润成月报l我国金融业对外开放迎来深度机遇期 润成助力国内金融机构国际化布局(中英版)

2022120


报告摘要   Executive Summary


随着中国金融业对外开放的不断提升,新冠疫情背景下中国经济保持稳健增长的趋势,润成预计未来人民币资产对国际投资者的吸引力将进一步增强,将会成为全球资产配置的重点之一,中国市场未来5到10年将会吸引超过万亿美元的外资流入。

As China's financial industry continuously opens itself wider to the outside world and the Chinese economy carries on a trend of steady growth in the time of COVID-19, RC expects that RMB assets will become more attractive to international investors and stand out as a key portfolio for global asset allocation and that the Chinese market will record more than one trillion US dollars in foreign capital inflows in the next five to ten years.


国内方面,2018年,习近平总书记在博鳌亚洲论坛年会上强调,金融业对外开放要坚持“宜早不宜迟,宜快不宜慢”的原则,正式拉开中国金融业新一轮扩大对外开放的大幕。之后,党中央、国务院明显加快了我国金融业对外开放步伐,其中人民银行、银保监会、证监会等部门已先后宣布并推动实施了50余条开放措施,大幅提高金融机构和金融市场的开放程度。随着一系列重磅开放措施的落实,中国金融开放进入“2.0时代”的整体格局已十分明晰,并呈现出“政策力度大、发展空间足、国际反响强”等显著特点。

In China, President Xi Jinping emphasized at the Opening of the Boao Forum for Asia Annual Conference 2018 the principle of "translating" the major initiatives for financial opening-up "into reality, sooner rather than later", officially kicking off a new round of efforts to pursue further opening in China's financial industry.   This was followed by the obvious acceleration of China's financial opening-up by the CPC Central Committee and the State Council. The People's Bank of China, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission have successively announced and promoted the implementation of 50-plus measures for opening-up, significantly enhancing the openness of financial institutions and the financial market. In parallel with the implementation of a series of major opening-up measures, it is very clear that China's financial opening-up has entered into the "Era 2.0" overall, and shown such salient characteristics as "strong policy measures, ample development space and strong response from the international community".


国际方面,A股和中国债券也陆续被明晟、标普道琼斯、富时罗素、彭博巴克莱等国际知名指数纳入且比例不断提高,亦彰显出国际市场对人民币资产的认可。在世界各国深受新冠疫情困扰的情况下,中国经济仍然能够保持平稳运行和长期向好的趋势,稳健的经济基本面使得人民币资产的较高收益率和安全性等优势得以长期维持,成为人民币资产长期吸引国际资本持续大举买入并持有的基本保障。

Internationally, A shares and Chinese bonds have been added to some world-renowned indexes, including MSCI, S&P Dow Jones, FTSE Russell and the Bloomberg Barclays Global Aggregate Index, and seen an increasing weight, demonstrating the recognition of RMB assets by the international market. China has managed to keep its economy stable with a long-term promising trend despite the fact that the rest of the world is trapped in the pandemic. The sound economic fundamentals of China make it possible for RMB assets to sustain high returns and good security over a long term, a fundamental condition for RMB assets to continuously attract the buying and holding of foreign investors.


润成认为,此轮金融业对外开放将会释放出巨量业务增长空间,也将是国内金融机构绝佳的国际化转型机遇。而金融业国际化对于国内金融机构不只是机遇更是挑战,相比于久经国际资本市场周期波动考验的外资金融机构而言,国内金融机构在国际化的管理经验、治理体系、投研体系、产品创新能力、跨境资产配置能力和风险控制能力等都有较大的提升空间。

RC believes that the ongoing round of financial opening-up will unleash enormous business growth potential, and provide Chinese financial institutions with superb internationalization opportunities. The internationalization of the financial industry is not only an opportunity but also a challenge for domestic financial institutions. Compared with foreign peers, which have been long tested by the fluctuations of international capital market cycles, Chinese financial institutions have more for improvement in international management experience, governance system, investment and research system, product innovation ability, cross-border asset allocation ability and risk control ability.


目前国内金融机构与金融市场的积极开放与外资布局中国有何表现特征?外资投资中国金融业各板块风格偏好如何?国内金融机构应如何主动出击抢占海外市场先机?作为立志于共同推动中国金融业发展的润成家族办公室将如何充分利用自己的国际经验和境外资源助力国内金融机构国际化改革?更多内容请点击左下角“阅读原文”了解详细内容。

What are the characteristics of the active opening-up of Chinese financial institutions and financial market and foreign investment in China? What are the preferences of foreign investors in various segments of China's financial industry? How should Chinese financial institutions take the initiative to seize the opportunity in overseas markets? How will RC Family Office, which is committed to jointly promoting the development of China's financial industry, make full use of its international experience and overseas resources to help domestic financial institutions go international?Please click "Read   the original text" at the bottom left for details.


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