In order to further regulate the foreign trade financial activities of the banking and insurance industry and guide the banking and insurance institutions to effectively play the role of financial services in stabilizing foreign trade, recently, the CBRC, together with the Ministry of Commerce and the foreign exchange bureau, issued the guidance on improving foreign trade financial services (hereinafter referred to as the guidance).
The guidance consists of 6 parts, including 29 specific requirements, including general requirements, improvement of products and services, strengthening of trade background review, improvement of risk management level, strengthening of internal management and organizational guarantee. The main contents include: first, the bank and insurance institutions are required to further deepen the reform, optimize the structure, return to the source, focus on the main business, and take the service of foreign trade development as an important focus of serving the real economy. Second, we should encourage banks and insurance institutions to enrich the types of products and services and improve the quality and efficiency of foreign trade financial services based on the development trend of foreign trade and market demand. Third, the bank and insurance institutions are required to deepen their understanding of the significance of the verification of trade background authenticity, and carefully do a good job in the verification of trade background authenticity through various ways and making full use of all kinds of information. Fourth, we should promote the bank's insurance institutions to strengthen comprehensive risk management, focus on improving the risk control capacity of weak links, and promote the sound development of business with effective risk management. The fifth is to encourage banks and insurance institutions to increase their support for foreign trade financial business in strategic objectives, institutional mechanisms, management systems, resource allocation, capacity-building and other aspects. Sixthly, we will further improve the level of regulatory services and create a good business environment for foreign trade financial services of banking and insurance institutions.
Next, the CIRC will urge banks and insurance institutions to earnestly implement the requirements of the guidance, encourage banks and insurance institutions to provide foreign trade financial services, and continuously improve the quality and efficiency of foreign trade financial services.
