On the afternoon of 10 19, during the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Ding Xiangqun, Director of the National Financial Regulatory Administration, stated that the Chinese banking and insurance sectors are currently operating steadily. Large institutions remain financially sound, while reforms to address risks in smaller and medium-sized institutions are progressing in an orderly manner, with overall risks remaining under control.
Strengthen coordination and eliminate regulatory gaps. The National Financial Regulatory Administration, in collaboration with all relevant parties, will crack down on illegal financial activities, enhance oversight of cross-regional, cross-departmental, and new business model or product-related financial activities, and ensure that all financial activities are brought under regulatory supervision in accordance with the law—achieving comprehensive coverage with no exceptions.
Ding Xiangqun noted that in recent years, China's financial legal framework has accelerated. Major progress has been made in enacting and amending key laws such as the Financial Law, Banking Supervision Law, and Insurance Law, while regulatory systems are being rapidly refined. On one hand, efforts are focused on addressing risk prevention and strengthening supervision across different types of institutions, including emerging challenges like third-party partnerships and cybersecurity, by quickly closing gaps and building robust institutional safeguards. On the other hand, serious investigations and penalties have been enforced against key individuals, incidents, and behaviors responsible for major financial risks, reinforcing rigid constraints and enhancing deterrence to ensure regulatory rules function as "live high-voltage lines."
Ding Xiangqun stated that efforts must be intensified to drive the transformation and upgrading of China's banking and insurance sectors.
First, continuously optimize the institutional layout. China's financial sector features a comprehensive range of institutions; the key is to pursue differentiated development and complement each other's strengths. Financial regulators will refine differentiated assessment and evaluation systems to guide institutions on what to prioritize and what to avoid. Under the principles of ensuring basic services, aligning with capacity constraints, and maintaining moderate competition, we will advance the reduction in quantity and improvement in quality for smaller institutions based on local conditions, better adapting to shifts in financial supply and demand dynamics.
Second, vigorously standardize market order. Unruly competition is persistent and recurrent, requiring sustained focus and effort. Specifically, we must correct misguided mindsets and behaviors, urge institutions to move beyond an obsession with scale, rigorously address non-compliant marketing practices, and strictly crack down on financial "black and gray" industries. This will firmly establish competitive boundaries and operational standards.
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. The banking sector's role as the primary financing channel and insurance's protective function have been effectively strengthened. We actively supported the development of new quality productive forces, helped advance manufacturing grow stronger and larger, expanded and improved service sector capabilities, and fostered new growth drivers. Financial support for infrastructure projects such as the "Six Networks" was reinforced to amplify the driving effect of major engineering initiatives. Insurance services were optimized to better meet protection needs. To address challenges like climate change and frequent natural disasters, we improved the disaster insurance protection system. Aligning with international trade development, shipping insurance underwriting capacity was enhanced. A wider range of pension and health insurance products were introduced to meet diverse public needs and support the Healthy China initiative.
Ding Xiangqun stated that the National Financial Regulatory Administration will continue to optimize regulatory policies to enhance the development capacity of Beijing as an international center for science and technology innovation.
First, explore financing models aligned with technological innovation.
Second, strengthen insurance coverage aligned with technological innovation.
Third, build a financial ecosystem that aligns with technological innovation.
Ding Xiangqun stated that we will steadily advance institutional opening-up in the financial sector, welcoming more foreign institutions and long-term capital to operate and grow in China. We will promptly address the concerns of foreign firms, continuously refine regulatory frameworks, and foster a fair, transparent, and stable policy environment. Foreign institutions are encouraged to leverage their unique strengths—particularly in wealth management, pension services, healthcare, and green finance—to participate in additional pilot programs and achieve greater growth through deepening their presence and investments in China.
Currently, Chinese financial institutions operate in over 70 countries and regions worldwide, serving as a solid bridge for promoting bilateral trade and mutual investment. We encourage Chinese institutions to continuously strengthen their cross-border financial service systems, enhance service quality and efficiency, and actively engage in financial cooperation with foreign counterparts in areas such as trade, investment, and technology, jointly safeguarding the stability and smooth operation of global industrial and supply chains.
Editor-in-Charge: Wang Jinchén
