In order to better improve the basic system of the financial governance system and help the construction of the modern financial system, on February 8, 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 (hereinafter referred to as the plan). The main concerns are as follows:
First, the introduction of the plan follows the previous working ideas and is a programmatic document to promote financial standardization during the 14th Five Year Plan period. The Fourth Plenary Session of the 19th CPC Central Committee proposed to "improve the modern financial system with high adaptability, competitiveness and inclusiveness, and effectively prevent and resolve financial risks". Financial industry standardization is an important basic institutional arrangement of the modern financial system and plays an important role in improving the governance ability of the modern financial system. According to the requirements of the financial industry standardization system construction and development plan (2016-2020), China's new standard system to meet the needs of financial development in the new era during the 13th Five Year Plan period has been basically formed. In addition, according to the data disclosed in the white paper on testing and certification of China's financial standards (2020), as of December 16, 2020, there were 65 national standards, 278 industry standards, 39 group standards and 4194 enterprise standards in force in the financial industry. The continuous promotion of financial standardization has effectively improved the ability to prevent and control financial risks, promoted the improvement of the quality of financial services, and better supported the open development of the financial industry. In this context, in accordance with the 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035 and the outline of national standardization development, multiple ministries and commissions jointly issued the plan, which defined the guiding ideology, basic principles, main objectives, key tasks and safeguard measures for comprehensively promoting the development of financial standardization during the 14th Five Year Plan period, Continue to undertake the promotion of standardization in the financial industry.
Second, the plan defines seven key work areas, which will promote financial standardization to a new level. On the whole, the content of the plan is detailed and comprehensive, fully considering the requirements of all aspects of financial development, mainly including seven aspects: first, standardization assists modern financial management. The focus is to better support the supervision work by optimizing and improving the construction of standards such as risk prevention and control, comprehensive statistics and consumer protection. Second, standardization helps improve the financial market system. Including the standard construction of financial infrastructure, securities and futures, gold market and insurance market, further deepen the construction of financial market system and maintain the stable operation of financial market. Third, standardization supports the innovation of financial products and services. Including the construction of standard systems in the fields of green finance, Inclusive Finance and industrial chain finance, so as to provide a solid guarantee for the development of characteristic financial business. Fourth, standardization leads the construction of digital ecology in the financial industry. Including the construction of standards such as financial technology, financial data, financial information infrastructure, financial network security and financial informatization, so as to help carry out the digital transformation of the financial industry and financial security. Fifth, deepen financial standardization and high-level opening-up. Through the transformation and application of advanced international financial standards, we will better participate in international financial standardization activities and help improve China's voice in global financial governance. Sixth, promote the reform and innovation of financial standardization. Including optimizing the supply structure of financial standards, strengthening the implementation and application of financial standards, cultivating the financial standardization service industry, promoting the coordinated development of financial standard testing and certification, and promoting the continuous development of financial standardization reform and innovation. Seventh, consolidate the foundation for the development of financial standardization. Including optimizing the operation mechanism of financial standardization, improving the standardization ability of financial institutions, promoting the digital transformation of financial standardization, and strengthening the construction of financial standardization talent team.
Third, the plan aims to support the high-quality development of the financial industry and help the construction of a modern financial system with high standards and high quality. On the one hand, according to the objectives and tasks put forward in the plan, by 2035, the financial standardization work pattern of market driven, government guidance, enterprise oriented, social participation, openness and integration will be fully formed, so as to improve the governance ability and governance level of the financial industry through standardization and serve the high-quality development of the financial industry. On the other hand, financial standardization will play a greater role in the construction of modern financial system. The plan proposes that by 2025, the standard system suitable for the modern financial system will be basically completed. With the continuous promotion of basic institutional construction such as financial standardization, it will further improve the adaptability and competitiveness of the financial system, strengthen the inclusive nature of financial services, help build a modern financial system and better serve the development of the real economy.
