The State Council has issued a blockbuster release! Concentrate on building a "national team" in the financial industry!

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According to the Chinese National People's Congress, entrusted by the State Council, Vice Minister of Finance Liao Min made a report on the study and handling of the opinions on the deliberation of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability.

According to the report, the optimization of the layout and structural adjustment of state-owned financial capital will be accelerated. With the theme of promoting high-quality development, we will study and improve the layout of state-owned financial capital, and effectively give play to the leading role of state-owned financial capital in the financial field. We should study in depth the proportion of state-owned financial capital in banking, insurance, securities, and other industries in a timely and rational manner through such means as replenishing capital and increasing profits, and in accordance with the principle of "advancing and retreating, and rational flow."

The report also shows that the focus is on building a "national team" in the financial industry. Research and draft an action plan to strengthen the management of state-owned financial capital, promote large state-owned financial enterprises to benchmark with world-class financial enterprises, highlight their main business, do fine and professional, and continuously enhance their competitiveness and international influence. Research and formulate guidance on promoting the high-quality development of the insurance industry, and promote the standardized development of non-bank financial institutions. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.

The original text is as follows:

The State Council on the management of state-owned assets of financial enterprises

The research and handling of the deliberation opinions of the special report and

Report on the status of rectification and accountability

——At the 9th Session of the Standing Committee of the 14th National People's Congress on April 23, 2024

Vice Minister of Finance Liao Min

The Standing Committee of the National People's Congress:

The CPC Central Committee and the State Council attach great importance to the management of state-owned assets of financial enterprises. The Ministry of Finance, the People's Bank of China, the National Audit Office, the State Administration of Financial Regulation, the China Securities Regulatory Commission and other departments and units adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously implement the relevant requirements of the Central Financial Work Conference and the Central Economic Work Conference, deeply study the spirit of General Secretary Xi Jinping's important speech at the opening ceremony of the special seminar on promoting high-quality financial development for major leading cadres at the provincial and ministerial levels, strictly implement the main responsibility for rectification, and compare the sixth meeting of the Standing Committee of the 14th National People's Congress with the The State Council's special report on the management of state-owned assets of financial enterprises in 2022" will be decomposed and refined one by one, and ideas and measures for improving the work will be studied and put forward to ensure that the rectification work is implemented, implemented and effective.

1. Optimize the functional positioning and strategic layout of state-owned financial capital

In view of the problems raised in the deliberation opinions, such as the "dominance of banking institutions" and the weakening of policy-based financial functions in recent years, the Ministry of Finance and financial management departments have promoted the further optimization of the layout of state-owned financial capital, rationally adjusted the proportion of state-owned financial capital in various financial industries, deepened the reform of policy-based financial institutions, increased the supply of policy-based finance, and promoted the differentiated development of state-owned financial enterprises.

(1) Accelerate the optimization of the layout and structural adjustment of state-owned financial capital. With the theme of promoting high-quality development, we will study and improve the layout of state-owned financial capital, and effectively give play to the leading role of state-owned financial capital in the financial field. We should study in depth the proportion of state-owned financial capital in banking, insurance, securities, and other industries in a timely and rational manner through such means as replenishing capital and increasing profits, and in accordance with the principle of "advancing and retreating, and rational flow."

(2) Continue to strengthen the positioning of policy-based financial functions and increase supply. It is clear that policy-based finance should focus on serving the national strategy, and mainly do business that commercial finance cannot do and cannot do well. Implement the reform of policy-based banking business, promote its focus on its main responsibilities and main business, and strictly control commercial business. Research and improve the assessment and evaluation mechanism of policy-based financial institutions, and guide policy-based financial institutions to strengthen their support for major national strategies, key areas and weak links through improving corporate governance.

(3) Strive to promote the differentiated development of central and local state-owned financial enterprises. Support central financial enterprises to further strengthen and optimize, serve as the main force in serving the real economy and maintain financial stability, and strengthen financial support for major national strategies, scientific and technological innovation, and green and low-carbon. Promote local state-owned financial enterprises to focus on their main business, improve quality and efficiency, carry out characteristic operations based on local areas, and enhance their ability to serve the real economy and resist risks. Adhere to the positioning of supporting agriculture and supporting small enterprises, promote the reform of rural financial institutions with "one province and one policy", and promote the implementation of the reform plans of rural credit cooperatives in Hainan and Sichuan.

2. Improve the management system and mechanism of state-owned financial capital

Focusing on the suggestions put forward in the deliberation opinions, institutions that perform the duties of investors of state-owned financial capital should accurately grasp their own responsibilities and positioning, and that the responsibilities of financial departments in performing the responsibilities of investors of state-funded financial enterprises should be different from those of financial enterprises funded by state-owned enterprises, the Ministry of Finance further strengthens the positioning of the responsibilities of state-owned financial capital management, continuously improves the management system and mechanism of state-owned financial capital, and unswervingly follows the path of financial development with Chinese characteristics.

(1) Uphold and strengthen the Party's leadership. Persist in strengthening the party's leadership in improving corporate governance, implement the legal status of the party committees of state-owned financial enterprises in the corporate governance structure, and collectively study important matters such as the "three major and one major" before submitting them to the board of directors for deliberation. Implement the requirements for two-way entry and cross-appointment of the leadership team of the Party committee, the board of directors and the management, and ensure that the decisions and deployments of the Party Central Committee are implemented through the corporate governance mechanism.

(2) Strengthen system construction. Accelerate the promulgation of regulations on the management of state-owned financial capital, clarify the management matters and powers and responsibilities of institutions that perform the duties of investors of state-owned financial capital, and promote the granting of rights by law and statutory rights and responsibilities. To meet the needs of financial development practice, study and revise the rules and regulations of financial enterprises for the evaluation, supervision and management of state-owned assets, and strengthen the institutional fence. Supervise and guide local financial departments to perform their duties as investors of state-owned financial capital, and study and draft measures for evaluating the performance of local state-owned financial capital management.

(3) Straighten out the relationship between the institutions responsible for the performance of the investor's duties and the entrusted management body. In accordance with the principle of clear rights and responsibilities and equal rights and responsibilities, the division of responsibilities between the responsibilities of the state-owned financial capital investors and the trustee management institution shall be clarified, and the responsibilities and rights of the state-owned financial capital trustee management institution shall be refined.

(4) Do a good job in the transfer of market operation institutions. Implement the "Plan for the Reform of Party and State Institutions", divest the market operation institutions managed by the central financial management department, and transfer the relevant state-owned financial assets to the state-owned financial capital trustee management institution. In accordance with the principle of "one enterprise, one policy", the transfer plan is formulated steadily to ensure orderly progress, continuous business and smooth transition.

3. Promote the improvement of the quality and efficiency of financial state-owned assets and state-owned enterprises

In response to the huge scale of the mainland's financial industry but the need to enhance its competitiveness, the Ministry of Finance and the financial management department have taken the initiative to continue to make efforts to promote the high-quality development of financial state-owned assets and state-owned enterprises, and to improve the overall operational efficiency of the financial industry.

(1) Concentrate on building a "national team" in the financial industry. Research and draft an action plan to strengthen the management of state-owned financial capital, promote large state-owned financial enterprises to benchmark with world-class financial enterprises, highlight their main business, do fine and professional, and continuously enhance their competitiveness and international influence. Research and formulate guidance on promoting the high-quality development of the insurance industry, and promote the standardized development of non-bank financial institutions. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.

(2) Improve the profit distribution and capital replenishment mechanism. Enhance the ability of endogenous capital replenishment, in accordance with the requirements of the "Opinions on Further Improving the State-owned Capital Operating Budget System", combined with the development needs of different industries and different types of financial enterprises, study and optimize the profit distribution of state-owned financial enterprises, increase the capital replenishment mechanism, and improve the rules for the classification and classification of the proportion of income handed over by state-owned financial enterprises. We will broaden the channels for replenishing external capital, actively support major state-owned banks in issuing total loss-absorbing capacity (TLAC) bonds to enhance their risk resilience, and allow insurance companies to issue bonds with no fixed maturity in the inter-bank bond market to replenish their capital, so as to broaden the channels for capital replenishment of insurance companies.

Fourth, improve the level of financial services for the real economy

In response to the problems raised in the deliberation opinions, such as the lack of willingness and strength of state-owned financial enterprises to support private enterprises, especially small and micro enterprises, the Ministry of Finance and financial management departments have actively adopted various measures to guide state-owned financial enterprises to take the initiative to take the initiative and play the role of "head goose".

(1) Promote state-owned financial enterprises to better serve the real economy. Guide state-owned financial enterprises to take the initiative to enrich and improve the medium and long-term planning of enterprises, and do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance. We will continue to improve the performance evaluation system by industry, strengthen the long-term assessment of the efficiency indicators of state-owned commercial insurance companies, and guide them to better play the role of market stabilizer and economic development booster of medium and long-term funds. Guide exchanges and market operating institutions to firmly serve the concept of the real economy, and encourage more funds to flow to the real economy.

(2) Promote large state-owned banks to increase credit support. Strengthen window guidance, guide state-owned commercial banks to focus on strengthening the balanced supply of credit, and promote stable economic growth with the stability of credit growth. In 2023, the five major state-owned commercial banks will add about 11.36 trillion yuan in loans, a year-on-year increase of 12.2%, and the growth rate is 6.1 percentage points higher than the average level of financial institutions (6.1%).

(3) Give full play to the role of financial funds. The Measures for the Management of Special Funds for the Development of Inclusive Finance have been revised and promulgated, and measures such as raising the upper limit of guaranteed loans for entrepreneurship, relaxing the application conditions for loans for small and micro enterprises, and introducing government financing guarantees and credit enhancement have been introduced to increase financial support for entrepreneurship and employment. In 2023, the central government will arrange 7.948 billion yuan of interest discounts and awards and subsidies for start-up guarantee loans. Initiate the implementation of the pilot project of loan discount for the construction of modern facility agriculture. In 2023, the National Financing Guarantee Fund will add 1.31 trillion yuan in re-guarantee cooperation business, a year-on-year increase of 8.67%. Among them, the business scale of small farmers accounts for 99%.

(4) Increase policy support for the private economy and small, medium and micro enterprises. The circular on strengthening financial support measures and helping the development and growth of the private economy was issued, and specific requirements were put forward for further strengthening financial services for private enterprises. We will continue to carry out the project of improving the financial service capacity of small, medium and micro enterprises, carry out the supervision and evaluation of financial services for small and micro enterprises of commercial banks, and accelerate the establishment of a long-term mechanism of "daring to lend, willing to lend, able to lend, and able to lend". Implement the policy of helping enterprises to bail out, and guide local banks to increase loans to small and micro enterprises. Rational and appropriate use of structural monetary policy tools to support credit to small, medium and micro enterprises such as inclusive pension and transportation and logistics.

5. Strengthen risk prevention and control of state-owned financial assets

In response to the problems raised in the deliberation opinions, such as the imperfect risk management and control system of some state-owned financial enterprises, the lack of strict implementation, and the existence of illegal business activities, the Ministry of Finance and the financial management department have taken multiple measures to promote the improvement of the system and mechanism, and continuously consolidate the main responsibility of risk prevention and control of state-owned financial enterprises.

(1) Strengthen risk prevention and control of state-owned financial enterprises. Supervise and urge state-owned financial enterprises to improve the risk monitoring, assessment, prevention and control system, and build a strong firewall against financial and fiscal risks. Guide state-owned financial enterprises to strictly follow the principles of marketization and rule of law, actively, prudently, effectively, orderly, and effectively support the resolution of local debt risks, and strictly prevent secondary risks. By improving systems and mechanisms, we should consolidate the main responsibility of financial enterprises for risk prevention and control, promote state-owned financial enterprises to improve their risk management and control systems, and report major matters to the Party committee and the board of directors for deliberation, and continue to do a good job in risk investigation.

(2) Continuously improve the management mechanism. Research and draft regulations on the punishment of managers of state-owned enterprises, and implement a detailed mechanism for pursuing the responsibility of managers of state-owned financial enterprises for illegal investment and operation, illegal financial business, and other such acts. Improve the prevention and control mechanism of risk sources, and further optimize and improve the analysis and monitoring function of financial enterprises through mining and integrating existing report data. Improve the rating, risk monitoring and early warning system of central bank financial institutions, establish a hierarchical and segmented management framework, and continue to optimize the stress testing framework. Establish an off-site monitoring and early warning mechanism for banks, and give early warning and early intervention measures to institutions with problems such as excessive debt growth and insufficient capital. Study and revise the provisions on the calculation standards of risk control indicators of securities companies, and further give play to the role of the "baton" of risk control indicators.

Editor-in-charge: Li Dan

Proofreading: Ran Yanqing

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