National Financial Regulatory Administration: Accelerate the Establishment of Financing Systems Adapted to New Models of Real Estate Development

The Party Committee of the State Financial Regulatory Administration held an expanded meeting. The meeting emphasized: First, to prudently resolve risks in key areas. Effectively and orderly promote risk resolution for small and medium financial institutions, firmly maintaining the bottom line of no “爆雷” (financial collapse). Further leverage the “Guarantee Housing Delivery” whitelist system, accelerate the establishment of a financing system compatible with new real estate development models. Support debt risk resolution of financing platforms in accordance with laws and regulations. Crack down on illegal financial activities with strict measures, and resolutely safeguard the people’s “money bags.” Second, to firmly implement the requirements for strengthened and strict regulation. Focus on actual risks and solving practical problems, comprehensively strengthen the “Five Major Regulations.” Accelerate the improvement of financial rule of law, further solidify tiered and classified regulation, and enhance the digital and intelligent level of supervision. Improve the quality and efficiency of financial consumer protection work, and deepen the crackdown on “black and gray” financial industries. Third, to effectively enhance the industry’s high-quality development capacity. Urge banks and insurance institutions to focus on their main businesses and develop in a differentiated manner. Promote the reduction and quality improvement of local small and medium financial institutions, and optimize their layout. Continuously standardize industry order and deeply rectify disorderly competition. Support large state-owned commercial banks in capital replenishment, and explore diversified methods to supplement capital for small and medium financial institutions. Fourth, to continuously improve the quality and efficiency of financial services to the real economy. Implement the “Five Major Articles” of finance, adhere to a combination of benefiting people’s livelihoods, promoting consumption, investing in goods, and investing in people, and increase financial support for key areas and weak links. Guide financial institutions to actively support special actions to boost consumption, strengthen full-chain and full-lifecycle financial services for technological innovation, and assist the development of new productive forces. Improve the catastrophe insurance system, vigorously develop commercial health insurance and long-term care insurance, and strengthen financial services for new employment groups. (Source: National Financial Regulatory Administration website)

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