第一篇 环境篇

2018年，世界经济形势发生了深刻且复杂的变化。世界经济增速约为3.7%，未能延续上年强劲的复苏势头，以美国为主的部分发达经济体的狭隘单边主义与保护主义拖累世界经济发展进程。2018年是改革开放40周年，也是全面贯彻党的十九大精神的开局之年，中国在外有所患、内有所忧的复杂形势下，经济迎难而上，继续保持总体稳定、稳中有进的增长态势。

2018年，国际金融环境波诡云谲，金融形势并不平稳。美国的系列政策举措成为影响世界经济增长、扰动国际金融市场和改变国际经贸规则的主要源头。中国货币政策调控较好地把握了支持实体经济、防范金融风险和兼顾内外均衡之间的平衡。货币市场、债券市场整体运行平稳，股市波动相对较大。全球外汇市场出现较大的结构性变化。人民币对美元持续贬值，同时人民币汇率双向波动的态势较为显著。

2018年，面对经济下行压力，宏观经济政策适时调整，“去杠杆”边际放缓，而“稳增长”政策目标的重要性边际提升。以“纾困民企”为重点的维稳之策成为财务公司发展的有效助推力。在坚持稳健中性的基础上，货币政策适时调整，疏通传导机制，保持人民币汇率弹性，为供给侧结构性改革和高质量发展营造了适宜的货币金融环境。货币政策趋松，对财务公司的负债端以及资产端产生了一定影响。积极财政是2018年财政政策的主基调。基建补短板、减税降费、扩大内需的政策导向激发了财务公司的活力。2018年金融监管是2017年监管的延续，更多针对乱象根源，建章立制，强化协调，为功能监管“持久战”做好保障。各种监管措施对财务公司运行，尤其是投资业务提出了更高要求。各级国资监管机构加快推进从管企业向管资本转变，通过出台一系列政策条例，不断推动国有资本做优、做大、做强。国资委从资金集中管理、业务规范、风险防控、组织治理等方面对央企财务公司提出新要求。

2018年，中国财协积极完善行业自律规章，重新修订《中国财务公司协会章程》，增加了党的建设和社会主义核心价值观等内容，全面加强党对行业的领导，严谨开展行业评级工作，继续推进行业社会责任建设，着力引领行业科学发展。

Part 1 Environment

In 2018，the global economic situation has undergone profound and complex changes. The world economy grew at a rate of about 3.7%，failing to sustain the strong recovery momentum of the previous year. Unilateralism and protectionism of some developed economies led by the United States dragged down the world economic growth. In the 40th anniversary of reform and opening-up in 2018 and the full implementation of the spirit of the 19th National Congress of the Communist Party of China，under the complicated situation of external troubles and internal worries，the Chinese economy has risen to the challenges and continues to maintain overall stability and steady growth.

In 2018，the international financial environment was in turmoil and unstable. A series US policies have become the main source of economic fluctuations，disrupted international financial markets，and altered international economic and trade rules. China’s monetary policies have better grasped the balance between development of the real economy，prevention of financial risks，and the internal and external equilibrium. The money market and the bond market as a whole ran smoothly，and the stock market was relatively volatile. There was a major structural change in the global foreign exchange market. The renminbi continued to depreciate against the US dollar，and the two-way fluctuation of the RMB exchange rate was more apparent.

In 2018，in the face of economic downward pressure，macroeconomic policies were adjusted in a timely manner，and the de-leverage margin slowed down，while the importance of the stable growth increased. The strategy of maintaining stability with the focus on Private Enterprises Bailout has become an effective boost for the development of finance companies. On the basis of adhering to a stable and neutral development，monetary policy was adjusted in a timely manner，dredging the transmission mechanism，maintaining the flexibility of the RMB exchange rate，and creating a suitable monetary and financial environment for supply-side structural reform and high-quality development. The loosening of monetary policy has had a certain impact on the debt side and asset side of finance companies. Active fiscal policy is the main tone in 2018. Policies of filling the gap of infrastructure construction shortfalls，tax cuts and fee reductions，and expansion of domestic demands have spurred the vitality of finance companies. Financial supervision in 2018 continued the basic tone of that in 2017，which was more directed at the roots of chaos. By establishing rules and regulations and strengthening coordination，the regulation was preparing for the “protracted war” of functional supervision. Various regulatory measures put forward higher requirements for the operation of finance companies，especially investment businesses. State-owned assets supervisory institutions at all levels have accelerated the transformation from managing enterprises to managing capital. Through the introduction of a series of policies and regulations，the SOA institutions have continuously improved the total asset volume as well as management quality. The State-owned Assets Supervision and Administration Commission （SASAC） put forward new requirements for finance companies of centrally-managed enterprises in terms of centralized fund management，business standards，risk prevention and control，and organizational governance.

In 2018，China National Association of Finance Companies （CNAFC） actively improved the industrial self-discipline，revised the Statutes of the Association，adding parts on party building and socialist core values. CNAFC comprehensively strengthened the party’s leadership in the industry，and rigorously carried out the industrial rating work. Besides，the association kept improving social responsibility of the industry and played a positive role in promoting the scientific development of the industry.