The China Banking Regulatory Commission stated that--
Banking and insurance industry will support Hong Kong's financial prosperity and stability
Beijing, June 4 (Reporter Ouyang Jie and Qu Xinming) A spokesperson for the China Insurance Regulatory Commission said today that the mainland financial institutions’ business layout in Hong Kong said that after long-term sustained and healthy development, the mainland banking and insurance industry has become strong in Hong Kong The financial service network has established very close business links with local financial institutions in Hong Kong and financial institutions in many countries in the world. In the future, mainland banking and insurance institutions will, as always, continue to cooperate extensively with all sectors of Hong Kong in a market-oriented and rule-of-law manner, actively and prudently develop and innovate various financial businesses, and support Hong Kong's prosperity and stability with practical actions.
The spokesman said that Hong Kong's financial market is operating smoothly, the linked exchange rate system is stable, and there is no abnormal capital outflow. This also reflects the confidence of the international market in Hong Kong. Hong Kong’s unique advantages and status as an international financial center will not only weaken and shake, but will also be consolidated in the future.
In recent years, the pace of my country's financial opening up has accelerated significantly. Since 2018, the China Banking Regulatory Commission has launched 34 measures to expand opening up. At present, the revision of laws and regulations related to the above measures has been basically completed. At the same time, foreign banks and insurance companies were approved to set up more than 80 various institutions in China. In the next step, on the premise of ensuring financial security, the Banking and Insurance Regulatory Commission will comprehensively expand the breadth and depth of financial opening, support foreign capital to actively participate in China's financial market, and encourage Chinese and foreign financial institutions to increase cooperation in products, equity, management, and personnel training. .
In order to prevent and resolve major financial risks, the spokesperson said that it is necessary to maintain strategic determination, resolutely curb the rebound of various risks, effectively respond to the rebound of non-performing assets of banks, and encourage market-oriented introduction of investors through mergers, reorganizations and equity Various ways such as investment, supplement the capital of small and medium banks. At the same time, it is necessary to dispose of high-risk financial institutions in accordance with the law and regulations, persistently rectify shadow banking, promote the clearing of the Internet financial risk market, and severely crack down on financial corruption and illegal crimes.
The spokesman said that since this year, the cooperation between policy banks, local small and medium-sized banks, and Internet banks has achieved new breakthroughs, and the scale of cooperation will be further expanded in the next step. The banking insurance industry will increase financial support for new infrastructure, new urbanization and major projects involving national economy and people's livelihood, vigorously develop science and technology finance, green finance, consumer finance, and increase financial poverty alleviation. Give full play to the risk protection function of insurance, support innovation in compliance with laws and regulations, and guide insurance funds to provide long-term stable financial support for the real economy.