China Banking and Insurance Regulatory Commission: Effectively solve the problem of low cost of violations of laws and regulations in the financial sector

  China News Service, Beijing, July 30 (Reporter Wang Enbo) The China Banking and Insurance Regulatory Commission announced on the 30th that the China Banking and Insurance Regulatory Commission recently held a system-wide 2021 mid-year work symposium and a disciplinary inspection and supervision work (telephone) symposium.

The meeting proposed to follow the constitutional purpose and legislative spirit, increase supervision and penalties, and effectively solve the problem of low costs for violations of laws and regulations in the financial sector.

  The meeting stated that since the beginning of this year, new results have been achieved in preventing and resolving financial risks.

The disposal of high-risk institutions is progressing in an orderly manner. The scale of high-risk shadow banks has dropped by 23 trillion yuan (RMB, the same below) from the historical peak. The rectification of Internet platform companies has accelerated, and the growth rate of real estate loans has reached the lowest in eight years.

Violations of laws and regulations were severely punished. In the first half of the year, a total of 1,420 institutions were punished, with a total of 1.155 billion yuan fined and 2,149 persons responsible.

  Regarding the work in the second half of the year, the meeting emphasized that we must unswervingly prevent and defuse financial risks.

Accelerate the disposal of high-risk institutions in accordance with the principles of "one line, one policy" and "one place, one policy".

Increase penalties for shareholders who violate laws and regulations.

Actively respond to the concentrated rebound of non-performing assets.

Strictly prevent the resurgence of high-risk shadow banks.

Strictly implement the "three lines and four levels" and real estate loan concentration requirements to prevent bancassurance funds from flowing into the real estate market in violation of regulations.

Thoroughly rectify the chaos in the insurance market.

Regulate financial services on Internet platforms in accordance with the law.

Study a long-term mechanism for curbing illegal financial activities, and promote the implementation of regulations on preventing and dealing with illegal fund-raising.

  The meeting pointed out that it is necessary to unswervingly promote structural reforms on the financial supply side.

These include the promotion of catastrophe insurance pilot programs and legislation to include more natural disasters in the scope of protection.

Continue to implement high-level opening-up measures, further improve the business environment, stabilize the expectations of foreign investors, and fully implement the pre-admission national treatment plus negative list management system for foreign investment.

  In terms of improving the ability of financial services to the real economy, the meeting mentioned that it will study and issue guidelines for the banking and insurance industry to support technological self-reliance.

Focusing on supporting the achievement of carbon peak and carbon neutrality, innovating and developing green finance, supporting traditional high-carbon enterprises in reducing consumption and upgrading, green transformation and safe supply.

Establish a green channel for financial services, simplify the claims settlement process, fully support flood relief and post-disaster reconstruction, and ensure the emergency financial needs of corporate residents.

  The meeting also called for further strengthening of supervisory capacity building. These include the continuous improvement of the risk monitoring and early warning system and the regulatory rating system, the use of off-site supervision and on-site inspection, and the enhancement of risk early warning research and judgment capabilities. Consolidate the supervision data foundation, effectively integrate data resources, strengthen information security guarantees, and enhance digital supervision capabilities. (Finish)