China’s Top Banking Regulator Calls for Accelerated Digitisation of Financial Regulation

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China’s senior-most banking regulator has called for the greater adoption and application of the latest regtech innovations by domestic financial authorities.

Guo Shuqing (郭树清), chairman of the China Banking and Insurance Regulatory Commission (CBIRC) and party secretary for the Chinese central bank, said that China should “accelerate the digitisation and smart transformation of financial regulation…actively drive the development of big data regulatory platforms and develop smart financial analytical tools.”

“[We must] improve regulatory data management, connect information islands, and effectively protect data security. We must strengthen the development of financial regulatory infrastructure and optimise network frameworks and operations protections systems.”

Guo made the remarks in an article entitled “Strengthening and Improving Modern Financial Regulation (Earnestly Studying and Implementing the Spirit of the CCP’s 20th National Congress)” (加强和完善现代金融监管(认真学习宣传贯彻党的二十大精神)) that was published by the People’s Daily on 14 December.