PwC: Asset management company's functional positioning changes

Economic Observation Network reporter Jiang Xin "The overall scale of China's non -performing assets in 2021 was about 5.88 trillion yuan, an increase of 670 billion yuan from 2020, an increase of 12.86%year -on -year. Limit the ability of asset management companies to undertake non -performing assets. "

On August 12, the "White Paper on the Reform and Development of China's Bad Assets Management Industry in 2022" released by Pricewater -Yongdao showed that under the pressure of demand shrinkage, supply shock, and weakened triple pressure in 2021, my country's macroeconomic and financial environment faced severe challenges The overall scale of non -performing assets has increased significantly compared with 2020.

The White Paper believes that in the development process of my country's non -performing asset management industry into the third decade, the market position has improved, and the regulatory positioning has also changed. Improve your own ability and start the chapter of returning to focus on the main business of "new".

Zhang Lijun, the leader of the Chinese financial industry in PwC, said: "In recent years, new changes in the international and domestic environment, the economic downward pressure has increased, and the task of preventing and resolving future risks is more difficult. In this environment, bad loans of Chinese and medium -sized financial institutions in my country The scale of scale, the credit risk of key areas has been further exposed, and the demand for financial reform insurance has further increased. The non -performing asset management industry has also been given a new mission to help reform insurance. Asset management companies need to face a new environment of change, and continue in the future to continue in the future Give full play to the unique role of financial stabilizers and economic downward risk buffers, in response to the call of the regulatory authorities, and participate in financial risks in key industries and key areas through various channels. "

The non -performing asset management industry enters the 3.0 stage

From the establishment of policy business at the beginning of the four major asset management companies (AMC) to the "1.0 phase" of commercial transformation to the "1.0 stage" of commercial transformation to the "2.0 stage" of the rise of integrated operation and local asset management companies, and now, China's non -performing asset management At the development stage of the industry, the functions and positioning of asset management companies have undergone new changes. It is characterized by many aspects such as continuous expansion of business scope, complex market environment, and more standardized company operations. As my country's economic supply -side structural reform continues to deepen and enters the stage of high -quality development, credit risks have also reflected new characteristics. At present, the source of credit risk is mainly concentrated in the real estate market, small and medium -sized bank financial institutions, trust industries, local financing platforms, and non -financial enterprises that have difficulty in operations. The white paper proposes the four major functional positioning changes of the asset management company in the 3.0 stage:

First, from the full blooming of the financial license to the return to focusing on the "new" main business. Faced with the new situation, asset management companies actively responded to calling for "weight loss" and returning to focus on the main business. At present, new changes have undergone bad main business. Asset management companies face the new macro environment, the demands and supervision requirements of the stakeholders, and the business trading structure has multi -form and multi -channel characteristics. More diverse. In addition, the new policy stipulates that the scope of transfer assets can be further expanded from non -performing assets to risk assets, allowing risk assets to be transferred in time before continuing deterioration.

Second, the risk resolution of non -performing assets to the resolution of risks of the dilemma. The risks in the field of bad assets in my country have gradually changed from assets from "bad" assets to institutions and even the industry's "bad" transformation. The resolution of asset management companies to resolve risks also needs to be promoted from non -performing assets to bailout to the dilemma and even the industry. At the new stage, non -performing assets show industry concentrated characteristics. Financial risks are gradually upgraded by "dot -shaped" single non -performing assets or non -performing asset packets. Research and analysis from the perspective of the overall bailout of risk enterprises.

Third, the resolution of financial risks sank from large institutions to small and medium -sized institutions. While small and medium -sized banks have played a positive role in serving small and micro, private enterprises, and providing inclusive loans, they also bring shortcomings such as their own characteristics and weak anti -risk capabilities and easy to trigger financial risks. Asset management companies should be bravely responsible and become the backbone of regional financial poor and poor financial institutions. National Asset Management Corporation can use rich experience in deep -cultivating non -performing asset industries to help difficulties to resolve crises. Local asset management companies can help local institutions out of debt dilemma with local advantages.

Fourth, territorial supervision is coordinated by national supervision. At present, the national AMC has entered the model of multi -license gold control supervision, and the regulatory framework and terms of local AMC not only inherit the national AMC regulatory ideas, but also highlight the characteristics of local AMC focusing on local financial risks. With the official implementation of local AMC national unified regulatory policies in the future and further improvement of the regulatory framework, local AMC positioning will be clearer, and business operations will be more standardized.

Hu Jing, a partner of the Chinese financial industry in PwC, believes that the "new" main business of the "non -performing asset management industry 3.0 stage will return to the" new "main business of non -performing assets, give full play to its characteristics and advantages, and focus on resolving small and medium -sized financial institutions, real estate, trusts and local governments. Risks such as debt and other key areas have made new positive contributions to promote enterprise integration of resources, revitalize assets and promote the virtuous cycle of the national economy.

Asset management companies should expand financing channels and reduce financing costs

The white paper shows that when entering the 3.0 stage, non -performing assets or risk asset sources are more diverse, the business field is more decentralized, and the disposal cycle is further extended. The company's ability requirements are different from the past. At the new stage, asset management companies need to face not only asset packets, but also expand to the bailout of the entire institution; asset management companies are no longer simply providing funds to solve the problem of liquidity, but they need to really revitalize assets to completely resolve resolving completely. Risk, which puts forward higher challenges for the resource allocation capabilities of asset management companies. Chen Yongdao's Chinese financial industry partner Chen made a progress: "At present, my country's non -performing asset management companies are mainly capital consumption business, and the development of the industry requires the support of capital and capital. In order to promote non -performing asset management companies," New "main business, grasping positioning in the new historical period, and achieving sustainable development of the industry. We recommend supporting asset management companies to expand financing channels and reduce financing costs, encourage social capital to enter the non -performing asset management industry, improve relevant supporting policies to enhance judicial guarantee judicial security Emphasis, echo the requirements of regulatory requirements to broaden the main business scope of "new", and create a tax environment that encourages financial risks to resolve. "

The "Big Bad" pattern was initial to see the prototype. The white paper states that in accordance with the development of the times, the co -coordination of policies and business development can stimulate AMC's vitality and competitiveness. With the further deepening of supervision, such as the judicial interpretation and tax policies of non -performing asset transactions can cooperate with industry changes, gradually clarify relevant regulations and play an incentive role, it will help improve AMC's operating environment, improve their ability to serve the real economy, encourage encouragement And promote the healthy and rapid development of the industry.

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