According to the China Banking and Insurance Regulatory Commission on January 16, the CBIRC said that it should focus on expanding domestic demand and guide the banking and insurance industry to give priority to supporting recovery and expanding consumption. Practice has shown that converting the total income of the current period into consumption and investment to the greatest extent possible is the key to rapid economic recovery and high-quality development, and financial services have great potential. It is necessary to focus on meeting the needs of new citizens, develop more marketable financial products, encourage the consumption of bulk commodities such as housing, automobiles, and green home appliances, and provide credit support and insurance protection for new consumption and service consumption.

The original text is as follows:

Yin Baoping: Striving to move forward with courage and perseverance to promote the work of banking and insurance supervision to a new level - one of the series of comments on the 2023 CBIRC Work Conference

2023 is the first year to fully implement the spirit of the Party Congress, and it is of great significance to do a good job in banking and insurance supervision. The CBIRC system should fully implement the spirit of the party's congress, adhere to the political and people's nature of financial work, follow the arrangements of the Central Economic Work Conference, work with a spirit of hard work and promising, grasp the work style of leaving traces of iron, concentrate efforts, seek progress in a stable manner, and promote all aspects of work to a new level.

To reach a new level, we must strengthen political construction in a clear-cut manner. History and practice show that strengthening political construction is the fundamental guarantee for doing a good job in financial management. In the past five years and the decade of the new era, the major changes in the financial industry, and a series of achievements in serving the real economy, preventing and controlling financial risks, and deepening reform and opening up, are most fundamentally due to General Secretary Xi Jinping's accurate judgment, advanced planning and strong leadership. The whole system should deeply study and comprehend the party's innovative theory in the new era, conscientiously implement the spirit of General Secretary Xi Jinping's important instructions and instructions, firmly support the "two establishments" and resolutely achieve the "two safeguards", never go their own way, and at all times and under any circumstances, we must adhere to the party's banner as the banner, the party's direction as the direction, and the party's will as the will. Adhere to the centralized and unified leadership of the Party Central Committee throughout the entire process and all aspects of financial supervision and control, and unswervingly take the road of financial development with Chinese characteristics.

To reach a new level, we must more effectively support the overall improvement of economic operation. Finance is the bloodline of the real economy, and serving the real economy is the vocation of finance. Only by integrating into the tide of economic development can financial work find its correct positioning and show responsibility. At present, the foundation of China's economic recovery is not yet solid, and the triple pressure of demand contraction, supply shock, and expected weakening is still large. However, we must see that China's economy is resilient, has great potential and vitality, and the long-term good fundamentals remain unchanged. Efforts should be made to expand domestic demand and guide the banking and insurance industries to prioritize support for recovery and expansion of consumption. Practice has shown that converting the total income of the current period into consumption and investment to the greatest extent possible is the key to rapid economic recovery and high-quality development, and financial services have great potential. It is necessary to focus on meeting the needs of new citizens, develop more marketable financial products, encourage the consumption of bulk commodities such as housing, automobiles, and green home appliances, and provide credit support and insurance protection for new consumption and service consumption. It is necessary to do a good job in financing investment, give play to the counter-cyclical adjustment role of policy-based finance, and strengthen financial support for energy, transportation, water conservancy and other infrastructure. It is necessary to consolidate and expand new advantages in foreign trade competition. It is necessary to support the construction of a modern industrial system, promote a virtuous cycle of "science and technology-industry-finance", and help tackle key core technologies. It is necessary to continue to vigorously develop inclusive finance and promote the steady reduction of comprehensive financing costs of enterprises. It is necessary to promote the healthy development of Internet platform enterprises and do a good job in normalizing supervision.

To reach a new level, we must more effectively prevent and resolve major financial risks. At present, China's financial industry is running smoothly and the overall risk is controllable. However, due to a variety of factors, financial risks are still prone to occur, and there is still a long way to go to prevent and resolve systemic financial risks. It is necessary to strengthen the system concept and bottom-line thinking, adhere to the combination of symptoms and root causes, and combine far and near, and firmly hold the bottom line of not occurring systemic risks. Efforts should be made to promote the normal cycle of finance and real estate, adhere to the principle of "housing instead of speculation", implement the "16 Financial Rules", and implement differentiated credit policies according to the city's policies to meet the demand for rigid and improved housing. It is necessary to actively and steadily promote the reform of small and medium-sized institutions such as urban commercial banks and rural credit cooperatives, and supplement capital through multiple channels to improve risk resilience. It is necessary to coordinate and promote the return of insurance companies to their roots and risk disposal, and promote the transformation and development of non-bank institutions such as trusts to focus on their main business. We must always be vigilant against the concentrated rebound of credit risks and continue to increase the disposal of non-performing assets. It is necessary to effectively enhance regulatory capabilities. Improve the level of digital intelligence, improve the prudential supervision of the whole process and the whole chain, and effectively realize the orderly connection of risk identification, early intervention, emergency response, and market exit. Improve the rule of law in finance, accelerate the revision of laws and regulations such as the Banking Supervision Law, and bring all types of financial activities into supervision in accordance with the law.

To reach a new level, we must more firmly deepen the reform and opening up of the financial industry. Reform and opening up is an inexhaustible driving force for China's economic development, and it is also an important path to enhance the vitality of the development of the financial industry and promote high-quality development. It is necessary to firmly grasp the "bull's nose" of corporate governance, promote the deep integration of party leadership and corporate governance, improve the modern financial enterprise system, and promote corporate governance from "like" to "godlike". For small and medium-sized banking and insurance institutions, it is necessary to study and build a differentiated governance system that meets their characteristics, give play to the role of financial talent pool, and select and match strong leadership groups. It is necessary to urge the banking and insurance industry to return to its origins and focus on its main business, promote different types of institutions to adhere to their positioning, compete and develop, and further optimize multi-level, wide-coverage and differentiated financial institutions and service systems. Continue to promote the optimization of institutional layout, further promote the reform of rural credit cooperatives, and further strengthen the awareness of small and medium-sized institutions to take root in the local area and serve the local area. Guide banking and insurance institutions to focus on key areas, deepen scientific and technological empowerment, and accelerate the coupling degree between financial products and real economic services. It is necessary to effectively strengthen the protection of the rights and interests of financial consumers, consolidate the main responsibility of banking and insurance institutions, strengthen the management of investor suitability, and firmly guard the people's money bags. It is necessary to promote reform and development through opening up, and inject new momentum and vitality into the high-quality development of the banking and insurance industry. Adhere to the combination of "going out" and "bringing in", and actively introduce foreign-funded financial institutions with stable operation, excellent qualifications and professional characteristics. Steadily expand the institutional opening up of the financial sector and broaden the channels for Sino-foreign cooperation. Actively participate in international financial governance and make China's voice louder in the formulation of international regulatory rules.

The wind is good when the waves are broken; There is a long way to go, and we need to hurry up.

Standing at a new historical starting point, we have a great responsibility and a glorious mission. Party members and cadres of the CBIRC system should take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as their guide, rally more closely around the Party Central Committee with Comrade Xi Jinping as the core, and promote the high-quality development of the banking and insurance industry to achieve new results with a sense of responsibility of "always rest assured", and contribute more financial strength to the comprehensive construction of a modern socialist country.