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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”. The article pointed out that it is necessary to speed up the introduction of the Financial Stability Law and clarify the triggering standards, procedural mechanisms, funding sources and legal responsibilities for financial risk disposal. Under the condition of strengthening the financial stability guarantee mechanism, establish a complete financial risk disposal system, and clarify the relationship between the supervisory authority and the disposal authority. Distinguish conventional risks, sudden risks and major risks, implement the handling mechanism according to the division of responsibilities, and rationally use various handling measures and tools. The financial stability guarantee fund, deposit insurance fund and other industry guarantee funds cannot be used as “payment boxes”. It is necessary to improve their functions, strengthen the organizational system, and give full play to the role of market-based and legal-based disposal platforms. (Securities Times)
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