Since the 18th CPC National Congress, China's financial industry has maintained rapid development, the financial supply side structural reform has been deepened, and the comprehensive strength of the financial industry has been further enhanced. At present, China's finance has formed a complete and competitive financial institution system covering banking, securities, insurance, funds, futures and other fields. At the end of 2021, the total assets of China's financial institutions were 381.95 trillion yuan, of which the total assets of banking institutions were 344.76 trillion yuan; The total assets of securities institutions are 12.3 trillion yuan; The total assets of insurance institutions are 24.89 trillion yuan. At the end of 2011, the total assets of China's banking institutions were only 113.3 trillion yuan.
From scratch, from weak to strong, with the economy moving towards high-quality development, China's financial market has become more mature, gradually established a financial market system with complementary functions, multi-level trading places and diversified trading products, and the ability to allocate resources and serve the real economy has been continuously enhanced. Among the top 1000 global banks in 2021 published by the British banker magazine, 144 Chinese banks are listed, with a total scale of tier 1 capital of US $2.96 trillion. At the same time, China's stock market and bond market have also developed rapidly, and the scale has increased steadily, ranking second in the world. By the end of 2021, the annual turnover of Shanghai and Shenzhen stock markets had reached 258.0 trillion yuan, and the custody balance of the bond market had reached 133.5 trillion yuan.
Looking back on the past 10 years, China's financial reform and development have yielded fruitful results, financial products have become increasingly abundant, financial services have become more inclusive, financial reform and opening up have been steadily promoted, the financial regulatory system has been further improved, and the financial industry is continuously injecting strong momentum into high-quality economic and social development.
Return to the origin and serve the high-quality development of economy and society
After the international financial crisis in 2008, China is facing the arduous task of accelerating transformation and development. Strengthening the service of the real economy has become the main line of financial reform and development. Since the 18th CPC National Congress, the financial industry has insisted on returning to its origin, allocating more financial resources to key areas and weak links of economic and social development such as small and micro enterprises, "agriculture, rural areas and farmers", emerging industries and green environmental protection, meeting the reasonable and effective financing needs of market players, and promoting the transformation, adjustment and virtuous cycle development of the national economy. In 2021, RMB loans increased by nearly 20 trillion yuan, and bank and insurance institutions increased bond investment by 7.7 trillion yuan. By the end of 2021, new manufacturing loans had increased by 1.67 trillion yuan, and medium - and long-term manufacturing loans increased by 31.8%; The balance of domestic and foreign currency green loans in China is 15.9 trillion yuan, ranking first in the world.
For a long time ago, private, small, medium and micro enterprises generally had the problems of difficult and expensive financing. In recent years, the financial industry adheres to the structural reform on the service supply side as the main line, gives play to the joint force of "several lifting", and the "three arrows" of credit, creditor's rights and equity are launched at the same time. The financing of private, small, medium-sized and micro enterprises shows a good trend of "volume increase, area expansion and price drop". During the epidemic prevention and control period, the people's Bank of China used a series of monetary policy tools in a hierarchical and gradient manner to guide financial institutions to improve the financing efficiency of small and micro enterprises according to the stage of epidemic prevention and control and economic recovery and development. At the end of January 2022, the balance of Pratt & Whitney small and micro loans was 19.7 trillion yuan, a year-on-year increase of 25.8%; The number of Pratt & Whitney small and micro credit households increased to 48.13 million, a year-on-year increase of 45.5%. In 2021, the average interest rate of newly issued Pratt & Whitney small and micro enterprise loans was 4.93%, 22 basis points lower than the annual level in 2020.
The battle against poverty is undoubtedly an important stroke in the financial reform and development in the past decade. In 2020, China won an all-round victory in the battle against poverty. Under the current standard, 98.99 million rural poor people were lifted out of poverty, 832 poor counties were lifted their hats, and 128000 poor villages were listed. Finance has played an important role. Since the battle against poverty, targeted financial poverty alleviation loans have been granted 9.2 trillion yuan, poverty alleviation microcredit has been granted more than 710 billion yuan, and poverty alleviation refinancing has been granted 668.8 billion yuan.
With the in-depth promotion of Inclusive Finance, China's basic financial services have basically achieved full coverage. By the end of 2020, the coverage of bank outlets in villages and towns across the country had reached 97.13%, and the coverage of payment services in village level administrative regions had reached 99.31%. Basically, there were institutions in villages and towns, services in villages and accounts in every family. At present, serious illness insurance has covered 1.22 billion urban and rural residents, and agricultural insurance has provided risk protection of 4.7 trillion yuan for 180 million secondary farmers.
