2015年-FSB全球金融稳定委员会_Peer_Review_of_China_66页_1mb

Peer Review of China Summary

Core Content

This report presents the findings and recommendations from the FSB's peer review of China's financial system, conducted in May 2015. The review focuses on two key areas: the macroprudential management framework and non-bank credit intermediation. It is based on the responses of Chinese financial authorities to a questionnaire, discussions in the FSB Standing Committee on Standards Implementation (SCSI), and dialogues with Chinese officials. The peer review complements the Financial Sector Assessment Program (FSAP) assessments, which occur every five years.

Main Findings

• Good progress has been made in implementing reforms related to macroprudential management and non-bank credit intermediation.
• Formal inter-agency cooperation mechanisms have been established, including the Financial Regulatory Coordination Joint Ministerial Conference (JMC) and the Financial Crisis Response Group (FCRG).
• Data collection and analytical tools have been improved, with the PBC, CBRC, and CSRC developing systemic risk monitoring frameworks.
• Macroprudential tools are in place, but further clarification and coordination are needed to ensure consistency across sectors and to manage cross-sectoral risks effectively.
• Information sharing between agencies is necessary but currently limited, especially regarding on-site inspections and stress test results.
• Communication on financial stability issues is mainly conducted by the PBC and individual agencies, with inter-agency bodies lacking a formal communication policy.
• Non-bank credit intermediation has grown significantly, contributing around 20% of new financing flows between 2012 and 2014, but risks such as liquidity and maturity mismatch remain.
• Monitoring and risk assessment of non-bank activities have improved, but a more integrated and comprehensive approach is still needed.
• Regulatory fragmentation poses challenges, as the sectoral approach may lead to regulatory arbitrage and inconsistent risk management.
• Promotion of diversified and resilient finance is a key objective, with efforts to reduce reliance on banks and develop capital markets and institutional investors.

Key Recommendations

Macroprudential Management Framework

• Clarify mandates and roles of inter-agency bodies in risk assessment, policy design, and information sharing.
• Strengthen supporting infrastructure through the establishment of standing subcommittees and ad hoc working groups to jointly analyse systemic risks.
• Enhance coordination between agencies to ensure a more integrated and comprehensive risk assessment framework.
• Improve information exchange by revising Memorandums of Understanding (MoUs) to allow for the sharing of data relevant to financial stability.
• Develop a common regulatory framework based on activity rather than sector, to reduce regulatory arbitrage and promote a level playing field.
• Publish activities related to macroprudential policy to improve transparency and public communication.

Non-Bank Credit Intermediation

• Enhance monitoring by improving data collection and developing more granular flow-of-funds statistics, such as the Total Social Financing (TSF) statistic.
• Strengthen risk assessment capabilities by incorporating non-bank intermediation into stress testing and crisis simulation exercises.
• Promote a more activity-based regulatory approach to ensure consistent oversight across different non-bank activities.
• Develop a comprehensive risk assessment framework that considers liquidity, maturity mismatch, credit, and reputational risks.
• Enhance surveillance of cross-market activities and risks, and conduct system-wide stress tests.
• Continue promoting diversified and resilient market-based finance by developing capital markets and institutional investor bases.
• Communicate a clear vision for the long-term development of non-bank credit intermediation, ensuring that risks are well understood and properly priced.
• Remove implicit guarantees and allow for transparent and consistent default/loss scenarios to reduce moral hazard and mispricing.

Conclusion

The peer review highlights the importance of coordinated and integrated approaches to macroprudential policy and non-bank credit intermediation. It underscores the need for enhanced information sharing, improved communication, and more robust regulatory frameworks to ensure financial stability in a rapidly evolving system. The recommendations aim to support the development of a more resilient, transparent, and market-oriented financial system in China.