中國(guó)民營(yíng)銀行并未改變銀行業(yè)

A batch of Chinese privately owned banks that reformers hoped would direct loans to credit-starved consumers and small businesses have yet to achieve significant scale, denting hopes that they will transform the state-dominated banking system.

改革人士原本指望中國(guó)一批民營(yíng)銀行把貸款導(dǎo)向急需信貸的消費(fèi)者和小企業(yè)，但這些銀行尚未達(dá)到足夠大的規(guī)模，使得對(duì)它們改變國(guó)有銀行占主導(dǎo)地位的銀行體系的希望受挫。

China’s banking regulator has revealed data for the first time on a group of five privately owned banks that Beijing approved in 2014 as part of a closely watched pilot programme. The group includes WeBank, backed by social media group Tencent Holdings, and MYBank, controlled by Ant Financial, the financial affiliate of ecommerce giant Alibaba Group.

中國(guó)銀行業(yè)監(jiān)管機(jī)構(gòu)首次發(fā)布了5家2014年獲準(zhǔn)成立的民營(yíng)銀行的數(shù)據(jù)。這5家銀行屬于一個(gè)受到密切關(guān)注的試點(diǎn)項(xiàng)目，其中包括社交媒體集團(tuán)騰訊控股(Tencent Holdings)支持的微眾銀行(WeBank)，和電商巨頭阿里巴巴集團(tuán)(Alibaba Group)旗下金融子公司螞蟻金服(Ant Financial)持股的網(wǎng)商銀行(MYbank)。

As a group, the five pilot banks had total assets of Rmb133bn ($19bn) by the end of September and Rmb572m in the first three quarters on 2016, the regulator disclosed. That compares with Rmb217tn in banking assets for Chinese banks overall. If the group were a single institution, it would rank 18th among Chinese lenders by assets.

中國(guó)銀監(jiān)會(huì)披露稱，這5家試點(diǎn)銀行截至今年9月底的資產(chǎn)總額達(dá)到1330億元人民幣(合190億美元)，今年前3季度的凈利潤(rùn)共計(jì)5.72億元人民幣。而中國(guó)銀行業(yè)的資產(chǎn)總額達(dá)到217萬(wàn)億元人民幣。如果這幾家銀行是一家機(jī)構(gòu)的話，其資產(chǎn)規(guī)模在中國(guó)銀行業(yè)將排在第18位。

“In absolute terms, the scale of their assets is very small, so they don’t pose a significant threat to traditional banks,” said Zhong Jiayong, analyst at Beijing Unbank Investment Consultant, which tracks the industry. “But they each have specific advantages that they can exploit, whether it’s their internet platforms or industry knowledge.”

“從絕對(duì)數(shù)字看，它們的資產(chǎn)規(guī)模非常小，所以它們對(duì)傳統(tǒng)銀行構(gòu)不成重大威脅，”跟蹤銀行業(yè)的北京銀聯(lián)信投資顧問(wèn)有限責(zé)任公司(Beijing Unbank Investment Consultant)的分析師鐘加勇說(shuō)。“但是，它們每一家都有可以利用的特別優(yōu)勢(shì)，無(wú)論是互聯(lián)網(wǎng)平臺(tái)、還是行業(yè)知識(shí)。”

China’s banks are overwhelmingly state-owned, and small, privately owned businesses have long complained that they struggle to obtain loans. Meanwhile, politically directed lending by state banks has sustained an army of state-owned “zombie enterprises” that are unprofitable but cannot die.

中國(guó)的絕大多數(shù)銀行是國(guó)有銀行，小型民營(yíng)企業(yè)長(zhǎng)期以來(lái)一直抱怨稱，它們很難獲得貸款。另一方面，國(guó)有銀行具有政治導(dǎo)向的貸款發(fā)放，維持了一大批國(guó)有“僵尸企業(yè)”——它們沒(méi)有盈利能力，卻不能倒閉。

Reform advocates had hoped that privately owned banks would shake up the industry by lending to underserved borrowers and even diverting some customer deposits away from incumbent banks. In a sign of the high-level attention, Chinese premier Li Keqiang attended WeBank’s launch ceremony last year.

改革倡導(dǎo)者們?cè)鞠Ｍ?，民營(yíng)銀行會(huì)撼動(dòng)整個(gè)銀行業(yè)，把貸款發(fā)放給未得到充分金融服務(wù)的借款人，甚至從原有銀行分流一部分客戶存款。去年中國(guó)總理李克強(qiáng)出席了微眾銀行的開業(yè)儀式，顯示出高層的重視。

But the latest figures suggest the private banks — most of which started operations in 2015 — remain too small to meaningfully influence overall credit allocation. Rather than threatening traditional banks, the upstarts are mainly expected to draw on the resources of their corporate backers to serve specific niches.

但最新數(shù)據(jù)顯示，民營(yíng)銀行——多數(shù)于2015年開始營(yíng)業(yè)——仍規(guī)模太小，無(wú)法對(duì)整體信貸配置產(chǎn)生重大影響。這些新生銀行沒(méi)有威脅到傳統(tǒng)銀行，而是主要被寄望利用其股東的資源服務(wù)于具體的細(xì)分市場(chǎng)。

For Tencent and Ant Financial, that means drawing on huge troves of user data to identify worthy borrowers and assess credit risk. For others, such as banks backed by airline operator JuneYao Group and auto parts manufacturer Wanxiang China Holdings, it means leveraging relationships with and knowledge about customers and suppliers, who can also become borrowers.

對(duì)于騰訊和螞蟻金服而言，這意味著利用海量用戶數(shù)據(jù)去識(shí)別有價(jià)值的借款人和評(píng)估信貸風(fēng)險(xiǎn)。對(duì)其他銀行、比如航空服務(wù)運(yùn)營(yíng)商均瑤集團(tuán)(JuneYao Group)和汽車部件生產(chǎn)商中國(guó)萬(wàn)向控股(Wanxiang China Holdings)出資成立的銀行而言，這意味著利用與顧客和供應(yīng)商之間的關(guān)系、以及有關(guān)顧客和供應(yīng)商的知識(shí)，這兩者也可能成為借款方。

According to WeBank’s president, the lender has extended loans to 60m customers since launch. Its most popular product is consumer loans, with an average amount of Rmb8,000. MYBank said earlier this year that its typical loan size was Rmb20,000.

微眾銀行行長(zhǎng)稱，自開業(yè)以來(lái)，該行已向6000萬(wàn)客戶發(fā)放了貸款。其最受歡迎的產(chǎn)品是消費(fèi)貸款，平均貸款額為8000元人民幣。今年早些時(shí)候，網(wǎng)商銀行表示，其典型貸款規(guī)模為2萬(wàn)元人民幣。

But internet banks have yet to resolve the issue of account opening procedures, given that most have few or no physical branches, Mr Zhong warned. Chinese law requires bank customers to appear in person and present identification in order to open an account. That has limited the private banks’ ability to attract deposits.

但鐘加勇警告稱，由于互聯(lián)網(wǎng)銀行大多沒(méi)有實(shí)體網(wǎng)點(diǎn)或網(wǎng)點(diǎn)很少，它們尚未解決開戶程序問(wèn)題。中國(guó)法律規(guī)定，客戶必須親臨銀行提交身份證件，才能開立賬戶。這就限制了民營(yíng)銀行吸引存款的能力。

Rather than deposits, private banks have relied on interbank borrowing to fund their balance sheets. MYBank is also seeking investors for its first loan securitisation deal and intends securitisation to become a major source of funding.

民營(yíng)銀行一直依靠銀行間拆借而不是存款來(lái)支撐其資產(chǎn)負(fù)債表。網(wǎng)商銀行也在為其首筆貸款證券化交易尋找投資人，并打算把證券化發(fā)展為一條主要籌資渠道。

Since the initial group of five private banks in 2014, the regulator has approved six others.

自2014年批準(zhǔn)成立第一批5家民營(yíng)銀行以來(lái)，中國(guó)銀監(jiān)會(huì)又批準(zhǔn)了另外6家。