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IMF, World Bank Report Recognizes China's Financial System Reform

2012/4/7 23:28:00 6

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The International Monetary Fund (IMF) and the world bank have published reports that China's financial system has better complied with the international standards and guidelines in the financial field such as the core principles of effective banking supervision, the objectives and principles of securities supervision, the core principles and methods of insurance, the core principles of the important payment system and the securities settlement system proposal.

The report points out that in recent years,

China's financial industry

Great progress has been made.

The financial regulatory system has made significant progress in regulatory capacity, regulatory system, information pparency and consumer protection, and the effectiveness of regulation has been significantly improved.

With the completion of the shareholding system reform of large financial institutions, the overall financial strength of China's financial system has been greatly improved, and the level of corporate governance and risk management has improved significantly and the overall robustness has been significantly enhanced.

The financial infrastructure such as payment and securities settlement system is improving day by day, providing a fast, efficient, safe and reliable service for the financial market.

China has unswervingly promoted reforms in the financial sector and promoted the development and stability of the financial sector through reform.

Since 2003, we have promoted and completed a series of landmark financial reforms, such as financial restructuring of major financial institutions, introduction of strategic investors and public listing.

With the deepening of reform, financial indicators of large financial institutions have been continuously improved, corporate governance has been standardized and risk management capabilities have been significantly improved.

In the process, China's financial and financial markets have also been improved in implementing relevant international standards.

Under the dual background of "emerging" and "pition", China's financial system has made considerable progress, and the financial system has been remarkably strengthened, effectively resisting the impact of the international financial crisis.

Through strict implementation of international standards and guidelines, the effectiveness of supervision has been greatly improved.

In the banking sector, a high quality prudential supervision and regulation system has been established, the regulatory capability has been continuously improved, banking financial Institutional Firms governance and risk management levels have significantly improved; in the capital market, equity division reform, stock index futures trading, the establishment of the third party depository system, and the risk based net capital requirements of securities companies have been introduced, which has improved market pparency and enhanced the financial stability of intermediaries. In the insurance industry, a more complete regulatory framework has been established, and remarkable achievements have been made in regulatory implementation, classified supervision, regulatory cooperation, information sharing, and consumer protection.

Meanwhile,

Financial foundation

Facilities are becoming more and more perfect.

The construction of China's modern payment system has been completed, providing fast, efficient, safe and reliable settlement services to the banking system, individuals, companies and financial markets. In the past twenty years, China's securities and futures market has steadily increased, and the securities clearing system has played an important role.

China's payment and securities settlement system has better complied with relevant international standards and guidelines.

Subject to the limitations of the analysis framework and resources, there are also some individual reports that fail to fully understand the stages and characteristics of China's economic development. But on the whole, many suggestions put forward by the evaluation report still have important reference values for improving China's financial system.

The central bank officials pointed out that the central bank is willing to deepen cooperation and exchanges with international financial organizations on this basis, actively draw on useful suggestions from the report, earnestly search for deficiencies, continue to promote the deepening reform of China's financial industry, improve the framework of financial stability and crisis management, and strengthen

Regulation of financial industry

We should further improve the financial infrastructure, raise the level of financial services, and support the steady and healthy development of the national economy.