On November 30, 2020, China Financial Standardization Technical Committee (hereinafter briefly referred to as CFSTC) held the 2020 work conference and the fourth plenary session of its fourth committee. Fan Yifei, Deputy Governor of the People’s Bank of China (PBC) and Chairman of CFSTC, and Tian Shihong, Deputy Administrator of State Administration for Market Regulation (SAMR) and Administrator of Standardization Administration of China (SAC) attended and addressed the conference.
Fan Yifei noted that, during the 13th Five-Year Plan period, financial standardization had been advanced in line with the general principle of “for the people and for the businesses”. As a result, the standardization system has been gradually improved with efficiency of implementation markedly enhanced and international interactions yielding fruitful outcomes, which lays a solid foundation for the financial standardization work in the 14th Five-Year Plan period.
Fan Yifei stressed that, in the advancement of financial standardization, we should continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, implement the proposals of the CPC Central Committee for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, and better serve the new development pattern of dual circulations with the domestic circulation as the mainstay and international and domestic circulations facilitating each other. The focus should be placed on strengthening top-level design for strategic positioning enhancement, improving standardization systems to serve digital finance, stepping up application to unleash efficiency of standardization, participating in international governance for the building of a positive circulation, and optimizing systems and mechanisms for consolidating the foundations underpinning development.
Chiefs from rotating members of CFSTC, including China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Bank of Communications attended the conference. Officials from the PBC, SAMR, China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), State Administration of Foreign Exchange (SAFE), and subcommittees, member units, observers and standards working groups of CFSTC, representatives from relevant colleges, universities and industry associations, as well as experts on financial standardization were also present.
