| Guiding Opinions of the China Banking and Insurance Regulatory Commission on Promoting the High-quality Development of Banking and Insurance Industries | | 中国银保监会关于推动银行业和保险业高质量发展的指导意见 |
| (No. 52 [2019] of the China Banking and Insurance Regulatory Commission) | | （银保监发〔2019〕52号） |
| All local offices of the China Banking and Insurance Regulatory Commission ("CBIRC"); all policy banks, large banks, and joint-stock banks; postal savings banks; foreign-funded banks; financial asset management companies; all insurance group (holding) companies, insurance companies, insurance asset management companies, professional insurance intermediaries, and representative offices of foreign insurance institutions in China; and all entities under the management of the CBIRC: | | 各银保监局，各政策性银行、大型银行、股份制银行，邮储银行，外资银行，金融资产管理公司，各保险集团（控股）公司、保险公司、保险资产管理公司、保险专业中介机构、外国保险机构驻华代表机构，各会管单位： |
| Since the 19th CPC National Congress, the comprehensive strength of banking and insurance institutions has been further improved, their capability to serve economic and social development has been steadily heightened, reforms in key fields have continued to be deepened, and significant results have been achieved in preventing and eliminating financial risks. As China's economy shifts from a high-speed growth stage to a high-quality development stage, the conflict that financial supply and demand are imbalanced and commensurate with each other becomes increasingly prominent, and the high-quality development of banking and insurance industries is confronted with multiple challenges. For the purposes of thoroughly implementing the decisions and arrangements of the CPC Central Committee with Comrade Xi Jinping as the core, promoting the high-quality development of banking and insurance industries, and better serving the construction of a modern economic system, the following opinions are hereby offered. | | 党的十九大以来，银行保险机构综合实力进一步增强，服务经济社会发展能力稳步提升，关键领域改革持续深化，防范化解金融风险取得明显成效。随着我国经济由高速增长阶段转向高质量发展阶段，金融供给与需求之间不平衡不适应的矛盾日益凸显，银行业和保险业高质量发展面临多重挑战。为深入贯彻落实以习近平同志为核心的党中央的决策部署，推动银行业和保险业高质量发展，更好服务现代化经济体系建设，现提出如下意见。 |
| I. General requirements | | 一、总体要求 |
| 1. Guiding ideology | | （一）指导思想 |
| Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era shall be the guidance, the spirit of the 19th CPC National Congress and the Second, Third and Fourth Plenary Sessions of the 19th CPC Committee shall be fully implemented, the centralized and unified leadership of the CPC Central Committee over financial work shall be adhered to, the people-centered development ideas shall be adhered to, the new development concept of innovation, coordination, green, openness, and sharing shall be implemented, financial supply-side structural reforms shall be deepened, the opening of the financial industry shall be expanded, the highly adaptable, competitive, inclusive modern financial system shall be improved, the quality and efficiency of financial services for the real economy shall continue to be enhanced, and financial risks shall be effectively prevented and eliminated. | | 以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中、四中全会精神，坚持党中央对金融工作的集中统一领导，坚持以人民为中心的发展思想，落实“创新、协调、绿色、开放、共享”新发展理念，深化金融供给侧结构性改革，扩大金融业开放，健全具有高度适应性、竞争力、普惠性的现代金融体系，不断提升金融服务实体经济质效，有效防范化解金融风险。 |
| 2. Basic principles | | （二）基本原则 |
| —Adhering to the original mission. Serving the real economy shall be the object and mission of financial development, and the virtuous circle and sound development of economy and finance shall be achieved. | | --坚持回归本源。把服务实体经济作为金融发展的出发点和落脚点，实现经济金融良性循环、健康发展。 |
| —Adhering to optimizing structure. The financial institution system, market system, and product system shall be improved, and more financial resources shall be guided in being allocated to the key fields and weak links of economic and social development so as to improve the efficiency of financial services. | | --坚持优化结构。完善金融机构体系、市场体系、产品体系，引导更多金融资源配置到经济社会发展的重点领域和薄弱环节，提升金融服务效率。 |
| —Adhering to strengthening regulation. Systemic risk prevention shall be the bottom line, and all kinds of risks shall be accurately prevented and eliminated so as to ensure the robust development of banking and insurance industries. | | --坚持强化监管。以防范系统性风险为底线，精准有效防范化解各类风险，确保银行业和保险业稳健发展。 |
| —Adhering to market orientation. The rules of financial development shall be followed, and the decisive role of the market in the allocation of financial resources shall be maximized. | | --坚持市场导向。遵循金融发展规律，充分发挥市场在金融资源配置中的决定性作用。 |
| —Adhering to science and technology empowerment. Development means shall be changed to provide strong support for the innovative development of banking and insurance institutions. | | --坚持科技赋能。转变发展方式，为银行保险机构创新发展提供有力支撑。 |
| 3. Development goals. | | （三）发展目标 |
| By 2025, the financial structure shall have been further optimized, and a multi-layered, wide-ranging, and differentiated banking and insurance institution system shall have been shaped. The level of corporate governance shall continue to improve, and a modern financial enterprise system with Chinese characteristics shall be basically established. The capability to develop personalized, differentiated, and customized products shall be significantly enhanced, and a financial product system that effectively meets market demand shall be formed. The credit market, insurance market, trust market, financial leasing market, and non-performing asset market shall be further improved. Financial risks in key fields shall be effectively addressed, and remarkable achievements shall be made in the modernization of the banking and insurance regulatory system and regulatory capacity. | | 到2025年，实现金融结构更加优化，形成多层次、广覆盖、有差异的银行保险机构体系。公司治理水平持续提升，基本建立中国特色现代金融企业制度。个性化、差异化、定制化产品开发能力明显增强，形成有效满足市场需求的金融产品体系。信贷市场、保险市场、信托市场、金融租赁市场和不良资产市场进一步健全完善。重点领域金融风险得到有效处置，银行保险监管体系和监管能力现代化建设取得显著成效。 |
| II. Promoting the formation of a multi-layered, wide-ranging, and differentiated banking and insurance institution system | | 二、 |
| 4. Optimizing the functional positioning of medium and large-sized banks. Development and policy banks shall clearly delineate business boundaries, strictly implement the assignment procedures, comply with the requirements that development and policy-based business and proprietary business should be managed by separate books and accounted for by classification, strengthen regulation constraints, capital constraints, and market constraints, and effectively serve major national strategies and weak links. Large commercial banks shall concentrate efforts on "becoming strong," rationalize the management system based on their development strategies, operating characteristics, and client demand, strengthen the service integration, process connection, and system integration of various business lines and subsidiaries, and raise the level of comprehensive financial services. Large commercial banks shall develop online business by means of modern science and technology and enhance their capability for inclusive financial services. Joint-stock commercial banks shall adhere to differentiated market positioning, achieve unique operations, develop business models of comparative advantages, and continuously improve their core competitiveness. | | （四）优化大中型银行功能定位。开发性、政策性银行要明确细化业务边界，严格执行交办程序，落实开发性政策性业务和自营性业务分账管理、分类核算要求，强化法规约束、资本约束和市场约束，有效服务国家重大战略和薄弱环节。大型商业银行要在“做强”上下功夫，根据自身发展战略、经营特色和客户需要，理顺管理体制，加强各业务条线、各子公司的服务整合、流程衔接和系统融合，提升综合金融服务水平。借助现代科技手段发展线上业务，增强普惠金融服务能力。股份制商业银行要坚持差异化市场定位，实现特色化经营，形成具有比较优势的业务模式，不断提升核心竞争力。 |
| 5. Strengthening the financial service capabilities of local small and medium-sized banks. Urban commercial banks shall establish a prudent operation culture, reasonably determine the reach of operations, and serve local economy, micro and small-sized enterprises, and urban and rural residents. Rural small and medium banks shall adhere to the market positioning of supporting agriculture and small businesses, enhance county-wide service functions, support the rural revitalization strategy, and contribute to winning the battle for precision poverty alleviation. On the premise of maintaining the overall stability of the county-level legal person status, the joint-stock reform of rural credit cooperative unions and rural cooperative banks shall be implemented based on local conditions. Community financial services shall be optimized, and banking institutions shall be encouraged to extend their service networks by using multiple online and offline forms and provide convenient and easy financial services for community corporate residents services. The establishment by promotion of qualified private banks shall continue to be promoted. The pilot program of investment management-oriented village banks and “inter-county” village banks shall be properly advanced. | | （五）增强地方中小银行金融服务能力。城市商业银行要建立审慎经营文化，合理确定经营半径，服务地方经济、小微企业和城乡居民。农村中小银行要坚持支农支小市场定位，增强县域服务功能，支持乡村振兴战略，助力打赢精准脱贫攻坚战。在保持县域法人地位总体稳定的前提下，因地制宜对农村信用联社和农村合作银行实施股份制改造。优化社区金融服务，鼓励银行机构采用线上线下多种形式延伸服务网络，为社区企业居民提供方便快捷的金融服务。继续推动符合条件的民营银行发起设立。稳妥推进投资管理型村镇银行和“多县一行”制村镇银行试点。 |
| 6. Strengthening the risk protection function of insurance institutions. Insurance institutions shall return to their original mission of risk protection, play a role as economic "shock absorbers" and social "stabilizers," and better provide risk protection and long-term stable funds for economic and social development. The development of mutual insurance and health and pension insurance institutions shall be supported. The building of a new-type insurance intermediary market system shall be promoted. The disaster risk diversification mechanism of agricultural insurance shall be improved, and the establishment of China Agricultural Reinsurance Company shall be accelerated. The supply capacity of the export credit insurance market shall be enhanced, the building of the reinsurance market shall be advanced, and the scope of the pilot program of catastrophe insurance shall be expanded. Insurance institutions shall improve their professional capabilities in risk pricing, fine management, prevention of disasters and loss, asset and liability management, and other aspects and precisely and efficiently meet the insurance needs of the public in various fields. | | （六）强化保险机构风险保障功能。保险机构要回归风险保障本源，发挥经济“减震器”和社会“稳定器”作用，更好地为经济社会发展提供风险保障和长期稳定资金。支持发展相互保险、健康和养老保险等机构。推动构建新型保险中介市场体系。完善农业保险大灾风险分散机制，加快设立中国农业再保险公司。增强出口信用保险市场供给能力，推进再保险市场建设，扩大巨灾保险试点范围。保险机构要提升风险定价、精细化管理、防灾防损、资产负债管理等方面的专业能力，精准高效满足人民群众各领域的保险需求。 |
| 7. Actively boosting the development of foreign-funded banking and insurance institutions. Foreign-funded banking and insurance institutions shall make use of the advantages of their overseas parent companies in product research and development, talents, technology, and other aspects, innovate business models, enrich financial service supply, and improve market vitality and competitiveness. Foreign-funded banks shall be encouraged to strengthen their interaction with their parent banks, develop unique business such as trade financing, financing of small and medium-sized enterprises, commodity financing, and wealth management, and actively serve foreign trade and outbound investment. Foreign-funded banking and insurance institutions shall optimize the layout of their offices and reasonably add branch offices in central, western, and northeastern China. | | （七）积极推动外资银行保险机构发展。外资银行保险机构要发挥境外母公司在产品研发、人才和技术等方面的优势，创新业务模式，丰富金融服务供给，提升市场活力和竞争力。鼓励外资银行加强与母行联动，发展贸易融资、中小企业融资、大宗商品融资、财富管理等特色业务，积极服务对外贸易和投资。外资银行保险机构要优化网点布局，合理增设中西部和东北地区分支机构。 |
| 8. Cultivating the characteristic advantages of non-bank financial institutions. Qualified commercial banks shall be supported in establishing investment management subsidiaries, promote the regularization and transformation of investment management business, and prompt investment management funds to enter the real economy in a legal and well-regulated form. Trust companies shall return to their functional positioning of "as trusted, managing property for others" and actively develop original business such as service trusts, wealth management trusts, and charitable trusts. Financial asset management companies shall strengthen their main business to dispose of non-performing assets and reasonably expand mergers and restructuring, bankruptcy reorganization, mezzanine investment, bridge financing, phased shareholding, and investment banking business related to enterprise restructuring. The finance companies of enterprise groups shall strengthen the centralized management of group funds and improve the efficiency of using group funds. Financial leasing companies (as financial institutions) shall be encouraged to expand the breadth and depth of leased property and optimize financial leasing services. | | （八）培育非银行金融机构特色优势。支持符合条件的商业银行设立理财子公司，推动理财业务规范转型，促进理财资金以合法、规范形式进入实体经济。信托公司要回归“受人之托、代人理财”的职能定位，积极发展服务信托、财富管理信托、慈善信托等本源业务。金融资产管理公司要做强不良资产处置主业，合理拓展与企业结构调整相关的兼并重组、破产重整、夹层投资、过桥融资、阶段性持股等投资银行业务。鼓励企业集团财务公司加强集团资金集中管理，提高集团资金使用效率。鼓励金融租赁公司拓展租赁物的广度和深度，优化金融租赁服务。 |
| 9. Underscoring the important role of banking and insurance institutions in optimizing the financing structure. Banking and insurance institutions shall improve the service system commensurate with the development of direct financing, use various methods to provide ancillary support for direct financing, and increase the proportion of direct financing. Banking and insurance institutions shall effectively underscore the direct financing functions of investment management, insurance, trust, and other products, cultivate the concepts of value investment and long-term investment, and improve the structure of capital market investors. Banking and insurance institutions shall vigorously develop enterprise annuity, occupational annuity, and various health and pension insurance business and prompt the effective conversion of household savings into long-term funds in the market capital through multiple channels. Various qualified investment institutions shall be encouraged to participate in market-oriented and law-based debt-to-equity swaps. | | （九）发挥银行保险机构在优化融资结构中的重要作用。银行保险机构要健全与直接融资发展相适应的服务体系，运用多种方式为直接融资提供配套支持，提高直接融资比重。有效发挥理财、保险、信托等产品的直接融资功能，培育价值投资和长期投资理念，改善资本市场投资者结构。大力发展企业年金、职业年金、各类健康和养老保险业务，多渠道促进居民储蓄有效转化为资本市场长期资金。鼓励各类合格投资机构参与市场化法治化债转股。 |
| III. Improving the financial product system that serves the real economy and the daily needs of the public | | 三、完善服务实体经济和人民群众生活需要的金融产品体系 |
10. Actively developing financial products that support strategic emerging industries, advanced manufacturing, and science and technology innovation. Financial support shall be increased, and high-quality financial services shall be provided for improving the basic capabilities of industries and the level of the industrial chain. The medium and long-term loans made to strategic emerging industries and advanced manufacturing shall be expanded. Insurance funds shall be encouraged to be invested in industrial funds by market-oriented means, and the support for strategic emerging industries and advanced manufacturing shall be increased. The role of China Insurance Investment Fund shall be maximized to vigorously support national strategies. Banking institutions shall be encouraged, in light of the characteristics of technology companies, to develop technology finance business and properly give debt-equity combination financing. Banking institutions shall be supported in making medium and long-term technology research and development loans against intellectual property pledged as collateral to technology companies and launch the pilot program of providing medium and long-term fiduciary loans to high-end talents selected for national talent programs who conduct innovation and start new businesses. Insurance institutions shall be encouraged to innovate and develop technology insurance and advance the pilot program of the compensation mechanism for first (set of) major technical equipment insurance and first-batch new material application insurance. Insurance funds and qualified asset management products shall be supported in being invested in venture capital funds and equity investment funds, among others, oriented to technology enterprises so as to expand financing channels for technology enterprises.
．．．．．． | | （十）积极开发支持战略性新兴产业、先进制造业和科技创新的金融产品。加大金融支持力度，为提升产业基础能力和产业链水平提供优质金融服务。扩大对战略性新兴产业、先进制造业的中长期贷款投放。鼓励保险资金通过市场化方式投资产业基金，加大对战略性新兴产业、先进制造业的支持力度。充分发挥中国保险投资基金作用，大力支持国家战略。鼓励银行业金融机构结合科技企业特点，发展科技金融业务，稳妥开展外部投贷联动。支持银行业金融机构向科技企业发放以知识产权为质押的中长期技术研发贷款，试点为入选国家人才计划的高端人才创新创业提供中长期信用贷款。鼓励保险机构创新发展科技保险，推进首台（套）重大技术装备保险和新材料首批次应用保险补偿机制试点。支持保险资金、符合条件的资产管理产品投资面向科技企业的创业投资基金、股权投资基金等，拓宽科技企业融资渠道。
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