News & Events
On 8 June 2021, the China Credit Risk Outlook Seminar for 2021 was successfully held by China Chengxin International Credit Rating Company Limited (“CCXI”) and Moody's in Beijing. With the theme of "China's Credit Market Outlook under the New Beginning", delegates from different domestic and foreign commercial enterprises, investors, banks, securities companies, professional research institutions and media attended the conference. The conference was broadcast live on Sina Finance, Baidu Finance and other financial media platforms, brought out a professional in-depth discussion on hot topics.
In 2021, COVID-19 is under effective control in China, China's economy has continued to recover and given a good foundation for the 14th Five-Year Plan. However, the economic recovery is not stable. With the high growth of macro data, some micro subjects still face difficulties and financial risks. External uncertainties persist under the game of big countries and the restructuring of globalization. However, the overall growth pressure is still relatively small. Due to risk prevention considerations, macro policies maintain continuity, stability and sustainability marginal adjustment, credit cycle turned to the downside.
How will China's macroeconomic policy respond to the economic crisis and global changes? How will marginal policy adjustments affect credit markets? How does economic repair and credit margin contraction affect the credit of banks and non-bank financial institutions? Will government deleveraging sustain? From liquidity stratification to credit stratification, how does credit risk evolve in key industries? Can real estate enterprise credit withstand the test between market warming and tightening regulation? Capital market restructure continues, how will asset securitization expand? How will China's panda bond market develop under the accelerating opening-up?
This meeting gave an in-depth discussion on the above topics. Based on risk perspective, provided professional sharing to the online and offline guests.
Yan Yan, Chairman and President of CCXI
Min Ye, Managing Director and Head of International Business of Moody's
Minhua He, Chief Supervisor of CCXI
The morning session of the conference was presided by Minhua He, Chief Supervisor of CCXI. Min Ye, Managing Director and Head of International Business of Moody's, and Yan Yan, Chairman and President of CCXI delivered speeches.
Yan Yan thanked all the attention and support to the Credit Risk Outlook Series Seminars. He said that the credit risk of the bond market in the first half of this year mainly reflected the following three characteristics: firstly, the impact of major risk events on the credit market has gradually released. The expected credit event has limited impact on overall market sentiment. The strictly control of local government's debt risk makes the bond market enter the "calm period" of risk release. Second, the distribution of new defaulted issuers is relatively concentrated, mainly in the transportation and real estate industries. Thirdly, the reasons for default are diversified, further highlights the risk linkage characteristics of corporate groups. Yan Yan believes that with the gradual implementation of various risk prevention policies and repair of the profitability of micro-entities, credit risks may tend to be released orderly. Also, the probability of unexpected default events will reduce significantly under the guidance of policies.
Mao Zhenhua, Founder of CCX Group and Chief Economist of CCXI
In the following keynote speech, Mao Zhenhua, the founder of CCX Group and Chief Economist of CCXI, delivered a speech entitled "China's Economy and Policy Choices under Cyclical Dislocation." Under the background of the current economic cycle and credit cycle dislocation transformation, China's economic opportunities and challenges coexist. Macro policies should adhere the growth and risk prevention. In particular, we need to enhance the establishment of "double circulation" development pattern to meet internal and external challenges.
Fireside Chat: China growth momentum strong, change of Policy Shift may increase financial vulnerability
Xiujun Li, Vice President of Strategy and Standards Department and Senior Credit Rating Officer of Moody's, and Martin Petch, Vice President of Sovereign Risk Department and Senior Credit Rating Officer of Moody's, Yubin Fu, Assistant Vice President of Local Government and Public Institutions Department and Analyst of Moody's, discussed on the topic “China growth momentum strong, change of Policy Shift may increase financial vulnerability” and shared the opinions of global economic recovery, Chinese economy, and the overall financial environment etc.
Panel Discussion: Credit Outlook of Banking Industry under Marginal Adjustment of Credit Cycle
Yan Bai, Managing Director of Financial Institutions Department of CCXI, hosted the panel discussion of "Credit Outlook of Banking Industry under Marginal Adjustment of Credit Cycle". Yu Qi Wen, Director of International Financial Institutions Department of CCXI, Teng Fei, Director of International Financial Institutions Department of CCXI, Shu Ning Zhu, Vice President of Financial Institutions Department and Senior Credit Rating Officer of Moody's and André Du Plessis, Chief Executive Officer of Standard Bank Investment Consulting (Beijing) Co., Ltd., shared the credit outlook of banking industry under the impact of macro policy adjustment and the differentiation of bank credit risk.
Panel Discussion: Challenges and Opportunities for Non-Bank Financial Institutions under the background of Post-epidemic Recovery and Tighten Credit Margins
Han Lu, Vice President of CCXI, hosted the Panel Discussion: Challenges and Opportunities for Non-Bank Financial Institutions under the background of Post-epidemic Recovery and Tighten Credit Margins ". Tianyu Xue, Managing Director of International Financial Institutions Department of CCXI, Zhang Yunpeng, Director of CIFI, Qian Zhu, Vice President of Financial Institutions Department and Senior Credit Rating Officer of Moody's and Xiangan Kong, Vice President of Financial Institutions Department and Senior Analyst of Moody’s discussed various topics around Chinese insurance industry and Non-Bank Financial Industry.
Lei Yang, President of CCXA
Yuping Li, Vice President of CCXI
Yan Li, Analyst of Corporate Finance Department of Moody's
The afternoon session was presided by Lei Yang, President of CCXA. Yuping Li, Vice President of CCXI and Yan Li, Analyst of Corporate Finance Department of Moody's shared various topics on deleveraging and chengtou future faith.
Tianxuan Gong, Managing Director of International Corporate Rating Department of CCXI
Jinxiong Li, Vice President of Corporate Finance Department and Senior Analyst of Moody's shared online
Tianxuan Gong, Managing Director of International Corporate Rating Department of CCXI and Jinxiong Li, Vice President of Corporate Finance Department and Senior Analyst of Moody's shared various topics regarding real estate industry with different aspect.
Roundtable Discussion: How’s the credit risk in key industries evolve from liquidity stratification to credit stratification
Yafang Wang, Vice President of CCXI, as the host of the roundtable discussion “How’s the credit risk in key industries evolve from liquidity stratification to credit stratification”. Man Shi, Director of International Corporate Ratings of CCXI, Haixia Yuan, Deputy Dean of Research Institute of CCXI, Shi Li, Managing Director of CCXA, Hui Cai, Senior Vice President of Corporate Finance Department of Moody's, Shenhua Jian, Vice President of Project and Infrastructure Finance Department and Senior Credit Rating Officer of Moody's, and Shu Su, Vice President of Corporate Finance Department and Senior Analyst of Moody's, discussed and analyzed around the trend and focus point of credit risk in bond market.
Roundtable Discussion: Expansion of Asset Securitization in the 14th Five-Year Plan
In the roundtable discussion “Expansion of Asset Securitization in the 14th Five-Year Plan”, Dawei Deng, Vice President of CCXI, Yun Wei , Managing Director of Structural Finance Department of CCXI, Ye Tian, Senior Vice Director of Structural Finance Department of CCXI, Yinan Zhang, Vice President of Heyi Fintech, Zhijie Zheng, Deputy Managing Director of Structured Finance Department of Moody’s, and Jie Zhou, Vice President of Structured Finance Department and Senior Analyst of Moody's, analyzed the performance of underlying assets of asset securitization and development trend of asset securitization market.
Roundtable Discussion: The Breaking Road under the Accelerated Opening of China's Bond Market
The last roundtable discussion " The Breaking Road under the Accelerated Opening of China's Bond Market" was chaired by Yang Lei, President of CCXA, had a deep discussion with Tingting Zhang, Director of International Business Rating of CCXI, Shanyang Ye, Head of Debt Capital Market of HSBC (China), and Lei Zhu, Co-Head of Asian Fixed Income Investment Team of Asset Management Department of Credit Suisse, on the development of panda bond market and factors hindering the further opening of China's bond market.