To further strengthen the coordination between central and local financial regulatory efforts, the Office of the Financial Stability and Development Committee (FSDC Office) lately held in Hangzhou a symposium on the Local Coordination Mechanism. Liu Guoqiang, Deputy Governor of the People’s Bank of China and Deputy Director of the FSDC Office, attended and addressed the symposium.
Present at the symposium were responsible officials from lead institutions of the FSDC Office Local Coordination Mechanism in Beijing, Jilin, Zhejiang, Anhui, Jiangxi, Guangxi and Shaanxi, as well as officials in charge of the respective local financial regulatory bureaus. They gave reports on the operation of the Local Coordination Mechanism and on local financial administration, and exchanged views on how to further strengthen the coordination between central and local financial regulatory efforts based on their practical experience. Suggestions were put forward on further strengthening local financial regulation and facilitating the coordination between central and local regulatory work by improving laws and regulations and enhancing information sharing as well as synergy across regions.
Liu Guoqiang said that the establishment of the Local Coordination Mechanism under the FSDC Office is an important measure taken to implement the decisions of the National Financial Work Conference and strengthen the coordination between central and local financial regulatory efforts. Since its establishment, the mechanism has adhered to a problem-oriented approach and improved coordination, with active steps taken to ramp up financial support for pandemic control and the resumption of work and production. Work has also been done to strengthen the monitoring of local financial risks and promote regional financial reform and development. Overall, the mechanism has started to play its role in serving the real economy, forestalling and defusing risks, and deepening financial reform, thereby contributing to effective coordination between central and local financial work.
In line with the arrangements of the Communist Party of China Central Committee and the State Council as well as the FSDC’s requirements, Liu Guoqiang stressed, continued efforts should be made to improve the Local Coordination Mechanism through practice and exploration so that it can fully play its role as a coordinator to pull together financial regulatory efforts more effectively, promote the sound development of local financial ecosystems, and support high-quality economic development.
Responsible officials from the Secretariat of the FSDC Office also attended the symposium.
