China Business Daily (Reporter Ma Wenbo Text/Photo) The State Administration of Financial Supervision and Administration recently issued the "Guiding Opinions on the Banking and Insurance Industry to Do a Good Job in Finance" (hereinafter referred to as the Guiding Opinions), focusing on the development of new quality productivity, the implementation of the "five major articles" of finance, and improving the quality and level of financial services for the real economy. Industry insiders said that the guidance provides a clear direction and goal for the development of the banking and insurance industries, which will help promote the healthy development of the financial industry and serve the real economy, and promote industrial upgrading and innovative development.
An elderly customer leaves after taking business from the bank.
Insist on being problem-oriented
The Guiding Opinions consist of five parts and 20 articles, which put forward clear requirements for the "five major articles" of finance from five aspects: overall requirements, optimization of financial products and services, giving full play to the functional advantages of banking and insurance institutions, improving the organization and management system of banking and insurance institutions, and doing a good job in regulatory support, and carry out systematic deployment.
The guiding opinions put forward that in the next five years, the banking and insurance industry will have a multi-level, wide-coverage, diversified and sustainable "five major articles" service system basically formed, the relevant working mechanism will be more perfect, the products will be more abundant, and the availability, coverage and satisfaction of services will be greatly improved, which will effectively promote the development of new quality productivity. The relevant regulatory system and supporting mechanisms have been further improved, the evaluation system has become more sound and effective, and the policy coordination has been continuously enhanced.
The guiding opinions are clear, and it is necessary to adhere to the problem orientation and implement policies by category; Adhere to market leadership, benefit enterprises and people; Adhere to integrity and innovation, and risk control; Adhere to the system concept and form a joint force. Break through the blockages that restrict the development of new quality productivity and the "five major articles", and create a good institutional environment.
Yuan Shuai, executive vice president of the China Urban Development Research Institute and the Institute of Agricultural, Cultural and Tourism Industry Revitalization, told China Business Daily that new productivity is an important force to promote sustainable economic development. The guiding opinions clearly pointed out that around the development of new quality productive forces, the "five major articles" should be implemented in detail. This shows that the State Administration of Financial Supervision attaches great importance to financial services in the real economy, especially to promote industrial upgrading and innovative development.
The Guiding Opinions require that we focus on the stuck points to improve the quality and efficiency of science and technology finance, and provide full life cycle financial services for science and technology enterprises in combination with the development laws and characteristics of science and technology enterprises; Focus on the "dual carbon" goal, improve the green financial system, actively support energy conservation, pollution reduction, carbon reduction, greening and disaster prevention in key industries and fields, and enrich green financial products and services; Focus on pain points and difficulties, strengthen inclusive financial services, treat enterprises of all types of ownership fairly, continue to increase financial support for private, small and micro enterprises and individual industrial and commercial households, and actively serve the comprehensive revitalization of rural areas; Focus on practical needs to accelerate the development of pension finance, increase financial support for the health industry, pension industry and silver economy, and develop the third pillar of pension insurance; Focus on efficiency and security to promote the development of digital finance, actively guide the digital transformation of banking and insurance institutions, and improve the financial regulatory system that adapts to the digital era.
Yuan Shuai told reporters that the guidance provides a clear direction and goal for the development of the banking and insurance industries, which will help promote the healthy development of the financial industry and serve the real economy, and promote industrial upgrading and innovative development. At the same time, the guidance will have a positive impact on improving the quality of financial services, strengthening financial supervision and promoting the overall stability of the financial market.
Strengthen financial supervision
Financial regulation is an important pillar for maintaining macroeconomic stability, and comprehensively strengthening financial regulation can help ensure that the financial system is resilient to various risks and shocks. The Guiding Opinions put forward clear requirements for doing a good job in the regulatory support of the "five major articles" of finance.
The guidance emphasizes that it is necessary to strengthen supervision and guidance, continue to improve the "five major articles" policy system, strengthen statistical monitoring, analysis and evaluation and inspection, promote the improvement of the external environment, and ensure that relevant work achieves practical results. It is necessary to strictly guard against financial activities that violate laws and regulations, and earnestly safeguard the order of the financial market and social stability. Encourage adaptation to local conditions, take the lead in experimentation, strengthen experience exchanges and typical publicity, and accelerate the formation of replicable and generalizable practical experience.
At the same time, the guiding opinions propose to severely crack down on illegal and illegal and financial criminal activities carried out in the name of the relevant concepts of the "five major articles", and earnestly maintain the order of the financial market and social stability. Strengthen three-dimensional and information-based monitoring and early warning, adhere to the combination of crackdown and prevention, and treat both symptoms and root causes, and improve the ability of early prevention and early treatment and precise disposal. Encourage the masses to report clues, and strive to form a good situation of mass prevention and treatment.
The person in charge of the relevant department of the State Administration of Financial Supervision said that the State Administration of Financial Supervision will strengthen supervision and guidance, continue to improve the "five major articles" policy system, formulate relevant implementation plans, and establish and improve the statistical system. Regulatory departments at all levels should strengthen supervision and guidance, carry out assessments and inspections in a timely manner, and correct problems such as inadequate policy implementation and deviation in implementation. The State Administration of Financial Supervision will supervise and evaluate the work of the supervision bureaus and banking and insurance institutions in a timely manner, and promote the relevant work to achieve practical results.
Yuan Shuai believes that with the rapid development of the financial industry, the importance of supervision and supporting mechanisms has become increasingly prominent. By strengthening supervision, we can ensure the sound operation of the banking and insurance industries and prevent financial risks. At the same time, a sound supporting mechanism will also provide a strong guarantee for the development of the banking and insurance industries.
Give full play to the functional advantages
The Guiding Opinions require banking and insurance institutions to improve their political position, focus on optimizing financial products and services based on their functional advantages, and accelerate the construction of a multi-level, wide-coverage, diversified and sustainable "five major articles" service system, and put forward different requirements for different types of financial institutions.
The Guiding Opinions put forward that large commercial banks should become better and stronger, take the path of connotative development, enhance the core competitiveness of financial technology, give full play to the advantages of network channels and business function synergy, and improve the comprehensive financial service capabilities of the "five major articles". We will vigorously implement the national strategy and help build a high-level scientific and technological self-reliance and self-reliance and a strong country in science and technology. Deepen the construction of professional mechanisms for inclusive finance, and do a good job in providing financial services related to small and micro enterprises and rural revitalization. National joint-stock commercial banks should adhere to differentiated market positioning, explore and innovate around the "five major articles," and strive to form a business model with comparative advantages.
For small and medium-sized banks, the Guiding Opinions put forward that urban commercial banks and private banks should play a role as a new force in serving urban and rural residents, small and medium-sized enterprises, and local economy, pay attention to taking advantage of the advantages of short management radius and flexible operating mechanism, and combine their own resource endowments to optimize the financial products and services of the "five major articles". Highlight the advantages of popularity and kinship, and explore the construction of an effective service model for small and micro enterprises. Rural small and medium-sized banks should strengthen their mission of supporting agriculture and small businesses, deepen local characteristic industries, take the initiative to adapt to market changes, support the development of the agricultural industry chain, and increase financing support in rural revitalization and other fields.
The insurance industry should vigorously play its role as an economic shock absorber and a social stabilizer. The Guiding Opinions require insurance institutions to adhere to the source of protection and continue to optimize insurance products and business structures. Develop science and technology insurance according to local conditions, and realize insurance coverage for scientific and technological research and development, achievement transformation and application promotion. Enrich the supply of green insurance products, focus on the needs of clean energy, green transportation, green buildings, low-carbon technologies, green agriculture and other fields, and develop diversified green insurance products and services. Promote the expansion of agricultural insurance, increase products, and upgrade standards. Encourage insurance institutions to develop all kinds of commercial pension insurance products, actively promote the development of health insurance, and effectively meet diversified pension needs. Promote the development of catastrophe insurance and give full play to the role of insurance in disaster prevention, mitigation and relief.
Bai Wenxi, a distinguished tutor of the Graduate School of the Chinese Academy of Social Sciences, told China Business Daily that the guidance emphasizes the deepening and innovation of financial services, as well as the adaptability and forward-looking of supervision, and aims to promote the high-quality development of the economy through the power of finance. This is both an opportunity and a challenge for the banking and insurance industry, which requires banks and insurance institutions to continuously innovate service models and improve service quality, while also strictly complying with regulatory requirements to ensure the healthy and stable development of the industry.
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