刘晓曙：美国银行业高净息差之谜

Core Viewpoint - The notion that "net interest margin in developed countries will inevitably narrow" is a fallacy, as evidenced by the sustained high net interest margins in the U.S. banking sector despite its advanced economic status [1][10]. Group 1: U.S. Banking Sector Performance - The U.S. banking sector has maintained a net interest margin above 3% for most of the time, even during interest rate hikes and cuts, with the lowest margin recorded at over 2.5% [1]. - The U.S. banking industry has experienced significant market discipline, with 584 banks failing since the 2008 financial crisis, indicating a robust market mechanism that promotes efficiency [3]. Group 2: Comparison with Japan - Japan's banking system lacks vitality due to government interventions that prevent natural market clearing, leading to a buildup of bad debts and low profitability [5][6]. - The Japanese government's protective measures resulted in a lack of competition and innovation within the banking sector, causing prolonged periods of negative net profits prior to 2004 [6]. Group 3: Strategies for Maintaining High Net Interest Margins - U.S. banks actively seek to create opportunities for interest margin growth by diversifying their loan portfolios and focusing on emerging sectors such as technology and healthcare [8][9]. - For instance, First Citizens Bank increased its healthcare loan ratio from 12.4% in 2006 to 25.28% in 2013, and subsequently diversified into technology loans, achieving a net interest margin of 3.54% by 2024 [8]. - Similarly, West Alliance Bank optimized its loan structure by reducing reliance on commercial real estate loans and increasing its focus on industrial loans, maintaining a net interest margin of 3.58% in 2024 [9]. Group 4: Implications for China's Banking Sector - The experience of the U.S. banking sector suggests that Chinese banks should actively seek change and explore new growth opportunities rather than relying on government support [10][11]. - Chinese banks need to accelerate the transformation of their asset-liability structures to adapt to the ongoing economic transition, moving away from traditional sectors like real estate and infrastructure towards emerging industries [12].