On December 10, the China Banking and Insurance Regulatory Commission held a symposium on foreign banks and insurance institutions, listened to the reports of 12 foreign banks and insurance institutions, and introduced the opening policy of China's banking and insurance industry. Zhou Liang, member of the Party committee and vice chairman of the CBRC, attended the meeting and made a speech.
The meeting pointed out that since the eighteen Party's leadership, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the financial industry has made significant progress in opening up to the outside world. In recent two years, cbcirc has issued 34 opening measures in the field of bancassurance. These opening-up measures have enriched the forms of business existence of foreign-funded institutions in China, expanded their business scope, optimized regulatory rules, and relaxed the restrictions on foreign investment access and shareholding ratio. The comprehensive, multi-level and wide-ranging opening pattern of the banking and insurance industry has been basically formed, the allocation of market elements such as capital, technology, talents and information has been continuously optimized, and the service level and competitiveness have been improved day by day, so as to better meet the financial needs of economic development and people's life.
The meeting stressed that the basic trend of China's economic stability and long-term development has not changed, and the pace of China's financial industry opening up to a higher level will not stop. Standing at a new historical starting point, the CBRC will grasp the law, recognize the general trend, further deepen reform, expand opening up, and promote the high-quality development of the banking and insurance industry. First, we will accelerate the construction of laws, regulations and supporting systems, ensure that opening-up measures are implemented effectively, and facilitate the operation of foreign-funded financial institutions in China. Second, we will continue to deepen the structural reform of the financial supply side, adhere to the pre access national treatment plus negative list management model, continue to reduce the negative list, and promote the benign competition and cooperation between Chinese and foreign institutions at a higher level. Third, we should create a first-class international business environment, build a policy environment that is consistent with international standards, internal and external, open, transparent, stable and predictable, listen to the voice of the market carefully, and help foreign financial institutions to solve their reasonable demands. Fourth, we should keep the bottom line of risk, adapt to the new pattern of two-way financial opening, promote the modernization of financial regulatory governance system and governance capacity, deepen cross-border regulatory cooperation, and ensure that the door of opening is opened and the risk is controlled.
