The Pentium Era - South to North

When Zhang Chen and others arrived at Beijing Airport, Liu Qing arrived earlier than them and picked them up at the airport. Liu Chengcheng invited them to dinner in the evening, and Li Yong and Sun Hou came.

In a few months, by the first half of next year, Liu Chengcheng will be 65 years old and will retire to the second line and go to the National People's Congress as deputy director of the Finance and Economics Committee. By this time, his replacement has been put in place and they are in the process of handing over.

Liu Chengcheng was very happy to see Zhang Chen. He said that after retiring, he would go back to Hangzhou most of the time and could often visit Zhang Chen and the others. I heard that the new buildings in your dynamic zone have been built.

Zhang Chen joked: "The most important thing is, if I invite the leader to dinner again, the leader won't refuse, right?"

Everyone laughed.

Naturally, everyone started talking about the purpose of Xiaofang and the others’ coming to Beijing this time, as well as the current status of Internet finance.

Sun Hou and Xiaofang said that as a bank, of course we are in favor of rectifying this industry. We are the first to bear the brunt of the chaos in Internet finance. Depositors are losing a lot of money and our pressure is unprecedented. The following is Many branches can only reduce operating costs by reducing their business outlets.

"It sounds like one of the positive meanings to me." Liu Chengcheng said, "At least it hurts you and changed your bank's bossy style."

"How dare you, sir? We are more like stepmothers now. They are doing all the businesses we can do, but the regulatory burden falls on us. They, even the banking regulator, can't control them." Sun Hou said unconvinced.

"Internet finance is not without its merits. Let me summarize a few points."

Liu Chengcheng raised his right hand and counted on his fingers. He said:

“First, it has broadened public investment channels, which cannot be denied; second, it has really solved the financial difficulties of some small and medium-sized enterprises, which cannot be denied.

"We have been saying every year that credit should be given to small and medium-sized enterprises and that we should support the vast number of small and medium-sized enterprises, but your bank basically cannot move it even if it does not allocate it. Xiaosun, do you have to admit this?"

"This cannot be entirely blamed on our bank." Sun Hou said, "Where are the regulatory regulations, our bank cannot open up all risk exposures, and end up suffering from both sides. The fact is that the People's Bank of China and the Banking Regulatory Commission have no control over our risks. The control requirements have not been relaxed at all, and the guarantee measures and means that small and medium-sized enterprises can provide are indeed weak.

"In the past few years, there were guarantee companies that could provide third-party guarantees to make up for the shortcomings in this area. Now, these guarantee companies are basically dead. Small and medium-sized enterprises can provide even fewer guarantees, and we have no way. , there is a red line for non-performing loan assessment, and our bank can’t lend it out even if it has money.”

"Okay, Xiao Sun, what you said makes sense. I'll continue to summarize." Liu Chengcheng said, "I think one of the biggest benefits of Internet finance is that you look at how loan sharking has become in various places in the past few years. It’s so crazy, has the current development of Internet finance curbed the spread and growth of loan sharking?”

Everyone agreed with what Liu Chengcheng said. Zhang Chen smiled and said, "The companies I knew that used to be loan sharks are now doing online loans."

"There is also the possibility that Internet finance will turn into disguised loan sharking. If that happens, its influence and scope will become more widespread and hidden with the help of the Internet, making it more difficult to regulate."

Xiaofang's words were equivalent to denying what Liu Chengcheng had just said, but after hearing this, Liu Chengcheng gently slapped the table with his hand and shouted:

"This is to the point. This is what I'm most worried about. Xiaofang, please continue talking."

Xiaofang nodded and continued: "The original loan sharks were basically aimed at small and medium-sized enterprises, small and micro enterprises, especially private small and micro enterprises. Today's Internet finance can be said to have the risk of spreading to the public, especially students. , they are the most able to accept this financial model, but at the same time they are the group of people least able to repay.”

“They are also the group of people who have the weakest self-control and are most likely to consume blindly and impulsively.” Li Yong said, “I learned about it that day and found that many of my son’s classmates were borrowing online loans. "

Xiaofang said: "There is another thing. Once this industry becomes a gangster, this group of people will be the least capable of self-protection, but at the same time they will be the group of people with the greatest influence on society. Which child is not involved in a lot of things? Elderly people, if something happens to them, the impact will not be on the economic level, but on the social level."

"This highlights the urgency of this matter." Li Yong said.

When Xiaofang was talking, Liu Chengcheng kept nodding. After Xiaofang and Li Yong finished speaking, he said:

"It's a double-edged sword, and it's very sharp. We've been saying that if you control it, you'll die, and if you let it go, it will lead to chaos. In the field of Internet finance, it's even worse."

Xiaofang looked at Liu Chengcheng and asked, "Uncle, I have an idea, can I tell you directly?"

"Tell me everything you know, especially on this occasion." Liu Chengcheng raised his hand and urged Xiaofang.

Xiaofang smiled and said: "Actually, this is not the problem we are facing now. In the financial field, development and supervision have always been twins. This has been the case since the beginning of modern finance. Comparatively speaking, supervision is always the same. It is conservative. It acts as a rein, holding a galloping horse back with all its strength.

"At the same time, it also plays the role of a safety belt. In the field of Internet finance, with all due respect, we opened too fast and took too big steps. I have carefully inspected it in the United States and Europe. It can be said that, Even in the United States and Europe, no country dared to let go so quickly. We were a little too anxious and let go before we could see clearly what was going on.

"Our reforms have always encouraged bold changes and bold attempts, but in the financial field, they are the least allowed to be tried. We would rather take a smaller step than take a too big step, because the impact is too great and the speed of spread is too fast. Like The impact of the subprime mortgage crisis has not been completely eliminated until now, but it has been quietly proceeding from its origin, development to outbreak.

"This is determined by the characteristics of finance itself. Before the crisis reaches the breaking point, no one is aware of it and does not feel the crisis coming. But when it breaks out, the damage caused is above a magnitude 7 earthquake. In the area of ​​Internet finance, if we invest today, it is very likely that it will take several years to pay for it in the future.”

"Xiaofang, what you said is very good. When you meet the comrades in charge, you will say this and express your true thoughts." Liu Chengcheng said, "Since I asked you to come to Beijing, I just want to know the truest truth." Condition."

Xiaofang nodded and said, "I will."

"Actually, in the field of Internet finance, we do have internal debates. There are also different opinions between departments. Some think that encouragement is needed, while others think that the situation is already critical and an emergency brake is needed." Li Yong said .

"I think this is the case. Whether it is called Internet finance, mutual finance, or inclusive finance, it is best to remove all the prefixes and return to the essence of finance." Xiaofang said, "Looking at it this way, it is Clearly, if we remove the prefix and just talk about finance, no one will object to the importance of risk control.

"What risk is, it's very simple. If money can go out and come back, the risk is controllable. If it goes out and cannot come back, the risk is uncontrollable.

"When the risk is uncontrollable, who will pay for the uncontrollable risk? The money belongs to the country, and the country has to pay. It belongs to the collective, and the collective pays. If it is an individual, of course the risk must be borne by the individual, and if it affects thousands of families When there are tens of thousands of households, this risk will be borne by thousands of households.

"In addition to the prefix, as for the current Internet finance and its impact on thousands of households, those who say that they should strongly encourage and support them should first think clearly about how to resolve the risks of thousands of households. Do they have any good ideas? The solution? If not, let’s talk about encouragement and support. I think this is, this is..."

Xiaofang was thinking of the right words, and Liu Chengcheng said: "It's just irresponsible."

Xiaofang smiled and said, uncle is right, this is irresponsible.

"Before liberalization, at least a red line must be drawn. President Sun should know very well that in the financial field, even if a red line is drawn, it is difficult to hold on to it. Why? Because there are too many people who want to break through this red line. When everyone When it comes to breaking through the red line, the red line is in vain.

"Let me give you the simplest example. For example, every bank loan is required to have post-loan supervision. That is, the purpose of the loan must match your loan application and cannot be used for other purposes. use.

"But in fact, no one will take care of how the company uses the money if the loan is not released by the bank. Otherwise, there will not be so much bank funds. In the end, they will all go to real estate, even small and micro enterprises. After getting the loan, the business owner also went to buy a house. In the end, the loan went to real estate.

“This is still a bank, and bank supervision is so difficult to implement. How can you manage so many online lending platforms?

"By the way, this name reflects the problem very well. Everyone calls it the online loan platform. Why? Because everyone knows that what they are doing is loan business, although they are not allowed to do loan business. It can only be used as an information intermediary platform, but in fact, everyone has broken through this red line."

As soon as Xiaofang finished speaking, Liu Chengcheng said: "In other words, you must have bottom-line thinking."

"Yes, bottom-line thinking is to think clearly about whether you can bear the consequences when the worst happens. Only when you can bear the worst results can you talk about encouragement and development." Xiaofang said.

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