Recently, the People’s Bank of China (PBC), the State Administration for Market Regulation (SAMR), the China Banking and Insurance Regulatory Commission (CBIRC) and the China Securities Regulatory Commission (CSRC) jointly issued the Development Plan for Financial Standardization During the 14th Five-Year Plan Period (hereinafter referred to as the Plan). Formulated under the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 and the National Standardization Development Outline, the Plan clarified the guidelines, basic principles, main objectives, key tasks and supporting measures for advancing standardization of the financial sector with coordinated efforts during the 14th Five-Year Plan period.
Under the Plan, we will follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guidelines of the 19th National Congress of the Communist Party of China (CPC) and all the plenary sessions of the 19th CPC Central Committee, and unswervingly apply the new development philosophy in a people-centered approach. Focusing on supporting the high-quality development of the financial sector, we will deepen the supply-side structural reform of the financial sector as the main task and ensure national security in the financial sector. By advancing the in-depth integration of standardization across key financial areas, we will support a sound modern financial system that serves and integrates itself into the new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.
According to the Plan, China will basically establish a standard system that fits modern finance in 2025. By then, financial standardization will fully unfold its economic, social, quality and ecological benefits, playing a more prominent role in supporting the high-quality development of the financial sector. Looking ahead to 2035, a financial standard system that is scientifically applicable, reasonably structured, open, interoperable, and in line with international standards will be further improved, and a market-driven, government-guided and enterprise-oriented financial standardized development pattern featuring mass participation, opening-up and integration will fully take shape. With these efforts, standardization will become an important driving force for the high-quality development of the financial sector.
The Plan outlined seven key tasks. First, assisting modern financial management with standardization. We will improve the standards of financial risk prevention and control and financial statistics, enhance the standards of financial consumer protection and ramp up the support of these standards for financial regulation. Second, improving the financial market system with standardization. We will improve the financial infrastructure standards, steadily advance the development of standards for securities and futures, enrich gold market standards, expand and upgrade insurance market standards. Third, supporting innovation in financial products and services with standardization. We will press head with the improvement of green finance standard system, effectively develop the standards for inclusive finance, and enhance the standards as a guarantee for industry chain and supply chain finance. Fourth, leveraging standardization to lead the development of the ecosystem for digital finance. We will steadily advance the development of fintech standards, systematically improve the standards for financial data elements, and advance the standards for financial information infrastructure. Moreover, we will strengthen the standards for the protection of financial cyber security, and develop standards for safe and controllable core IT technologies in the financial sector. Fifth, engaging in high-quality opening up of financial standardization. We will accelerate the application of advanced international financial standards and actively participate in international financial standardization. Sixth, promoting reform and innovation in financial standardization. We will improve the supply structure of financial standards, strengthen the application, foster service industries for financial standardization, and promoting the coordinated development of standard testing and certification. Seventh, consolidating the foundation for the development of financial standardization. We will optimize the operating mechanism of financial standardization, enhance the standardization capacity of financial institutions, promote the digital transformation of financial standardization, and strengthen the talent pool for financial standardization.
The Plan proposed supporting measures including strengthening organizational leadership, improving implementation mechanisms, and enhancing publicity and communication, so as to ensure that all goals and tasks will be attained.
