債務(wù)增長(zhǎng)推動(dòng)中國(guó)資產(chǎn)管理業(yè)改革

China’s top regulators unveiled radical reforms for the country’s asset management industry this month, in a push by the government to defuse the investment risks accumulating across the Asian giant’s financial system.

上月，中國(guó)頂級(jí)監(jiān)管機(jī)構(gòu)宣布了對(duì)國(guó)內(nèi)資產(chǎn)管理行業(yè)的激進(jìn)改革。中國(guó)政府正在努力化解這個(gè)亞洲巨人的金融體系中不斷積累的投資風(fēng)險(xiǎn)。

The reforms, which are also designed to improve standards of investor protection and to set the asset management industry on a sustainable growth path, follow huge increases in debt and leverage that threaten the sustainability of the Chinese economy.

《關(guān)于規(guī)范金融機(jī)構(gòu)資產(chǎn)管理業(yè)務(wù)的指導(dǎo)意見(jiàn)(征求意見(jiàn)稿)》也是為了提高投資者保護(hù)標(biāo)準(zhǔn)，并讓資管行業(yè)進(jìn)入可持續(xù)增長(zhǎng)的軌道。此前，債務(wù)水平和杠桿水平大幅升高，對(duì)中國(guó)經(jīng)濟(jì)發(fā)展的可持續(xù)性構(gòu)成了威脅。

Retail investors in China have been ploughing money into lightly regulated or unregulated wealth management products that offer higher yields than bank deposits.

中國(guó)的散戶投資者近年買入監(jiān)管很少或不受監(jiān)管的理財(cái)產(chǎn)品，這些產(chǎn)品的收益率高于銀行存款。

These wealth management products are issued by banks, insurance companies and other financial groups that are supervised by different regulators, which has led to massive growth in so-called non-standard credit assets or the shadow banking sector.

這些理財(cái)產(chǎn)品的發(fā)行者是受到不同監(jiān)管機(jī)構(gòu)監(jiān)管的銀行、保險(xiǎn)公司和其他金融集團(tuán)。這導(dǎo)致了所謂非標(biāo)信貸資產(chǎn)或者影子銀行業(yè)的大幅增長(zhǎng)。

David Yin, a senior analyst at Moody’s, the credit rating agency, in Hong Kong, says, historically, financial companies were able to circumvent restrictions on their activities under the previous regime. But he says this should no longer be possible under new rules that will create a unified regulatory framework covering all asset management products for the first time.

信用評(píng)級(jí)機(jī)構(gòu)穆迪(Moody's)駐香港資深分析師David Yin表示，傳統(tǒng)上，金融企業(yè)在以往的體制下能夠繞過(guò)針對(duì)它們行為的限制措施。但他表示，在新規(guī)下，這種情況應(yīng)當(dāng)不再可能——新規(guī)將首次打造一個(gè)覆蓋所有資產(chǎn)管理產(chǎn)品的統(tǒng)一監(jiān)管框架。

“The guidelines classify asset management products by their fundraising method (public or private) and their investment scope, and will subject them to uniform requirements so as to reduce regulatory arbitrage,” says Mr Yin.

“這些指導(dǎo)意見(jiàn)根據(jù)資管產(chǎn)品的融資渠道(公開(kāi)或私下)和投資范圍對(duì)其進(jìn)行分類，并讓它們符合統(tǒng)一的要求，從而減少監(jiān)管套利，”David Yin說(shuō)。

Asset managers will have to clearly distinguish products offered for sale to the general public from products marketed to qualified investors that meet minimum income and wealth thresholds. Products sold by private placement to qualified investors can invest in unlisted securities but products sold to ordinary retail investors must invest mainly in low-risk, highly liquid equity and fixed-income assets.

資產(chǎn)管理公司將不得不明確區(qū)分兩類產(chǎn)品，一類是對(duì)大眾銷售的產(chǎn)品，另一類的營(yíng)銷對(duì)象是達(dá)到一定收入和財(cái)富門檻的合格投資者。以私募方式向合格投資者出售的產(chǎn)品，可以投資于未上市證券，但出售給普通散戶投資者的產(chǎn)品必須主要投資于風(fēng)險(xiǎn)低、流動(dòng)性高的股票和固定收益產(chǎn)品。

“The [new] guidelines will close many regulatory loopholes while leaving room for the orderly and sustainable growth of China’s asset management business,” says Lan Shen, an economist at Standard Chartered bank in Shanghai.

“(新)指導(dǎo)意見(jiàn)將關(guān)上許多監(jiān)管漏洞，同時(shí)也為中國(guó)資管業(yè)務(wù)的有序、可持續(xù)增長(zhǎng)留下空間，”渣打銀行(Standard Chartered)駐上海經(jīng)濟(jì)學(xué)家申嵐說(shuō)。

New leverage limits will also be applied, with a debt ratio (measured as total assets divided by net assets) set at 140 per cent for products sold to retail investors and at 200 per cent for products sold privately to qualified investors.

中國(guó)也將實(shí)施新的杠桿率上限，出售給散戶投資者的產(chǎn)品的負(fù)債比例(總資產(chǎn)/凈資產(chǎn))上限定為140%，通過(guò)私募方式出售給合格投資者的產(chǎn)品的負(fù)債比例上限為200%。

The asset minimum for qualified investors has been increased from Rmb3m ($454,000) to Rmb5m ($756,000). 合格投資者的資產(chǎn)門檻已從300萬(wàn)元人民幣(合45.4萬(wàn)美元)提高至500萬(wàn)元人民幣(合75.6萬(wàn)美元)。

Another important development is a prohibition on asset managers offering “no loss” principal protection products or promising a guaranteed rate of return. Asset managers will also be required to set aside 10 per cent of any management fees they collect as provision for potential losses.

另一項(xiàng)重要變化是，禁止資產(chǎn)管理公司提供“不虧損的”保本產(chǎn)品，或承諾有保障的收益。資產(chǎn)管理公司還將被要求把所收管理費(fèi)的10%作為風(fēng)險(xiǎn)準(zhǔn)備金。

“The new rules are likely to contain financial risks, curb excessive credit growth and improve the effectiveness of monetary policy,” says Mr Shen.

“新規(guī)有望遏制金融風(fēng)險(xiǎn)，遏制信貸過(guò)度增長(zhǎng)，并提高貨幣政策的有效性，”申嵐說(shuō)。

Asset managers will also be encouraged to invest in priority projects, such as the Belt and Road initiative, a vast infrastructure plan to connect China with other countries in order to boost trade, as well as regional development plans. Financial institutions have been given until June 2019 to comply with the new rules.

資產(chǎn)管理公司還將被鼓勵(lì)投資于優(yōu)先項(xiàng)目，比如“一帶一路”這個(gè)旨在聯(lián)接中國(guó)和其他國(guó)家以提振貿(mào)易的龐大基建計(jì)劃，以及地區(qū)開(kāi)發(fā)計(jì)劃。金融機(jī)構(gòu)被要求在2019年6月之前滿足新規(guī)的要求。

Daniel Celeghin, head of wealth management strategy for the Asia-Pacific region at Casey Quirk, the consultancy, says the new rules could mean a “huge hit” to the revenues of Chinese trust companies, so there is likely to be some resistance during the current consultation period with regulators, which runs until mid-December.

咨詢公司Casey Quirk的亞太區(qū)財(cái)富管理策略主管Daniel Celeghin表示，新規(guī)對(duì)中國(guó)信托公司的收入可能構(gòu)成“巨大沖擊”，所以在當(dāng)前的監(jiān)管機(jī)構(gòu)征求意見(jiàn)期(截止12月中旬)可能會(huì)遭到一定的抵制。

Beijing also announced this month that China plans to relax or eliminate foreign ownership limits in Chinese financial services groups, including asset managers.

北京方面本月還宣布，中國(guó)打算放寬或取消外資在中國(guó)金融服務(wù)集團(tuán)(包括資產(chǎn)管理公司)所持股份的比例限制。

Foreign companies will be allowed to own 100 per cent of a domestic fund management company by 2020.

到2020年，外企將被允許持有中國(guó)國(guó)內(nèi)基金管理公司100%的股權(quán)。

Stewart Aldcroft, Asia chief executive of CitiTrust, the securities and fund services arm of Citigroup, the US bank, says this change, along with the new regulatory framework, could “completely transform” financial services businesses in China.

花旗集團(tuán)(Citigroup)旗下證券與基金服務(wù)機(jī)構(gòu)CitiTrust的亞洲首席執(zhí)行官斯圖爾特•奧爾德克羅夫特(Stewart Aldcroft)說(shuō)，這一變化，加上新的監(jiān)管框架，可能“完全轉(zhuǎn)變”中國(guó)的金融服務(wù)業(yè)。

“This is without doubt the development that the major global players have been looking for, to control and own their own businesses in China,” says Mr Aldcroft.

“這無(wú)疑是業(yè)內(nèi)的全球主要參與者一直在期盼的發(fā)展，即在中國(guó)控制并擁有自己的業(yè)務(wù)，”奧爾德克羅夫特說(shuō)。

Casey Quirk is forecasting that assets under management in China’s investment industry will grow to around $17tn by 2030, helped by the rising wealth of the middle class and the expansion of workplace retirement saving schemes.

Casey Quirk預(yù)測(cè)，在中產(chǎn)階層財(cái)富增加和工作單位退休儲(chǔ)蓄計(jì)劃擴(kuò)大的推動(dòng)下，到2030年中國(guó)投資行業(yè)管理的資產(chǎn)將增至約17萬(wàn)億美元。

Around half ($8.5tn) of the net new inflows attracted by investment managers globally by 2030 will go to Chinese companies, helping the country to become the world’s second-largest asset management market behind the US.

到2030年，全球投資管理公司吸引的資金凈流入量中，大約一半(8.5萬(wàn)億美元)將流向中國(guó)公司，推動(dòng)中國(guó)成為世界第二大資產(chǎn)管理市場(chǎng)，僅次于美國(guó)。

This growth presents a potentially huge prize for foreign companies. But Mr Celeghin cautions that it remains unclear just how large a role Chinese regulators will allow foreign managers to play.

這種增長(zhǎng)為外資公司提供了潛在巨大的回報(bào)。但Celeghin告誡稱，尚不清楚中國(guó)監(jiān)管層將允許境外資產(chǎn)管理公司發(fā)揮多大作用。

He notes that the liberalisation of Japan’s investment markets has led to a decline in the share of the fee pool going to domestic managers over the past decade. China will instead look to the example of the US, where league-ranking tables remain dominated by local companies.

他指出，日本對(duì)投資市場(chǎng)放開(kāi)管制后，過(guò)去10年里國(guó)內(nèi)資產(chǎn)管理公司在收費(fèi)總額中的占比有所降低。相反，中國(guó)將效仿美國(guó)——占據(jù)美國(guó)管理費(fèi)排行榜主導(dǎo)地位的仍是國(guó)內(nèi)公司。

“China likes the US model. It wants to see more competition. But it also wants to make sure that its own players win,” says Mr Celeghin.

“中國(guó)喜歡美國(guó)模式。中國(guó)想看到更激烈的競(jìng)爭(zhēng)，但也想確保本國(guó)企業(yè)勝出，”Celeghin說(shuō)。

He adds that even if foreign managers believe they can offer better-quality investment products at lower fees, they will struggle to match domestic Chinese managers’ capacity and willingness to send teams of senior staff to help local distributors to meet client needs.

他接著說(shuō)，盡管境外資產(chǎn)管理公司認(rèn)為它們能以更低管理費(fèi)提供質(zhì)量更好的投資產(chǎn)品，但在派出資深員工團(tuán)隊(duì)幫助當(dāng)?shù)亟?jīng)銷商滿足客戶需求的能力和意愿方面，它們?nèi)詫㈦y以媲美中國(guó)資產(chǎn)管理公司。

Other long-time Beijing watchers remain sceptical about the government’s willingness to encourage greater participation by foreigners in China’s financial industry.

其他長(zhǎng)期觀察中國(guó)的人士仍對(duì)中國(guó)政府是否愿意鼓勵(lì)外資更深參與中國(guó)金融業(yè)表示懷疑。

“The financial commanding heights will not be ceded to foreigners,” says George Magnus, an associate at Oxford university’s China Centre.

“金融制高點(diǎn)將不會(huì)讓給外國(guó)公司，”牛津大學(xué)(Oxford University)中國(guó)中心(China Centre)研究員喬治•馬格納斯(George Magnus)說(shuō)。