The Research Of Transformation Development Of China Great Wall Asset Management Corporation In The New Era

At the end of the last century, under the specific conditions of the Asian financial crisis and the higher non-performing loans of domestic commercial banks, China has set up four Financial Asset Management Corporations(AMCs) successively, they are Cinda AMC, Hua Rong AMC, Orient AMC and Great Wall AMC, which absorbed international experience and combined with domestic actual situation, to purchase, manage and dispose of non-performing assets of state-owned commercial Banks. AMC is the product of China’s financial system reform, it is the new institutional arrangement made by the Chinese government under the current financial system, to solve the non-performing assets of the state-owned commercial bank which is long-term accumulated during the planned economy system and the economic transformation period.For 16 years, as a major force in our financial organization system, the financial asset management company has played an important role in preventing and defusing financial risks, promoting the reform of state-owned banks and state-owned enterprises. Its operation also has made remarkable achievements. With the disposal of the policy stripped non-performing assets was basically completed, the four AMCs’ commercial transition has taken a solid pace. They have set up banks, insurance, securities, funds, trusts and other financial subsidiaries. Their various functions and operational mechanisms have been gradually improved, the commercial business has developed rapidly and the various types of business has overall developed, the risk control and basic management level have been promoted, the profitability has been further enhanced. Four AMCs have preliminarily transformed from policy-based financial institutions that simple disposal of bad assets to the market-oriented financial enterprises, they have explored a transformed development path which accords with the situation of China.According to the general requirements of “one corporation one strategy” and “different development”, China Great Wall asset management corporation combining with its own advantages and realities, follows the market demand, strives to open up new financial business and products, tries to explore the transformation path of sustainable development in this great transformation, under the premise of obey and serve the whole situation of the national financial reform and development.The current Chinese economy is in the period of the new normal, facing various challenges such like economy slowdown and deepening economic structure adjustment, AMCs in China need to keep on playing an important role in Chinese economic and financial security system. China Great Wall asset management corporation not only needs to constantly innovate and explore, but also have a long way to go to deepening transformation, to serve economic development and to achieve long-term sustainable development in the future.This paper evaluates the commercializing development of China Great Wall asset management corporation from multiple perspectives, combining the empirical analysis and normative analysis, qualitative analysis with quantitative analysis, by using the basic theory of non-performing assets and AMC’s transformation relevant concepts. Fully referring to the advanced experience of international and domestic, combined with the background of China’s new normal economy and the large capital management, this paper put forward feasible countermeasures and suggestions on how China Great Wall asset management corporation to give full play to the functional advantages, and how to achieve the upgrade of transformation and development in the new era.