【专家观点】美国高净息差之谜：市场化与创新的力量

Core Viewpoint - The notion that "net interest margin (NIM) in developed countries will inevitably narrow" is a fallacy, as evidenced by the sustained high NIM in the U.S. banking sector despite its advanced economic status [1][3]. Group 1: U.S. Banking Sector Performance - U.S. banks have maintained a net interest margin above 3% for most of the time, even during interest rate hikes and cuts, with the lowest recorded NIM being above 2.5% [1]. - The U.S. banking sector has experienced 584 bank failures since the 2008 financial crisis, indicating a market-driven approach where poorly performing banks are allowed to exit [3]. Group 2: Market Dynamics and Innovation - The U.S. banking system operates in a highly market-oriented environment, where banks must adapt and innovate to survive, leading to the creation of new profit opportunities [7]. - For instance, First Citizens Bank shifted its focus to the healthcare sector, increasing its healthcare loan ratio from 12.4% in 2006 to 25.28% in 2013, and diversified into technology loans, achieving a NIM of 3.54% in 2024 [7][8]. Group 3: Lessons for China's Banking Sector - China's banking sector, similar to Japan's, often relies on government support during financial crises, which can dampen the motivation for banks to adjust their business structures [10]. - U.S. banking experiences suggest that proactive adaptation and differentiation can lead to new profit sources, as seen in banks like Tailong Bank and Changshu Bank, which achieved NIMs of 3.56% and 2.71% respectively in 2024 [10]. - The transition from traditional economic sectors to emerging industries is crucial for Chinese banks to avoid stagnation and find new growth engines [11].