【英语中国】Lex专栏:北京预防中国版“次贷危机”

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所属分类:双语中国

2013-4-3 10:22

小艾摘要: Welcome to China’s wealth management industry. One bank offers a “Blooming sunflower” investment plan with an annualised return of 4.6 per cent. Sounds OK; only it matures in 45 days and up to two- ...
Welcome to China’s wealth management industry. One bank offers a “Blooming sunflower” investment plan with an annualised return of 4.6 per cent. Sounds OK; only it matures in 45 days and up to two-thirds could be invested in a bundle of illiquid assets from trust loans to letters of credit with a mismatch of maturities. They could even be invested in servicing other maturing products. Investors cannot know for sure. No wonder the new administration is keen to bring the industry under control.

Last week the banking regulator announced rules capping wealth management products’ exposure to illiquid assets at 35 per cent, or 4 per cent of the offering bank’s total assets, whichever is lower. It also called for individual audits for each product issued.

Assets under management in wealth management products hit Rmb8tn ($1.3tn) last year, up two-thirds from 2011. These products were initially encouraged by regulators to support the deregulation of interest rates by offering competition to low-yielding deposits. But abuse quickly prevailed, prompting banks to book such products as deposits to meet loan-to-deposit ratios in order to carry on lending. Joint stock groups such as China Merchants Bank and Ping An Bank are particularly exposed to the rules, compared with bigger peers such as ICBC, given their large proportion of wealth management products to total assets.

Without limits on the sector, big defaults could risk contagion, which would prompt a liquidity crisis as investors flee. Sure, tightening the sector will lead to slower investment growth and boost bad debts in the short term. The insurance and securities regulators are certain to follow with their own rules to stop the industry shifting from banks to insurers and brokers. But the last thing China needs right now is its own subprime crisis.

欢迎来到中国理财业。一家银行推出了一款“金葵花绽放”投资计划,年化收益率为4.6%。听上去还行;只是其理财期限仅为45天,且有至多三分之二的资金可能将投资于各种非流动资产,比如信托贷款和期限不一的信用证,甚至可能用于偿付其他即将到期的产品。投资者无从知晓确切的情况。难怪新一届政府急于规范这一行业。

上周,中国银监会公布新规,将理财产品对非流动资产的敞口上限设定为产品余额的35%,或发行行总资产的4%,以二者中较低者为准。它还呼吁对每款已发行的产品分别进行审计。

去年,中国理财产品管理的资产规模达到8万亿元人民币(合1.3万亿美元),较2011年增长三分之二。这些产品最初因对低收益储蓄构成竞争、有助于放松利率管制,而得到监管部门的鼓励。但不久之后大量滥用现象出现,银行纷纷将此类产品登记为存款,以满足放贷所要求的贷存比率。比起中国工商银行(ICBC)等规模较大的银行,招商银行(CMB)和平安银行(Ping An Bank)等股份制银行由于理财产品占总资产比例较高,因而尤其受到新规影响。

如果对理财行业不加约束,大规模违约可能引发风险蔓延,随着投资者纷纷撤离,最终可能导致流动性危机。的确,收紧对该行业的监管在短期内会导致投资增速降低和坏账增加(保险业和证券业监管部门肯定会出台各自行业的规定,防止理财行业从银行向保险公司和券商转移。)但中国目前最不想看到的,就是次贷危机在本国上演。

Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析

译者/何黎

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