Li Yunze talks about developing insurance funds in the latest Lujiazui Forum. Experts interpret that insurance funds should leverage the advantage of "patient capital".

1. Insurance assets only account for 7% of the total financial assets in China, while the international average is around 20%; 2. The number of people covered by major illness insurance in China has reached 1.2 billion, and the retirement reserve accumulated by the insurance industry is over 6 trillion yuan; 3. In terms of compensation for losses in major disaster accidents, the proportion borne by the insurance industry in China is only 10%, while the global average is as high as about 40%.

cls.cnJun 19 15:57

What signal does the central bank governor release on interest rate reform at the Lujiazui Forum? Experts suggest to downplay the MLF policy rate color and improve the quality of LPR quotes.

1. People's Bank of China Governor Pan Gongsheng has sent a signal to further improve the market-based interest rate regulation mechanism; 2. Previously, the MLF rate, which was used as the medium-term policy rate, often deviated from the trend of market rates with the same period, causing market confusion. In the future, the policy color of the MLF rate should be gradually weakened; 3. The direction of future LPR reform should be to generate a quote that both borrowers and lenders feel is fair, and use it as a pricing reference for loans.

cls.cnJun 19 15:06

Pan Gongsheng talked about government bond trading in Shanghai Lujiazui Finance & Trade Zone Development. Experts say that the central bank once again warned of risks in the bond market and guided expectations for new mechanisms.

The recent speech from the People's Bank of China at Shanghai Lujiazui Finance & Trade Zone Development further clarifies that the PBOC's buying and selling of national bonds does not represent quantitative easing, while also warning of risks in the bond market and expressing high concerns over long-term bond yields. The PBOC has previously indicated the potential risks of long-term government bond rates, reflecting a new mechanism for guiding expectations. In recent years, disruptions in market expectations caused by 'small essays' have been pointed out by industry experts, highlighting the importance of guiding expectations in improving the framework of monetary policy.

cls.cnJun 19 12:28

Mid-day overview: All three major indexes rose by over 1%, with network technology stocks, autos, and mainland China banking stocks up. Bilibili rose over 10%.

Network technology stocks rose, SenseTime rose more than 7%, Xiaomi Group rose more than 3%, Netease, Tencent, Alibaba, and jd.com all rose more than 1%.

Futu NewsJun 19 10:22

China Life Insurance has also parted ways with PwC, and in the financial industry, there have been announcements from Haitong, CMB, PICC, and others, many of which attribute it to the 'principle of prudence'.

① China Life Insurance announced plans to replace Ernst & Young as the company's 2024 auditor, and PricewaterhouseCoopers will no longer cooperate; ② A total of 14 listed companies have cancelled cooperation with PricewaterhouseCoopers, and financial companies already account for one-third; ③ A number of financial institutions mentioned the “principle of prudence” and concerns about certain uncertainties in the reasons for canceling the cooperation.

cls.cnJun 12 09:08

The effects of real estate policies are gradually manifesting, and core city property markets are expected to see a recovery.

After the implementation of the new policy on May 28th, both the primary and secondary housing markets in Guangzhou have become active. According to the statistics of the Hefu Research Institute, the first-hand and second-hand housing markets in Guangzhou have both shown a trend of recovery under the influence of this new policy. The research report of China Securities Co., Ltd. pointed out that the continuous relaxation of policies is expected to provide support for demand, and core cities and second-hand housing markets are expected to recover first.

cls.cnJun 11 08:22