中国强大的金融监管机构对中国人民银行意味着什么？｜彭博社
What China’s Powerful Financial Regulator Means for PBOC
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中国正在改革其金融监管体系，创建一个新的国家金融监管局，以监督除证券业以外的所有金融部门。
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中国人民银行将不再对金融控股公司和金融消费者保护进行监督。
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新的监管模式类似于澳大利亚所采用的模式，后者有三个独立的机构来监督金融系统。
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中国人民银行在制定其监管框架时，一直在借鉴澳大利亚和英国的经验。
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金融系统的变化是中国对其金融业监管方式的全面改革的一部分。
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新的监管机构将负责监督所有金融部门，而中国人民银行将专注于更广泛的经济和金融稳定管理。
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中国政府已经宣布对金融监管体系进行全面改革，使其与澳大利亚的体系最为相似。
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在澳大利亚，澳大利亚储备银行负责货币政策和货币，澳大利亚证券和投资委员会负责监管企业和金融服务，澳大利亚审慎监管局负责监管银行和养老金。
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在中国，中国证券监督管理委员会仍然独立，新的监管机构将监督微观层面的市场行为、金融机构和消费者权益。
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中国人民银行将继续负责监管中国的银行间债券市场，该市场占在岸债券的近90%，并有大量的外国投资涌入。
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重组将有助于解决各自为政和机构间冲突的问题，但不会完全解决这些问题。
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约翰-霍普金斯大学的教授约翰-安田认为，这次重组将改善筒子楼和机构间冲突的问题，但不会完全解决这些问题。
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中国人民银行（PBOC）正在削减其县级分行并将其吸收到市级分行。
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将设立31个省级分行和深圳等城市的五个独立分行。
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这颠覆了1990年代末亚洲金融危机后制定的结构化计划。
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地方当局的治理已变得更加集中，这意味着对跨省分支机构的需求减少。
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省级分支机构可以更好地促进政策的执行。
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改造表明，未来的货币政策将更有针对性，更适合每个地区。
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中国人民银行正越来越多地使用结构性货币工具，与地方政府紧密合作。
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Pantheon Macroeconomics Ltd.的首席中国经济学家Duncan Wrigley指出，监管改革将限制监管套利的机会，比如在线金融公司的资本要求比银行低。
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蚂蚁金服集团(Ant Group Co.)就是一个例子，中国监管机构在2020年停止了其首次公开募股，并颁布了新的法规来控制网贷公司。
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安田评论说，分段式的监管体系让一些金融产品落入了两只凳子之间。
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他还指出，国务院下属的金融稳定与发展委员会是为了协调金融系统，这意味着整合的力量正在获得控制。
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因此，随着监管改革的实施，对风险控制的关注正在增加，以限制监管套利，建立一个更加协调的金融体系。
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蚂蚁金服集团有限公司的例子已经证明了这一点，并且可能在未来继续成为一种趋势。
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中国人民银行（PBOC）是中国内阁国务院的一部分，其目标是制定和实施货币政策，以及预防金融风险。
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中国人民银行需要国务院批准重大政策步骤，如调整利率和货币供应量。
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中国人民银行在管理流动性方面有一定的自由裁量权，但美联储或澳大利亚皇家银行式的独立仍然是一个遥远的命题。
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中国人民银行的监管改革将使其更加专注于执行货币政策，并更加接近国际规范。
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然而，它仍将处于国务院的领导之下，使其与大多数发达经济体的独立中央银行不同。
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中国人民银行的目标是制定和实施货币政策，防止金融风险。
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它需要国务院批准重大的政策步骤，并在一定范围内酌情管理流动性。
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监管改革将使其更专注于执行货币政策，但它仍将处于国务院的领导之下。
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China is revamping its financial regulatory system, creating a new national financial regulatory administration to oversee all financial sectors except the securities industry.
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The People’s Bank of China will no longer have oversight of financial holding companies and financial consumer protection.
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The new regulatory model is similar to the one used in Australia, which has three separate bodies overseeing the financial system.
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The People’s Bank of China has been drawing on the experience of Australia as well as the UK as it shapes its regulatory framework.
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The changes to the financial system are part of a sweeping reform to the way in which the country regulates its financial sector.
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The new regulatory body will be responsible for overseeing all financial sectors, while the People’s Bank of China will focus on broader economic and financial stability management.
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The Chinese government has announced an overhaul of the financial regulatory system, making it most similar to the system in Australia.
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In Australia, the Reserve Bank of Australia is in charge of monetary policy and currency, the Australian Securities and Investments Commission regulates corporate and financial services, and the Australian Prudential Regulation Authority supervises banks and pensions.
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In China, the China Securities Regulatory Commission remains separate, and the new regulator will oversee micro-level market behavior, financial institutions, and consumer rights.
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The PBOC will remain responsible for supervising China’s interbank bond market, which accounts for nearly 90% of onshore bonds and has seen an influx of foreign investment.
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The reorganization will help address issues of silo-ing and inter-agency conflict, but will not fully solve them.
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John Yasuda, a professor at Johns Hopkins University, believes this reorganization will ameliorate the issues of silo-ing and inter-agency conflict, but will not fully solve them.
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The People’s Bank of China (PBOC) is cutting its county-level branches and absorbing them into city-level branches.
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31 provincial-level branches and five separate branches in cities such as Shenzhen will be created.
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This reverses a structuring plan set up in the late 1990s after the Asian Financial Crisis.
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Governance of local authorities has become more centralized, meaning less need for cross-provincial branches.
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Provincial-level branches can better facilitate the execution of policies.
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The revamp suggests future monetary policy will be more targeted and specific to each region.
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The PBOC is increasingly using structural monetary tools to work closely with local governments.
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Duncan Wrigley, chief China economist at Pantheon Macroeconomics Ltd., pointed out that regulatory reforms would limit opportunities for regulatory arbitrage, such as online finance companies having lower capital requirements than banks.
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Ant Group Co. was an example of this, as Chinese regulators halted its initial public offering in 2020, and issued new regulations to control online lenders.
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Yasuda commented that the segmented regulatory system was allowing some financial products to fall between the stools.
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He also noted that the Financial Stability and Development Committee, under the State Council, was meant to coordinate the financial system, implying that the forces of consolidation were gaining control.
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Thus, the focus on risk control is increasing, as regulatory reforms are being implemented to limit regulatory arbitrage and create a more coordinated financial system.
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This has been demonstrated by the example of Ant Group Co., and will likely continue to be a trend in the future.
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The People’s Bank of China (PBOC) is part of the State Council, China’s cabinet, and its goal is to set and implement monetary policy as well as prevent financial risks.
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The PBOC needs the State Council’s approval on major policy steps, such as adjustments to interest rates and money supply.
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There is some scope to manage liquidity at its discretion, but Federal Reserve or RBA-style independence remains a distant proposition.
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The regulatory revamp of the PBOC will make it more focused on implementing monetary policy and closer to international norms.
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However, it will still remain under the State Council’s leadership, making it different from independent central banks in most advanced economies.
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The PBOC’s goal is to set and implement monetary policy and prevent financial risks.
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It needs the State Council’s approval on major policy steps and has some scope to manage liquidity at its discretion.
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The regulatory revamp will make it more focused on implementing monetary policy but it will still remain under the State Council’s leadership.
习近平对中国更严格的监管对企业意味着什么？｜金融时报
What does Xi Jinping’s tighter regulatory grip on China mean for business?
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中国国家主席习近平正在对金融和科技监管进行大刀阔斧的改革，以支撑金融稳定，并在激烈的科技竞争中与美国保持同步。
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这些变化是在中国的橡皮图章议会的年度会议上透露的。
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这些变化是对国务院、中国的内阁和政府各部委的大刀阔斧的改革。
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这些举措是习近平和党的领导层希望对国家的杠杆进行更严格的控制。
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习近平正在开始一个前所未有的第三个五年任期。
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这些变化是为了确保财政稳定，同时在技术竞争中跟上美国的步伐。
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这些变化也是习近平和党的领导层对国家的杠杆进行更严格控制的一种方式。
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中国正在用一个新的机构取代其银行业监督机构–中国银行和保险监督管理委员会，以监督金融业。
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这个新机构还将接管中国人民银行（中央银行）的一些监督职能。
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中国证监会的任务将被扩大，包括审查公司债券的发行。
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这些变化是迈向更国际化的 "双峰 "金融监管模式的一步。
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这种模式下，一个机构负责市场行为和消费者保护，另一个机构专注于金融系统的稳定和政策。
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新机构将监督证券市场以外的其他一切，并从中国证监会手中接过一些消费者保护工作。
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它还将监督国有企业集团，如中信集团和金融科技公司，如阿里巴巴的蚂蚁集团。
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中国政府正在重组其金融监管体系，以跟上经济和新型企业的发展。
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重组的目的是建立一个统一的监管框架，加强对地方金融活动的监管，并让中央银行腾出手来专注于货币政策制定和宏观审慎监管。
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JD.com的首席经济学家沈建光认为，重组的主要目的是统一监管框架，因为非银行金融业发展迅速。
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中国人民大学金融学教授郑志刚指出，去年的一桩丑闻就是需要加强监管的例子。
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瑞银集团的经济学家张宁认为，政府正在努力区分宏观审慎监管和微观监管。
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中国金融业独立专家弗雷泽-豪伊建议，政府可以扩大现有银监会的权力，而不是进行全盘改变。
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中国正在应对美国的出口管制，建立一个新的共产党科学委员会，与重振的科技部一起，在创新和科学方面追赶西方。
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重组将集中党对国家科技发展努力的控制，并为实现突破创造 “一种新型的全国性系统”。
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科学技术部将致力于建立国家实验室，监督项目，促进技术转让和培养科技工作者。
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在美国及其盟国日益严密的芯片封锁下，中国对其技术前景感到担忧。
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中国正在进行官僚主义的调整，以促进基础科学和深入的工业能力。
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一个国家数据管理局正在创建，以利用该国庞大的信息库，制定一个国家大数据计划，并领导经济和国家的数字化进程。
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该局将设在该国的国家规划机构内，并从中国强大的互联网监管机构接管一些与利用数据有关的职能，该机构仍将是监督大型科技集团的监督机构。
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议会会议将持续到下周，分析人士预计将宣布任何平行的共产党机构来监督金融业和其他领域。
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分析人士认为，这将使习近平对政府机构有更直接的控制。
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机构改革是加强党对国家社会主义现代化建设的领导的更广泛努力的一部分。
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全国人民代表大会预计将在本周末对这些任命进行投票。
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领导新的金融监管机构的最高候选人包括易会满，他是备受尊敬的中国证监会现任主席。
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熟悉此事的人士说，领导新的金融监管机构的最高候选人包括易会满。
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Chinese President Xi Jinping is making sweeping changes to financial and tech regulation to shore up financial stability and keep up with the US in an intense technology rivalry.
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The changes were revealed at the annual gathering of China’s rubber-stamp parliament.
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The changes are big overhauls of the State Council, China’s cabinet, and government ministries.
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The moves are a desire by Xi and the party’s leadership to exercise tighter control over the levers of the state.
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Xi is embarking on an unprecedented third five-year term.
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These changes are meant to ensure financial stability while keeping up with the US in the technology rivalry.
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The changes are also a way for Xi and the party’s leadership to exercise tighter control over the levers of the state.
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China is replacing its banking watchdog, the China Banking and Insurance Regulatory Commission, with a new agency to oversee the financial sector.
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The new body will also take over some of the supervisory functions of the People’s Bank of China, the central bank.
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The CSRC’s mandate will be widened to include the review of corporate bond issuance.
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The changes are a step towards a more international “twin peaks” model of financial regulation.
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This model has one agency covering market conduct and consumer protection and the other focused on financial system stability and policy.
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The new agency will oversee everything else that falls outside the securities market and take on some consumer protection work from the CSRC.
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It will also oversee state-owned conglomerates such as Citic Group and fintech companies such as Alibaba’s Ant Group.
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The Chinese government is restructuring its financial regulation system to keep up with the growth of the economy and new types of businesses.
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The restructure is intended to create a unified regulatory framework, increase supervision of local financial activities, and free up the central bank to focus on monetary policymaking and macroprudential supervision.
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Chief economist at JD.com, Shen Jianguang, believes the main aim of the restructure is to unify the regulatory framework because non-banking financial industries have developed quickly.
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Finance professor at the Renmin University of China, Zheng Zhigang, points to a scandal last year as an example of the need for tighter regulation.
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Economist at UBS, Zhang Ning, believes the government is trying to differentiate between macroprudential regulation and micro-regulations.
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Independent expert on China’s financial sector, Fraser Howie, suggests the government could have expanded the powers of the existing CBIRC rather than make wholesale changes.
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China is responding to US export controls by creating a new Communist party science commission, alongside a reinvigorated Ministry of Science and Technology, to catch up with the west in innovation and science.
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The restructuring would centralise party control over the country’s tech development efforts and create “a new type of whole-country system” for achieving breakthroughs.
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The Ministry of Science and Technology will aim to build national labs, oversee projects, facilitate technology transfer and foster tech workers.
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China is concerned about its technological future under the tightening chip blockade from the US and its allies.
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There is a bureaucratic rebalancing to boosting fundamental science and deep industrial capabilities.
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A national data administration is being created to utilise the country’s vast troves of information, craft a national big data plan and lead the digitalisation of the economy and state.
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The bureau will be housed within the country’s state planning agency and take on some functions related to harnessing data from China’s powerful internet regulator, which will remain the watchdog overseeing big tech groups.
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The parliamentary meeting is running until next week and analysts expect the announcement of any parallel Communist party bodies to supervise the financial sector and other areas.
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These will give Xi even more direct control over government bodies, according to analysts.
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The institutional reforms are part of broader efforts to enhance the party’s leadership over the nation’s socialist modernisation.
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The National People’s Congress is expected to vote on the appointments this weekend.
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The top candidates to lead the new financial regulatory body include Yi Huiman, the well-respected current head of the CSRC.
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People familiar with the matter said that the top candidates to lead the new financial regulatory body include Yi Huiman.
中国的金融监管改革带来了希望，也带来了对控制的一些担忧｜路透社
Analysis: China’s financial regulatory revamp raises hope, some concern over control
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中国正在创建一个新的金融监管机构–国家金融监管局（NFRA），以监督其57万亿美元的金融业。
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国家金融监管局预计将减少监管重叠，特别是在地方政府层面，并加强对金融机构和消费者保护的监督。
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国家金融监管局是中国金融监管体系重大调整的一部分，被认为是巩固高层权力的一种方式。
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其目的是使党国与习近平的目标一致。
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分析人士认为，国家金融监管局可能会导致国家和党对金融业的干预增加。
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国家金融监管局有望帮助弥补监管漏洞，改善对消费者的保护，但人们对其加强国家控制的可能性表示担忧。
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习近平要求对共产党和国家机构进行雄心勃勃的改革。
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分析人士说，这是他努力进行更严格控制的一部分。
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这项改革是在过去几年中多个监督机构对私营企业进行空前的监管审查之后进行的。
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这是由于从自由放任的监管方式的转变。
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该提案旨在改善金融监管的协调，并加强金融稳定。
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高盛表示，这是未来几年的一个关键政策重点。
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一个新的监管机构将取代银行和保险部门的监督机构，并将直接隶属于国务院。
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有计划恢复另一个高级别金融监督机构，该机构将直接由党中央领导。
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这个隶属于党的监督机构将作为党的机构改革计划的一部分被披露。
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目前还不清楚这个恢复的党属监督机构将如何与国家粮食局保持一致。
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改革计划和包括国家粮食局在内的主要政府机构的新领导人的任命应该提供更多有关监管政策的线索。
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党的机构改革计划和关键政府机构新领导人的任命将在周一议会会议结束后宣布。
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这应该能让人对将要实施的监管政策有更多了解。
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中国国务院已提议对地方金融监管体系进行改革，以 “加强对金融事务的集中管理”。这将涉及中央银行专注于货币政策和宏观审慎监管，而国家金融管理局则专注于微观层面的活动。
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Bel Air投资顾问公司的凯文-菲利普认为，这项改革是朝着集中监管迈出的一步，从债务控制的角度来看是合理的。然而，一些投资者担心此举可能意味着政府的控制更加严格，并对金融活动带来更多的干预或打击，特别是在私营部门。
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NWI管理公司的Tara Hariharan认为，全面的金融监督可能有利于政策协调，支持增长和信贷创造。然而，投资者可能会担心监管的整合会带来进一步打击 "资本无序扩张 "的风险，就像房地产行业和科技平台已经面临的那种情况。
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China is creating a new financial watchdog, the National Financial Regulatory Administration (NFRA), to oversee its $57 trillion financial sector.
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The NFRA is expected to reduce regulatory overlap, particularly at the local government level, and increase oversight of financial institutions and consumer protection.
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The NFRA is part of a major shake-up of China’s financial regulatory system and is seen as a way to consolidate power at the top.
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The intention is to align the party-state with President Xi Jinping’s objectives.
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Analysts believe that the NFRA could result in increased state and party intervention in the financial sector.
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The NFRA is expected to help bridge regulatory gaps and improve consumer protection, but there are concerns about its potential for increased state control.
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President Xi Jinping has called for ambitious reforms of Communist Party and state institutions.
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Analysts say this is part of his effort to have tighter control.
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This reform follows unprecedented regulatory scrutiny of private enterprises in the last few years by multiple watchdogs.
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This is due to the shift from a laissez-faire regulatory approach.
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The proposal is meant to improve financial regulation coordination and enhance financial stability.
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This is a key policy focus in the next few years, according to Goldman Sachs.
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A new regulator will be replacing the banking and insurance sector watchdog, and will be directly under the State Council.
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There are plans to revive another high-level financial watchdog that will be directly under central party leadership.
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This party-affiliated watchdog will be revealed as part of the party’s institutional reform plan.
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It is not yet clear how this revived party-affiliated watchdog will align with the NFRA.
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The reform plan and appointments of new leaders to key government institutions, including the NFRA, should offer more clues as to regulatory policies.
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The party’s institutional reform plan and the appointment of new leaders to key government institutions will be announced after the conclusion of the parliamentary session on Monday.
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This should give more insight into the regulatory policies that will be implemented.
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The State Council of China has proposed changes to its local financial regulatory system to “enhance centralised management of financial affairs”. This would involve the central bank focusing on monetary policy and macro-prudential supervision, while the NFRA focuses on micro-level activities.
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Kevin Philip of Bel Air Investment Advisors believes the reform is a step towards centralisation of regulations, and is reasonable from a debt control perspective. However, some investors are concerned that such a move could mean tighter government control, and bring more interference or crackdowns on financial activity, particularly in the private sector.
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Tara Hariharan of NWI Management believes that the comprehensive financial oversight could benefit policy coordination and support growth and credit creation. However, investors may fear the consolidation of regulations as risking further crackdowns on ‘disorderly expansion of capital’ of the sort that the property sector and tech platforms have already faced.