陈永栽：中国银行业的全球化策略
陈永栽/菲律宾国家银行董事
从整个亚洲来看，若论银行的全球化，没有比中国更重要的国家了。人们预测中国会在本世纪中叶成为世界上两三个最大经济实体之一。因此，一个强大而且持续繁荣的中国、对地区和整个世界将带来巨大的影响。同时，我们也可预计中国银行业的全球化发展，也将给中国的银行业、和世界的金融业，带来深远影响。
第一、全球化的经营策略
如何使从整体上看来，无论是从管理水平和经营策略，仍局限于国内市场的中国银行，顺利地转变为全球性的机构，将是中国银行界精英们所面临的巨大挑战。中国银行业的全球化策略，可以从全球化运作效率显著的一些跨国银行经验中取得借鉴。
全球化的市场策略
真正的全球化银行是什么？仅仅在许多国家开设分行、并不能就称为真正的全球化银行。要想成为一个成功的全球化银行，首先应制定出恰当和合理的市场策略，明确划分和确定它所应服务的对象。对此、汇丰银行可以给我们很好的启迪。
作为一家全球化的银行，汇丰银行的股东和董事会为银行确定了正确的全球化市场战略：以亚洲为依托，向全球各国发展，并为所在国家和地区的经济发展作出贡献。它选择最合适的产品，不仅致力于为广泛的各国客户提供银行服务，还特别以各地的华侨作为对象，针对当地华人华社的特点，设计市场和营销策略。基于全球华人活跃的商业活动，从而为汇丰银行的全球化发展，奠定了坚实的基础。
国内和国际业务配合策略
我们应该强调，一家银行并不能仅仅由于处于领先的位置、就可以理所当然地称为“全球化”的银行。但是，任何以此为努力目标的银行，都首先要在国内市场证明它是优秀的，和专业的银行。
因此，大多数欧洲银行在将全球化付诸行动的过程中，同时也集中精力首先做好自己的本地区业务。他们认识存在一个中心领域的国内市场之重要性，也认识到在遍布全国的基础、来提供局部的国际性产品和服务，可以获取实实在在的利润。
全球化正在以不同的方式和速度、在银行业的许多领域逐渐发生。值得注意的是，金融零售业务在这一点上已经落后于金融投资业务。一批见多识广而且敢做敢为的资产投资经理、相当广泛地利用IT技术，无论何时何地都与富裕的客户们保持着亲密无间的联系。
全球化中的扩张策略
银行规模的扩充虽然只有一定限度的优势，但规模对于降低成本，分散风险，改善服务品质，尤其是吸引最优秀的人才越来越重要。有才能的人才愿意跟有才能的人在一起工作。银行规模的扩大，和吸引、留住并且激发最有才华的人才两者，都具有同等程度的重要性。全球化正在改造着市场，为了响应将来在市场上更有效率和更有竞争力的需求，越来越多的银行正在着手进行合并、收购、或合作、来迅速降低成本，并扩张其全球网络。
作为一个服务行业，全球化银行必然更加资本化和人才密集化。只有一个资本营运良好并且能力高强的金融机构，才能实现下列基本的全球化功能：
-掌握全球化市场的大势；
-跟上信息技术的发展水平；
-招募第一流的专家；
-大力投资在互联网上；
-研发世界范围的电子银行网络。
全球化的远程在线On-Line服务策略
在任何地方的银行业务中，互联网所扮演的角色只会越来越重要。这是一场技术革命，完美地应用于全球市场。通过互联网可以开发数量可观的电子商务，导致更多的顾客和更低的业务成本。对此，银行绝不能置身其外。
在这一点上，汇丰银行又走在了前面。2000年，汇丰银行宣布与Merrill Lynch公司以同等股份投资10亿美元于互联网银行服务。这家新创建的独立公司、从此一直为世界各地、尤其是亚洲与欧洲的人们提供银行和经纪服务。它尤以超过10万美元投资能力的人为对象，首选就是东南亚的富裕华人。这使汇丰银行和Merrill Lynch成为全球在线金融服务市场上的领军人物。
汇丰银行的研究表明，到2004年，除了美国以外的其它地区、将有超过5000万的在线银行客户，其中许多是华人华侨。无论其预测准确与否，至少全球的在线银行业务存在巨大的潜能。
全球金融市场的新趋势
在全球化金融市场上保持竞争力，在很大程度上取决于经济规模、以及相关服务和产品的集成效果。有些客户可能只是简单地接受保险业务，而另一些则接受全盘解决问题的服务。有些人通过互联网或者电话，另一些人则更喜欢直接的人际接触。
无论采取哪一种途径，为了在全球化市场上取得优势，应该秉持“一步到位的消费”的理念，随时提供完整的、并且多种多样的产品和服务。
总部位于伦敦的管理和电子商务顾问公司的Nick Masterson-Jones曾经对于全球化银行的业务和经营活动作了如下预测，他的预测已经得到许多本行业专家的赞同：
- 支票将最终消失。随着清算系统变得越来越高效，支付将大部分采用直接入账方式。
- 现金永远不会消失。人们总会需要小额的、而且完全不经记录的、无法追踪的、和不能审计的财务交易。
- 人们越来越多地使用网上银行，银行的分支将随之萎缩。
- 在现金管理和控制方面，银行的系统和程序将变得更加灵活，以便让顾客网上消费（网上交易），而其借记卡和信用卡的使用又具有足够的安全性和机密性。
- 基于技术的进步与服务的个性化，将提升顾客跟银行作友好人机对话的网络接口。
第二、中国银行业面临的机遇与挑战
毫无疑问，中国经济高速稳定的发展，不仅为本地区的银行带来机会，也为中国银行走向世界提供了可靠的基础。中国拥有低成本、并具有各种专业知识的高效劳动力，它使中国不仅成为世界的制造工厂，更有潜力在服务业和高技术领域上成为全球的强有力的竞争者。
2008年的夏季奥运会、以上海为龙头的长江三角洲经济带、欣欣向荣具有广泛发展空间的房地产、源源不断的外国投资、以及加入WTO的事实，都将为中国的经济进一步腾飞，提供巨大的动力，也为中国银行业的发展带来巨大商机。中国银行业应抓住机遇发展实力，并确定正确的全球化策略，稳步推进全球化进程。
中国银行业的挑战
整个亚洲银行业的问题是呆帐，中国也不例外。如何妥善并平稳地处理中国国有银行的钜额呆帐，是其面临的第一个挑战。过去和现在正在发生的银行民营化进程，剥离坏帐，出售银行部分股权等，是一个良好的开始。对中国的银行制度进行彻底的改革是其面临的第二个问题。但是现有中国的银行制度，也有其合理的因素。中国为什么能避过1997年的亚洲金融危机？按照在16个国家管理过300家银行的Philippe F.Delhaise的观点，答案很简单：政府控制的银行稳定，公信力高，能确保及时支付，强化了存款人，债权人及投资者的信心。
上述问题的解决将有助于中国银行业平稳和健康地完成其全球化的战略。
结论与建议
上述讨论使我们对中国银行业的全球化得出以下简短的结论和建议：
第一，可以同亚洲强大的金融机构携手、在全球市场上提供金融产品，特别是向富裕的华人华侨提供金融产品，以创造性的市场策略，响应富裕的华人华侨的特殊需求。
第二，任何成功的全球化银行，一定根植于国内市场丰厚的土壤中，积极利用合并，收购的扩张策略，稳健地推进全球化的发展。
第三，应该通过互联网为华人华侨，特别是那些愿意投资而不仅仅把钱存在银行里的华人华侨创造利益。并且教会华人华侨善于利用现代信息技术和手段，管理其资产和进行交易。
第四，银行必须招募能够通过人际接触或者通过互联网与富裕的客户交易并且能提供一站式产品和服务的智能型和魅力型专家。
附英文稿：
Lucio C. Tan:STRATEGIES FOR GLOBAL BANKING
Lucio C. Tan/Philippine Airlines - Chairman of the Board、Philippine National Bank - Director
Global strategies of Chinese banks can draw profit from the experiences of multinational global players. These provide valuable insights on how a Chinese bank hither to operating only on a national level can transform itself into an international institution.
China itself has the best potentials in Asia for global banking. These potentials can be maximized through a joint venture between two strong banks in the region. The risks will be minimized if both are able to invest adequate capital in the venture.
To succeed， the partnership should provide creative responses to the changing needs and demands of wealthy overseas Chinese. The name of the game is product diversification， taking advantage of modern information technology， particularly the Internet.
The Global Bank
What is a truly global bank? Clearly it is not just a big international bank with branches in other countries. The case of Hong Kong and Shanghai Bank is instructive in this regard.
As a global bank， HSBC opts to be present in countries that make sense for its shareholders and where it can make a contribution to the host' s economy. It tailors its products to suit a wide range of clients， putting special effort into serving others besides the members of the local ethnic Chinese community who traditionally comprise its base.
Whenever global banking is discussed， questions of size are inevitably raised. But no matter how large a bank is， it must always offer services to clients with a personal touch. At the end of the day every manager has to ask - How many potential clients did I meet today?
Whether global or national， banking remains a people business. Although size is important， even small banks driven by charismatic personalities can optimize global banking opportunities. In the United States， for instance， banks have done this by acquiring small securities firms that give them access to state of the art information technology.
Even in an industry that favors size， establishing a niche pays enough dividends. Smaller banks that have taken this route invariably perform better than very large institutions that offer everything but do nothing particularly well.
The Global
Environment
It bears stressing that no bank deserves the tag "global" solely owing to its prime location. In fact， any bank aspiring to be so rated should first and foremost demonstrate talent and expertise in the national market where it commenced operation. And ever since， the key to such excellence has been the right products and good people.
Thus， while European banks are more than ready for full globalization， most have decided to concentrate on mastering their own regional turfs first. They recognize that there will always be a middle domestic market， and that offering the segment international products and services on a cross-country basis can yield substantial profits.
Globalization is taking place in different ways and speeds in many sectors of the banking industry. Notably， however， retail banking has been lagging behind investment banking in this regard. A handful of well-informed and aggressive asset investment managers could close the gap merely by utilizing IT more extensively to communicate with wealthy clients， wherever they may be， in real time round the clock.
With their specialists， major global players can provide a breadth of services to top private clients including portfolio consulting， education， marketing， and corporate fund structuring. These capabilities have a firm anchor in their own internal equity capital， a significant portion of which should be earmarked for portfolio management and financial management.
In a globally competitive environment， it is essential to assure valued customers that those in charge of their accounts are fully backed by the experience， resources， and technological know-how of the institution they work for.
Achieving Global
Strength
While there is a limit to the advantages of size， it has become increasingly indispensable to lowering costs， spreading risk， improving service quality， and not the least， attracting the best of human resources. People with talent want to work with talented people. Size equates to both scope and strength to attract， retain， and motivate the most talented people.
More and more banks are resorting to mergers as a response to the demand for greater efficiency and competitiveness in a market being transformed by globalization.
As a service industry， global banking has perforce become even more capital and talent-intensive. Only a well-capitalized and highly competent institution can carry out certain essential global functions like：
- attain a global marketing profile;
- acquire state of the art information technology;
- recruit first rate specialists;
- invest for prominence on the Internet;
- develop a worldwide electronic banking network.
The impact of information technology on global banking can no longer be overestimated. Today technology is one of the key drivers of the global economy， and therefore also of global banking.
The role of the Internet in banking everywhere can only grow larger still. Ideally suited to mass market applications， it is a technological revolution banks cannot afford to stay out of， allowing them to develop numerous e-businesses resulting in more customers and lower transaction costs.
Here again HSBC shows the way. In April 2000， HSBC announced a 50-50 Internet joint venture with Merrill Lynch. The newly created stand-alone company has since been offering banking and brokerage services to affluent individuals around the world， particularly in Asia and Europe. Specifically targeted are those with more than $100，000 to invest， starting with rich overseas Chinese in Southeast Asia.
For financial stability and credibility， the two financial institutions pledged a total capital of $1.0 billion. This has made HSBC and Merrill Lynch leading players in the global on-line financial services market. For a more favorable regulatory climate， the company' s headquarters are located in London.
HSBC research reveals that by the year 2004， there should be over 50 million on-line banking clients outside the United States， many of them overseas Chinese. Whether the forecast is accurate or not， that there is an enormous potential in global on-line banking has become a given.
Like HSBC， Chinese banks may have to partner with other Chinese or even European banks in countries with large overseas Chinese communities for the same purpose. Needless to say， these deals presuppose transparent state and banking regulations， adequate contribution of equity capital， and efficient transfer of managerial and technical competence， apart from sharing of distribution and marketing networks.
New Services and Products
Trends
A joint venture in the global financial market heavily depends on economies of scale and the effects of integrated bundling of related services and products. Some clients may simply avail of basic insurance coverage and other full problem-solving services. Some would do so through the Internet or the telephone. Others might prefer direct personal contact with an expert or a specialist.
Whichever， it will be to the global marketer's advantage to be ready with a complete and varied menu of products and services in line with the concept of "ones top shopping，" an old buzz word for certain banks， albeit poorly translated from brochures into reality.
London-based banking consultant Nick Masterson-Jones of the Management and E-business Consultancy has predicted trends in global banking that many knowledgeable industry observers and players concur with：
Checks are going to disappear eventually. Payments will then mostly be in direct credits， with clearing systems becoming more efficient.
Cash will not disappear. There will always be a demand for small and even completely unrecorded， untraceable， and unaudi table transactions.
Branch networks will shrink with the population switching to Internet banking.
Banking systems and procedures will become more flexible in cash management and control to allow customers to spend on-line （on-line purses） with adequate security and confidentiality in their debit or credit card details.
Mass technology-based personalization of services will enable customers to log on the bank' s website under a friendly and intelligent interface.
The traditional investment banking model will lose market significance due to diminution of fees for debt or equity issues with brokerage underwriting becoming unimportant and even unnecessary.
For ex desks and dealing floors will be replaced by website dealing tools where by customers can do transactions directly and receive reports on their risk and liquidity positions on-line.
Finally people everywhere will always need banking services and will want them delivered economically， simply， and conveniently at a time of their choosing， which the banks hope to deliver profitably.
Banking on the Chinese
Dragon
Throughout Asia， no nation is more important than China in any discussion of global banking. It is projected to be one of the two or three biggest economies by mid-century. The impact of a strong and increasingly prosperous China on the region and the rest of the international community will be enormous.
China has a bottomless pool of cheap， reasonably efficient labor. The World Bank estimates that already at least one-third of suitcases and handbags; one-fourth of toys， and one-eighth of footwear and clothing sold in the world are Chinese-made.
Propelled by the fashionable tastes and skills of buyers in Shanghai， Hong Kong， and Taiwan， China has now outpaced even European producers. It is unbeatable in low-margin， quick-to-market manufactures， while making strides in the production of advanced goods. Thus U.S. trade deficit with China is expected to mount in the years ahead.
The awarding of the 2008 Summer Olympics to China is seen to accelerate further the economic revolution currently underway in cities such as Shanghai and Guangzhou. Over the last 10 years， Shanghai has emerged as the gateway to the most vibrant giant economy in the world. Despite "bureaucratic potholes，" it is considered the most promising place in Asia for an entrepreneur. Its economy continues to grow faster than China as a whole.
To date the city has absorbed $48 billion in foreign investments， matching the inflow into Taiwan for the past five years. In the Forbes 2001 List， moreover， three of China' s five richest companies are based in Shanghai， with one claiming that "People go to Shanghai for business and to Beijing for politics."
But in Beijing， too， property development is heating up and undergoing reforms to facilitate the entry of outsiders into the Chinese real estate market. There， land rights are purchased by auction from the state in the Beijing Land Trading Market， up to 70 years for residential use， 50 years for industrial， and 40 years for commercial.
In the build up to the 2008 Olympics， the capital is buzzing due to rising wealth and the concentration of riches.
In its June 27， 2002 Business Digest， the Far Eastern Economic Review cited the finding of a U.S. business survey on a clear trend of investment toward China and away from Southeast Asia. Corruption and protectionism were among the main reasons given by respondents from the American Chambers of Commerce in Singapore， Malaysia， the Philippines and Thailand.
Less than a week after September 11， 2001， the WTO admitted China into its fold. The move confirmed the bold decision of Chinese leaders to adopt comprehensive economic and fiscal reforms， and signaled the country' s willingness to observe international trade and finance rules.
The Chinese Banking
System
All over Asia the problem is non-performing loans， and China is no exception.
The so-called Big Four of China are state owned： the Bank of China （BOC）， Industrial and Commercial Bank （ICBC）， Agricultural Bank of China （ABC） and China Construction Bank （CCB）. To spur development these must extend loans to government projects regularly. To curb unemployment， on the other hand， they have to support state-owned enterprises （SOEs） as well.
However there are also a number of privately owned and foreign banks operating profitably in China. And as in other Asian countries like Thailand and the Philippines， there banking reform is being pursued in earnest. Authorities have begun to impose restraints on treating the Big Four as a "secondary budget" and taking steps to immunize them from political influence.
Thus far， the Chinese government has relieved the four state banks of close to $180 billion in bad loans， writing off or reselling them and shoring up the banks through recapitalization. Since 1998 it has pumped in more than $82 billion to augment the equity of these institutions， which more over have started to sell minority stakes to public shareholders.
A recent （1992） BOC public offering has attracted many big and small investors especially from Hong Kong. Consequently， more stringent lending rules and risk controls are being introduced， and the government banks have been gradually earning profits to offset bad loans.
The overall NPL ratio of banks in China including the Big Four is expected to go down to a respectable 15 percent in five years. Within the period， China plans to open its banking sector to international competition， thereby insulating it against political pressures.
Guided by a purely business sense， Western economic analysts are generally biased against government-controlled banking. But if one takes a long-term perspective， the state-aided development of local enterprises has indubitably brought economic as well as social and political stability to the country.
Why was China spared the Asian crisis of 1997? The answer is simple， according to Philippe F. Delhaise who has monitored 300 banks in 16 countries. Its banks are firmly in the hands of the state， assuring liquidity and thus also bolstering confidence among depositors， creditors and lenders.
The state banks may have serious problems with their loans， but government will never allow them to go under. In addition China can draw on a huge surplus accumulated through the years， and its leaders have been vigorously pushing financial and economic reforms aimed at parlaying growth opportunities to maximum advantage.
Reformist technocrats in their employ or advising them are promoting an agenda that envisions recapitalizing and restructuring the financial organization to resemble a Federal Reserve System. The People's Bank of China which is the country's central bank has been overhauled to boost its regulatory power and to reduce the political color of lending policy.
Conclusions and
Recommendations
The foregoing discussions lead us to the following summary conclusions and recommendations：
First，strong financial institutions in Asia can team up to offer financial products in a global market， especially to wealthy overseas Chinese.
Second，any joint venture must be based on creative responses to the particular needs of wealthy overseas Chinese.
Third，the joint venture should create interest among wealthy overseas Chinese through the Internet， specifically those who want to get involved beyond merely depositing their money into a bank account.
Fourth，the joint venture must take advantage of the advances in information technology， which have increasingly made the wealthy and educated overseas Chinese more discriminating about the deals offered to them.
Fifth，marketing has become a priority activity for banks， which can now project their products and services on websites to much broader competitive advantage.
Sixth，the joint venture company must recruit intelligent and charismatic specialists who can deal with wealthy clients personally or through the Internet and explain the menu of products available persuasively.
