Page 9 - CCFA Journal - Third Issue

CCFF2020/加拿大中国金融论坛 2020
在中国金融体系中看到的改革主要是银行主导或国家主导。 Reforms seen in the China’s financial system are largely bank-
如果将国有资产与二级和三级银行合并，则它们约占中国
金融资产总额的 80％。 这意味着金融产品主要与通常表
现不佳的国有银行打交道。 过去几年中，在监管机构的推
动下，去杠杆化导致银行相对于中国非银行金融机构的重
要性日益提高。
我们还看到非银行金融机构正在引导信贷至重要的领域。
其 中 地 方 政 府 金 融 工 具 ， 也 称 为 地 方 政 府 融 资 平台
（SPV）。 SPV 由地方政府所有，其成立目的是为了以土
地为抵押进行借贷。SPV 以进行基础设施项目为由筹集了
大量资金，这听起来很不错，因为中国对基础设施的需求
巨大。但是，这些项目大多数都没有启动，也没有产生支
付投资者所需的回报。 SPV 吸收了银行提供的大量资金，
这使得私营部门更难获得扩张所需的资金。
现在中国大约有 2000 种新的 SPV，称为“政府指导的投
资基金”（GGIF），由中央，省和市级政府建立，总资
产管理规模达 2 万亿美元。 GGIF 资金主要由银行和国有
部门提供，旨在“调动”投资大众的储蓄和资源。这些资
金将用于中国国家计划确定为具有重要战略意义的关键领
域。在国家一级的1500亿美元投资资金中，有一项是用于
集成电路的，这对于中国半导体行业的增长至关重要。不
幸的是，GGIF 在很大程度上未能实现预期的目标。
我认为这些投资最终的回报会相对较低。有许多例子说明
了为什么金融系统表现不佳。问题在于，一方面，政府会
影响正在做出的选择，这导致私营部门的投资回报下降，
而另一方面，金融部门作为中介表现也不好。因此，即使
中国愿意打开大门引来更多的外部投资，谁来决定将资金
部署在何处？是否存在将资金引导至具有高回报潜力的项
目或公司的机制？我不确定。
问题 5：Bruce: 谢谢，所以 Yi Huang 教授，我想请问您
研究了中国市场及其结构，您可以花几分钟来向我们介绍
上海证券交易所之星计划吗？ 这是什么？为什么重要？
Yi: 非常感谢您的提问。我想首先回应一下 Jim 和 Loren 刚
才的讨论。我认为，无论中国以 5％还是 10％的速度增长，
中国仍然是世界第二大市场和最大的商品消费国。从投资
组合经理的角度来看，全球投资回报将是重点，市场规模
和潜力比增长速度更重要。第二, Loren 提到了金融市场的
重要性，特别是银行业对私营部门融资的重要性。值得注
意的是，上海证券交易所在农历新年期间于 2020 年 2 月 2
日重新开放，这反映出股市对中国经济的巨大影响。
CCFA JOURNAL OF FINANCE
加中金融
dominated or state-dominated. If you were to combine the assets of
the state-owned with tier 2 and 3 banks, they account for
approximately 80% of total financial assets in China. This means
the intermediates are largely dealing with the state-run banks,
which are usually under performing. The de-leveraging facilitated
by the regulator for the last several years resulted in increased
importance of banks relative to non-banking financial institutions
in China.
We see non-banking institutions are being setup to direct credits to
areas identified as being important. One of these types is local
government financial vehicles, also known as Special Purpose
Vehicle (SPV). SPVs are owned by the local governments and were
set up for the purposes of borrowing using land as collateral. SPVs
raised enormous amounts of money for undertaking infrastructure
projects, which all sounds good on paper as there's a huge need for
infrastructure in China. However, most of these projects were
neither started nor generated the returns required to pay investors.
SPVs absorbed significant amount of funds provided by banks,
which makes it harder for private sector to access capital required
for expansion.
There are approximately 2000 newer version of SPVs, known as
“Government-Guided Investment Funds” (GGIF), established at
central, provincial, and municipal level with a combined AUM of
$2 trillion US. GGIF, primarily provisioned by banks and the state-
owned sector, was designed to “mobilize” savings and resources
from the investing public. These funds are being directed to sectors
identified as being important, strategic, and critical under China’s
national plan. One of these investment funds of 150-billion-dollar
at the national level is for integrated circuits, which is critical for
the growth of China's semiconductor sector. Unfortunately GGIF
has largely failed to achieve the intended objectives.
I suspect that the returns on those investments in the end would be
relatively low. There are many examples of why financial system
does not perform well. The problem is that, on one hand,
government influences choices being made, which contributed to
the declining returns on investment for private sector, and on the
other, the financial sector that just does not intermediate very well.
So even if China opens for more outside investment, who will
decide on where the capital be deployed? Are there mechanisms to
direct capitals towards projects or firms having potential of high
returns? I am just not so sure when that's exactly going to happen.
Question 5: Bruce: Thank you, so Professor Huang, I’d like to
come back to you. You studied the Chinese markets and its
structure. Can you spend a couple of minutes educating us
about the Shanghai Stock Exchange Star program? What is it
and why is it important?
Yi: Thank you very much for your questions. I want to first pick up
on discussion Jim and Loren just had. I think regardless China
grows at a rate of 5% or 10%, from an investor’s perspective, China
remains the world 2nd largest market and the largest commodity
consumer. Return on investment globally would be the focus from
a portfolio manager perspective, the market size and potential
matters more than the rate of growth. Second, Loren mentioned the
importance of the financial market, particularly the importance of
the banking sector to finance the private sector. It is worth noting
Shanghai Stock Exchange re-opened on February 2nd, 2020 during
the Chinese New Year, reflective of the top influence that stock
market has on the Chinese economy.
MARCH 2021 Page 9