Source: CCTV News Client
At the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Ding Xiangqun, Director of the National Financial Regulatory Administration, stated that efforts should be intensified to promote 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, effectively fulfilling the roles of banks as the primary financing channel and insurance as a risk protection mechanism. We actively supported the development of new quality productive forces, helping advanced manufacturing expand its scale and competitiveness and enabling service sectors to increase capacity and improve quality, thereby fostering new growth drivers. Financial support was strengthened for infrastructure projects such as the "Six Networks," aiding major engineering initiatives in driving economic momentum. Insurance services were optimized to better meet protection needs. In response to challenges like climate change and frequent natural disasters, the disaster insurance system was improved. Aligning with the needs of international trade development, shipping insurance underwriting capabilities were enhanced. A wider range of pension and health insurance products were introduced to address diverse public demands, contributing to the Healthy China initiative. (Reporters: Zhang Daofeng, Xia Ziya, CCTV)
