By the end of 2020, new metro lines will be opened in Shanghai, Hangzhou, Xi’an, Ningbo, Nanchang, Qingdao, Hefei, Chengdu, Harbin and Taiyuan. Metro mileage in new first tier cities is catching up with Beijing, Shanghai and Guangzhou.
New lines opened in many cities
At 11 a.m. on December 30, Hangzhou Metro Line 1 phase III, line 6 phase I, Hangfu line (connected with line 6) and the first section of line 7 were put into operation. This is the first time since Hangzhou entered the era of subway that four lines have been opened simultaneously. In eight years, Hangzhou has entered the era of rail “network” with a bus network scale of more than 300 km.
At 9:30 a.m. on December 28, Xi’an Metro Line 5, line 6 phase I and line 9 were officially put into operation. With the opening of three new lines, Xi’an rail transit for the first time achieved an additional operation mileage of 83 km within one year, setting the highest record since the construction of Xi’an Metro. So far, Xi’an rail transit has formed seven lines of operation (excluding airport line), with an operating mileage of 215 km.
On December 26, two new sections of Shanghai Rail Transit Line 10 phase II and line 18 phase I (hangtou station Yuqiao station) were put into trial operation. The total operating mileage of Shanghai rail transit network has increased to 729 km.
In Qingdao, on the morning of December 24, the opening ceremony of the north section of Qingdao Metro Line 1 (Qingdao North Station – dongguozhuang station) and the north section of line 8 (Jiaozhou North Station – Qingdao North Station) was held at Qingdao north station, which is the first time for Shandong Province to realize the simultaneous operation of two metro lines. After the opening of the two lines, the number of operating lines of Qingdao metro network has reached 6, and the total operating mileage has reached 246km, ranking among the top 10 in China.
On December 18, Chengdu Metro Line 6 phase I, phase II, phase III; line 8 phase I; line 9 phase I; line 17 phase I and line 18 Sancha station (excluding) to Tianfu Airport North Station and other five line 6 projects were opened for initial operation simultaneously. As a result, the operating mileage of Chengdu Metro has increased from 358 km to 518 km.
The first fully automatic Metro Line in Western China was opened. On December 18, an old man (right) photographed the inner scene of the subway line with his mobile phone in the “open” cab of the driverless train on Chengdu rail transit line 9. Xinhua News Agency
In addition, Nanchang, Hefei, Taiyuan, Harbin, Ningbo and other cities have recently opened new lines. Among them, Taiyuan Metro Line 2 is also the first Metro Line in Shanxi.
With the opening of new lines in major cities, the operating mileage of urban subway has reached a new high. According to the statistics of the first finance and economics reporter, up to now, the top ten cities of urban rail transit mileage are Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Nanjing, Wuhan, Chongqing, Hangzhou and Qingdao.
Among these 10 cities, in addition to the four first tier cities, there are Chengdu, Nanjing, Wuhan and Chongqing, as well as Hangzhou and Qingdao, two sub provincial cities and megacities. In general, the larger the scale of a city, especially the urban population, the larger the scale of urban rail transit.
Among them, the top nine cities in the urban rail transit mileage are more than 300 km, and the top four cities are more than 500 km. Shanghai and Beijing, the two top tier cities, are more than 700 kilometers away. After that, Shanghai surpassed Beijing in 729 kilometers, followed by Beijing in 704 kilometers.
Guangzhou in South China ranks third with 531 km, and Chengdu ranks fourth. On December 18, Chengdu surpassed Shenzhen and became the fourth rail transit city in China.
Among the top ten, Hangzhou’s performance is particularly noteworthy. As of December 31, 2019, the urban rail transit mileage of Chengdu, Nanjing, Wuhan and Chongqing has exceeded 300 km, while that of Hangzhou is only 132.46 km, ranking 16th in China. However, in 2020, Hangzhou Metro will usher in a big outbreak. On April 23 this year, Hangzhou Metro Line 5 and line 16 opened simultaneously, with a total length of 91.33 km. Hangzhou, with a total mileage of more than 300 kilometers and a relatively late start in metro construction, has advanced from behind to the top ten, ranking ninth.
This year’s Central Economic Work Conference proposed that “strengthening anti-monopoly and preventing the disorderly expansion of capital” is one of the key tasks to be grasped next year. It is necessary to strengthen regulation, enhance supervision capabilities, and resolutely oppose monopoly and unfair competition. Financial innovation must be carried out under the premise of prudential supervision. This has once again aroused the market’s attention and discussion on the new “big to fail” risk.
On December 8, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, stated at the Singapore Fintech Festival that he should pay attention to the new type of “big not to fail” risks. A few technology companies occupy a dominant position in the micropayment market, involve the interests of the general public, and have the characteristics of an important financial infrastructure. Some large-scale technology companies are involved in various financial and technological fields, and cross-border mixed operations. We must pay attention to the complexity and spillover of these institutional risks, timely and accurate bomb disposal, and eliminate new systemic risks.
So, where is the new type of “big to fail” risk?
What kind of signal does the emphasis on new risks send at this time?
What kind of pattern will financial supervision take in the future?
Recently, a reporter from the “Financial Times” interviewed relevant experts in order to provide an in-depth interpretation of the new “big to fail” risk.
Where is the “new” risk of the new type “big to fail”
“Big to fail” was originally a risk phenomenon for banking financial institutions. Nowadays, some large technology companies and a few technology companies with important financial infrastructure characteristics are also facing a very similar situation, which is called the new type of “big And can’t fall” risk.
“The new type of’big to fail’ risk has emerged with changes in economic and financial forms. We have seen that with the acceleration of economic and financial digitalization, new forms of financial activities and new types of financial infrastructure have been derived.” National Finance Zeng Gang, the deputy director of the Laboratory and Development Laboratory, believes that the “new type” is mainly reflected in the fact that technology companies are not typical traditional licensed financial institutions, but at the practical level, they are engaged in the business of traditional financial institutions. The function of infrastructure is also widely and deeply related to other financial institutions in the business field, and there are new hidden systemic risks.
“In the field of micropayments, a few technology company platforms have a very high market share, are involved in various financial scenarios, involve the interests of the general public, and have important financial infrastructure characteristics. If there is a problem with these financial infrastructures, the operation of the trading system Stability will be greatly disturbed, which will affect the stability of the entire economy and finance.” said Wang Yifeng, chief analyst of the banking industry at Everbright Securities Research Institute.
The data shows that the micropayment market represented by mobile payment is developing rapidly. According to the data disclosed by the Central Bank, in the third quarter of 2020, non-bank payment institutions processed 1,234.45 billion online payment transactions, with an amount of 78.96 trillion yuan, an increase of 22.65% and 23.38% year-on-year respectively; the online platform processing business (through online payment initiated by payment institutions) The online payment business involving bank accounts processed by the Lian platform was 156.122 billion, with an amount of 97.21 trillion yuan, an increase of 43.82% and 40.87% year-on-year respectively.
The risks, complexity and spillovers of some large technology companies’ cross-border mixed operations are more prominent. “Some financial technology companies make joint loans with banking institutions, and a large number of assets are turned into ABS and put on the market. When the scale is small or there are not many counterparties, the systemic risk is not yet prominent, but once the scale increases, the risk The scope of transmission is likely to affect the operation of other financial institutions.” Zeng Gang emphasized.
Take Ant Company as an example. The information disclosed in its prospectus shows that Ant Company has a total credit scale of 2.1 trillion yuan, 98% of which comes from cooperative banks and ABS.
Wang Yifeng believes that financial technology giants are typical platform-based companies with network effects and scale effects. By dismantling financial businesses, they can achieve actual mixed operations and provide cross-cutting financial products, which may intensify cross-market contagion of financial risks. At the same time, large technology companies, as platform intermediaries, rely on scenario advantages to master traffic distribution and form strong bargaining power over financial institutions. This objectively causes financial institutions to rely on technology giants in terms of traffic introduction, customer management, and risk control. .