向新求质 金融业持续优化市场竞争秩序

Core Viewpoint - The Chinese financial industry is undergoing a "de-involution" movement aimed at preventing vicious price wars and unfair competition, with regulatory bodies and financial institutions actively responding to optimize market competition and enhance service capabilities for the real economy [1][2][6]. Group 1: Regulatory Actions - The Central Political Bureau of the Communist Party of China has emphasized the need to advance the construction of a unified national market and to govern disorderly competition in enterprises [1]. - The China Futures Association has released a draft regulation targeting improper competitive behaviors in futures brokerage, marking the first industry standard in the financial "de-involution" movement [2]. - Local regulatory bodies, such as the Guangdong Financial Regulatory Bureau, have issued negative lists for "involution-style" competition and are guiding industry associations to develop self-regulatory agreements against unfair competition [2]. Group 2: Industry Responses - Financial institutions, particularly banks, have quickly responded to the "de-involution" initiative, with several banks holding meetings to promote the concept and implement measures against "involution-style" competition [4]. - Experts suggest that banks must shift from a scale-oriented approach to a value-oriented strategy, integrating innovation, risk control, and organizational capabilities to enhance core competitiveness [4]. Group 3: Sector-Specific Measures - In the securities sector, there is a focus on improving the underwriting process for bonds, with the interbank market association strengthening self-regulation and increasing penalties for violations [3]. - Securities firms are encouraged to reform incentive mechanisms and shift evaluation criteria from scale to quality, thereby reducing the emphasis on size and introducing quality metrics [5]. Group 4: Long-term Implications - The "de-involution" movement is expected to reshape the competitive landscape of the financial industry, promoting a transition from price-based competition to value-based competition, which could lead to improved efficiency and quality in the sector [6]. - The new regulations aim to balance standardization with market vitality, ensuring healthy industry development while protecting investor rights and serving the real economy [6].