One Line Of Three Meetings Will Be Held In &Nbsp, And 2011 In Financial Work.

Central bank: or down the target of monetary credit

In accordance with past practice, the central bank working conference may be held first after new year's day.

The industry expects that the central bank working conference will determine the target of monetary and credit growth throughout the year.

It is estimated that the annual M2 growth target will fall to 16%, and the new credit target for the whole year may be lower than that of last year's 7 trillion and 500 billion yuan.

In addition, promoting the establishment of a new credit management system and promoting the marketization of interest rates during the "12th Five-Year" period may also become the content of this year's work.

According to the insiders, the central bank's work priorities this year include: implementing a prudent monetary policy, making comprehensive use of a variety of monetary policy tools, making dynamic adjustments in the differential deposit reserve ratio, making use of the regular monetary policy tools such as interest rates, deposit reserve ratio and open market operations, deepening the reform of financial enterprises, accelerating product innovation in financial markets, accelerating the development of the bond market, enriching financial derivatives, deepening the reform of the foreign exchange management system, facilitating trade and investment facilitation, continuing to promote RMB settlement in cross-border trade, steadily promoting the opening of capital account and internationalization of the RMB, and guarding against credit risks and systemic financial risks.

In terms of RMB exchange rate, the industry expects that the appreciation of RMB will reach about 5% this year.

SFC: actively promote market-oriented mergers and acquisitions

According to past practice, the 2011 national securities and futures regulatory conference is expected to be held this month.

In 2010, after a series of major reforms in the capital market, such as margin trading, stock index futures, new system of issuing new shares, and strict internal trading, the industry said that the regulatory authorities will focus on new work priorities at the 2011 meeting, and it is expected to continue to push forward the Marketization process from the following aspects.

Giving full play to market functions.

Combined with the 12th Five-Year plan, we should use capital ties to guide and promote the gathering of productive factors and social resources to the competitive emerging industries and high growth enterprises, actively foster the development of strategic emerging industries, promote the construction of innovative countries, actively promote the merger and reorganization of market, speed up the integration of stock resources, promote the optimization and upgrading of industrial structure through the capital market platform, further enhance the role of capital market in promoting capital formation, circulation and agglomeration, and constantly improve the ability of capital market to serve the overall economic and social development.

We should vigorously improve the market system and structure, and increase the breadth and depth of the market.

We should further improve the multi-level stock market system and gradually form a market structure including the main board, SME board, gem and the OTC market, with reasonable structure, sound functions and efficient operation. We should accelerate the improvement of the market financing structure, vigorously develop the corporate bond market, promote the interconnection and exchange of bond markets, and steadily enhance the function and role of bond financing in expanding direct financing.

It may also include the delisting system which is highly concerned by the market and the expansion of the new three boards.

Deepen reform and innovation, and provide new impetus for the steady and healthy development of the market (310328, fund).

Margin trading, or on the basis of the first three batches of pilot projects, will be fully promoted, and the refinancing business may also be launched in due course. The SFC has previously announced that it will strengthen communication and consultation with relevant departments and explore institutional arrangements for overseas enterprises to issue shares in the territory.

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CBRC: or raise capital regulatory requirements of large banks

According to past practice, the China Banking Regulatory Commission 2011 working conference will be held in the next two weeks or so.

The industry expects that this year's work conference will start with resolutely keeping the bottom line of the banking system risk, the impact of the new capital regulatory requirements brought about by the Basel agreement, and strictly implementing the real estate credit policy.

Recently, Liu Mingkang, chairman of the CBRC, said in a media interview that it is necessary to appropriately increase the capital regulatory requirements for large banks in the future, taking into account the need for countercyclical capital management and the systemic importance of large banks.

In the process of building a comprehensive risk regulatory framework with Chinese characteristics, the CBRC has always adhered to the basic principles of "overall planning, adjusting measures to local conditions and orderly implementation". The four major regulatory tools, such as new dynamic capital, dynamic provisioning, leverage ratio and liquidity, should be consistent with the direction of international financial supervision reform, and also adhere to the practice experience with Chinese characteristics accumulated since the establishment of the CBRC. Combined with the national conditions and the current situation of China's banking industry, the various standards of the Basel committee should be carefully calculated and empirically studied, so as to prepare for the establishment of the domestic capital regulatory system.

On this basis, combined with some effective and simple, flexible regulatory tools and structural measures, we should fully listen to the opinions of domestic banks on banking supervision reform.

At the end of the year, the Basel committee announces the final plan of capital supervision reform, and the CBRC will timely introduce the overall framework and roadmap of capital supervision of commercial banks in China.

In addition, the industry expects that the CBRC will remain highly concerned about the changes in the real estate market this year, requiring commercial banks to strictly enforce the relevant credit policies, strengthen supervision and management and window guidance for real estate lending business, further strengthen the liquidation of local financing platform loans, and strive to strengthen support for key areas and weak links. The growth rate of agricultural and small business credit is higher than that of all loans, and the increments of credit loans are higher than that of the previous year.

CIRC: strengthening capital constraints is still the key.

According to past practice, the insurance supervision conference is expected to be held in the next two weeks or so.

Analysts pointed out that strengthening supervision will become the main keynote of insurance regulation this year, including market order, capital constraint and executive accountability.

It is understood that the Insurance Regulatory Commission has already sought advice from the industry on the insurance company's subordinated debt management measures are also expected to be released.

In December 28, 2010, Wu Dingfu, chairman of the CIRC, pointed out that during the "12th Five-Year" period, the market order must be fundamentally regulated and standardized.

This means that the regulation of the insurance market order this year will become the top priority.

In the field of property insurance, the fight against false operation will be the focus of standardizing the market order. In the field of life insurance, we will highlight the problem of secretly paying the fees and misleading sales. In the intermediary field, we will highlight the problems of using intermediary businesses and intermediary channels to make fraudulent practices and illegal acquisition of funds.

In 2010, in order to improve solvency, 46 companies in the insurance industry increased 33 billion 170 million yuan and 8 companies issued subordinated debt 22 billion 550 million yuan.

Continue to strengthen solvency supervision, strengthen capital constraints is still the regulatory focus of the CIRC in 2011.