China Banking Regulatory Commission: Bring all financial technology activities into the scope of unified supervision

　　China News Service, November 6th. Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, said on the 6th that the China Banking and Insurance Regulatory Commission included all financial activities into a unified scope of supervision in accordance with the financial nature of financial technology.

　　The Information Office of the State Council held a regular briefing on the State Council’s policies on the 6th. Relevant persons in charge introduced the progress of the implementation of reasonable profit distribution by financial institutions and answered reporters’ questions.

Regarding the risk prevention of shadow banking and financial technology, Liu Fushou said that the China Banking and Insurance Regulatory Commission attaches great importance to the supervision of shadow banking.

　　He introduced that since 2017, the China Banking and Insurance Regulatory Commission has concentrated on rectifying irregular interbank, wealth management, and off-balance sheet businesses. At present, the scale of shadow banking has fallen by about 20 trillion yuan from its historical peak. International organizations and professional institutions have given high praise. It is believed that China's reduction of shadow banking risks fundamentally maintains the stability of the financial system.

In the next step, the China Banking and Insurance Regulatory Commission will continue to improve the shadow banking regulatory system and risk monitoring system, persevere in dismantling high-risk shadow banking businesses, and prevent a rebound.

　　Liu Fushou said that in terms of financial technology, the China Banking and Insurance Regulatory Commission supports the financial industry to make reasonable innovations under the premise of controllable risks, while insisting that innovation is to serve the real economy and to contribute to the real economy.

According to the financial nature of financial technology, the China Banking and Insurance Regulatory Commission brings all financial activities into a unified scope of supervision.