China’s Banking Regulator Outlines Nine Key Missions at Inaugural Work Meeting for 2023

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The China Banking and Insurance Regulatory Commission (CBIRC) has announced a slew of key work missions for 2023 at its inaugural work conference held on 13 January.

The nine key work missions for 2023 will include:

  1. Fully supporting overall improvement to the functioning of the economy.
  2. Striving to expedite regular circulation between finance and real estate.
  3. Accelerating the push for small and medium-sized banks to reform and dissolve risk.
  4. Coordinating the push for insurance companies to return to their origins and dispose of risk.
  5. Actively pushing for non-banking institutions such as trusts to focus on changing the model of development for their primary operations.
  6. Effectively dealing with a concentrated rebound in credit risk.
  7. Strengthening the development of corporate governance systems for financial institutions.
  8. Continuing to raise the effectiveness of regulation.
  9. Continually expanding a high level of external opening.

The release of nine work missions for 2023 marks an increase of two compared to the seven announced at the start of 2022. CBIRC’s work conference also maintains consistency with the latest Central Economic Work Conference in making “fully supporting overall improvement to the functioning of the economy” the chief mission for this year.