China's four government agencies, including its central bank, released a five-year financial standardization plan. The proposal is to be realized between 2021 and 2025.
The authorities intend to strengthen standardization in a variety of sectors, including supervision, risk prevention, financial technology, green finance, and digital currency, to develop a contemporary financial standard system by 2025. 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 collaborated on the publication of the text.
The nation will increase financial risk monitoring and early warning, particularly in online finance. Efforts will be made to guide the use of technologies such as cloud computing, big data, and artificial intelligence. The use of financial data will be properly managed to preserve public security, company secrets, and personal privacy.
Between 2016 and 2020, the Chinese government produced 137 national and industry standards in the financial sector, and standardization played an increasingly important role in supporting the real economy, mitigating risks, and furthering reforms.
