The China Banking and Insurance Regulatory Commission (CBIRC) has flagged efforts to improve coordination of financial regulation for the Jing-Jin-Ji region encompassing Beijing, Tianjin and Hebei province.
CBIRC recently convened a specialist work meeting to “drive coordinated development of the Jing-Jin-Ji region,” according to an announcement made via its official website.
The meeting stressed the need to “actively and appropriately prevent and resolve regional financial risk,” as well as “explore and improve the financial regulatory coordination framework for the Jing-Jin-Ji region.”
CBIRC said that driving the coordinated growth of the Jing-Jin-Ji region is a “key policy arrangement” and “major national strategy,” which has seen the agency strengthen regulatory guidance and unveil multiple policies and directives over the past five years.
Key areas of emphasis for future policy will include:
- Further strengthening financial services in the Xiong’an New Area,
- Further improving systems and mechanisms for coordinated development of Jing-Jin-Ji,
- Strengthening of policy communication and regulatory links between Beijing, Tianjin and Hebei,
- Driving information and data sharing,
- Further strengthening leadership communications and coordination.
Yangtze River Delta, Pearl River Delta, Jing-Jin-Ji Region Account for over 40% of China’s GDP
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