The peak self-regulatory body for China’s banking sector has compiled a list of the ten biggest events affecting the industry in 2018.
Pan Guangwei (潘光伟), vice-head of the China Banking Association, announced the list on 8 January at an industry summit.
- The establishment of the State Council’s first Financial Stability and Development Committee (FSDC), and the unveiling of the official sign for the newly formed China Banking and Insurance Regulatory Commission.
- The thorough implementation by the banking sector of the Chinese central government’s “Six Stabilities” and FSDC’s six requirements; the effective use of policy combinations and the use of “stable finance” to support “stable growth.”
- China’s announcement of large-scale loosening of financial market entry requirements, expansion of the external opening of the banking sector, and acceleration of the pace of external opening.
- The continued implementation of a series of “strong regulation” measures for the banking sector; the rectification of market malfeasance and online financial risk, the standardisation of the market order and the effective prevention of financial risk.
- The banking sector’s use of multiple measures to implement the “spirit” of Chinese central government policy; the expansion of the vigour of financial support for private enterprise, and pragmatic increases to the quality and efficiency of financial services for the real economy.
- Strengthening of regulation of banking sector companies, the launch of the “Commercial Banking Equity Management Provisional Measures” (商业银行股权管理暂行办法); the use of a comprehensive “three body” regulatory framework to drive stable development of the financial system.
- The implementation of new asset management regulations and accompanying by-laws; the regulatory standardisation of asset management products in the same category, the establishment of a new asset management industry configuration.
- The banking sector’s in-depth integration of fintech, its continued establishment of fintech subsidiaries, and the use of digitisation to invigorate and reshape the interface ecosystem.
- The banking sector’s vigorous implementation of social responsibility, and the accelerated establishment of a financial inclusion system.
- The unveiling of successive bank capital instrument innovation policies; the expansion commercial bank capital supplementation channels, and expediting positive financial cycles via stable operation of the banking sector.