SCIO briefing on performance of banking and insurance sectors

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Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC)

Zhu Shumin, CBIRC vice chairman

Xiao Yuanqi, CBIRC chief risk officer, director of general office, and spokesperson

Mr. Ma Xueping, CBIRC chief accountant


Xi Yanchun, spokesperson of the State Council Information Office


Jan. 13, 2020

Xi Yanchun: 

Ladies and gentlemen, good afternoon. Welcome to this press conference. Today, present with us are: Mr. Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC); Mr. Zhu Shumin, CBIRC vice chairman; Mr. Xiao Yuanqi, CBIRC chief risk officer, director of general office and spokesperson; and Mr. Ma Xueping, CBIRC chief accountant. They will introduce how China's banking and insurance sectors have performed, how they have served the real economy and controlled risks.

Now, I'll give the floor to Mr. Huang Hong.

Huang Hong:

Friends from the media, good afternoon. It's a great pleasure to meet you here. I'd like to thank you for your long-term attention and support toward the work we do in the area of financial regulation. Last Friday, the CBIRC convened a meeting to discuss our work in this field. At the meeting, we reviewed last year's work, analyzed the current economic and financial situation, and made plans for our work this year. 

In 2019, the CBIRC continued to uphold Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, carefully implemented the decisions and plans made by the Communist Party of China (CPC) Central Committee and the State Council, and further improved the leadership of the CPC and the building of the Party in the banking and insurance sectors. We continued to enhance the financial sector's service to the real economy, made resolute efforts to guard against and defuse financial risks, further carried out reform and opening-up, and promoted the quality development of the banking and insurance sectors. So far, both sectors are developing well and their ability to serve the real economy has been further enhanced. In major areas, progress has also been made in the managing and tackling of risks. Supply-side reform in the financial sector has also been deepened and the management of the financial sector has been improved. Overall, a solid foundation has been laid for the continued quality development of the industry.

In 2020, the CBIRC will rally even closer around the CPC Central Committee with Comrade Xi Jinping at its core. We will strengthen our consciousness of the need to maintain political integrity, think in terms of the big picture, follow the leadership core, and keep ourselves aligned with it. We will also increase our confidence in the path, theory, system, and culture of socialism with Chinese characteristics; resolutely uphold General Secretary Xi Jinping's core position in the CPC Central Committee and the Party as a whole, and resolutely uphold the CPC Central Committee's authority and its centralized and unified leadership. We will give high priority to achieving the goal of building a moderately prosperous society in all respects and remain committed to the general principle of pursuing progress while ensuring stability. We will give our full support to the quality development of the Chinese economy, further implement the reform and opening-up policy, and stay alert to guard against and defuse financial risks.

Now, I'd like to answer some of your questions with the help of the other spokespersons. Thank you.

Xi Yanchun:

Thanks for Mr. Huang's brief introduction. Now, the floor is open to questions. Please identify your media outlet before raising your question.

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