Recently, the people's Bank of China, together with the State Administration of market supervision, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission, jointly issued the 14th five year plan for the development of financial standardization.
The plan proposes that by 2025, the standard system suitable for the modern financial system will be basically completed, the economic, social, quality and ecological benefits of financial standardization will be fully demonstrated, and the position and role of standardization in supporting the high-quality development of the financial industry will be more prominent.
Looking forward to 2035, the financial standard system with scientific application, reasonable structure, openness and compatibility and international standards will be more perfect, and the financial standardization work pattern of market driven, government guidance, enterprise oriented, social participation, openness and integration will be fully formed. Standardization has become an important force supporting the high-quality development of the financial industry.
It is worth noting that in terms of leading the construction of digital ecology in the financial industry with standardization, the plan proposes to adhere to the strict isolation between financial business and non-financial business, clarify the boundary between scientific and technological services and financial business, and prevent illegal financial business in the name of science and technology.
We should further promote the construction of securities and futures standards. We will vigorously promote the formulation of basic data standards and regulatory data standards for the capital market, study and build a data standard system for the capital market, and improve the data governance level of the securities and futures industry. Orderly promote the formulation of standards related to investor protection and statistical business in the capital market. Promote the formulation of financial asset securitization standards. We will continue to promote the formulation of standards for securities, funds and futures business services and information disclosure, accelerate the formulation of information technology related standards such as information exchange, information security and technology management, and improve the general basic standards for the securities and futures industry. Comprehensively promote the high-quality development of standards in various fields of the securities and futures industry, realize sufficient supply and strong applicability of standards, and effectively support the digital transformation of the capital market.
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key point 1: standardization assisted modern financial management
The plan proposes to use standardization to assist modern financial management. Improve the standards for financial risk prevention and control, improve the comprehensive statistical standards of the financial industry, promote the construction of financial consumer protection standards, and strengthen the support of standards for financial supervision.
We should improve financial risk monitoring and early warning standards and improve the level of financial risk prevention and control. We formulated product and service standards for Internet insurance, trust, deposit and loan, and helped consolidate the achievements of Internet financial risk management. Strengthen the standardized support for the supervision of financial formats such as microfinance, financing guarantee, regional equity market, pawnshops, financial leasing, commercial factoring and local asset management. We will explore and develop hierarchical information disclosure standards for non-performing assets to improve the transparency of transaction information. Accelerate the formulation of anti money laundering data standards and support the transformation of anti money laundering performance in the digital era.
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focus 2: standardization helps improve the financial market system and further promote the construction of securities and futures standards
The plan proposes to use standardization to help improve the financial market system. We will improve financial infrastructure standards, further promote the construction of securities and futures standards, increase the supply of gold market standards, and expand and upgrade insurance market standards.
We should further promote the construction of securities and futures standards. We will vigorously promote the formulation of basic data standards and regulatory data standards for the capital market, study and build a data standard system for the capital market, and improve the data governance level of the securities and futures industry. Orderly promote the formulation of standards related to investor protection and statistical business in the capital market. Promote the formulation of financial asset securitization standards. We will continue to promote the formulation of standards for securities, funds and futures business services and information disclosure, accelerate the formulation of information technology related standards such as information exchange, information security and technology management, and improve the general basic standards for the securities and futures industry. Comprehensively promote the high-quality development of standards in various fields of the securities and futures industry, realize sufficient supply and strong applicability of standards, and effectively support the digital transformation of the capital market.
Increase the standard supply of gold market. Improve the "Shanghai gold" delivery standard system, formulate the "Shanghai gold" standard for 1kg gold ingots, and promote the formation of gold delivery quality requirements and responsible delivery system. Establish a gold market price standard system based on the centralized pricing and call auction mechanism of "Shanghai gold".
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key point 3: standardization supports financial product and service innovation
The plan proposes to use standardization to support the innovation of financial products and services. Accelerate the improvement of the green financial standard system, effectively promote the construction of inclusive financial standards, and strengthen the guarantee of financial standards in the industrial chain and supply chain.
Accelerate the improvement of the green finance standard system. Unify the standards for green bonds, formulate the use of funds raised by green bonds, environmental information disclosure and relevant regulatory standards, and improve the evaluation and certification standards for green bonds. Continuously enrich the standards of green financial products and services. Support the establishment of green project library standards and provide a platform for the efficient docking of green finance and green low-carbon projects. Accelerate the formulation of environmental information disclosure standards for listed companies and bond issuing enterprises. Study, formulate and promote carbon emission accounting standards for financial institutions. Establish an environmental, social and Governance (ESG) evaluation standard system. Establish loan statistics standards that can measure the effect of carbon emission reduction, improve the loan statistics standards for green and low-carbon industries, and cooperate to build a green financial statistics system that comprehensively reflects the effectiveness of financial support for the construction of ecological civilization. Explore and formulate relevant standards for carbon financial products to help finance support the construction of carbon market.
Effectively promote the construction of inclusive financial standards. Promote the working mode of "financial standards + Rural Revitalization" and promote the construction of rural financial service system with standards. We will strengthen the construction of a standard system for rural financial infrastructure and support the creation of a good rural financial ecological environment.
Strengthen the guarantee of industrial chain and supply chain financial standards. Promote the construction of digital information management technology standards such as process, interface, use and security for the sharing of supply chain transaction data with financial institutions.
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key four: standardization leads the construction of digital ecology in the financial industry and prevents illegal financial business in the name of science and technology
The plan proposes to use standardization to lead the construction of digital ecology in the financial industry. Steadily promote the construction of financial technology standards, systematically improve the standards of financial data elements, improve the standards of financial information infrastructure, strengthen the protection of financial network security standards, and promote the construction of safe and controllable standards for the core technology of informatization in the financial industry.
The plan proposes to steadily promote the construction of financial science and technology standards. Strengthen the development and effective application of cloud computing, blockchain, big data, artificial intelligence, biometrics, Internet of things and other standards, and lead the standardized and healthy development of financial technology. We will further implement the evaluation criteria for financial science and technology development indicators to provide support for self regulatory organizations to release development indicators in real time. Promote the construction of scientific and technological ethics governance standard system in the financial field. Accelerate the implementation of correspondence data standards and promote the steady development of correspondence digitization. Adhere to the strict separation between financial business and non-financial business, clarify the boundary between scientific and technological services and financial business, and prevent illegal financial business in the name of science and technology.
The plan proposes to steadily promote the development of legal digital currency standard. Comprehensively consider the security and credibility infrastructure, issuance system and storage system, registration center, payment transaction communication module, terminal application, etc., and explore the establishment and improvement of legal digital currency infrastructure standards.
Research and formulate the information security standards of legal digital currency to ensure the storability, unforgeability, non repeatable transaction and non repudiation in the process of circulation. Study and formulate legal digital currency business and application standards, and establish standardized processes for issuance, circulation and withdrawal. Research and formulate statutory digital monetary standard, help to improve the legal digital money technology security and advanced nature. Research and formulate the basic data element standard of legal digital currency to improve the standardization of data. Study and formulate technical standards for legal digital currency terminals, and promote the improvement of terminal acceptance environment. Research and formulate legal digital currency evaluation and detection standards, and standardize the detection indicators of relevant systems and products.
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key five: deepening financial standardization and high-level opening
The plan proposes to deepen financial standardization and high-level opening-up. Accelerate the transformation and application of advanced international financial standards, and actively participate in international financial standardization activities.
Accelerate the transformation and application of advanced international financial standards. We will continue to carry out comparative analysis of financial standards in key areas, actively adopt international standards, and accelerate the transformation and application of advanced applicable international standards such as unique product identification code (UPI), unique transaction identification code (UTI), key data elements (CDE), securities and financial instruments. Explore and simultaneously promote the development of international standards and the adoption of standards in China, and improve the quality and efficiency of the transformation of international standards.
Actively participate in international financial standardization activities. Build a working pattern of multi-dimensional, multi field and multi-channel participation in international financial standardization activities. We will continue to promote the development of international standards led by China and continue to play a constructive role in the development of international standards in key areas. Deeply participate in the coding governance of international derivatives and promote the standards of data elements of transaction reports in China's financial market in line with international standards. Strengthen international exchanges and cooperation on cross-border payment standards. Encourage financial institutions, social organizations and scientific research institutions to actively participate in the formulation of international financial standards. Strengthen exchanges with international standards organizations, regional standards organizations and relevant countries.
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key six: promoting the reform and innovation of financial standardization
The plan proposes to promote the reform and innovation of financial standardization. Optimize the supply structure of financial standards, strengthen the implementation and application of financial standards, cultivate the financial standardization service industry, and promote the coordinated development of financial standard testing and certification.
We should optimize the supply structure of financial standards. Fully release the vitality of financial standardization of market entities, optimize the standards issued by the government and independently formulated by the market, and greatly increase the proportion of independently formulated standards by the market.
Strengthen the implementation and application of financial standards. Strengthen the role of financial standards in the formulation and implementation of laws and policies. Promote banking financial institutions and non bank payment institutions to implement relevant regulatory requirements and disclose the standard number and name of financial products or services to financial consumers in a timely, true, accurate and comprehensive manner.
Foster financial standardized service industry. Carry out the construction of national technical standard innovation base in the financial industry, and speed up the transformation of scientific and technological achievements into technical standards. Cultivate and expand the market players of financial standardization service industry, and promote the establishment of financial standardization service institutions with national service capacity. Encourage social capital and high-level talents to participate in the construction of financial standardization institutions.
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key 7: consolidate the foundation for the development of financial standardization
The plan proposes to consolidate the foundation for the development of financial standardization. Optimize the operation mechanism of financial standardization, improve the standardization ability of financial institutions, promote the digital transformation of financial standardization, and strengthen the construction of financial standardization talent team.
We should improve the standardization ability of financial institutions. Promote financial institutions to clarify the departments responsible for standardization, allocate standardization staff, establish standardization work system, encourage greater resource investment and improve the ability of standardization work. We will improve the supporting standards for the standardization of financial institutions and provide guidance for financial institutions to carry out standardization. Carry out special actions to improve the standardization ability of small and medium-sized financial institutions, provide special standardization training, and improve the ability of small and medium-sized financial institutions to carry out financial standardization.
