China will promote the process of digitalization in banking and insurance to heighten high-quality development of the sectors, the country's banking and insurance regulator has said.

Banking and insurance institutions should implement supportive digital development plans to better serve the real economy, according to a guideline recently issued by the China Banking and Insurance Regulatory Commission.

Digital transformation of business management, industrial and personal financial services, and the financial market should be strengthened, the guideline said.

Meanwhile, more should be done to improve the data governance system as well as management, quality control, and application of data, it said.

The guideline also said that institutions should tighten management against risks, enhance data security and improve privacy protection.

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