Chivalrous Island: Xiang Junbo lost his horse! Don’t worry, the drama is still behind
This column is jointly produced by chivalrous island and China Economic Weekly.
In 2017, the year of financial anti-corruption!
On April 9, Xiang Junbo, chairman of the China Insurance Regulatory Commission, was investigated, setting off the first climax. That night, the Chinese government website released the speech delivered by Premier Li Keqiang at the fifth Clean Government work conference of the State Council on March 21, and People’s Daily was also published in full edition today. In his speech, the Prime Minister severely criticized that “individual regulators guard against self-theft and collude with financial predators inside and outside”, which may be a coincidence, but it can also be interpreted as a clever hint-the drama is still behind.
Play
I’m not afraid to watch the drama again.
The name of the people, which was broadcast on Hunan Satellite TV on March 28, can be called a phenomenon-level anti-corruption drama. Before the 19th National Congress was held, the supreme inspection launched such a play, which made people familiar with China’s political ecology feel relish. Xiang Junbo’s falling horse has become the latest and most vivid footnotes.
From Vietnam veterans to Peking University talents, to audit heroes, and then financial executives, they eventually became the first head of investigation since the birth of the “one line and three meetings, xiang Junbo’s resume is simply a perfect realistic version from Hou Liangping to Qi Tongwei. No wonder Zhou Mei, the screenwriter of “the name of the people”, said that reality is always more imaginative than television.
In recent years, such dramas have been frequently staged in the insurance industry supervised by Xiang Junbo. At the end of 2013, Dai Chunning, deputy general manager of China export credit insurance company; At the end of 2015, Ma Lun, chief auditor of China export credit insurance company; In January this year, Wang Yicheng, president of China National Insurance Group, and others were taken away one after another.
Agricultural Bank of China is also the hardest hit. Zhang Yun, the former vice chairman and president of ABC, who originally took the team with Xiang Junbo, stayed in the party for inspection. Yang Wei, the director and executive vice president, was already in prison.
The corruption of the stock market made hundreds of millions of investors gnash their teeth.
In 2015, the stock market crash broke out, and the average loss of Chinese investors exceeded 400000 Yuan. The “national team” entered the market to rescue the market. At that time, Citic Securities was the leading player of the “national team. Countless investors craning neck hoped that the “national team” could save themselves in the fire and water. However, no one expected that many organizations clearly held the banner of the “national team”, but privately saved their own quilt funds first, he is also engaged in high throwing and low suction. Beyond the imagination of individual investors, the facts disclosed since then show that some senior management teams headed by Cheng Boming, the former general manager of CITIC Securities, cooperated with Xu Xiang, the “private First Brother. What surprised people even more was that Yao Gang, vice chairman of the securities regulatory commission in charge of rescuing the city, and Zhang Yujun, assistant chairman of the Commission, were actually the “secretary of Yu Liang” behind the scenes, and there were more supervision directors, issuing directors, issuing and examining committee members, the director of the investor protection bureau and the vice-captain of the inspection Corps were the successor of the former “corruption.
In the face of financial corruption, Premier Li Keqiang was furious, “for illegal acts such as individual regulators and company executives stealing and colluding with financial predators inside and outside, they must be severely punished and used as an example according to law”.
It is said that one of the reasons why Xiang Junbo fell down was to help Guo Wengui, the “big crocodile” who had fled overseas, obtain a loan of 3.2 billion yuan when he took the helm of Agricultural Bank. From Ma Jian, the former vice minister of the ministry of national security, Zhang Yue, the former secretary of the political and legal committee of Hebei province, to Xiang Junbo, in the past two years, Guo Wengui has been like a god of plague, and whoever gets it will be unlucky. It is also said that besides Guo Wengui, many predators have been covered with headstall.
The scene after scene of the drama began in the financial anti-corruption storm in 2014. In March of that year, the Central Commission for Discipline Inspection launched a new round of institutional adjustment, and the fourth supervision office was responsible for contacting financial units. In 2015, the third round of inspection by the central government made special inspections on 31 units including a line of three meetings, Shenzhen Stock Exchange, Shanghai Stock Exchange, PICC and credit insurance. As a result, big fish in deep water were caught one after another.
Successful
In the TV series, Qi Tongwei, a bloody drug dealer in guyingling, was so admirable that he finally shot himself in guyingling and felt very sad. In history, when Wang Jingwei assassinated the great ministers of Manchu Qing dynasty, he gave a generous poem: “Leading a knife to a fast speed, and it will not bear the youth’s head”. Unexpectedly, in his later years, he degenerated into a traitor who was spurned by others. It can’t help but remind people of that famous case-turning poem, “Zhou Gong was afraid of gossip day, when Wang Mang was not shy. To make the original body die, who knows whether the life is true or false?”
If nothing happens, Xiang Junbo, 60 years old this year, has compiled a perfect script for himself.
Since 2011, when he was in charge of the China Insurance Regulatory Commission, objectively speaking, Xiang Junbo’s contribution could also be regarded as the title of “China’s largest insurance salesman. According to the data released by the China Insurance Regulatory Commission, the total assets of the insurance industry in 2016 were 15.12 trillion yuan, up 250% from 6.01 trillion yuan in 2011. During this period, all kinds of innovations also poured out, especially Internet insurance. In 2016, 6.165 billion new internet insurance policies were added, accounting for of all new policies.
“China Economic Weekly” reported that Xiang Junbo’s regulatory thinking took 2014 as a watershed. Before that, it was mainly to prevent and control risks, and it had repeatedly gone out to rectify the market. Since then, it has evolved into encouraging innovation, the breakthrough is the main development, and the practice of “letting go of the front end” is more like opening Pandora’s box. From 2014 to 2016, the number of new insurance companies in China surged by more than 200, attracting a large amount of capital to enter the insurance industry and achieving the glory of the insurance industry.
Cheng Ye Xiao He was defeated. The savage insurance industry forgot the “insurance surname insurance”. Relying on the huge amount of money obtained at a low price, coupled with an average of about 8 times of leverage, it took away all kinds of funds on the market like pumper, rise to the fierce power that attracts the attention of the market. Since then, Baoneng staged an equity battle with Vanke, bloodwashing South glass A and coveted Gree Electric Appliances until individual insurance assets turned into “Barbarians and harmful spirits” against Liu Shi, chairman of the CSRC, which became the target of public criticism.
Xiang Junbo’s personal transformation is just a small matter. The highly leveraged insurance funds are out of reality and even threaten the real economy, which makes a big deal. On May 9, 2016, when “authoritative personage” appeared in People’s Daily, he said that high leverage was “original sin” and the source of financial high risk. Under the background of high leverage, foreign exchange market, stock market, bond market, property market and bank credit risks will rise. If it is not handled well, small things will become big things.
Risk
The market is the decisive force to allocate resources, while finance is the heart of the market. Financial deleveraging and strict prevention of financial offsetting can only clearly understand the deep meaning behind financial anti-corruption from this perspective and clearly see a series of recent big things.
From 2008 till now, China’s broad money supply M2 has increased by more than 100 trillion, and a large amount of funds have been idling in the financial system. The consequences caused by the huge amount of funds rushing from left to right are stock market volatility, bond market volatility and real estate bubble expanding continuously. To make matters worse, many studies have found that the allocation efficiency of financial resources in our country has also deteriorated significantly and even been wasted. The phenomenon of “finance does not support entities” is becoming more and more serious, financial corruptors can be said to have contributed to the trouble.
This trend must be reversed. In 2016, the Central Economic Work Conference set “three go, one drop, one supplement”. Senior officials also repeatedly stressed that finance should serve the real economy and drive the real deleveraging with financial deleveraging, to drive funds from the financial system to the real economy, various measures have been implemented one after another.
Since the stock market crash in 2015, the high leverage of the stock market has been controlled.
From the end of 2016 to the beginning of this year, the fierce momentum of insurance capital was kept.
For crazy real estate, the Central Economic Work Conference in 2017 set “The house is for living, not for speculation”, and a word “speculation” broke the financial attribute of real estate. If a manufacturing enterprise with a scale of hundreds of millions of yuan worked hard for a year, it would be better to make more money than selling suites in Guangshen North. Who would be willing to do business? Because of this, at the beginning of 2017, real estate regulation has been increasing. On April 10, the Ministry of Land and Resources released a message: real estate registration is Nationwide networked at the end of this year. This means that the real estate tax is supported by basic data.
At the beginning of April, Xiong’an New District was born, and all kinds of real estate speculators go into action without delay. However, the first on-the-spot investigation and the News obtained by the reporter of China Economic Weekly have shown that, there is no market in Xiong’an New District, which once had the idea of real estate speculation in the “millennium plan.
In addition, in other financial fields, deleveraging is also being carried out the next time.
To achieve financial deleveraging and prevent and control financial risks, financial anti-corruption must be pushed to the deep water area. This point has been fully demonstrated in the impact of corruption cases such as Yao Gang, Zhang Yujun and Cheng Boming on the rescue of the market.
In 2017, the Central Economic Work Conference proposed, “focus on revitalizing the real economy, put the prevention and control of financial risks in a more important position, make determination to deal with a number of risk points, focus on preventing and controlling asset bubbles, improve and improve regulatory capabilities, ensure that systemic financial risks do not occur.”
With Xiang Junbo’s fall, the market has more imagination about the new financial regulatory framework of “improving and improving regulatory capacity.
There is a news worth interpreting. On April 7, Yang Jiancai, assistant chairman of CBRC, said at the press conference of CBRC’s “guiding opinions on improving the quality and efficiency of banking services to the real economy” that CBRC actively participated in, consciously obey to serve the supervision and coordination, and put the supervision policies and regulations of ministries and commissions under the deployment of national policies.
Clean the house and treat it again. Under the strong financial anti-corruption storm of the central government, a new era of financial supervision will come.
Text/Ruoxi
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This column is jointly produced by chivalrous island and China Economic Weekly in 2017, the year of financial anti-corruption! On April 9, Xiang Junbo, chairman of the China Insurance Regulatory Commission, was investigated, setting off the first climax. That night, Chinese government website released Premier Li Keqiang on March 21