Core Insights - The cross-border e-commerce platform, Yunshang City TikTok, is facing a significant issue with unfulfilled payment obligations, leading to abnormal cash flow and delayed returns for investors [1] - The situation has resulted in severe economic pressure on investors and potential business interruptions for some operators, severely impacting industry confidence [1] - Regulatory authorities have intervened to conduct a comprehensive investigation and coordinate efforts among platform operators, investor representatives, and financial institutions [1] Group 1 - A third-party institution has been introduced to manage the situation due to its expertise in financial risk management and cross-border operations, providing hope for resolving the payment crisis [3] - An online redemption channel has been successfully opened, with clear communication to investors regarding the process and precautions to ensure smooth transactions [3] Group 2 - Following the resolution of the incident, Yunshang City TikTok is expected to regain trust and gradually restore its operations, while the industry will learn from this experience to improve regulatory and operational mechanisms [5] - The overall goal is to restore market confidence and ensure the stable and healthy development of the industry [5]

2025.09. 22 本文字数：3371，阅读时长大约5分钟 作者 | 第一财经 杜川 金融圈的目光再次聚焦！ 9月22日，中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清将齐聚"高质 量完成'十四五'规划"系列主题新闻发布会，介绍过去5年金融业的发展成就。 尽管这是一场关于"十四五"规划完成情况的发布会，但市场的期待值已被拉满。从时间线来看，距 离去年9月24日的重磅新政即将满一周年，市场热切期盼着是否还会有利好政策出台。回顾去年，9 月17日美联储宣布降息后，9月24日的发布会便推出一系列利好。今年9月18日，美联储刚宣布降息 25bps，这无疑让大家对此次发布会充满遐想。 金融发展破浪前行 过去五年金融市场面临的环境发生了复杂深刻变化，外部输入性风险挑战风高浪急，国内部分领域风 险突出。在此背景下，我国金融业以高质量发展为主线，一边持续输送金融"活水"精准滴灌实体经 济，一边以"监管铁军"姿态筑牢风险防线。 金融业综合实力实现跨越式提升，为服务实体奠定坚实基础。发布会上，潘功胜、金融金融监管总局 局长李云泽、中国证监会主席吴清等详细介绍了过去几年金融支持实体以及风险处置所取得的成绩。 ...

Core Viewpoint - The meeting emphasized the importance of long-term and systematic efforts in building a beautiful China, balancing high-quality development with high-level environmental protection [2] Group 1: Government Procurement and Domestic Product Standards - The government plans to implement domestic product standards in government procurement, which is seen as a crucial step in improving the procurement system and ensuring fair competition [3] - The government will categorize domestic product standards based on practical needs and set specific requirements for key components and processes of certain products [3] - The Ministry of Finance has initiated a three-year action plan (2024-2026) to rectify market order in government procurement, inspecting over 6,000 agencies and more than 30,000 projects to enhance the business environment [3] Group 2: Banking Industry Supervision - The meeting discussed and tentatively approved the revised draft of the Banking Supervision Law, which will be submitted to the National People's Congress for review [4] - The stability of banking financial institutions is crucial for the overall stability of the financial system and the safety of people's assets, necessitating stricter management and legal measures against illegal financial activities [4] - The Banking Supervision Law, first implemented in February 2004, is undergoing revisions to better align with the 2025 legislative work plan of the State Council [4]

Core Viewpoint - The revision of the Enterprise Bankruptcy Law, which has been in effect for 18 years, aims to modernize the bankruptcy legal framework, addressing practical challenges and enhancing the system's effectiveness in risk prevention and resolution [1][2]. Group 1: Key Features of the Revision - The revised draft expands from 12 chapters and 136 articles to 16 chapters and 216 articles, adding and modifying over 160 provisions to address shortcomings in the current law [2]. - The revision aims to improve the willingness to utilize bankruptcy procedures, enhance execution, and establish effective coordination between government and judicial bodies [2]. - New chapters on "merger bankruptcy" and "bankruptcy of financial institutions" have been introduced, enriching the bankruptcy legal toolkit [2]. Group 2: Financial Institution Bankruptcy - A dedicated chapter for "bankruptcy of financial institutions" has been added, recognizing the unique characteristics of financial institutions and their systemic importance [3]. - The scope of applicable institutions has been broadened to include trust companies, securities investment fund management companies, futures companies, and non-bank payment institutions, aligning with regulatory frameworks [3]. - Special rules for debt repayment have been established to protect financial consumers and the public, ensuring that financial stability funds have the same repayment priority as the entities they support [4]. Group 3: Risk Prevention and Coordination - The revision emphasizes the need for coordination between administrative measures and judicial bankruptcy processes, highlighting the importance of a comprehensive legal framework for financial risk management [5]. - Recommendations include modifying existing financial laws and establishing a unified legal framework for financial risk resolution [5]. Group 4: Optimization of Bankruptcy Procedures - The revision introduces mechanisms to enhance the efficiency of bankruptcy procedures, including a special pathway for small and micro enterprises [6]. - A new section specifically for small and micro enterprises aims to streamline the bankruptcy process, reducing costs and expediting case resolution [6]. - The special procedures for small enterprises allow for simplified management and quicker resolution timelines, ensuring a balance between creditor interests and the operational rights of business owners [6].

Core Points - The draft amendment to the Enterprise Bankruptcy Law, which has been in effect for 18 years, is undergoing its first major revision, with over 160 new and modified provisions aimed at addressing practical challenges and enhancing the legal framework for bankruptcy [1][2] - The revision emphasizes the importance of bankruptcy law as a fundamental legal system for market economy exit and risk management, aligning with modern bankruptcy law concepts [1][2] Group 1: Comprehensive Legal Revision - The amendment expands the existing law from 12 chapters and 136 articles to 16 chapters and 216 articles, addressing shortcomings in the current system [2] - Key issues such as low willingness to utilize bankruptcy procedures, execution difficulties, and ineffective coordination between government and courts are being tackled [2] - New provisions include the establishment of chapters for merger bankruptcy and bankruptcy of financial institutions, enriching the bankruptcy legal toolkit [2] Group 2: Financial Institution Bankruptcy - A dedicated chapter for "Bankruptcy of Financial Institutions" has been added, recognizing the unique characteristics of financial institutions and their systemic importance [3] - The scope of applicable financial institutions has been broadened to include trust companies, securities investment fund management companies, futures companies, and non-bank payment institutions [3] - Special rules for debt repayment have been established to protect financial consumers and the public, ensuring that financial stability guarantee funds have the same repayment priority as the entities they compensate [4] Group 3: Risk Prevention and Coordination - The need for coordination between administrative measures and judicial bankruptcy processes is emphasized, with a focus on developing a comprehensive legal framework for financial risk management [5] - Recommendations include modifying existing financial laws and establishing a unified system for financial risk disposal [5] Group 4: Optimizing Bankruptcy Procedures - The draft aims to enhance the efficiency of bankruptcy procedures, addressing concerns about lengthy processes and inefficiencies [6] - A special chapter for small and micro enterprises has been introduced, allowing for expedited bankruptcy processes tailored to their needs [6] - The special procedures for small and micro enterprises include simplified case handling, flexible management, and expedited timelines for resolution [6]

作者：申轩阳，本名申朋，凤凰网财经研究院副秘书长、北京物资学院MBA校外导师(兼) 国内外金融风险历史表明，中小银行既是风险的易发高发区，也是积累化险经验的探索域。特别是 我国自2018年开展防范化解重大风险攻坚战以来，已经历时7年，取得了重要阶段性成效。同时，当前 化解处置高风险中小银行机构仍然是防范化解金融风险的重点领域之一。从国内外高风险中小银行处置 的比较视角，总结提炼实践经验，探寻创新启示，对进一步提高我国金融风险处置与防范效能具有重要 意义。 85%，纳税人为此承担的净损失超过1240亿美元，占美国当时GDP的2%。期间，司法部还起诉银行高 管1100名，其中800人被判刑，并追回账款40亿美元。 从这一过程可以得到的启发：一是，这次倒闭潮的初期，美国监管当局在吸取第一次银行倒闭潮教 训的基础上，从对风险机构的不管不顾走向了反面，即面临机构亏损压力，放松监管以支持发展。残酷 的事实却是，对高风险机构给予发展政策不仅不能缓释和化解风险，还可能使风险迅速放大，对高风险 机构实施市场化出清，以根除风险滋生的底层逻辑，是需要秉持的重要原则。二是，在风险处置初期， 吸取第一次银行倒闭潮中吸取教训，从对储户损 ...

Core Viewpoint - The deposit insurance system in China has effectively stabilized public confidence in financial institutions and protected depositors' interests over the past decade, with significant developments and reforms anticipated in the coming years [5][6][10]. Summary by Sections Overview of Deposit Insurance System - The deposit insurance system in China has been in place for ten years since the implementation of the "Deposit Insurance Regulations" in May 2015, covering all deposit-taking financial institutions [4]. - The maximum compensation limit for deposit insurance is set at 500,000 RMB, and the funding comes from premiums paid by financial institutions, with no cost to depositors [4]. Historical Performance and Impact - The system has undergone multiple tests, notably during the takeover of Baoshang Bank in 2019, where the deposit insurance fund provided full protection for claims under 50 million RMB and nearly 90% coverage for larger claims [5]. - Since 2021, deposit insurance has played a role in the reform and risk management of small and medium-sized banks, including the establishment of LiaoShen Bank and support for the bankruptcy of LiaoYang Rural Commercial Bank [5]. Growth and Future Directions - By the end of 2024, deposits in small and medium-sized banks are expected to have increased by 124% since 2015, with a market share rise of 2.4 percentage points [6]. - Future plans include enhancing the deposit insurance fund and exploring backup financing mechanisms to increase revenue and ensure financial stability [6][10]. Financial Operations and Premium Collection - The deposit insurance fund is managed by the Financial Stability Bureau of the People's Bank of China, with institutions required to pay premiums semi-annually based on a risk-differentiated rate system [7][10]. - The total collected premiums from 2015 to 2024 amount to 373.2 billion RMB, supporting risk management efforts [11]. Legal Framework and Recommendations - There is a call for the establishment of a dedicated Deposit Insurance Law to clarify the system's legal standing and enhance its operational framework [13][14]. - Experts suggest improving early correction mechanisms and risk management processes within the existing regulations to better address financial risks [15][16].

Core Viewpoint - The article emphasizes the need to strengthen the deposit insurance system in China through market-oriented, legal, and professional risk management measures, building on the achievements of the past decade [1][3]. Group 1: Historical Context and Current Status - Since the implementation of the Deposit Insurance Regulations in 2015, the People's Bank of China has effectively managed the deposit insurance system, which has operated smoothly [1]. - The establishment of the Deposit Insurance Fund Management Company in May 2019 has enhanced the collection of premiums, risk monitoring, early correction, and prevention of bank runs [1]. - Internationally, deposit insurance systems have been established in nearly 150 countries, with 56% of these being legislated and managed by governments [2]. Group 2: Recommendations for Improvement - It is recommended to expedite the enactment of a deposit insurance law to provide a legal foundation for the system to function effectively as a financial safety net [1][3]. - The article suggests expanding the accumulation of the deposit insurance fund and enhancing the resources available for financial risk management [4][5]. Group 3: Financing Mechanisms - Various methods to strengthen the deposit insurance fund's financing mechanisms are proposed, including borrowing from the central bank, issuing bonds, investment operations, and pre-collecting premiums [6][7]. - The experience of Japan highlights the importance of having a robust backup financing mechanism to ensure liquidity during crises [6]. Group 4: Risk Management Functions - The current deposit insurance system has limitations in its risk management functions, such as inadequate information sharing and insufficient early corrective measures [8]. - The article advocates for enriching the risk management functions of deposit insurance, drawing lessons from Japan's experience in enhancing the role of deposit insurance in financial risk management [9][10]. Group 5: Future Directions - The article calls for the establishment of a comprehensive risk management framework that includes various tools for handling financial institution crises, such as takeovers, bridge institutions, and rapid compensation for depositors [10][11]. - It emphasizes the need for deposit insurance to play a central role in risk management, ensuring a collaborative approach with regulatory bodies and the central bank to create a more robust financial safety net [11].