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Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, published a signed article “Strengthening and Improving Modern Financial Supervision” in “Guide Book of the 20th National Congress of the Communist Party of China”. In terms of improving the “risk-based” prudential supervision framework, Guo Shuqing said that it is necessary to effectively restrain the blind expansion of financial institutions and promote the classified and graded management of business licenses for legal entities. Put the prevention and control of financial risks in a more important position, optimize the supervision technology, methods and processes, and realize the early identification, early warning, early detection and early disposal of risks. Enrich the policy toolbox, improve counter-cyclical supervision and supervision of systemically important financial institutions, and prevent cross-institution, cross-market and cross-border risk contagion. Strengthen functional supervision and comprehensive supervision, carry out penetrating supervision for homogeneous and similar financial products in accordance with the principle of “substance over form”, and implement fair and unified supervision rules. Adhere to the fact that financial innovation must be carried out under the premise of prudential supervision, implement normalized supervision of Internet platform financial business, and promote the standardized, healthy and sustainable development of the platform economy. Strengthen financial anti-monopoly and anti-unfair competition, regulate and guide the healthy development of capital in accordance with the law, and prevent the disorderly expansion of capital in the financial sector. (Securities Times)
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