Banking department and Personal Banking Department and Financial Markets Department and Fintech Department and other related departments to attend today's meeting. We are very happy to talk and communicate with our investors and analysts. First of all, I'd like to invite the Deputy Manager from the Personal Banking Department to brief on the mass wealth management and relevant progress. Mr. Chen, please?
Thank you, investors and analysts for your interest in and support for CCB. In 2022 is the transformation year for the key year for the transformation of a mass wealth management of the CCB. We have carried out two projects. First, we did a macro overlay or a layout in deep learning. We stressed the top design and have a promotion in the detailed work.
We focus on the [Mass Wealth] Management and the wealth management to explore the wealth management high quality development. With the joint efforts of the whole group, we have gained recognition from the community. It's the first time for CCB to lead best bank or retailing bank in the Asian Banking & Finance Awards and another two awards, and also The Banker Magazine 10 financing or financial institutions. For the indicators of our banking business, we have consolidated the personal banking customers with the increase in scale. We've hit the RMB 730 million, you know, threshold that laid a foundation for customer base. For the assets, we have promoted steady in our assets, increasing existing asset structure.
We have had deposit and investment growth at the same time. This also laid a foundation for the development of the Mass Wealth Management business. Our fee-based business product income from the comparable standards for the four major banks of China, we are ranking in the top second, top two. That means we have achieved initial results that also give us solid foundation for the Mass Wealth Management business. So that is the Mass Wealth Management products and the updates. Next I'd like to brief you on the Mass Wealth Management measures taken, as well as the next steps and the key and priorities. First, on the customer centered and to create the value of for the customer.
Mass Wealth Management is a very complicated professional strategic business wanting to focus on the needs, satisfy the needs and focus on the interests of our customers. In this progress, CCB Corp focus on serving the majority instead of the minority to further improve and to integrate wealth management with the digital technology, focus on the existing customer. Also we promoted digital wealth management and also diversified the needs of our customers to increase the assets as well as coordinate development among deposit and wealth management. We are also working on the problems on the fee-based businesses products and as well focusing on the short-term return and other relevant problems.
We also give play into the synergy between the internal and external factors to upgrade our macroeconomic outlook and select the optimized products and integrate it, as well as individual and customize products to move from a single customer to combined and customized products. That is the development of our wealth management development. Second, on the professional team or manpower development, which is the cornerstone of our business or a Mass Wealth Management business. We created the team of wealth consultant as well as the experts with the layout of the senior management. The head office of CCB has designed a systematic management mechanism.
First, we focus on the wealth management team, benchmarking to the advanced peers and standardize the management workflow as well as optimize the management models and forms and focus on seeking breakthroughs in the key areas, and also promoted the delivery of relevant services. We established a professional analysis and investor investment consultant and wealth management consultant. We have the account manager match as well as, and the other relevant managers, team building. We also have set clear the roles and responsibilities of the relevant managers and also the online and nameless measurement, and also integrated the relevant marketing. Third, as on the select the optimized products, we further did research on the market and make plans.
We also worked with the leading market entities to do the research and select the optimized products to our customers, and also strengthened our professional analysis or in research capacity to improve the core competitiveness of the products. Now we have completed the research system of the products. We give full play to our advantages of our research and also create a synergy of the providing service to the customers, while also create the benefits and to the bank, and also strengthen to the support or empower the platform. Our wealth management platform development has such positioning, and that is to meet to the immediate needs of the customers and focus on the also as well as the return of the bank.
We focus on the, you know, chains workflows in the wealth management. We focus on key areas and focus on the stockier products reselling, and also focus on the establishment of the core capacities and improve the effectiveness of the platform and the intelligence of the platform, and apply new technology to the platform. First, on the protection, rights protection of investors and customers. CCB always attaches importance to the interest protection of customers and investors.
With the volatility in the market, we also always adhere to the philosophy of customer as centered and also help here and adhere to the written line principle and have investor system always professionalism and high quality to improve the risk aversion or prevention awareness of the customer, and also did customer education so as to improve their relevant awareness in the investment. That's all for the briefing. Thank you.
Thank you, Mr. Chen. Now I'd like to give the floor to Madam Liang from Fintech Department on the fintech topics. Thank you.
Thank you. Thank you, analysis and investors for your interesting and support for CCB on the fintech empowered, the high quality development of the bank.
We are followed in the trend, as well as the technologies to promote the Fintech development in empowering relevant businesses. Four aspects. First, from the personal banking business. In 2022, we have completed in our marketing as well as the interest protection area. We empower our marketing or prices marketing with the fintech, and also have a full chain of marketing with support, diversified marketing activities. Internally, we have a customer working on desk with virtual technologies, and we have relevant technology empowered tools.
Externally, we have the value transformation in different scenarios to rate the two again and rate 10 customers, also benchmarking to the enterprise level of the customer tending or gaining channels, like the brochures or other customer attracting channels, also compliance with the post-pandemic consumer consumption needs, as well as in the features of the customer we talked with and the franchise, to have a high quality business circle and improve the effectiveness of the marketing to the customers. In 2022, the personal banking personal loan has reached around 87 million. The newly contracted value is around RMB 1.97 trillion.
Among the corporate banking business, in the inclusive financing part, we continue to create our Hui Dong Ni 3.0 version, also thinking to the customer level and online general meeting, and improve the full cycle service. Also, have the intelligent wealth management and other non-financial scenarios to further explore and expand our customer service. We have Shunfeng and also the user third party district dispute center to introduce the legal management and logistics and other external services. At the end of October, our the download of APP reached around 25 million and around 170 million registered companies, no, users.
For the corporate banking business, we also established the company or management ecosystem. We have internal, external channel improve the financial products, one-stop financial service, and it provides online management or intelligent part management platform to, or such kind of service to our corporate customers. Now, we have around 1.25 million certified customers. We established the production integrated ways and the finance product or platform. We have also established a supply chain ecosystem development and also benchmarking to the core enterprises. We have the supply chain scenario. We have the full cycle financial service.
Based on the big business, we explore the customers on the enterprise level to authenticate the transactions so that to improve the risk control and management capabilities. Now, there is RMB 490 billion of the financing along the supply chain. In terms of the asset management, we build the ecology among our peers, and we build the interbank finance and the smart empowerment as well as the sharing services so that our peers can process the commission selling. There are over 420,000 visits of the website, and also receive in the over 11.87 million customers. We use our own system to replace the old five overseas system to achieve integrated control of the risks.
On the internet-based platform, we provide the customers with the foreign exchange bonds and all other products and their transaction and trade services. We processed transactions that totaled RMB 2,116 trillion, with over 27,000 customers. We also collected funds, conducted research on investment risk control and management and investment operations. This system has supported the CCB Wealth Management, CCB Trust, and CCB Pension, and different CCB subsidiaries, which were nine of them. In terms of the custody service, we expanded the value-added services, providing the customers with services of the asset custody, investment support, and the performance of the risk. We developed the accounting and the information disclosure and the outsourcing of the custody. 95% of the services are automated. The personal banking services accounted for 29.7%. Another areas is the risk management.
We conduct this based on technology to protect our bottom line. We built a digital compliance system covering the businesses, behaviors of the employees, anti-money laundering, and all other services related to the compliance. We conducted the business of the digital technology-based supervising to internalize the regulations on supervising and conduct the internal assessment and check on our compliance. In terms of compliance of behaviors, we built the employees behavior management system combining online and offline services, so that we can nip the bud when there is a behavior of non-compliance. We developed the anti-money laundering core engine to prevent the risks, control the risks during the whole process, and manage it after the incident happens. In terms of the information and data security, they are also covered in the risk control and compliance system.
Last but not least, the day before tomorrow, we saw the press conference or the release of the double services of the CCB Lifestyle and CCB Mobile Banking. We strengthened the building of these two services. We are transforming the functions of the mobile banking towards a independent platform to build a new version of the mobile banking service. This is the end of the current progress of fintech. Thank you.
Thank you, Ms. Liang. Let's enter the Q&A session. We would like to hear your questions or comments regarding CCB. All our persons in charge of relevant departments are happy to answer your questions online. The floor is open. Ladies and gentlemen, to ask a question, please press the asterisk and then number one button on your telephone and wait for you to be called.
The first question is from the guest with the telephone number of 3412. Thank you for giving me the opportunity to ask a question. You just gave a detailed introduction of wealth management. I would like to ask, what are the strategies for wealth management next year? This year, we saw the products with a high growth was deposits and insurance. Are there any changes next year? What are our strategies? Thank you. Mr. Chen, please? Mr. Chen from the Personal Financing Department. Can you hear me?
Yes, we can. I'm glad to answer your question. The wealth management strategies. In terms of product, based on work on the demands of customers and the changes of the market, just as you said, judging from 2022, the whole banking sector was occupied by the growth of the deposit and insurance business.
Looking forward, we believe that from the broader scale, the deposits and the insurance agencies businesses still have large room for growth. There are relatively strong demands from customers in these two regards. The customers still feel that there are some uncertainties in the economy. There are some fluctuations in the bond market. In my opinion, the customers still have a strong demand for the relatively safe deposits and insurance businesses. Next year we will still push forward these two fields to satisfy the customer's needs. From our judgment, in 2023, the capital market will achieve some growth and development. We have confidence in this. From the macro side, the economic recovery will be in place. There will be a relaxed policies regarding the fiscal and monetary policy. We are also seeing the return on the stocks and bonds and the funds.
We think we need to provide more assets of the deposits in terms of the wealth management products, and precious metals will also be strengthened. This is my answer. Thank you.
Thank you, Mr. Chen. Next question, please. Thank you for your answer. It is very clear. I would like to ask a follow-up question about loans. Is there some recovery in the demand for credit loans in the fourth quarter? Can you give us an outlook for next year's loan development? I would like to give the floor to Mr. Song from the Credit Department.
The year 2022 was quite extraordinary. Looking forward to the next year, we are facing both opportunities and challenges because the year 2023 is the first year after the 20th CPC National Congress. It is also the first year of the new government administration.
This means that the banks will achieve a high quality development. There are both opportunities and challenges. Internationally, the economy, finance, and geopolitical factors, and domestically, there are an improvement on margins. From the perspective of CCB in 2023, in general, we plan to set a relatively high target on all our businesses to improve both the quality and the quantity of our businesses. This is also mentioned in the Economic Work Meeting of the State Council. This is also the general operation target of CCB for 2023. For the RMB loans, we will stabilize the total amount, adjust the structure, and address the weak links. I cannot give you a specific number for the total amount of loans, but we can say for sure that we'll continue to support the real economy. Compared to this year...
The standard will be set relatively higher compared to this year, especially. The trend targets for next year are braver or more bold than this year. There is the need to keep the corporate loans steady. We also need to strengthen our support for the infrastructure loans, including the old and new ones. We'll also continue to grant more loans in the inclusive finance for rural revitalization, green credit, and the advanced manufacturing. We'll grant more loans in these fields. In terms of personal lending, the overall target is to grant more loans in these regards as well in 2023. In terms of the house finance and the consumer finance. With the easing of the COVID-19 countermeasures, all these fields will see a recovery. In terms of personal housing credit loans, we will give full play to our advantage.
Especially, we need to support the needs of customers for the improved housing. In the past two years, the economy suffered a blow, and that also had an impact on consumption. Next year, the consumption will see recovery with the policy emphasizing on the consumption. We believe that next year, the consumer credit loans will also increase. For deposits, since we'll increase the loans, then we also stress in the balance for a steady growth or development in deposit and/or control the high cost deposits, and its increase in the high cost deposits. We'll try our best to have a systematic arrangement or a layout.
For example, in terms of our e-governance or the finance for rural revitalization as for example, our Yunong tong, to increase in the demand deposits and to shore up or slow down the reduce speed of the demand deposits. That's that applies to different banks. We're thinking about how to reduce the demand or the demand deposits because such kind of deposit has a very low cost. That is our overall arrangement and layout. Thank you.
Thank you. Let's invite the next investor to raise question.
Next question from 1637, which is the phone number or the electronic registered phone number of this investor.
Thank you very much for this opportunity. I'd like to ask a question about wealth management because we see the recovery of the redemption or recovery of the wealth management. How about the steady or stability of the wealth management as grants the redemption of the, you know, wealth management products? What it will be the influence for such massive redemption of wealth management products?
Okay, I'll take that question. Thank you very much for your question, from the Asset Management Department, Cheng Yuanguo. I'm going to take that question.
Yes, it's been true recently, there is a large amount of resumption or the rate over the drop of the net value of WMPs. There are some redemptions of WMPs. What is the reason behind this? First, the drop of the net value, an important reason is the rate structuring or adjustment of the pandemic measures as well as in the registered market. The interest rate is at a stable level. However, there are some expectations against the backdrop of the adjustment in the rents market and the pandemic control. There might be hike in the interest rate. Because of this, as we know, with the uptick in the interest rate, it's a negative correlation with the price. If the interest rate goes up, then the price will go down.
In this case, the securities as well, which is the key of the wealth management products, with the expectations of the price going down, the net value, well, is expected to go down. That is the major reason behind that with the adjustments of the pro- policies the expectation of the price will go down, the net value of the WMPs will go down. There are some redemptions in the WMPs. Another aspect is that actually this is a normal phenomenon. From the beginning of this year, WMPs embraced overall the new asset management regulation with the net value method to do the measurement of the WMPs. Net value with the assets allocated will be volatile than its normal phenomenon.
Previously, we see that for the WMPs, it has a fixed return, and the net value will not go to negative. That is before the new asset management regulation rolled out. With the new asset management regulation, it's normal for the net value to be volatile in the WMPs. It's very natural for some security, securities. Because now, the most of the WMPs are not principal guaranteed. Third, our Wealth Management Subsidiary of CCB, for the volatility, we also pay high attention to in the overall management. Bank of China also stressed that there are some adjustments of the policies caused the price to drop down and to the securities or WMPs.
There are some guidelines from the Bank of the- PBOC to stabilize the market. Now the market has been stabilized. The value of the WMPs has been stabilized. That is the macro or circumstance. For CCB itself, for in the changes in the market, we adjusted our, the long-term products or duration of the products as well as maturity period of our products to control the dramatic volatility in the value of our WMPs and to provide stable or relatively stable returns to our customers. In future, well, based on this principle, we will continue to do our work. Actually, this volatility provides us with opportunity to further improve our WMP allocation as well as our adjustment to meet the demands or needs of our customers.
Thank you.
Thank you. Investor, do you have other questions?
Okay. I'd like to have a follow-up question on the, you know, housing rental and which is one of the three major strategies and one of the featured products of our strategies or business outcome of CCB. Recently, CCB rolled out RMB 30 billion yuan of housing rental. Could I know the relevant progress of this housing rental fund and the future plan? Thank you.
Who would like to take this question?
Dear friends and investors, for the Housing Fund, Rental Fund Department, I'm Liang Haiyan. For your question, I'd like to make a brief answer. First, on the relevant departments, from the support, under the support from the relevant departments of the State Council and the support from relevant friends and the players, we had a smooth progress of the housing rental fund establishment, and we have completed the relevant approval and review process. In September and in November, we have completed our relevant establishment of fund as well as the fund management company. As of now, this fund has moved into the normal operation period.
From the feedback from the market, there is a high expectation for this fund, including the housing or real estate companies with the access to be fresh or to be for use. In the process of setting these funds, we also talk to with the relevant market entities and all kinds of local governments. Now, for the areas with a high inflow of population in Guangzhou, like Chengdu, Chongqing, Foshan, Shanghai, Guangzhou, we have talked with the relevant for the relevant investment projects. By the end of November, the projects have been promoted, and we have promoted around 30 projects, many in the key cities, as mentioned.
The assets volume of the investment is approaching to RMB 1.13 billion. For the areas I mentioned. We talked with our market entities to establish a sub-fund, we are in the process of negotiation. In the three, two-three areas, the sub-fund will be established within this year. Overall, the progress is quite smooth, the results will be play out. That's all for my answer. Do you have any other questions?
Okay. Thank you very much for your answer. I don't have follow-up questions.
Thank you. Next question is from investor who says last four digital digits is 1023.
Thank you for this opportunity. My name is [Fortune Hou].
My question is about your real estate market. There are some supportive measures for the real estate market. What's your plan and strategy for the grant, credit granting for real estate market? How much of the credit granted is delivered? Is there a rebound in the real estate market as well as your real estate companies?
Okay, I'm going to take this question. Thank you for your interest in the real estate market. For the real estate business of CCB has always been stable. By the end of Q3, we have 3.5% of increase in the credits granted to real estate market.
We adopted, relative measures and, in line with the requirements and regulations, and for the central government as well as, and the regulators, and to support the reasonable assets demand or fund demand. For the guarantee of the delivery of the newly established houses, as well as the M&A financial service, for example, real estate companies and as well as some financial securities, financial support to support the overall rebound of or recovery of the real estate market. As of now, the central government for is strengthen the support, strengthening the support for the real estate market and the real estate market. For the transaction in the market, there is no clear sign of the full recovery, but we can feel that there are some marginal improvements.
For example, the for the mortgages recovery. Next year, our judgment is that the real estate market will continue to rebound, bounce back. For the corporate customer, support will continue to have a steady credit granting to meet the newly added demands. Also promote the M&A to mitigate the risks for the M&A loans, M&A consultants and M&A securities will provide relevant financial service. Third, we'll work on the risk control. In the future, in the real estate business, with the market recovery, there will be some gaps or differentiated development in the market. Some companies will have a risk or enter into risk, so we'll continue to prevent the risk.
We'll also explore in the corporate the housing or rental or leasing or the support or to meet the fund needs of the housing rental companies. That's all for my answer. Thank you.
Next question.
Thank you. Follow-up question on the SMEs. What is the impact from this pandemic and to the banks along to the SMEs? Is there any sign of positive development?
From Inclusive Financing Department, I'm Wang Weidong. I'm going to take this question. For CCB's inclusive financing business, we have enjoyed a rapid growth. Because we have a digital transformation, we have provided a quick loan to small and medium-sized businesses, and our assets quality is also kept at a good level. By the end of November, before the audit, the NPL ratio was less than 1%. Because we have a higher base number, the NPL ratio was a little bit lower than the beginning of this year.
Among all the assets, I think you are interested in the loans overdue, so the main NPLs are in this category. For the loans overdue, we mainly focus on those who were impacted by the COVID-19. However, there was no problem with their operations. We had RMB 250 billion of the deferral of the loans, and also that included 400,000 customers. However, as their operation became normal again, many of the loans were repaid. Here we have the 100,000 customers with RMB 55 billion of the loans deferred. With the support of the supply side and also the digital innovation in supply side and also greater demand, we will have targeted control of the NPL. I believe that with all these measures, the asset quality will remain stable.
Thank you.
Thank you. Any more questions from this investor?
Thank you. I don't have any other questions. Thank you.
Next question please. Next question is from the investor with the last four digits of the telephone number being 4309. Please, the floor is yours.
Thank you for giving me this opportunity. I have a question about the progress of the corporate business projects, how long will it support the supply of the credit? I would also like to know the distribution of the period and the areas of this kind of loans. I will still invite Mr. Sheng to answer this question.
From the progress the corporate business project in 2022, the corporate loans increased. According to the requirements of the government, the corporate loans reached record high.
Just as Mr. Song said, there is a requirement of the Central Economic Work Conference. As the economy continues to recover, the CCB will continue to play a role as a major state-owned bank. We have a positive outlook for next year's economic growth. In terms of the adjustment of the cycle and the launch of the new project, I think that all requires a large amount of loans granted. From our own perspective, we started the marketing with our corporate customers quite early. The peak season for next year, for the first quarter of next year, will be around very soon. We have a great number of projects in place. We plan that in the beginning of next year, we will deliver a series of key projects.
In general, we will keep pace with the central government's arrangement and policies and transform all these projects into the effective loans granted. Of course, we will also manage and control the risks. Thank you.
Thank you. Any other questions from you?
Thank you. I have a follow-up question. About the trend of the NIM next year, what is your expectation? When do you expect there will be a tipping point for the NIM to rebound? Thank you.
In the first three quarters, the NIM was 2.03, ranking first among the four major banks. The rate of the decrease of the interest was a little lower than the other banks.
For the outlook for the NIM next year, our initial judgment is that the trend of going downward will likely to continue in the first quarter of next year, because the economic recovery will just start next year with interest margin, and that will still require some support and credit loans. The price will also be lower. The cost for liabilities is hard to be reversed. With all these factors, we predicted that in the first quarter, the NIM will still decrease. Hopefully, through the reasonable adjustments of the credit structure and by increasing the proportion of the high-yield loans. Through some systemic measures to achieve stability. All other different measures and tools, we will try our best to continue to be the best among the four major banks in terms of the NIM.
We announced that we wanted to be among the top two, since we are the first already, we are kind of reluctant to give that place to other people or other banks. That is my answer for this question. Thank you.
Thank you. Any other questions?
I don't have any other questions. Thank you.
Next question, please. This telephone number 3448, the floor is yours.
Thank you for the opportunity to ask a question. I have two actually. The first is just ask our business mentioned. There is some improvement for the asset quality. I would like to know the quality or the level of the provision coverage and other asset qualities next year? The next question is about the financial market.
There is some fluctuations of the bond market. That has an impact on the fourth quarter profit. What is that impact, and how do you expect next year's trend for the bond market? Thank you.
First, I would like to ask Miss Xing from the Credit Management Department. Thank you.
Thank you for your attention for the asset quality of the CCB. For a long time, the CCB has maintained a steady asset quality with very little fluctuation. We expect the trend to continue that next year. We have always recognized the risk in advance and managed it proactively. We continue to optimize the credit structure that further stabilize the asset quality. We have stronger capabilities to control the risk and the asset quality.
Since the outbreak of COVID-19, we conducted the management and control of risk under this period. For small and micro businesses, through big data technologies, we recognize the risk. Also we released the burden of the NPLs because we had the deposits for the reserve. The projected figures for the NPLs and the loans overdue was negative. We also believe that with the continued macro policies and the support for real estate, as well as the easing of the COVID-19 countermeasures, the economy will recover further. Next year, our asset quality will still be stable and will have a full capability to ward off the risks. In terms of the ROE, I would like to ask my colleagues from the asset and liability department to answer this question. Mr. Song, can you add some points to this about the ROE?
Yes, ROE.
In terms of ROE, we are still the first among the four major banks in China. Although the ROE is going down. In the first 11 months, it was 12.33%. It was down a little bit. However, in terms of ROE, ROA or NIM, we all rank the top among the four banks. Our target is that we would like those to remain number one in these regards. However, the downward trend may be inevitable and irreversible because we are facing the similar operation environment. If we compare ourselves with the three other banks, we would like to be number one next year in terms of ROE and ROA. That is my answer. Thank you. Ms. Chu, from the Financial Monitoring Department, please answer this question.
Thank you for your question. I'm Chu Yan hong.
About the changes of the bond market, what is the impact on CCB and what is our projection for next year? It's true that since November, there are some fluctuations of the bond market. Ms. Chu also analyzed that with the easing of COVID-19 countermeasures and the changing expectations for the market, the transaction rate will be increased. Also the redemption of the defense and bonds further exacerbated the fluctuations. However, our impact is quite low because first, just as the minister said, the evaluation of the bonds, what are their impacts on CCB? Over 90% of the bonds of CCB were mainly on the AC and OCI accounts, and FVTPL accounts accounted for less than 10%. The value evaluation change on the bond market, the AC and OCI accounts will not be impacted.
We won't suffer much impact in terms of our bond products and portfolio. It was just several hundred million yuan. Also, after reduction of the reserve ratio in August, in the third quarter, we adjusted the structure and dealt with some bonds, and the funds were transferred to the fourth quarter. Also, we grasped opportunities of the changes of the market interest rate. We adjusted the bond structures during this period when the interest rate was quite low. It gives us the opportunity to give a reasonable adjustment to the middle to long-term bonds. This, in this case, we the contribution to the increase of the interest or properties increasing. For the outlook for next year, the volatility in the bond market draws attention from the regulators.
We saw in December, PBOC continued into support the market liquidity into the bond market return has been moving down from the high point to a stable level. For next year, first, for the asset chain from what we know from the Central Economic Work Conference, the monetary market will be precise and strong, and the overall policy will be reasonable and strengthen more enterprise on the reasonable of the liquidity instead of quantitative or excessive easing and focus on the structure and structural releasing. In the fiscal policy, well, in the deficit ratio will be increased and the precise of the fiscal policy will be improved. In this case, the asset chain combined with the demand policy, as well as the policy from the risk market.
From the supply outside, the cash flow of real estate companies has been improved. Next year, the negative impact on the economy from real estate market will be re-reduced. The changes of the economy with the ease of COVID restrictions, there will be interim period of to the recovery. Next year, for the bond market interest rate, it will be, you know, fluctuate within a range. This range will be improved compared with last year, but it's not clear for us to be sure on the inflection point with in the herd immunity to the end and overall recovery of the economy, as well as the improved consumption and improvement of the consumption confidence.
By the first half of this year, there will be a trend as well as the inflection points of the economy will be defined and the value of.
The funds will be clear in the Q3 and Q4. Our fund investment strategy will be made important to the policies, assets, as well as the microeconomy to be adjusted accordingly. With the low interest rate, we'll do the restructuring. In the high interest rates, we will improve the allocation. That's all. Thank you.
We are about to move to the end. Let's have a one last question. Last question from the investor 3142. Please?
Thank you for the last question opportunity. Yes, my question is also on the NPL for the quick loan for SMEs. What is the NPL in the Q4? What's the outlook for next year? There we have some policy for extension of the repayment for risk market.
After the end of the one year, if there is no positive sign, then what is our standard for defining the NPL? Will that be changed or will the standard be kept unchanged?
Yes. In the recent market, CCB's development, credit is kept at a good level compared with the four major banks in China. This time, according to the requirements of regulators, in particular, in extension of the repayment period, according to the relevant requirements of regulators, we released in the policies or forward the policies to our subsidiaries to ease in the repayment burden of our real estate customers. We have a steady management of the loan to real estate market loan. That is why our NPL is performing very well among the four major banks in China.
In terms of the selection of the areas and the selection of the project as well as in the list management, we have relevant now measures to select a high quality customers. After some risk occurs, we'll have some asset quality management or control measures. For example, for our second level subsidiaries or branches, we'll have the management also in the real estate market on our branches in the city with loan reduced or drop in the risk market, we will have the limitation in this area and then shift attention to the internal control as well as customer selection as well as the asset quality control. After relevant management ability improves, the limitations will be reduced to expand or explore to search more potential customers.
By doing so, we kept the asset quality in real estate market. Looking to the future, CCB for the control of asset quality always be kept with the reality, we will judge whether in this loan is bad according to the reality of our customer. Next year, with the gradual recovery of risk market, the asset quality in this field will be kept at a reasonable level. Based on this, the relevant loan in this area will be kept steady. That's all. Thank you.
Thank you. For the sake of time, that's end of the Q&A session. Thank you very much for your participation. We have received very good questions, those are topics and also the topics that is concerned by the market.
Relevant departments of CCB have responded to this question sincerely and comprehensively. If you have any further questions, please contact our investor relations team of the board office. We'll have in time and enough communications with our investors. With that, I'd like to draw today's conference to an end. Thank you very much for your participation, and thank you, our CCB colleagues, for your contribution. Hopefully, with the pandemic will end one day, so we can have in-person communications. Hopefully, we can invite you to our branches of CCB, so you will have a more detailed and firsthand experience, and what you will have a full understanding for the practices of CCB to provide a service into the real estate, the real economy and other economies. We are moving to a New Year with the new hope, happy New Year.
I wish you all healthy and best wishes. Thank you.