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     atlas               as the supporting rules of the new asset management regulations, the measures for supervision and management of financial management business of commercial banks (Draft for comments) (hereinafter referred to as the "measures") recently came into effect, pointing out the direction for the steady and standardized development of financial management business of commercial banks. In this regard, sun Deshun, President of China CITIC Bank, said in an exclusive interview with China Securities News recently that bank asset management will usher in a new era of standardized development. Especially with the continuous improvement of relevant laws and regulations, China's pension and enterprise annuity are expected to form a "blue sea market" of 100 billion yuan, and the asset management industry is expected to get more opportunities with longer term and stable style We need to build up funds. Sun Deshun pointed out that there is a long way to go to prevent and resolve financial risks. Commercial banks should set an example, accelerate the return to the source, and fully serve the real economy. In addition, it is expected that the industry's concern loans will become new non-performing loans next year, and the pressure will be further highlighted. Bank asset management will have a bright future    China Securities Journal: what impact will the measures have on bank financing business? What do you think of the future of asset management business? What arrangements does China CITIC Bank have for its financial management subsidiary? Sun Deshun: the new rules and measures of asset management are necessary and timely. As far as China CITIC Bank is concerned, we have sorted out all asset management products. We should know what needs to be returned and what needs to be stopped. After going through the painful period of transformation, asset management business will usher in a broad prospect of long-term sustainable development. In the short run, after the implementation of the new asset management regulations, the bank asset management has entered a painful period of transformation,During the transition period, we have to complete the transformation tasks such as product net value, customer hierarchical management, asset allocation optimization and adjustment, operation system upgrading, corporatization and so on, which are time-consuming and under great pressure. The "prosperity index of asset management managers of China CITIC Bank" shows that since the second half of last year, the confidence of employees has weakened and the prosperity of the industry has continued to be weak. But in the long run, the development space of bank asset management is broad: first, the wealth management market is in the ascendant, and the market space is very large. Especially with the continuous improvement of relevant laws and regulations, China's pension and enterprise annuity are expected to form a "blue ocean market" of 100 billion yuan, and the asset management industry is expected to obtain more long-term and stable institutional funds. Second, direct financing brings great opportunities and will become a new business growth point for banks, which will provide strategic opportunities for banks to obtain high-yield assets, reduce capital consumption and improve profit growth. In addition to the development of traditional debt financing and large share financing, it will also usher in the development of PE financing. Third, the future of banking asset management is promising. Internationally, 11 of the world's top 20 asset management companies belong to the banking sector. Bank asset management has natural advantages such as customers and channels. If the transformation is successfully completed, it is expected to play a leading role in China's large asset management industry. Under the requirements of the new asset management regulations, China CITIC Bank is actively planning to lead the business division system to corporatization, and actively layout the two important "Blue Ocean markets" of wealth management and direct financing. The first is to improve services, accelerate innovation, promote the reform of system and mechanism, and continuously improve the ability of risk pricing and value creation; the second is to develop marketable property in a timely mannerThe third is to take advantage of the situation and build a entrusted quality asset management system with "leading mechanism, outstanding ability and high-end brand". China Securities News: with the deepening of China's opening to the outside world, many foreign-funded institutions are focusing on China's wealth management market. How should Chinese funded institutions cope with this new change and challenge? Sun Deshun: the trend of competition is irresistible, but as long as it is recognized by investors in some aspects, it can form a very stable value and provide a transition for adapting to the new environment. In the face of new asset management regulations and external competition, the entire financial industry needs to speed up its transformation. Foreign financial institutions aim at the elite (big customers aged 45 to 60). Foreign financial institutions have advantages in risk awareness, identification ability, asset operation ability and so on. The advantage of Chinese banks is to be familiar with the domestic environment first, and then the customers they face. Therefore, in the wealth management market, Chinese and foreign institutions are bound to strengthen cooperation. China Securities Journal: it is very important for commercial banks to play a role in preventing and resolving major risks. What do you think of the asset quality and liquidity management of the industry this year? Sun Deshun: this year is the most critical year for the prevention and control of systemic risks, which is a major test for all financial institutions. For commercial banks, the core requirement is to return to capitalSource, that is, the bank's traditional "deposit, loan, exchange" and account security, clearing, operation as the core business. In previous years, in the economic upward cycle, the problems of excessive expansion of enterprises and excessive credit extension of banks were common. In the current deleveraging environment, some problems may arise. If there is a problem of enterprise liquidity, it will inevitably be transmitted to financial institutions, the most important is the bank, followed by trust and securities. Under the combined effect of these factors, some seemingly good stock customers may have problems, and then detonate bad risks. It is expected that next year, the pressure of the industry's focus on loans becoming new non-performing loans will be further highlighted. This year, China CITIC Bank mainly focuses on the systematic investigation of existing customers, striving to deal with the concerned loans as soon as possible. This year, we will gradually form a risk compliance management system of support, compression, maintenance and withdrawal. The development plan of China CITIC Bank for 2018-2020 (hereinafter referred to as "the plan") puts "Ping An CITIC" into the three-year plan, which will further optimize and improve the existing risk compliance management system. Further strengthen the awareness of robust compliance and strictly prevent "seven categories" of risks. China Securities News: in order to relieve the bad risk, the regulatory authorities have made it clear that banks are encouraged to actively participate in the market-oriented debt to equity swap. It is said that this year will be the year when the debt to equity swap project is actually implemented, and the joint-stock bank is expected to become the next "main force". What do you think of this? Sun Deshun: at present, China CITIC Bank is participating in the market-oriented debt to equity swap of three enterprises, and there are still several under discussion, mainly large local state-owned enterprises. Early SilverHowever, it still needs a long process of evaluation and due diligence. On the basis of a lot of work done in the early stage, we can see results in the later stage and gradually enter the benign operation track. At present, how to evaluate the assets of the existing debt to equity swap enterprises and how to manage them in the future need to be solved. Because once the debt to equity swap, we must consider the market factors and need several parties to reach a consensus. Here, it involves pricing, due diligence, law, equity transfer ratio, new corporate governance structure and other issues. China Securities Journal: as you said, the industry will face many challenges in the future, and the trend of strict financial supervision will continue. In this context, how will China CITIC Bank adjust and respond to its business strategy? Sun Deshun: in fact, China CITIC Bank predicted the situation last year and put forward the idea of "quality, stability and obedience". "Quality" means quality and high-quality development, and new loans must have quality; "stability" means steady development of the stock; "obedience" means being a "good child" in the process of operation and management, and actively complying with the new strong supervision. In order to improve the quality of development, we have paralleled asset "scale reduction" with structural adjustment: on the one hand, further scale reduction, especially for asset business; on the other hand, increase structural adjustment. The first quarter performance data of China CITIC Bank has been reflected. In the investment of asset business, the company assets and peer assets have been reduced, and the investment of personal business and credit card has been increased. 　　This strategy is compatible with the current international and domestic economic environment. On the one hand, it will increase the support for personal consumption credit, on the other hand, it will promote the development of the real economy. The plan has been issued to the whole bank and promoted its implementation. Looking forward to the future, China CITIC Bank should "become the best comprehensive financial service enterprise with responsibility, temperature, characteristics and dignity". We divided the 38 first tier branches into three categories and made differentiated arrangements in terms of resource allocation and return requirements. "Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing and Hangzhou" should play the role of strategic fulcrum of the whole bank, key regional branches should strive to improve their profit contribution, potential regional branches should strengthen their confidence, lead a good team, stabilize their assets and do a good job in the market. Make clear the development direction and key points of the three business sectors. The company's business should be "light and strong", highlight the characteristics of "big deal" and strengthen the characteristics of "big investment bank". Retail business should be "big and strong", bigger assets, bigger management assets, bigger payment and settlement. Financial market business should be "alive and strong", grasp the trend, seize the opportunity to make the market alive. It highlights "returning to the origin and serving the overall situation" and specifically proposes to strengthen the party's overall leadership and targeted poverty alleviation, which is also a reflection of the responsibility of a state-owned bank. China Securities News: in recent years, the competition of banking industry in the field of financial technology tends to be white hot. How to compete between traditional financial institutions and emerging financial technology institutions? How will China CITIC Bank increase its layout? Sun Deshun: in the future, it is more about cooperation and learning from each other. China CITIC Bank is the first to develop financial cooperation with Tencent, Baidu, Ali and JingdongBusiness cooperation is one of the most important banks in the world. These cooperation are still deepening and expanding. In terms of technology, we have carried out joint innovation and R & D with a number of Internet companies and technology companies, giving full play to the technical advantages of these companies and the financial professional advantages of banks, and applying big data, artificial intelligence and other technologies to continuously innovate in the fields of intelligent customer service, risk control, product cooperation, etc. We write the development of financial technology into the plan, which means that it is a long-term layout. In the future, China CITIC Bank's financial technology strategy will develop along two paths: one is to spare no effort to comprehensively transform the bank's channel, marketing, product, risk control and operation system with new technology. We comprehensively plan and build big data platform, AI application framework and platform, apply to customer tags, intelligent personalized services, real-time risk control of electronic channels, develop intelligent investment advisory product "xinzhitou", and apply robot process automation technology to business operation. Blockchain is the first domestic application of L / C. China CITIC Bank and the other three banks form a business chain to fully verify the efficiency and security of the application mode. Second, business model innovation. This round of technological revolution is pregnant with the emergence of new business models. The establishment of Baixin bank is only the first step. China CITIC Bank will never stop "incubation" and seek and grasp opportunities for model innovation. As a "light cavalry" of CITIC Group's strategic transformation, Baixin bank adheres to the dislocation operation and coordinated development with its parent bank. The financial technology capability of Baixin bank not only provides reference for China CITIC Bank to improve its risk control system, but also will realize output when conditions are ripe. As of JuneOn the 30th, the total number of users of Baixin bank was 3.94 million, with transaction settlement volume of 140.6 billion yuan, total assets of 21.304 billion yuan and total liabilities of 19.292 billion yuan.  + 1         [error correction]            editor in charge:  Gao Chang       editor in charge
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