China publishes financial standardisation plan
Chinese financial authorities have published the 14th Five-Year Development Plan for Financial Standardisation, outlining goals and actions to advance standardisation across a wide range of financial areas such as supervision, risk prevention, consumer protection, financial technology, green finance, and digital currency. Issued by the People’s Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission, the plan aims to ensure that, by 2025, a standard system suitable for modern finances is in place, and that the role of standardisation in supporting high-quality development of the financial industry is more prominent. Some of the specific goals outlined include: (a) improving financial risk prevention standards; (b) developing financial consumer protection standards; (c) improving financial infrastructure standards; (d) ensuring that standardisation activities support innovation in financial products and services; (e) improving the green financial standards system; (f) promoting the development of inclusive finance standards; (g) improving standard for financial data; (h) promote the development of security standards for financial technology; and (i) promoting the digital transformation of financial standardisation. China’s active participation in international financial standardisation activities is also envisioned.