of "two increases and two controls" has been achieved in stages. To urge large banks to play a "wild goose" effect, by the end of September, the loan balance of small and micro enterprises at five large banks was 2.52 trillion yuan, an increase of 814.8 billion yuan, or 47.9 percent, from the end of 2018. As a whole, the annual incremental plans of the five major banks and the 30% incremental target of the government work report have been exceeded.

Second, we should adhere to the principle of "maintaining capital and making small profits" and reduce the cost of comprehensive financing. Banking institutions are required to maintain a balance between volume and price, consolidate the decline in loan interest rates for small and micro enterprises on the basis of 2018 in accordance with the principle of commercial sustainability and "capital preservation and small profits", and fully reflect the national preferential policies in the financing costs of enterprises. In the first eight months of 2019, the interest rate on new loans to small and micro enterprises was 6.8%, down 0.59 percentage points from the average for the whole of 2018. Of these, the average lending rate for the five major banks in the first nine months of 2019 was 4.75%, down 0.68 percentage points from the average lending rate for the whole of 2018. At the same time, large banks reduce other financing costs of small and micro enterprises by 0.58 percentage points by issuing credit loans, reducing fees and making profits. So the combined cost of credit financing for companies has actually fallen by 1.26 percentage points.

Third, we should improve the mechanism of "dare to lend and be willing to lend" and enhance the ability of "able to lend". The CBIC continues to promote banks to further improve the due diligence exemption assessment mechanism, urge banks to incorporate small and micro loans into the assessment system, reduce the transfer price of internal funds, and arrange special incentive fees. Banks are required to further strengthen their integration with the Internet and big data, deeply mine the resources of their own financial data and external credit data, and popularize some successful experiences such as "small and micro loans" of large and medium-sized banks and Internet banks. Support local banks to combine the digital information of "running number" with the socialized information of "running the street" to perfect the mode of community management.

Reporter from CCTV, Central Radio and Television Station:

Finance is the lifeblood of the real economy. Data released by the Bureau of Statistics last week showed that there was still some pressure on the real economy in the first three quarters. What was the work of the banking and insurance industries in the first three quarters to support the real economy? What's the plan for the next step? Thank you.

Huang Hong:

Thank you for your question. I'll answer that question. The Banking and Insurance Regulatory Commission resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council, strengthens supervision and guidance, promotes banks and insurance institutions to innovate their products and services, and increases financing support for key areas and weak links in economic and social development. We will continue to improve the quality and efficiency of the real economy of financial services. In terms of supporting the real economy, the banking and insurance industry can be summarized as "four durations" and "one effective".

"four durations":

First, the supply of effective finance has continued to grow. The CBRC accurately grasps the relationship between promoting economic growth and risk prevention and control, promotes banks and insurance institutions to increase effective financial supply, and supports stable economic growth. Between January and September, yuan loans for the real economy increased by 13.9 trillion, up 1.1 trillion from a year earlier. From January to September, the insurance industry provided 5445 trillion yuan for economic and social risk protection, and the use of insurance funds totaled 17.8 trillion yuan, an increase of 8.4 percent over the beginning of the year.

Second, the allocation of financial resources should be continuously optimized. The CBRC will continue to guide banking and insurance institutions to focus on key areas and key links, promote more financial resources to invest in advanced manufacturing, high and new technology, and green industries, and promote the transformation and upgrading of industries. The manufacturing and infrastructure sectors remain important components of the stock of bank loans. From January to September, related loans increased by 770.5 billion yuan and 2.2 trillion yuan respectively over the beginning of the year. The loan growth rate of personal consumption credit, science and technology service industry and information technology service industry is obviously faster than the average growth rate of various loans, and positive progress has been made in the development of green finance. The balance of green credit of 21 major banks in China in the first half of the year was 10.6 trillion yuan. Accounted for 9.6% of all loans from 21 banks. Environmental pollution liability insurance has been extended from the previous pilot to the whole country. By the end of August, the insurance industry had provided more than 500 billion yuan in risk protection for more than 3700 first major technical equipment projects.

Third, financial services in weak areas have continued to improve. The Banking and Insurance Regulatory Commission continues to improve the policy system to support the development of small and micro private enterprises, strengthen supervision, inspection, assessment and evaluation, and promote banking institutions to establish and improve the long-term mechanism of "dare to lend, willing to lend and able to lend". By the end of August 2019, the loan balance of all-inclusive small and micro enterprises was 10.94 trillion yuan, an increase of 16.9 percent over the beginning of the year, significantly higher than the growth rate of various loans in the same period. Through financing, credit insurance and guarantee insurance have helped 1.742 million enterprises to obtain 371.9 billion yuan in bank financing. The number of loans for inclusive small and micro enterprises was 20.4751 million, an increase of 3.2427 million over the beginning of the year.

Fourth, we should continue to improve the quality and efficiency of serving the country's major strategy and ensuring people's livelihood, and guide banks and insurance institutions to increase financial services and financing support for key projects and major projects around the country's major strategy. We will issue pilot programs to promote the development of the banking and insurance industries to support the development of community family services such as pension, domestic economics, nursery and nursery, expand the business of personal tax deferred old-age insurance, and support the development of community family services. The Ministry of Agriculture and villages will promote the work of stabilizing pig production and ensuring market supply, and guide banks and insurance institutions to increase support for the pig industry. The joint Ministry of Finance, the people's Bank of China and other departments have made arrangements and arrangements for the key work of poverty alleviation and microfinance to help win the fight against poverty.

"one effective": the difficulties and blockage problems of enterprise financing have been effectively alleviated. In order to reduce the intermediate link expenses of enterprise financing, the CBI has successively issued a number of fee reduction policies, carried out a special inspection of charges related to enterprises, standardized the charging behavior of banking services, and required a reasonable determination of the term of the loan and the mode of repayment. We will increase the development of loan renewal products and appropriately increase the proportion of medium-and long-term loans, especially in the manufacturing industry. In order to solve the financing problem of light asset enterprises such as science and technology enterprises, the Banking and Insurance Regulatory Commission actively guides banks to develop pledge financing such as intellectual property rights, equity and accounts receivable, and requires a reasonable increase in the proportion of credit loans. In order to alleviate the problem of information asymmetry between banks and enterprises, the Banking and Insurance Regulatory Commission has jointly carried out the work of "credit and easy loan" to promote the construction and application of the national credit information sharing platform. Banks are encouraged to actively use information technologies such as artificial intelligence, big data, blockchain and cloud computing to innovate products and services and enhance the effectiveness, convenience and availability of financial services.

In the next step, the CBIC will strengthen supervision and guidance on the implementation of various policies, ensure the effectiveness of policies, continue to promote banking and insurance institutions to combine the effective needs of the real economy, and increase product and service innovation. We will further improve the quality and efficiency of financial services.

CNBC reporter:

Many foreign financial companies feel very positive about some of the open policies recently introduced by the government. I would like to ask: in the insurance industry, a foreign company, from applying to actually opening a foreign insurance company in China, About a year or how long? Thank you.

Huang Hong:

Thank you for your question. You have just mentioned the landing of the opening up policy of the banking and insurance industry, with emphasis on the landing of the opening up policy of the insurance industry. That's a good question. Over the past two years, we have made significant opening-up policies for the banking and insurance industry. These policies are coming to the ground, and you have just talked about when they will fall to the ground. I answered you in the affirmative that I was already landing. So far this year, we have approved the administrative license applications of some foreign institutions for the establishment of insurance institutions, that is, their applications have been approved. In the next step, we will continue to do a good job in implementing the policy of opening up the insurance industry to the outside world, and as long as the licensing conditions are met, we will approve foreign insurance institutions to enter the Chinese market in accordance with the law. Thank you.

China Daily reporter:

We know that preventing and defusing financial risks is the key to preventing and resolving major risks. How can the CBI deal with some major risks and outstanding problems in the banking and insurance industries at present? Thank you.

Huang Hong:

Thank you for your question. Let Comrade Xiao Yuanenterprise, our chief risk officer, answer this question.

Press Office holds a press conference on the operation of the banking and insurance industry and the service of the real economy

The picture shows Xiao Yuanenterprise, chief risk officer and chief of staff of the Bank of China Insurance Regulatory Commission. Photo taken by Zong Chao on China net

Xiao Yuanenterprise, Chief risk Officer, Chief General Office Director and spokesman of the Bank of China Insurance Regulatory Commission:

Thank you for your question, this question is an important work of the Banking and Insurance Regulatory Commission, I would like to make a simple response, wait for other leaders to talk about. The main risks of the current banking and insurance industry are mainly in several aspects:

First, it is necessary to dispose of the non-performing assets of banks. The risk of non-performing assets remains a major risk for us at present. On the one hand, we have to take a variety of measures to resolve the poor disposal, from the beginning of 2017 to the present, we have disposed of 4.9 trillion non-performing loans, adopted a variety of disposal methods. On the other hand, to make non-performing loans, is to make the figures of non-performing loans solid, strictly prevent banks from making false accounts, so that non-performing loans can truly reflect the risk level of bank loans on the basis of five levels of classification.

Second, vigorously rectify the risk of shadow banking. Shadow banking has been developing very fast for some time, and the risks are relatively large. We have carried out strong supervision and rectification of shadow banking since 2017. There are two figures to say: first, in the past, the assets of the entire banking industry grew at an average annual rate of 14.5%, of which the fastest growth was in the shadow banking sector. Since the crackdown, asset growth has fallen from 14.5 per cent in the past to about 8 per cent now. Over the past two years, nearly three years, at this rate of growth, our assets have increased by about 50 trillion. Second, the digital pressure of high-risk shadow banks has been reduced by more than 15 trillion yuan. These high-risk shadow banks have stretched out some businesses in the capital chain, and some of them have evaded supervision. Evade some of our industrial policies, investment policies, so it is the focus of our rectification, in this regard, the international and domestic markets have a very good reflection, and have been positively evaluated. Recently, Moody's released a report on China's shadow banks, which said that after two or three years of rectification, the shadow banks have not only been greatly reduced in scale, but more importantly, the risks have been converged. This has laid a very good foundation for the healthy development of the whole market in the future.

Third, the focus on addressing the risks of high-risk institutions, especially some small and medium-sized institutions, has been effectively resolved. First, to adopt a list system of management, requiring all departments and regions to carry out inspections and stress tests on small and medium-sized financial institutions under their jurisdiction, and on this basis to formulate rectification measures that are classified, one enterprise, one policy, one line, one policy. On the whole, the risks of these institutions have been well controlled, some prominent risks have been resolved, and a lot of reports have been made some time ago. The next step is to strengthen the list system management, strengthen the stress test, strengthen the maneuverability and enforceability of the plan, and keep the risk of shadow banking at a reasonable level.

Fourth, we have dealt with the chaos in the market. After nearly three years of rectifying the market chaos, we can see that the market is more standardized than before, and the original institutional chaos, business chaos, transaction chaos, and so on in the formal and informal financial sectors have been effectively curbed. Risk has changed from divergence to convergence in the past.

Fifth, we pay more attention to the root causes while treating the symptoms. Establish a long-term risk prevention mechanism to prevent the resurgence of risks. For example, we have repeatedly stressed the need to strengthen the construction of corporate governance, including integrating the leadership of the Party into all aspects of corporate governance, strengthening the implementation of the responsibility of the main body of corporate governance, and managing financial institutions in accordance with the structure of modern corporate governance. At the same time, banks are required to strengthen the construction of internal risk system, especially the "three lines of defense", so that each line of defense can really become a "live high-voltage line", so that it can really play the role of risk prevention in different stages and different fields. Thank you.

Reporter from the Hong Kong Economic Guide:

Excuse me, what new measures are there in supporting the deep cultivation of "Belt and Road Initiative" by bank and insurance institutions? What new progress has been made in deepening cross-border regulatory cooperation with "Belt and Road Initiative"? Thank you.

Huang Hong:

Thank you for your question. Chief Shaw, please continue to answer.

Xiao Yuan Enterprise:

With regard to the further support of banking and insurance institutions for the construction of "Belt and Road Initiative," the BICRC attaches great importance to it. Chairman Huang and Chairman Zhu personally came to the front line and commanded in person, and achieved very good results. There are several main aspects:

First, we should support and encourage Chinese-funded bank and insurance institutions to set up corresponding institutions along the "Belt and Road Initiative" line so that they can provide services close to the local areas. Over the past period of time, our major banking and insurance institutions have seen more growth in the countries along the "Belt and Road Initiative" route, filling in some of the gaps in the past.

Second, we should actively encourage these organizations to carry out more business in the region, not only to serve the business of the "Belt and Road Initiative" Chinese-funded institutions, but also to cooperate with local institutions and markets to give better play to the local role. To achieve the goal of cooperation and improvement with the local community.

Third, we should pay attention to the prevention of related risks, especially the risks of compliance and anti-money laundering. This is in any place, not only in the countries along the "Belt and Road Initiative" route, but also in all overseas business expansion. We have always stressed to the bank and insurance institutions, Compliance, anti-money laundering, counter-terrorism and anti-sanctions financing must be placed in the most important position of risk control. Therefore, in this regard, we also see that the compliance personnel of these institutions have doubled in the past few years, they have invested a lot of resources, the system construction has also grown rapidly, and the compliance construction has made great progress. There is also to encourage insurance institutions to carry out credit insurance business, carry out catastrophe insurance, reinsurance business, better serve the "Belt and Road Initiative" construction.

With the rapid development of the construction of "Belt and Road Initiative", it is also an important business field for bank and insurance institutions. On the one hand, they should be encouraged to develop and open up these markets and cooperate with local institutions and markets. Another is to do a good job of risk management, especially anti-money laundering, compliance risk management.

Reporter People's Daily:

Recently, the Banking and Insurance Regulatory Commission has launched the work of rectifying the chaos of the banking and insurance industry infringing upon the rights and interests of consumers, and has listed some specific manifestations in detail. A special notice was issued last week on structured deposits, and protecting the rights and interests of consumers is an important responsibility of financial regulators. Excuse me, what kind of measures does the Banking and Insurance Regulatory Commission have in this regard in the next step? Thank you.

Huang Hong:

Thank you for your question. I'll answer that. The protection of consumers' rights and interests is the concentrated embodiment of the implementation of General Secretary Xi Jinping's thought of people-centered development. Since its establishment, the Banking and Insurance Regulatory Commission has actively implemented the spirit of General Secretary Xi Jinping's important instructions, initially formed the cornerstone of system construction, propaganda and education, and took on-the-spot inspection and complaint verification as its pillar. The consumer rights and interests protection and supervision system of bank insurance led by the assessment and evaluation of consumer insurance. We are highly responsible to the people and the broad masses of financial consumers, from 288 yuan of tooth washing cards to 86 million yuan of financial investment, from mobile phone screen risk to catastrophe insurance, and seriously handle every consumer complaint. Although the banking and insurance industry has achieved phased results in protecting the rights and interests of consumers, some bank and insurance institutions have not yet implemented the main responsibility for the protection of consumers' rights and interests, and some employees have deliberately misled consumers. The rapid development of financial science and technology has also brought about some new problems. "false innovation" and "false innovation" deserve great attention, and prepare in advance and take effective measures to prevent and resolve them.

Next, the CBIC will remain unchanged in rhythm and intensity, combined with special arrangements to further promote the rectification of chaotic phenomena that infringe upon the rights and interests of consumers. To sum up, we should focus on three things, that is, to improve a set of systems, open a channel, and carry out a rectification.

First, to improve a set of systems, that is, to promote banking and insurance institutions to establish and improve the consumer rights and interests protection system and mechanism, compacting the main responsibility. We will revise and improve the measures for the assessment and evaluation of consumer insurance and the regulations on the management of the real-name insurance system, and improve the relevant systems. The second is to open a channel for consumers to complain, that is, to enhance the breadth and depth of the 12378 hotline service, so that the data will run more errands and the common people will run less, and promote the establishment of a third-party mediation mechanism for contradictions and disputes. To provide a convenient and efficient service platform for the people to solve the problem of bank insurance consumption. Increase consumer education and risk tips, strengthen the information security protection of financial consumption, and enhance the risk prevention awareness of the majority of consumers. Third, we will carry out a rectification, and in the light of the key problems found in daily supervision and research, as well as the chaos in the industry and the market, we have decided to carry out a three-month rectification of the disorder of the banking and insurance industry infringing upon the rights and interests of consumers. Carry on the centralized special treatment to the pain point problem which the consumer reflects strongly.

The work of rectifying the chaotic phenomena of infringing upon the rights and interests of consumers is also an important part of the special education on the theme of "never forget the original ideals and aspirations and bear in mind the mission" carried out by the party committee of the Banking and Insurance Regulatory Commission. In order to improve the transparency of our work, give full play to the role of supervision by public opinion, and enhance the effectiveness of chaos control work, we will disclose them in the form of typical cases in the follow-up work, and invite friends from the media to continue to pay attention to and support them. Thank you.

Zhu Shumin:

I would like to briefly add that just now my friend mentioned the notice on structured deposits issued last week. In fact, the formulation of this notice is a systematic review of the provisions of the current regulatory system of structured deposits to ensure the orderly convergence of the regulatory system. Overall, there are no stricter regulatory requirements. In the aspect of transitional arrangement, the notice adopts the policy arrangement of transitional period and new and old section at the same time, which is beneficial to the adjustment of bank assets and liabilities and liquidity arrangement, and promotes the smooth transition and orderly development of business. That's all I'm adding. Thank you.

Reporter from the Hong Kong Business Daily:

Just now, the President mentioned that the balance of small and micro loans is growing at a very good rate. We would like to ask what consideration will be given to the intensity and rhythm of the introduction of small and micro loans in the fourth quarter. Thank you.

Zhu Shumin:

We have a lot of work going on, and the data just reported actually reflect that the banking industry has done a lot of work in solving financing difficulties and providing services to small and micro enterprises. In particular, the big five banks, small and micro business loans have increased by nearly 50%. I would like to add that we are recently organizing the financing docking work of "hundreds of banks into all enterprises". This is mainly to promote banks to enhance their initiative and consciousness in serving small and micro enterprises, to raise the level of financial services and to expand the coverage of services.

Not long ago, the CBRC conducted a pilot project in five provinces and cities to "never forget the original ideals and aspirations and bear in mind the mission" of banking financial institutions to "enter ten thousand enterprises" financing docking work. Through the combination of questionnaire survey and on-the-spot visit docking, we can understand the basic situation of enterprises and financing docking needs, and urge banks to take the initiative to provide financing services. At present, more than 1.6 million small and micro enterprises in five provinces and cities have filled out questionnaires on customer financing intentions, among which there are financing needs, and about 130000 households hope that banks will visit and dock. In the two weeks since entering the docking stage of field visits, banks have initially reached an intention to cooperate with more than 9000 small and micro enterprises in financing, accounting for about 1 / 4 of the visited enterprises, and the docking work is still in progress.

Next, we will extend this work to the whole country in due course to benefit more small and micro enterprises. Thank you.

Reporter from China Economic Information Service:

During this period of time, pork prices have risen sharply, but the difficulty of making up for live pigs is still there. Pig farmers and pig farms are relatively short of funds in the process of resuming and expanding pig production. Last month, the Banking and Insurance Regulatory Commission and the Agricultural and Rural Department issued a circular. With regard to the banking and insurance industry's support for stabilizing pig production and ensuring market supply, this paper puts forward clear requirements for the banking and insurance industry to support the stability of pig production and ensure market supply. What is the implementation so far? are there any relevant support cases? For example, bank credit how to better support and insurance how to strengthen risk protection, remove the worries of pig farmers. For example, Guangdong Zhaoqing recently launched live pig mortgage business, how do you look at it? Thank you.

Huang Hong:

Thank you for your question. The issue you mentioned is also a hot issue at present. Since the beginning of this year, the CPC Central Committee and the State Council have attached great importance to pig production and have taken a number of measures to stabilize and promote the development of the pig industry. In accordance with the deployment requirements of the State Council, the CBRC actively cooperates with relevant departments to participate in this work. We mainly from these aspects: first, to encourage and support banking institutions to participate in pig production related financing work. The second is to encourage and support insurance institutions to use insurance functions to participate in pig risk protection work. There are two main aspects, on the one hand, the insurance of breeding sows, on the other hand, the insurance of fattening pigs. Now we have made great efforts to protect the breeding sows and expand the insurance coverage for the production of live pigs as far as possible. Third, banks and insurance institutions should actively develop some new products to promote pig production innovation. As you mentioned just now in Zhaoqing, this is also a new financial product and financial service that serves pig production innovation in the financial industry. These banking and insurance regulators are encouraged.

In the next step, we will continue to promote banking and insurance institutions to speed up product innovation and service innovation in accordance with the deployment requirements of the State Council, so as to provide convenient conditions and a good environment for financing and insurance services to meet the needs of pig production.

Shou Xiaoli:

Because of the time constraint, the last two questions.

China News Service reporter:

As we all know, the trend of aging in China can not be ignored. What is the situation of the insurance industry in providing commercial pension products? "Housing for the aged" insurance pilot has been launched for five years, how is the operation, what are the problems that need to be solved or the supporting measures that need to be improved, and are there any further promotion plans? Thank you.

Huang Hong:

Thank you for your question. I'll answer that. At present, China has entered an aging society. The aging of our country is characterized by a large population base and a large elderly population. Another characteristic is that the growth rate is very fast, and the speed of initial aging to deep aging is faster than that of European and American countries. Therefore, the rapid improvement of the degree of aging has brought a heavy burden to the old-age insurance system of our country. From the experience of developed areas in Europe and the United States, commercial old-age insurance is an important means to alleviate the pressure of national old-age pension and improve the replacement rate of old-age insurance for residents. At present, in accordance with the requirements of financial supply-side structural reform, the Banking and Insurance Regulatory Commission continues to increase the supply quality of commercial old-age insurance products and promote the healthy and rapid development of commercial old-age insurance.

First, increase the supply of traditional commercial old-age insurance products to meet the growing needs of the people for commercial old-age care. In 2019, insurance companies developed and sold 830 types of pension annuity insurance products, with a premium income of 41.5 billion yuan. By the end of the third quarter of 2019, the number of effective underwriters of commercial old-age insurance and annuity insurance had exceeded 58 million, and more than 510 billion yuan of insurance liability reserves had been accumulated.

The second is to increase product innovation and actively serve the construction of the old-age security system. For example, support companies to develop long-term care insurance products, support companies to actively layout pension medical institutions, and explore to increase the service supply of social health care for the aged.

Third, actively strive for policy support, explore the use of fiscal and tax leverage to pry the development of the old-age insurance market. Tax deferred old-age insurance pilot more than a year, 23 companies have participated in the tax deferred old-age insurance pilot, 66 products on the market, a total of 200 million yuan in premium income, the number of participants 45200 people.

This is the supply of commercial pension products as a whole. You also mentioned the issue of "providing for the aged with a house", and I would like to report briefly. In July 2014, the former Insurance Regulatory Commission officially launched the pilot of individual housing reverse mortgage insurance for residents, the pilot has been more than five years, on the whole, the pilot operation is relatively stable. At present, a total of happy life, people's life two companies operating personal housing pension reverse mortgage insurance business. By the end of September 2019, 129 policies were valid at the end of the reverse mortgage insurance period, with a total of 191 elderly people from 129 families. The average age of the insured elderly was 71 years old, and the average monthly pension was more than 7000 yuan, with the highest family receiving a monthly pension of more than 30,000 yuan.

On the whole, reverse mortgage insurance has become the first financial product to form a certain scale of "providing for the aged with housing", and the insurance industry has gradually explored a new way for the elderly to finance and provide for the aged. It has met the three core needs of the elderly to provide for the aged at home, increase the pension income and receive the pension for life, and has been widely recognized by the insured elderly. As you said, "housing for the aged" in the current pilot for more than five years, the overall operation is stable, but the scale is not very large. I think there are four main reasons:

First, reverse mortgage insurance is a niche business. From an international point of view, "housing for the aged" is also a minority business, conditional, demand, conscious use of this way of providing for the aged is less. From a global point of view, home pension is the vast majority, other ways of providing for the aged, including housing pension are very few, so it is a niche market, niche market can not pursue the same scale as the mass market.

The second is the influence of traditional ideas. In the view of most people, housing is the most important property of the family and should be inherited by children and other future generations. This traditional concept determines that "providing for the aged with housing" cannot become a way for the public to provide for the aged. But it is more reflected in the addition of a pension option for the elderly.

Third, the supporting policies are not perfect. For example, there are still some problems in mortgage, inheritance and other provisions, as well as in real estate mortgage registration, transaction taxes, notarization and so on.

Fourth, the operating ability of insurance companies needs to be improved. Reverse mortgage insurance is an innovative insurance business, lack of basic data, complex risk factors, which provides high requirements for reasonable pricing and risk control of insurance companies. The ability and preparation of commercial insurance companies in this area are also insufficient.

Next, we are prepared to improve the system from four aspects: first, to further evaluate the practical experience of the past five years, and improve the relevant regulatory policies. The second is to dredge the blockage point of development and solve the problem of inadequate supporting policies. Third, strengthen positive publicity to encourage conditional and willing elderly people to choose "housing for the aged" this way. Fourth, we should focus on the construction of the capacity of insurance companies, especially the construction of actuarial, pricing and professional teams. That's my answer.

Shou Xiaoli:

One last question.

Reporter of the 21st Century Economic report:

I have two questions. The first question is that Chief Xiao has just mentioned that the list system is adopted for the management of small and medium-sized high-risk financial institutions. Could you tell us again about the risk types of small and medium-sized financial institutions in the list system and the measures to resolve them?. The second question is, now you are very concerned about P2P clearance, I would like to ask what is the intention of regulation? Is it possible for these P2P companies to obtain a record or further license in the future? Thank you.

Huang Hong:

You asked two questions. The first question asked Comrade Xiao Yuan-enterprise to answer, and the second question asked Vice Chairman Zhu Shumin to answer.

Xiao Yuan Enterprise:

The list system management we are talking about should first of all be able to understand the risk base of the various institutions under their jurisdiction, divide the risk into high, medium, and low levels according to the risk base, and adopt low-frequency supervision for low-risk institutions. High-frequency supervision of high-risk institutions. As for the specific policy measures and paths to resolve risks, we should not only follow unified regulatory rules and regulations, but also allow them to tailor and formulate useful and effective measures according to the characteristics and causes of the risks of each institution.

Judging from the information we have at present, their resolution is still effective. In the past, many institutions seemed to have relatively high risks. After a period of resolution, the risk has now dropped to a very low level. Many regulatory indicators and business indicators are in a good state. However, there are also individual institutions with relatively high risks, and more efforts need to be made to take various measures to further pressure drop.

Zhu Shumin:

Online lending from all walks of life is very concerned, I am also concerned, media friends also reported a lot. Among the media friends I know here, it is not news to talk about it here. Last week, Director Zou Lan of the people's Bank of China also talked about this situation, and there were a lot of reports from all over the world. I would like to briefly introduce the work of online lending to you. Since the rectification work was carried out, we still focus on the combination of short-term measures and long-term mechanism, grasp the causes of the risk, trace back to the source, timely and take the initiative to attack.

On the one hand, enhanced cooperation between departments, including the political and legal Commission, public security, the Supreme Court, the Supreme Procuratorate, including publicity departments, media friends have also done a lot of positive reports to make investors aware of the risks. The Ministry of Industry and Information Technology, the Development and Reform Commission, the Letters and visits Office, and market supervision and other departments have worked closely to solve the pain points and difficulties in the rectification work at the same time.

Second, all localities have the courage to shoulder their responsibilities and overcome difficulties. Beijing, Shanghai, Guangdong, Shenzhen, Zhejiang and other key areas have actively explored a number of effective experiences and practices, and some areas have adjusted measures to local conditions, and all institutions under their jurisdiction have achieved benign withdrawal. There have been some reports lately.

Third, we should promote the benign withdrawal of organizations that do not conform to the "one method and three guidelines." So far this year, there have been more than 1200 shutdowns, most of them voluntarily opting out of business. There are also many P2P online lending platforms ready to exit.

Fourth, guide the transformation and development of qualified institutions. The Banking and Insurance Regulatory Commission and the people's Bank of China are working with relevant regions to study and formulate specific plans for the transformation of P2P online lending institutions to small loan companies.

Fifth, severely crack down on online lending institutions that seriously break the law and regulations, and earnestly safeguard the legitimate rights and interests of investors. By the end of September, 786 cases had been filed and investigated nationwide.

Sixth, we should study and establish a long-term mechanism for supervision and strengthen the regular monitoring and supervision of Internet financial activities.

Through the joint efforts of all parties, the speed of online loan risk clearance continues to accelerate, and the risk situation has fundamentally improved. First, significant progress has been made in risk pressure drop. By the end of September this year, 462 online lending institutions had actually operated across the country, with loan balances down 48% from the beginning of 2019, lenders down 53% from the beginning of the year, and borrowers down 35% from the beginning of the year. The number of institutions, the size of lending and the number of participants have declined for the 15th month in a row. Second, the special rectification work has completely changed the predicament of "the blind walking on the night road." By the end of July, all the 462 online lending institutions actually operating across the country had been connected to the National Internet Emergency response Center. Among them, there are 268 normal operating organizations, and the business activities of some platforms that do not actively apply for access are also monitored in real time by the parties concerned. Third, investors have increased their awareness of risk, fewer and fewer people blindly pursue high returns on Internet finance, and the legitimate rights and interests of investors have been further protected. I will brief you on the situation. Thank you.

Shou Xiaoli:

Thank you, President Huang, thank you, Chief Shaw, thank you, friends of reporters, that's all for today's press conference. Goodbye, everyone.






















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