Speakers:
Mr. Xiao Yuanqi, vice minister of the National Financial Regulatory Administration (NFRA)
Mr. Li Mingxiao, spokesperson of the NFRA and director general of the Policy Research Department of the NFRA
Mr. Liu Zhiqing, spokesperson of the NFRA and a person in charge of the Statistics and Risk Surveillance Department of the NFRA
Mr. Guo Wuping, director general of the Financial Inclusion Department of the NFRA
Mr. Yin Jiang'ao, a person in charge of the Property and Casualty Insurance Supervision Department of the NFRA
Chairperson:
Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
Jan. 25, 2024
Xing Huina:
Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we are joined by Mr. Xiao Yuanqi, vice minister of the National Financial Regulatory Administration (NFRA), who will brief you on how the financial sector contributes to the high-quality development of economy and society, and take your questions. Also present today are Mr. Li Mingxiao, spokesperson of the NFRA and director general of the Policy Research Department of the NFRA; Mr. Liu Zhiqing, spokesperson of the NFRA and a person in charge of the Statistics and Risk Surveillance Department of the NFRA; Mr. Guo Wuping, director general of the Financial Inclusion Department of the NFRA; and Mr. Yin Jiang'ao, a person in charge of the Property and Casualty Insurance Supervision Department of the NFRA.
Now, let's give the floor to Mr. Xiao for his introduction.
Xiao Yuanqi:
Thank you, Ms. Xing. Ladies and gentlemen, greetings to you all. I'm very pleased to have this opportunity today to speak with you. My colleagues and I are happy to answer your questions, and we'd like to express our gratitude to you for your great support and care for the financial regulation work and the development of the financial sector. Now, I'll give a brief introduction.
The NFRA adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and comprehensively implements the guiding principles of the 20th National Congress of the Communist Party of China (CPC) and the second plenary session of the 20th CPC Central Committee. We have thoroughly studied, taken on board and executed the guiding principles of the Central Financial Work Conference, the Central Economic Work Conference, and the important speech delivered by General Secretary Xi Jinping at a study session on promoting high-quality development of finance, attended by principal officials at the provincial and ministerial level at the Party School of the CPC Central Committee (National Academy of Governance). Following the principle of seeking progress while maintaining stability, promoting stability through progress and establishing the new before abolishing the old, we fully and faithfully apply the new development philosophy on all fronts and accelerate efforts to foster a new pattern of development, in a bid to vigorously promote high-quality economic and financial development.
We adhere to the CPC Central Committee's centralized, unified leadership over the financial work. We will ensure that the financial work maintains political integrity and people-centeredness, and constantly deepen reform of the financial management system and the exercise of full and rigorous Party self-governance. By doing so, we aim to ensure that we will advance the financial work in the right direction and effectively implement the major decisions made by the CPC Central Committee regarding this sector.
We abide by the fundamental purpose of the financial sector supporting the real economy. We will continuously satisfy the financial needs in economic and social development as well as the public's ever-growing demands for finance, and work to safeguard the legitimate rights and interests of financial consumers. In addition, we will actively provide support to expand effective demands and investments that generate returns, guarantee the financing needs of major projects and those for the people's well-being, and contribute to integrated urban-rural development and coordinated regional development. We will increase support for the manufacturing industry, emerging strategic industries, and science and innovation sectors. We will improve the green financial system, and support the building of a green, low-carbon development hub. We will also boost the integrated development of the digital economy and real economy. Furthermore, we will bolster financial supply to areas important to people's lives and weak links, vigorously promote inclusive finance, improve the quality of services for private enterprises, micro and small enterprises, and new urban residents (permanent residents without local household registrations), and enhance financial services to advance rural revitalization and build up China's strength in agriculture. We will accelerate the development of pension finance, continuously further the third-pillar pension plans, and fully back the development of the health industry and silver economy. We will enhance comprehensive financial services for foreign trade, and support and consolidate the overall stability of foreign investment and trade. In addition, we will expand and enrich financial instruments to meet people's multi-tiered and diverse financial needs.
We always take preventing and controlling financial risks as a constant pursuit. We will prudently guard against and defuse the financial risks of key institutions and areas, and ensure that no systemic risks arise. Following the market-oriented, law-based principle, and grasping the right timing, extent and effectiveness, we will promote small and medium-sized financial institutions in defusing their risks through reform in an orderly manner. We will unswervingly consolidate and develop the public sector and unswervingly encourage, support and guide the development of the non-public sector. We will equally meet the reasonable financing needs of real estate enterprises of different ownerships, and energetically advocate the construction of the "three major projects," including establishing public infrastructure for both normal and emergency use and renovating urban villages. Additionally, we will actively work to defuse risks of outstanding local government debt and strictly control new debt. We will conduct supervision in accordance with laws and regulations, strengthen oversight on institutions, behaviors and functions as well as carry out penetrating and continuous oversight, and promote the building of a financial supervision system and mechanism with full coverage and with no blind spots left, so as to render financial regulation more effective.
We always promote high-quality development of finance. We will guide financial institutions to optimize their business structures and growth models, so that they can realize the transformation from extensive expansion driven by quantity to refined management focused on quality, and achieve high-quality, sustainable development. We will deepen financial supply-side structural reform, constantly consolidate the corporate governance of financial institutions, steadily improve their operation and management capabilities, and continue to establish and improve the modern financial enterprise system with Chinese characteristics. In addition, we will steadily advance high-standard institutional opening up in the financial sector, further facilitate cross-border investment and financing, attract more foreign financial institutions and long-term capital to operate and expand business in China, and encourage Chinese and foreign financial institutions to enhance cooperation for common, mutually beneficial development.
Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the NFRA will resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, fully strengthen financial regulation, prevent and defuse financial risks, and ensure that no systemic risks arise. We will also focus on supporting the "five priorities" of technology finance, green finance, inclusive finance, pension finance and digital finance, so as to provide strong financial support for the high-quality development of economy and society as well as for the realization of Chinese modernization and the great rejuvenation of the Chinese nation.
That is all for my introduction. Now, my colleagues and I are ready to take your questions.
Xing Huina:
The floor is now open for questions. Please identify the media outlet you represent before asking questions.
