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SCIO briefing on the banking industry's support for supply-side structural reform

Economy
The State Council Information Office held a press conference on the banking industry’s support for supply-side structural reform.

China.org.cnUpdated:  March 2, 2017

People's Daily Online:

Last week, the CBRC issued the Guidelines for the Depository Business of Peer-to-Peer Lending Funds, which has drawn widespread attention in the industry. In recent years, supervision of the new internet finance industry has become more and more specific. Could you give us a brief introduction to the next steps of CBRC's supervisory direction and focus? I have another question. Mr. Guo, will you attempt to register or experience an internet finance business in the future, or have you already had such experiences?

Guo Shuqing:

I will answer your second question first while leaving your first one for Mr. Cao. I have never tried internet finance before, and whether I will try it or not in the future depends on circumstances. But, my family members are very familiar with this business and they have tried in this field many times. I think online shopping and new means of payment, such as Yu'E Bao payment, mobile payment, and Quick Response code scanning, are really very helpful to the real economy, but we must guard against the risks resulting from them.

Cao Yu:

It should be said that the essence of internet finance is still finance, and the rules which internet finance abides by are still financial rules.The Guiding Opinions on Promoting the Healthy Development of Internet Finance, issued by 10 ministerial departments including the People's Bank of China in 2015, has clearly stipulated CBRC's responsibility in supervising peer-to-peer (P2P) online lending services. It should be said that, our current supervisory system framework for the P2P online lending service has basically been completed.

Caixin.com:

How would you solve the problems related to Hengfeng Bank's violations of laws and regulations, which have been exposed by a number of media outlets, and other such similar kind of problems? Thank you.

Guo Shuqing:

Speaking of this question, I think it has some relationship with me because I served as governor of Shandong Province where Hengfeng Bank is based. But the relationship is not too close, because the bank is in Yantai City's jurisdiction.The bank's stock ownership is composed of state-owned shares and other dispersed shares, and it is directly supervised by CBRC. Mr. Cao knows well about it, so I would like to invite him to further answer this question.

Cao Yu:

The problems reflected in the public opinions are being checked and tackled by CBRC in conjunction with the Shandong provincial government. If there are any illegal acts to be found, the parties concerned will be severely punished in accordance with the law. Presently, the business in Hengfeng Bank is proceeding stably and orderly.

Guo Shuqing:

I have one point to add. Currently, Hengfeng bank is conducting the shareholding system reform which is aimed at further standardizing and rationalizing all its internal and external structures and relations. As soon as conditions are right, it will be pushed to the capital market for public listing.

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