Core Viewpoint - Guangdong's financial regulatory authorities are taking a strong stance against "involutionary" competition in the financial sector, aiming to promote healthy industry development and establish a more regulated environment [1][2]. Group 1: Regulatory Actions - Guangdong Financial Regulatory Bureau has issued a negative list for "involutionary" competition in the banking and insurance sectors, guiding industry associations to formulate self-regulatory agreements against unfair competition [1][2]. - A comprehensive action plan is being implemented in Guangdong, which includes a regulatory framework referred to as "1+3+N" to address "involutionary" competition [2]. - The newly released "Self-Regulatory Convention Against Unfair Competition in Guangdong Banking Industry (2025 Edition)" outlines both advocacy and prohibition clauses across eight areas, including rational pricing and strict management of rebates [2][3]. Group 2: Market Conditions - The phenomenon of price wars and customer poaching has been observed in the financial sector, particularly in consumer loans, where rates dropped to as low as 2.58% before regulatory intervention [3]. - As of June, the weighted average interest rate for newly issued corporate loans in Guangdong was 2.79%, a decrease of 41 basis points year-on-year [3]. - The regulatory measures have led to a narrowing of the decline in net interest margins for banks, with a reported 5% reduction in the scale of commissions and fees in the insurance sector compared to the same period in 2024 [3]. Group 3: Industry Response - The banking sector has shown a positive response to the regulatory measures, with institutions like Ping An Bank's Guangzhou branch actively participating in the anti-"involution" campaign [5]. - There is a growing consensus among banks in regions like Jiangsu and Zhejiang to shift focus from price competition to providing comprehensive financial services [5]. - The insurance industry is also expected to develop self-regulatory agreements for specific insurance products, aiming for sustainable industry development [5].
率先为金融系统“恶性竞争”踩下刹车 广东印发银行业保险业“内卷式”竞争负面清单
Shang Hai Zheng Quan Bao·2025-07-24 18:58