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农行董事长周慕冰：发挥大行特色优势 助力“一带一路”建设（上）
A Banker's View of the “Belt and Road” Initiative（1st Batch）
作为一家面向“三农”的大型国有银行，中国农业银行近年来在国际化方面发展较快。尤其是在服务“一带一路”建设方面，农行充分利用农业金融领域的专业优势，以农业国际合作和金融技术援助为重点方向，支持中国农业“走出去”，发挥金融支持“一带一路”建设的催化剂、助推器作用。中国农业银行董事长周慕冰表示，下一步，农行将密切关注“一带一路”的发展动向，积极稳妥地推进机构布局，做好跨境金融服务，着力构建富有自身特色的开放型发展模式，不断拓展新的发展空间。
The “Belt and Road” program, which seeks to expand trade and investment between China and several dozen countries that are currently in need of infrastructure development, has been seen as a major strategic initiative. In an interview, China Forex, with Zhou Mubing, chairman of the Agricultural Bank of China（ABC）, discusses the program from the perspective of the financing opportunities likely to be created. This discussion follows in question and answer form.
《中国外汇》：“一带一路”倡议提出三年多以来，您认为取得的成绩和国际上的认可度如何？给“一带一路”沿线国家带来了哪些切实的变化？
Q: It is now some three years since the “Belt and Road” Initiative was first proposed. In your view what achievements have been made under this program? What benefits have the people of the countries involved seen and what would you say is the general assessment from the international community?
周慕冰：“一带一路”是中国首倡，但不是中国一家的“独奏曲”，而是各国共同参与的“交响乐”，是各国共同受益的重要国际公共产品。“一带一路”建设不是一个空洞的口号，而是有大量看得见、摸得着的具体举措。三年多来，“一带一路”建设从无到有、由点及面，进度和成果超出预期。国家相关部委也发布有详细的资料和数据，大家有目共睹，我就不重复了。我主要结合自身工作谈三点切身感受。
A: The “Belt and Road” Initiative was first proposed by China but it is not solely a Chinese initiative. It is a common effort involving and benefiting many countries. The initiative presents concrete measures rather than empty slogans. The “Belt and Road” Initiative was started from scratch and it has developed in a steady fashion. Progress has been better than expected. Various government ministries have issued detailed statements on the program so there is no need for me to go over the same ground. But I will address three areas based on my own experience.
第一，国际社会对“一带一路”的关注度越来越高。由于工作需要，这几年我差不多每年都会到境外访问，更接待了大量的来访，所接触到的各国政府官员、监管机构及国际银行，都对“一带一路”建设给予了高度评价，且非常关注建设的进展情况，并希望本国公司或银行能够有机会参与进来。
First, the “Belt and Road” Initiative has been gaining attention from the international community. My work has taken me abroad in recent years for work, and during these travels I have had numerous discussions with government officials, regulators and executives of international financial institutions. They have generally had high praise for the initiative and have expressed considerable interest in the program. They have also expressed hope that their domestic companies or banks could have opportunities to participate.
第二，与“一带一路”沿线国家相关的金融业务快速增长。来自沿线国家的基础设施项目贷款、贸易融资、跨境并购、国际结算都快速增长，这从侧面说明“一带一路”建设步伐在快速推进。2016年，农行来自“一带一路”沿线国家的基础设施项目贷款3.5亿美元、贸易融资26.73亿美元、跨境并购9320万美元、国际结算711.47亿美元，均保持快速增长。
Second, the financing business related to the countries participating in the “Belt and Road” Initiative has grown rapidly. Loans for infrastructure projects, trade finance, and cross-border mergers and acquisitions are growing rapidly, and this demonstrates the progress of this important initiative. In 2016, the Agricultural Bank of China provided US$350 million in infrastructure project loans, US$2.673 billion in trade financing, US$93.2 million of cross-border merger and acquisition financing. It also handled US$71.147 billion in international settlements, and business in each of these areas has been rising sharply.
第三，中国制造物美价廉，对沿线国家人民生活改善有明显的效果。这一点要在沿线国家工作生活过才会有体会，这是我们一位境外机构同志回来跟我说的。其实我觉得对沿线国家最大的实惠可能是基础设施改善所带来的便利，但这可能需要一个过程才能充分地显现出来。
Third, China's manufacturing sector is attractive in both price and quality. This has allowed China to help improve the standard of living of the people in the countries participating in the initiative. I would say that the improvements in infrastructure are the area where the greatest advances have been made. This may take some time to become apparent, however.
《中国外汇》：在您看来，“一带一路”倡议提出后给我国商业银行带来了哪些发展机遇？农行在服务“一带一路”建设中取得了哪些进展？
Q: What opportunities have the “Belt and Road” Initiative brought to the Agricultural Bank of China? What future business potential do you see?
周慕冰：正如刚才所说的那样，“一带一路”建设蕴含巨大的金融服务需求。对商业银行来说，主要是三个方面的发展机遇：一是快速增长的跨境贸易为银行贸易金融业务创造了机遇。“一带一路”建设带动我国与沿线国家贸易量快速增长，各国企业对于更加便利的贸易结算、贸易融资、避险保值等贸易金融产品和服务需求大幅增加。二是“一带一路”沿线国家的基础设施建设存在巨大的资金需求。根据国际货币基金组织的测算，未来五年“一带一路”沿线国家基础设施建设累计投资额将超过3万亿美元。这些国家往往在建设资金上存在巨大缺口，亟需获得外部资金支持。三是人民币跨境金融业务的需求不断扩大。人民币跨境使用程度不断提高，“一带一路”沿线国家对人民币的接受和欢迎程度更高，跨境人民币金融相关产品需求将显著扩大。
A: As I mentioned earlier, the “Belt and Road” Initiative has a huge requirement for financial services. For commercial banks, there are three main kinds of development opportunities. First, the rapid growth of cross-border trade creates opportunities for the banking business. The initiative promotes the rapid growth of trade between China and other participating countries and that drives demand for trade and financial products and services for enterprises, such as for more convenient trade settlement services, trade financing and hedging. Second, there is huge demand for capital to support infrastructure construction. The International Monetary Fund estimates that over the next five years, investment in infrastructure construction will exceed US$3 trillion. The infrastructure investments will be made in countries that lack capital so that means there will be a need for large amounts of financial support from external sources. Third, there is the potential for expanded cross-border use of renminbi financing. Cross-border use of the renminbi has been growing and there is greater acceptance of the currency in the countries participating in the initiative. This means there will be increased demand for renminbi financial products.
作为国有控股大型上市银行，农业银行始终以支持国家“走出去”战略和“一带一路”建设为己任，积极推进国际金融服务体系建设。一是加快“一带一路”沿线分支机构布局。目前，农业银行已经在“一带一路”沿线设立了5家机构，分布在新加坡、阿联酋、俄罗斯、越南，其中在阿联酋迪拜专门成立了两家分行，分别为迪拜国际金融中心分行和迪拜分行。二是不断推进“走出去”业务的发展。2016年，农行共为200余家客户办理了包括出口信贷、跨境并购贷款、银团贷款、境外发债等“走出去”业务，涵盖35个“一带一路”沿线国家。如支持了哈电国际迪拜清洁燃煤电站项目、华能如意巴基斯坦燃煤电站、广西北部湾港务中马关丹产业园联合钢铁等“一带一路”沿线国家重大项目建设。三是充分发挥“服务三农”的特色和优势，围绕国家粮食安全战略，将支持农业“走出去”作为发展重点和国际化经营重要方向，为涉农“走出去”企业提供跨境金融综合服务。近年来，农行为中粮集团、新希望等大型农业产业化龙头企业布局全球产业链和贸易网络提供了有力支持。四是跨境人民币业务发展取得丰硕成果。在夯实经常项目跨境人民币业务的基础上，推动资本项下跨境人民币创新。成功获任阿联酋人民币清算行。
As one of the big state-owned banks, the Agricultural Bank of China will always support the national strategy of encouraging Chinese companies to "go global." It is taking the “Belt and Road” Initiative as its own responsibility and actively promoting international financial services. In this effort it expanded its own branch network to include the countries participating in this program. At present, the Agricultural Bank of China has set up a total of five institutions in these countries, namely in Singapore, Russia, and Vietnam as well as two branches in the United Arab Emirates (the Dubai International Finance Center branch and the Dubai branch). It also helped promote the "go global" drive by local businesses. In 2016, ABC provided business services for more than 200 customers, including export credit, cross-border merger and acquisition credits, syndicated loans, foreign bond related services and other such business under the “Belt and Road” Initiative. This covered 35 countries and the projects included Harbin International's Dubai clean coal power plant project, Huaneng Power's Ruyi Pakistan coal-fired power station, the Malaysia-China Guan Dan Industrial Park joint steel plant in the Guangxi Beibu Gulf port and other major construction projects.
The Agricultural Bank of China also has helped boost rural areas under the national food security strategy by the use of integrated financial services to support the agricultural sector's efforts to "go global." In recent years, ABC has provided strong support to China National Cereals, Oils and Foodstuffs Corporation (a state-owned food processing holding company better known as COFCO Group) and New Hope Group (a major agricultural conglomerate) and other leaders in the farm sector in their development of a global industrial chain and a trading network. Moreover, the bank has achieved fruitful results in cross-border renminbi business development by promoting cross-border renminbi innovation under the capital account. It was designated as the renminbi settlement bank for the UAE.
下一步，农行将继续密切关注“一带一路”的发展动向，积极稳妥地推进机构布局，做好跨境金融服务，着力构建富有自身特色的开放型发展模式，不断拓展新的发展空间。
In the near future, the Agricultural Bank of China will continue to keep pace with national goals by paying close attention to the development trends of the “Belt and Road” Initiative. It will actively promote the institutional framework of the program and provide better cross-border financial services while expanding the scope of business development.
《中国外汇》：“一带一路”投资过程中充满机遇，同时也面临着风险和挑战，农行在推进时如何防范相关风险？
Q: The investment process of the “Belt and Road” Initiative faces risks and challenges. How does the bank plan to address them?
周慕冰：的确，农行在服务“一带一路”沿线国家相关项目的过程中，也深深的感受到，这些国家地缘政治复杂，宗教文化迥异，法律与监管政策各不相同，金融业务面临的风险明显高于国内。因此，农行在支持“一带一路”建设中高度重视风险防范工作，有针对性地采取了一些风险防范措施。
A: Indeed, in providing services to the relative national projects under the initiative, our bank is deeply aware of the fact that financial risks are significantly higher than on domestic projects due to geopolitical complexities, religious and cultural issues as well as legal and regulatory differences in these countries. Therefore, our bank has paid greater attention to risk prevention and taken targeted actions in this area.
一是加强跨境业务风险管理。严格客户准入，明确规定客户信用等级、经营年限等条件，选择实力较强、国际业务情况良好的优质客户进行合作；对“走出去”跨境集团客户实施统一的授信管理，控制风险敞口；强化境内外分行联动，加强境内外机构针对相关主体的经营状况、融资用途、业务往来、资金调拨等方面的信息共享，及时预警、防范和化解风险。
It has strengthened cross-border business risk management, for example. There are stricter requirements for new customers, including clearly defined criteria on customer credit ratings and specific requirements on how long a borrower has been in business. It has selected customers with a good track record in international business. As far as the domestic customers trying to "go global," the bank has implemented a unified credit management system to control risk exposure. It has strengthened links between domestic and foreign branches and promoted information sharing regarding domestic and foreign institutions regarding business conditions, financing purposes, business contacts and fund transfers. This has allowed the bank to issue timely warnings on potential problems and adopt measures to prevent and reduce risk.
二是健全国别风险管理体系。建立国别风险内部评级体系，坚持每年开展国别风险等级集中评定；强化对国别风险的限额管理，逐笔核定每一笔业务涉及国家或地区的国别风险限额，对于国家风险较高、市场影响力大但风险可控的重点项目，实行特殊国别风险限额核定；加强国别风险日常监测，在判断市场可能发生较大风险变化时，及时发布风险提示，采取相应的风险管控措施。
It has also improved the country's risk management system by establishing a national risk internal rating system which makes use of centralized assessments. It has strengthened the management of quotas on loans to each participating country. It has also implemented special risk quota examinations for countries where key projects face greater risks. Moreover, it has strengthened daily monitoring of country risks so that it can make timely adjustments to risk control measures.
三是加强合规风险管理。考虑到我国与“一带一路”沿线国家在法律法规、政策制度、文化传统等方面存在较大差异，农行在开展业务的过程中，特别重视对相关国家法律规定、监管政策的研究和遵守，确保每一笔业务都合法合规。
It has also beefed up its law-compliance risk management. Given the differences in laws and regulations as well as policies and cultural traditions, ABC has paid particular attention to compliance issues to ensure that contracts are enforceable.
《中国外汇》：在“一带一路”建设中，我国企业，尤其是民营企业的融资需求非常强烈，但融资难、融资贵的问题却是企业的老大难问题。农行在破解融资难题方面有什么具体举措？
Q: With the implementation of the “Belt and Road” Initiative, the demand for financing has been increasing. However, financing remains a problem as it is often difficult to obtain funds at reasonable borrowing rates, particularly for private companies. What can ABC do to resolve this problem?
周慕冰：融资难、融资贵确实是一个老大难问题，国家非常重视，农行也非常重视。去年，农行曾成立专项课题组，建立专门团队，由我亲自带队深入地方和企业调研，了解融资难、融资贵的表现和原因，相关研究成果已经报送国家有关部门参阅。基本结论是，融资难、融资贵确实存在，但不能一概而论，不同区域、行业与企业的感受并不相同。相对来说，技术水平低的传统行业与产能过剩行业、经济下行较明显的区域、中小微型企业、民营及初创期企业的融资难、融资贵问题更为突出。原因也是多方面的，既有企业自身的原因，也有金融机构内部机制的原因。
A: Indeed, the cost of financing and the inability of too many companies to obtain credit is a formidable problem that has attracted the attention of the state and ABC. Last year, ABC set up a special task force and a research team to address the issue. I personally organized research on this issue and the results have been submitted to relevant state departments. The basic conclusion was that financing was often hard to obtain or was too costly. However, the situation varied considerably from region to region as well as from industry to industry and company to company. Relatively speaking, the problem is most obvious in industries where there is overcapacity and technology levels are low. These are areas where the economy has had greater difficulties. Small and medium sized enterprises, notably private companies and start-ups, have also experienced similar problems. The problems are sometimes the result of the companies themselves while at times they are the fault of the financial institutions.
作为国有控股大型商业银行，农行高度重视帮助企业解决融资难、融资贵的问题，这几年采取了不少措施，也取得了一些成效。一是持续加大对实体经济特别是“三农”和小微的信贷投放。2016年，农行各项贷款增加8519亿元，增量居同业第二位。在投向上，小微企业贷款比年初增加1154亿元，贷款户数33.2万户，申贷获得率89.4%，满足了“三个不低于”的监管要求。涉农贷款比年初增加2172亿元，增速高于全行1.2个百分点，满足了银监会“持续增长”的监管要求。二是积极创新“三农”和小微特色金融产品和服务模式。服务“三农”方面，积极探索并初步形成了政府增信带动、特色产业带动、市场带动、特定融资主体带动、农地金融、“互联网+”等一批有效的“三农”信贷模式；支持小微企业方面，建立了1000多家小微企业金融服务专营机构，成立了46家科技支行，推出了“E商管家”电商融资平台，小微企业金融服务网络初步形成。三是持续降低实体经济贷款利率水平。2016年，农行新发放人民币一般贷款（不含贴现）加权平均利率为4.29%，较去年下降85个基点。四是深入做好企业收费减免工作。从2015年5月1日起，取消了6项与企业贷款相关的服务收费，并严格执行账户普惠优惠政策。在以上涉企收费优惠的基础上，对小微企业免收投融资顾问、信息咨询顾问、债务类融资顾问等12项顾问类费用。
As one of the state-owned large-scale commercial banks, ABC attaches great importance to helping enterprises solve their financing difficulties. In the past few years, the bank has taken a number of measures to address this issue and some significant results have been achieved. For example, it continued to increase lending to support the real economy, especially in rural areas where agriculture is important, as well as to small and micro-sized businesses. In 2016, ABC's total loans increased by 851.9 billion yuan, the second largest yearly increase in the banking sector. Lending to small and micro-sized companies saw an increase of 115.4 billion yuan over the year. There were 332,000 customers and the success rate for potential borrowers was 89.4%. This was in line with policy that called for lending to these smaller companies to show growth that was not less than the average growth of all lending. Policy also mandated that the number of small and micro-sized business customers cannot be less than the total for last year and the rate of successful borrowing applications of these customers should not be below last year's level. In 2016, agriculture-related loans increased by 217.2 billion yuan over the previous year and the growth rate was 1.2 percentage points higher than the rise in loans for the bank overall. That meant that ABC had met the "sustainable growth" regulatory requirements of the China Banking Regulatory Commission. In supporting small and micro-sized enterprises, it built more than 1,000 specialized financial services franchises and 46 science and technology branches and an electronic financing platform. It also continued to reduce the interest rates for the real economy. In 2016, ABC's newly extended general purpose loans had a weighted average interest rate of 4.29%, 85 basis points lower than those of the previous year. ABC also reduced corporate fees, canceling six types of service fees related to corporate loans. It also canceled 12 fees for small and micro-sized enterprises, including consulting fees on investments and financing as well as for debt financing.
当然，彻底解决融资难、融资贵需要一个过程，今后农行将进一步强化担当精神，认真落实好国家关于解决企业融资问题的各项决策部署，深化“三农”金融事业部改革，加强县域金融好产品、好模式的研发推广，持续创新适合大银行服务小微企业的有效模式，为缓解融资难、融资贵贡献应有的力量。
Certainly, addressing all of these problems takes time. ABC will further strengthen the spirit of shouldering the responsibilities, earnestly implement the national decision on the settlement of corporate governance issues, deepen financial reform involving rural areas and strengthen research and development of suitable financial products.
To be continued