Present situation and problems of active debt in China

At present, the passive liabilities of commercial banks in China account for the vast majority (more than 90%), and the proportion of active liabilities in the source of funds is still too low. However, the passive debt ratio of American commercial banks has dropped from 89% in 1975 to 7 1.7% in 2005, and the active debt ratio of American big banks is much higher than that of small banks, because big banks increasingly regard active debt as an important short-term source of funds to meet loan demand and emergency arrangements, while small banks can only rely on general deposits due to the limitation of scale and credit rating. But in China, the opposite is true. There are many deposits in state-owned commercial banks, and there is little incentive to develop active liabilities. Small and medium-sized commercial banks have developed rapidly in recent years due to their few outlets, small scale and tight funds. At present, China's commercial banks to carry out active debt business mainly face the following problems:

First, policies and regulations are still not perfect. On the one hand, the issuance of active debt management tools involves a series of policies and regulations. On the other hand, the adjustment of debt structure requires the use of internal management tools and means such as fees and prices, which easily leads to legal and rights disputes between banks and customers. At present, the laws and regulations in this area are not perfect.

Second, there is a lack of effective management tools. The term structure and product system of active debt management tools are not perfect. For example, the term of interbank lending is one day to four months, and the deposit term agreed by insurance companies and social security funds is more than five years. The failure to issue CDs restricts the implementation and effect of active debt.

Third, the depth and breadth of the market are not enough. At present, the domestic money market or bond market is mainly the primary market, while the secondary market is very inactive and the liquidity is seriously insufficient. It is difficult to find buyers or sellers for some varieties with a specific term, and the interbank market is often short-term and there is a certain price monopoly phenomenon, which cannot meet the needs of active debt management.

The fourth is the obstacle of ideas. Promoting active debt management and strengthening the adjustment of debt structure conflict with the traditional business philosophy of "setting up a bank with deposits" and have a negative impact on the operating efficiency of some branches. For example, some branches only pay attention to the deposit of funds to obtain income, regardless of the bank's excess capital position; Only seeing the spread between short-term deposits and long-term loans, without considering the hidden huge risks, leads to great resistance in the actual implementation of active liabilities.

Fifth, the information system is not well supported. The implementation of active liability management needs to accurately measure the natural maturity and repricing maturity of all assets and liabilities, and have enough data accumulation to effectively match the maturity and adjust the structure. Because most commercial bank information systems can't accurately evaluate the benefit contribution of a single product, they lack convincing decision-making basis when determining the specific debt structure adjustment object.

Fourth, promote the development of active liabilities of commercial banks.

In the short term, the excess liquidity in the domestic financial market will continue, and the marketization of deposit and loan interest rates needs a gradual process. The liquidity risk and market risk faced by banks are unlikely to come true. Therefore, the main task of active debt management is to promote the optimization of deposit structure and limit the growth of high-cost deposits from the financial point of view. In the medium and long term, domestic banks must take the international advanced banks as the benchmark, strengthen the research of active debt management tools and the cultivation of system and personnel capabilities, continuously increase the scale and proportion of active liabilities, and do a good job in matching the total amount of assets and liabilities with the term on the premise of balancing risks and benefits. The main work of active debt management is to flexibly use various management tools, strengthen product innovation, enrich the variety of debt business, effectively control risks and promote the maximization of the overall value of banks. The regulatory authorities should actively cultivate the market and provide a good environment for the healthy development of the active debt business. Under the condition that the financial market in China is not completely sound, it is very important to provide a good entrepreneurial environment for new businesses or varieties. This requires the regulatory agencies and commercial banks to coordinate, further study and analyze according to the development planning and requirements of China's financial market, revise and improve the corresponding policies, regulations and operating procedures, improve the capacity and depth of the active bond market, carefully screen out business varieties that can encourage development, actively cultivate market conditions, and promote the diversification of active bond forms.