中国的な金融改革 習近平の経済改革(3)

Eliminating Regulatory Silos
The third area of financial sector reform refers to central government efforts to improve financial regulation. In the 1990s and early 2000s, as China's economy took off (especially after China joined the World Trade Organization), this endeavor led Beijing to create separate banking, insurance and securities regulators to better manage the financial system's growing complexity. In recent years, improving financial sector regulation has moved in the opposite direction, toward building a unified regulatory framework encompassing banks, non-bank financial institutions (such as trusts and mutual funds), and insurance companies. 


The primary thrust behind this shift has been the rise of regulatory arbitrage as banks and other investors take advantage of discrepancies in regulations among banking, securities and insurance sectors to channel funds into a wide array of opaque and risky products. This regulatory arbitrage became acute when authorities, in an effort to prevent China's economy from overheating, tightened controls on bank lending in 2011 and 2012, leading to the growth of informal lending tools such as wealth management products. Because they were sold by non-bank financial institutions under the jurisdiction of the CSRC (which, at least initially, placed fewer controls on investments into high-risk assets like real estate), these tools gave banks new avenues to channel investor funds into otherwise prohibited assets. 

acute :深刻な
wealth management products:理財商品。中国における高利回りの資産運用商品

Despite Beijing's periodic efforts to rein in wealth management products and other so-called shadow lending devices, there has been a proliferation of a wide range of those tools as banks and other financial institutions seek new ways to evade regulatory shifts. As indicated by numerous anecdotal reports, by 2015, arbitrage among the different regulatory regimes of CBRC, CSRC and CIRC was an important feature of most major financial firms' ordinary business operations. 

anecdotal :個人の見解に基づいた不確かな

Naturally, as state-owned banks relied increasingly heavily on non-bank lending tools to generate higher returns for their investors, they (and the trust and insurance companies into which they invested, along with commissions charged with overseeing them) developed a strong interest in preserving their access to them, and thus in combating any move to unify and tighten regulation of these products. This began to shift in late 2015 after the stock market collapse sparked calls from senior Chinese officials for a single "super regulator" to replace the existing tri-partite regime. The February 2017 announcement that the People's Bank of China would draft unified regulations for asset management products, particularly wealth management products, marked the first concrete step toward building a super regulator. 


It is unclear when the draft rules for asset management products will go into effect. In a move to soften potential push back from banks and other investors, authorities in February said the rules would apply only to new products, not existing ones. Even so, to the extent that effective enforcement might threaten banks' bottom lines, implementation likely will not begin until after the political sensitive 19th Party Congress, set for this October, and even then, it likely will be gradual. Further major moves toward regulatory integration during the remainder of 2017 are unlikely. 

Finally, it remains unclear how the above facets of Chinese financial reform will relate to the more common meaning of reform: liberalization. Throughout the past decade, China has used this lack of clarity to mobilize support from international observers and markets for initiatives that did not clearly contribute to liberalization. Indeed, some "reforms" have pushed in the opposite direction, toward consolidation of state and party control over key pillars of the country's financial system. The current wave of financial reform, particularly efforts to streamline and unify China's regulatory framework, may pave the way for greater liberalization ahead. But if past is precedent, that outcome is far from guaranteed. 




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