Source: JRJ
China Finance, 10 19: At the opening ceremony of the 2026 Financial Street Forum Annual Meeting today, Ding Xiangqun, Director of the National Financial Regulatory Administration, stated that efforts should be intensified to drive reform and transformation, strengthening financial support for high-quality development. In recent years, China's economy has advanced under pressure, shifting toward new growth drivers and improved quality, continuing to serve as a primary engine for global economic growth. The times call on the banking and insurance sectors to accelerate their transformation and upgrading, enhancing the quality and efficiency of services to society and the economy through their own high-quality development.
First, continuously optimize the institutional landscape. China's financial sector features a comprehensive range of institutions; the key is to pursue differentiated development and leverage complementary strengths. Each institution should align with its functional role, management capabilities, and comparative advantages, clearly define its business scope, and focus on its core competencies. Financial regulators will also refine differentiated assessment and evaluation systems to encourage strategic prioritization—knowing what to pursue and what to avoid. Guided by the principles of ensuring basic services, respecting capacity limits, and maintaining moderate competition, we will advance the reduction and quality improvement of smaller institutions in a manner suited to local conditions, better adapting to evolving financial supply and demand dynamics.
Second, vigorously standardize market order. Fair competition is the cornerstone of orderly financial market operations. In recent years, initiatives such as "reporting and execution alignment" and special governance campaigns have achieved positive results in curbing disorderly competition. However, disorderly competition is persistent and prone to recurrence, requiring sustained resolve and continuous effort. In particular, we must correct misconceptions and address problematic behaviors, urging institutions to move away from a growth-at-all-costs mentality, strictly govern non-compliant marketing practices, and severely crack down on financial black and gray market activities. This will ensure that clear competitive boundaries are established and sound operational rules are put in place.
Third, continuously enhance the adaptability of financial services. In the first three quarters of this year, the banking sector provided over 20 trillion yuan in new financing support to the real economy, while insurance payouts reached nearly 2 trillion yuan, effectively fulfilling the roles of banks as the primary financing channel and insurance as a critical safety net. Strengthening adaptability hinges on optimizing resource allocation by closely integrating investment in physical assets with investment in people. We must diligently advance the five major areas of finance and guide financial resources more effectively to nourish the real economy. Drive capital allocation to better meet transformation needs. Actively support the development of new quality productive forces, help advance-scale manufacturing and improve service sector capacity and quality, and foster emerging growth drivers. Strengthen financial support for infrastructure construction, including the "Six Networks," to leverage the leading role of major projects. Optimize insurance services to better meet protection needs. Address challenges such as climate change and frequent natural disasters by improving the disaster insurance framework. Align with international trade development by enhancing shipping insurance underwriting capabilities. Enrich pension and health insurance products to meet diverse public needs and support the Healthy China initiative.
(Source: Financial Daily)
