Hexun.com News The 2017 China Green Company Annual Meeting was held in Zhengzhou, Henan Province from April 22nd to 24th. The conference was based on the theme of "Differentiation and Evolution: Looking for New Economic Momentum." Hong Qi, chairman of China Minsheng Banking Co., Ltd., said in the sub-forum "Transformation and Upgrading Solution" that the "Belt and Road" has brought many opportunities to the banking industry. First, the basic investment will increase, because interconnection, infrastructure, and interconnection, including transportation, energy, communications, and the Internet, are estimated to require several trillion yuan. Second, industrial finance, many enterprises go out, including the adjustment of production capacity structure, large enterprises as the leading enterprises to finance in the capital market, the banking industry can do capital market financing for them, and issue bonds for them; and small and medium-sized enterprises can often do industry. Chain finance.
Hong Qi believes that the financial industry is actually an information industry with financial functions. Therefore, the development of the financial industry is basically closely related to science and technology, especially information technology. In recent years, the outbreak of new technologies such as cloud computing, big data, and the Internet of Things has enabled financial services to move from offline to online in accordance with the Internet platform. The function of banks has been weakened and the intermediary functions of banks have been removed. This is Really subversive. Therefore, the bank is facing huge challenges now, and the banking industry is considering entering the 4.0 version - intelligent. If the bank does not step into intelligence, it will soon eliminate the bank. Hong Qi said that within ten years, Minsheng Bank will become a technology finance company.
The following is a textual record:
Hong Qi: Thank you, the host. Just two entrepreneurs also talked about the experience and sentiment. The words of the financial industry, the process of globalization, and the iconic China’s accession to the WTO in November 2001, should start from here as an iconic . At that time, the entire process of globalization should be viewed in several latitudes. First, capital, the connection of post-capital capital between countries. Second, the connection of technology. Third, the integration of business. Fourth, the integration of talents.
In 2001, after joining the WTO, China’s banking industry was open to the outside world and opened to foreign investment. In fact, we were worried at the time, because we should talk to foreign banks from the capital strength, scale, experience, technology and services at that time. There is a big gap. When Minsheng Bank was established, in 1996, our old chairman once proposed that Minsheng Bank should be a century-old store. In the future, we have to build like Citibank, so at the time we were on the Citigroup and HSBC. However, if they want to come in, we are thinking about our high-end customers in their good reputation, risk control and good service, as well as comprehensive service capabilities in multinational operations. We are thinking that many of our quality customers will turn around. Investing in foreign banks, including our high-end, especially private banking customers, not to mention the high-end companies that go out.
In the second aspect, Chinese talents, at the time, international talents were actually lacking. If foreign banks came in, they were all localized operations, such as HSBC’s slogan, global banking, and localization. What is localization? I am going to dig talents locally. Obviously, from the perspectives of income, treatment, and international training, foreign banks are definitely more attractive to employees. They may flow to the other side. This worry is indeed very strong at the time. We also Made a lot of plans. Looking back on the country, fifteen years have passed, especially after the financial crisis of 2007, we have seen that it is really 30 years in Hedong, 30 years in Hexi, and finally in the middle of our world’s 1000 largest banks, the top 10 Four of them are in China, and 119 of the Bank of China have entered 1,000 major banks. So the challenge to us at that time is now to discover that we have learned a lot from them. First of all, let’s look at Minsheng Bank. At this time, it was the introduction of the World Bank Finance Corporation. At that time, we were our shareholders, and they were in corporate governance. In terms of risk management awareness, customer service providers, including management technology and marketing technology and services for small and micro enterprises, we have learned a lot. We have trained a lot of talents in China and made us a lot. The system has a lot of steps.
I remember that at that time, the World Bank Finance Company helped us with stress tests. We didn’t know what the stress test was and how to do it. In fact, in the middle, including our green credit, we proposed green credit. We learned from the middle. To a large extent, our Chinese banking industry has become a standout from the technical bankruptcy at that time, especially after the financial crisis. It should be said that our opportunities are greater than challenges. This has also promoted the Chinese banking industry to go global. Now, in these years, we have seen 57 countries, and the Chinese banking industry has 171 points outside. I remember that in 2003, foreign banks accounted for 5% of the total assets of our entire banking industry in China, and only accounted for more than 1.3% in 2016. On the contrary, China’s assets abroad now reach more than 1.6 trillion US dollars. . Although it is still very good, it has brought many challenges. In the middle, we were the first to eat crabs in 2007. We went out and acquired a US bank in the United States. Our chairman Liu was the biggest at that time. Shareholders, I am very sorry for him. As a result, the particles are not harvested. We are now rethinking. The bank’s decision is not allowed. The bank’s bankruptcy is the first problem. The international situation is not allowed.
The second question, for local laws and regulations, as well as local supervision and culture, is that we lack these talents and lack of such support. In 2007, the first to eat crabs, Dongsheng said a case, we are also a small case. We are really failing. We are actually not negative, but after we come back, we will rethink our international strategy of going global. We really cultivate our talents, train our international talents, and strengthen our national environment, law and culture in this respect. Research, but the most important thing is to go out and try, you can learn faster, so Minsheng Banking has stepped up its pace in this regard. Thank you. Overall, opportunities outweigh challenges and make our banking industry healthier today. More international.
Hong Qi: RMB internationalization, RMB pricing function, settlement function, reserve function, and the reserve function of RMB as a value reserve. These three functions are expanded across borders, enabling RMB to settle across borders . In general, this requires China's strength and the Chinese economy to integrate into globalization. From the last year, RMB joined RMF, its special drawing right, after joining, our RMB was recognized as the international reserve currency by the authoritative international organization, and it was recognized as a club where we can use the currency freely. This measure makes the RMB internationalization should be It is accelerating. There are already 101 countries that use the renminbi as one of his trading currencies, and more countries are adopting it. This is also the reason why our company goes out and some of our business abroad is better and the cost is lower.
The second measure should be the “Belt and Roadâ€. The “Belt and Road†is a long-term strategy of the country. Whether it is the output of politics, economy or culture, it is a big strategy, including the adjustment of our current economic structure. Space has expanded the space for our development. Therefore, in terms of finance, from the bank's point of view, it also brings us many opportunities. First, our basic investment is huge. Because of the interconnection, infrastructure, and interconnection, including transportation, energy, communications, and the Internet, it is estimated that it will cost tens of billions of yuan. Of course, these deadlines are relatively long, mainly because of our AIIB, private equity funds, etc., issuing some debts, and social resources to do PPP. These are all ok, there is a lot of room. The second is industrial finance. We have seen that many companies can go out, including the adjustment of our production capacity structure. When we go out, we have many countries with many industrial parks in the middle of the “Belt and Roadâ€. Enterprises, we are financing in the capital market, we are now doing capital market financing for them and issuing bonds for them. In the case of small and medium-sized enterprises, we often do industrial chain finance, so that he is mainly a leading enterprise, and small and medium-sized enterprises are doing the supply chain of the industrial chain, which enables our large and medium-sized enterprises to serve, including in this intermediate trade financing, enterprises go out these The entire industry chain of trade will be expanded, and we will cross-border finance. After the enterprises go out, now you see, the whole "One Belt, One Road", too many enterprises, more travel, open restaurants, engage in Internet finance, etc. Etc. These have given us a lot of room for cross-border financial services, as well as network operations. Therefore, the adjustment of the “One Belt, One Road†to the Chinese economy has created a huge space for our enterprises to go global. Thank you!
Xu Tao: Thank you. Below, we ask Chairman Hong to talk to us about the topic of financial technology. We all know that in financial technology, it is an innovation and a challenge. The innovation of mobile Internet technology, like virtual currency, etc. The financial environment, please talk about how to view the role of technology finance in the financial industry, how will it affect and change the financial industry?
Hong Qi: In fact, the financial industry is actually an information industry with financial functions. Therefore, the development of the financial industry is basically closely related to science and technology, especially information technology. The earliest should be from telephone and telegraph, which is a traditional industry. For many years, from 1866 to 1986, this 120 years, basically we called the 1.0 version of the financial industry, that is, the telephone and telegraph can remit money. We know that at the earliest time, because of the exchange problem, gold coins, silver coins and other physical currencies. From the Song Dynasty, we started to have a horn. The earliest cash, that is, the ticket, did not need to be exchanged for the real thing. Later, after 1866, we started to have a phone call and a telegram to send money. After 1986, it was a computer. From 1986 to 2008, twenty years ago, it was basically a computer. After 2009, it was basically a mobile service. When it entered mobile services and palm finance, Now I am taking mobile phones, paying for them at any time, and doing business at any time. You can do financial business in this place, you can buy wealth management products and enter this era.
But in the past two years, we have also seen that we are now out of new technologies such as cloud computing, big data, and the Internet of Things. The original mobile phone, in fact, mobile services, palm business is mainly telecommunications technology and Internet technology, Internet technology is actually the first Financial services move from offline to online in the form of the Internet, such as paying, selling wealth management products, and doing some financial services. These are actually moving from offline to online. If you really want big data, cloud computing, and the host to say that the fast chain technology, it is really weakening the function of the bank, the bank's intermediary function can be removed, this is truly subversive. So we can see what kind of challenges we are facing now. Now we are entering version 3.0. The banking industry is considering entering the 4.0 version, which is intelligent. Banks will not be able to step into intelligence and will soon eliminate the bank.
Now let's look at our payment. Payment is basically still small, because it has security issues, third-party payment, and a credit problem, security issues, risk control issues, and of course regulatory issues. So now we look at it, from the ratio, it is far greater than the bank, but in terms of the amount, it is much smaller than the bank's payment. Because it is a small payment, the risk is relatively low and the frequency is higher. We also saw on the payment, WeChat payment, QR code payment, iris payment, and our first iris payment, which is the eye payment, which is the first thing we do. These payments should be very convenient, and this will take us out of the market quickly.
In the second aspect, we are now looking at financing, our P2P, crowdfunding, and the soft point of this aspect is still the issue of credit, the problem of risk control, this kind of weakness can still be solved. I just saw that the China Banking Regulatory Commission should strengthen management for our P2P, regulate and strengthen management, but also actively promote it.
The third aspect, financial management, of course, is still a bank, but the high-end wealth, relatively transparent, standardized, basically now intelligent financial management to solve, so I just said that all this is a challenge to the bank, let’s talk about it. Fast chain, because to go fast chain, now virtual currency is to go to fast chain technology, why is it subversive? When companies and companies make deals, why do you want to do it through banks? Because you are not aware of each other's information, only the bank is an intermediary, you give me the money, I lend money to the society according to my understanding, I am an intermediary, including service, settlement, I am doing An intermediary is because of information asymmetry. If you use the technology of fast chain, we will talk about it and sign an agreement according to certain rules and algorithms, so that you can directly do business without passing me. Distributed, and everyone is transparent, always preserved, and fair, and you can't tamper with it, you can keep it at any time, so it's actually a decentralization. In terms of transactions, especially in cross-border settlement, I used to open credit. Now I don’t have it. You have the underlying technology and agreement to destroy the foundation of the bank. The intermediary is subversive to the bank. We are doing version 4.0. .
Xu Tao: I think the whole forum is like this. Every guest ends this forum with one sentence. I also say a paragraph, please prepare. I have been engaged in the technology industry for many years. I feel that the industry is developing very rapidly. The challenges and opportunities brought to the enterprise are enormous, but with the initial heart, the courage to face many forces and sources, technology changes life, and we hope that with the future A new round of technology and industrial revolution, such as artificial intelligence and virtual technology, is changing with each passing day, promoting the combination of virtual economy and real economy, and creating a technology to create a shared and shared society through technological innovation. Everyone below will say a word to end today's forum.
Hong Qi: I think that Minsheng Bank will become a technology finance company within ten years.
(Editor: Peng Lirui HF019)
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