Recently, Chinese Min min bank, together with the State Administration for Market Regulation, the Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission, jointly issued the "14th Five-Year Development Plan for Financial Standardization".
The "Planning" proposes that by 2025, the standard system adapted to the modern financial system will be basically completed, the economic benefits, social benefits, quality benefits and ecological benefits of financial standardization will be fully displayed, and the status and role of standardization in supporting the high-quality development of the financial industry will be more prominent.
Looking forward to 2035, the financial standard system of scientific application, reasonable structure, openness and compatibility, and international standardization will be more sound, and the financial standardization work pattern of market-driven, government-guided, enterprise-oriented, social participation, openness and integration will be fully formed, and standardization will become an important force supporting the high-quality development of the financial industry.
It is worth noting that in terms of leading the construction of the digital ecology of the financial industry with standardization, the "Plan" proposes to adhere to the strict isolation of financial business and non-financial business, clarify the boundary between scientific and technological services and financial business, and prevent illegal and illegal financial business in the name of science and technology.
It is necessary to further promote the construction of securities and futures standards. Vigorously promote the formulation of basic data standards and regulatory data standards for the capital market, study and build a capital market data standard system, and improve the level of data governance in the securities and futures industry. Orderly promote the formulation of relevant standards for investor protection and statistical business in the capital market. Promote the formulation of standards for financial asset securitization. Continue to promote the formulation of standards for securities, funds, and futures business services and information disclosure, accelerate the formulation of information technology-related standards such as information exchange, information security, and technical management, and improve the general basic standards for the securities and futures industry. Comprehensively promote the high-quality development of standards in all fields of the securities and futures industry, achieve sufficient supply and strong applicability of standards, and strongly support the digital transformation of the capital market.
Focus 1: Standardization assists modern financial management
The "Planning" proposes to use standardization to assist modern financial management. Improve financial risk prevention and control standards, improve comprehensive statistical standards for the financial industry, promote the construction of financial consumer protection standards, and strengthen the support of standards for financial supervision.
It is necessary to improve the standards for financial risk monitoring and early warning, and improve the level of financial risk prevention and control. Formulate product and service standards such as Internet insurance, trusts, deposits and loans, and help consolidate the results of Internet financial risk remediation. Strengthen the standardized support for the supervision of financial formats such as microloans, financing guarantees, regional equity markets, pawn shops, financial leasing, commercial factoring, and local asset management. Explore the development of hierarchical and hierarchical information disclosure standards for non-performing assets to improve the transparency of transaction information. Accelerate the formulation of anti-money laundering data standards, and support the transformation of anti-money laundering performance in the digital era.
Focus 2: Standardization helps improve the financial market system and further promotes the construction of securities and futures standards
The "Planning" proposes to use standardization to help improve the financial market system. Improve financial infrastructure standards, further promote the construction of securities and futures standards, increase the supply of gold market standards, and expand and upgrade insurance market standards.
Increase the standard supply of gold market. Improve the "Shanghai Gold" delivery standard system, formulate the "Shanghai Gold" standard for 1 kg of gold ingots, and promote the formation of gold delivery quality requirements and responsible delivery system. Based on the centralized pricing and collective bidding mechanism of "Shanghai Gold", a gold market price standard system is established.
Focus 3: Standardization supports the innovation of financial products and services
The "Plan" proposes to use standardization to support the innovation of financial products and services. Accelerate the improvement of the green financial standard system, effectively promote the construction of inclusive financial standards, and strengthen the guarantee of financial standards in the industrial chain supply chain.
Accelerate the improvement of the green finance standard system. Unify green bond standards, formulate the use of funds raised by green bonds, environmental information disclosure and related regulatory standards, and improve green bond assessment and certification standards. Continuously enrich the standards of green financial products and services. Support the establishment of green project library standards, and provide a platform for the efficient docking of green finance and green low-carbon projects. Accelerate the formulation of environmental information disclosure standards for listed companies and bond-issuing enterprises. Research and formulate and promote carbon emission accounting standards for financial institutions. Establish a system of environmental, social and governance (ESG) evaluation standards. Establish loan statistical standards that can measure the effect of carbon emission reduction, improve the statistical standards for green and low-carbon industry loans, and coordinate to build a green financial statistical system that comprehensively reflects the effectiveness of financial support for the construction of ecological civilization. Explore the formulation of relevant standards for carbon financial products to help finance support the construction of the carbon market.
Effectively promote the construction of inclusive financial standards. Promote the "financial standards + rural revitalization" work model, and promote the construction of rural financial service system with standards. Strengthen the construction of the standard system of rural financial infrastructure and support the creation of a good rural financial ecological environment.
Strengthen the guarantee of financial standards for the industrial chain supply chain. Promote the construction of digital information management technology standards such as processes, interfaces, uses, and security shared between supply chain transaction data and financial institutions.
Focus 4: Standardization leads the construction of the digital ecology of the financial industry, and prevents illegal and illegal financial business in the name of science and technology
The "Planning" proposes to use standardization to lead the construction of the digital ecology of the financial industry. Steadily promote the construction of financial technology standards, systematically improve the standards of financial data elements, improve the standards of financial information infrastructure, strengthen the protection of financial network security standards, and promote the construction of security and controllable standards for the core technologies of financial industry informatization.
The "Planning" proposes to steadily promote the construction of financial technology standards. Strengthen the development and effective application of standards such as cloud computing, blockchain, big data, artificial intelligence, biometrics, and the Internet of Things, and lead the healthy development of financial technology norms. In-depth implementation of financial technology development index evaluation standards, to provide support for self-regulatory organizations to release development indexes in real time. Promote the construction of a standard system for the ethical governance of science and technology in the financial field. Accelerate the implementation of correspondence data standards and promote the steady development of correspondence digitization. Adhere to the strict separation of financial business and non-financial business, clarify the boundaries between scientific and technological services and financial business, and prevent illegal and illegal financial business in the name of science and technology.
The "Planning" proposes to steadily promote the development of legal digital currency standards. Comprehensively consider the security and trusted infrastructure, issuance system and storage system, registration center, payment transaction communication module, terminal application, etc., and explore the establishment and improvement of legal digital currency infrastructure standards. Research and formulate legal digital currency information security standards to ensure the storability, non-forgeability, non-repeatability and non-repudiation of the circulation process. Research and formulate standards for the business and application of fiat digital currency, and establish a standardized process for all aspects of issuance, circulation and return. Research and formulate legal digital currency technical standards to help improve the security and advanced nature of legal digital currency technology. Research and formulate the basic data element standards for legal digital currency to improve data standardization. Research and formulate technical standards for legal digital currency terminals, and promote the improvement of the terminal acceptance environment. Research and formulate legal digital currency evaluation and testing standards, and standardize the testing indicators of relevant systems and products.
Focus 5: Deepen financial standardization and high-level opening up
The "Plan" proposes to deepen financial standardization and high-level opening up. Accelerate the transformation and application of advanced financial international standards, and actively participate in international financial standardization activities.
Accelerate the transformation and application of advanced financial international standards. Continue to carry out comparative analysis of financial standards in key areas, actively adopt international standards, and accelerate the transformation and application of advanced applicable international standards such as unique product identification number (UPI), unique transaction identification code (UTI), key data elements (CDE), and securities financial instruments. Explore the simultaneous promotion of the development of international standards and the collection of domestic standards, and improve the quality and efficiency of the transformation of international standards.
Actively participate in international financial standardization activities. Build a multi-dimensional, multi-field, multi-channel participation in the international standardization of financial activities. Continue to promote the development of international standards led by the mainland, and continue to play a constructive role in the development of international standards in key areas. Deeply participate in the governance of international derivatives coding, and promote the integration of data element standards for transaction reports in mainland financial markets with international standards. Strengthen international exchanges and cooperation on cross-border payment standards. Encourage financial institutions, social groups, scientific research institutions, etc. to actively participate in the formulation of financial international standards. Strengthen exchanges with international standards organizations, regional standards organizations and relevant countries.
Focus 6: Promote financial standardization reform and innovation
The "Plan" proposes to promote financial standardization reform and innovation. Optimize the supply structure of financial standards, strengthen the implementation and application of financial standards, cultivate financial standardization services, and promote the coordinated development of financial standards testing and certification.
It is necessary to optimize the supply structure of financial standards. Fully release the vitality of financial standardization of market players, optimize the standards promulgated by the government and the standards independently formulated by the market, and greatly increase the proportion of market independent standards.
Strengthen the implementation and application of financial standards. Strengthen the role of financial standards in the formulation and implementation of laws and regulations. Promote banking financial institutions and non-bank payment institutions to implement relevant regulatory requirements, and timely, truthfully, accurately and comprehensively disclose to financial consumers the standard numbers and names implemented by financial products or services.
Cultivate financial standardization service industry. Carry out the construction of a national technical standard innovation base for the financial industry, and accelerate the transformation of scientific and technological achievements into technical standards. Cultivate and expand the main body of the financial standardization service industry, and promote the establishment of financial standardization service institutions with national service capabilities. Encourage social capital and high-level talents to participate in the construction of financial standardization institutions.
Focus 7: Consolidate the foundation for the development of financial standardization
The "Plan" proposes to consolidate the foundation for the development of financial standardization. Optimize the operation mechanism of financial standardization, enhance the standardization capabilities of financial institutions, promote the digital transformation of financial standardization work, and strengthen the construction of financial standardization talent team.
It is necessary to improve the standardization capabilities of financial institutions. Promote financial institutions to clarify the departments responsible for standardization work, allocate standardization staff, establish a standardization work system, encourage increased resource investment, and improve standardization work capabilities. Improve the standards for the standardization of financial institutions, and provide guidance for financial institutions to carry out standardization work. Carry out special actions to improve the standardization capabilities of small and medium-sized financial institutions, provide special standardization training, and enhance the ability of small and medium-sized financial institutions to carry out financial standardization work.
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