The Zhitong Finance App learned that on October 19, at the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Ding Xiangqun, director of the State Administration of Financial Supervision and Administration, said that he is actively expanding new space for financial openness. Firmly push forward various institutional opening-up initiatives in the financial sector, and support more foreign-funded institutions and long-term capital to develop businesses in China. Respond promptly to the demands of foreign-funded institutions, continuously optimize and improve the rules of the system, and continue to create a fair, transparent and stable policy environment. Foreign-funded institutions are encouraged to build on their endowments, give full play to their advantages in wealth management, health care, green finance, etc., participate in more business pilot projects, and achieve greater development in deepening and investing in China.
Ding Xiangqun mentioned adhering to risk orientation and strengthening financial supervision. Risk prevention and mitigation is an eternal theme in financial work. Currently, China's banking and insurance industry is running smoothly, large institutions are operating steadily, reform and insurance for small and medium-sized institutions is progressing in an orderly manner, and risks are generally manageable. Financial risks are hidden and complex. It is necessary to deeply grasp the rules of financial operation to effectively enhance the forward-looking and accurate risk prevention and control. Focus on key areas and fight active battles to mitigate risks. Improve disposal mechanisms, enrich insurance resources, and comprehensively use methods such as mergers and restructuring and market exit to properly dispose of high-risk institutions and promote continued risk convergence. Strengthen coordination and linkage to eliminate gaps in supervision. Work with all parties to crack down on illegal financial activities, strengthen supervision of financial activities across regions, departments and new business formats and new products, include all financial activities in accordance with the law, and focus on achieving full coverage without exception.
Ding Xiangqun mentioned continuing to improve the adaptability of financial services. In the first three quarters of this year, the banking industry provided more than 20 trillion yuan in additional financing support to the real economy, with insurance claims close to 2 trillion yuan. The main channel of bank financing and insurance protection played a strong role. Enhancing adaptability focuses on optimizing resource allocation, adhering to the close integration of investment in goods and investment with people, doing a solid job in the “Five Major Articles” of finance, and guiding financial activity to better moisturize the real economy. Promote capital allocation to be more adapted to the needs of transformation. Actively support the development of new quality productivity, help the advanced manufacturing industry expand and strengthen the capacity and quality of the service industry, and promote the cultivation and expansion of new momentum. Strengthen financial support for infrastructure construction such as the “Six Zhang Network” to help play a leading and driving role in major engineering projects. Optimize insurance services to better meet insurance needs. Improve the disaster insurance guarantee system in response to challenges such as climate change and frequent natural disasters. Meet the needs of international trade development and enhance shipping insurance underwriting capabilities. Enrich pension and health insurance products to meet the diverse needs of the people and help build a healthy China.
The original text is as follows:
Comprehensively strengthen supervision and deepen open cooperation
Jointly build a new ecosystem for global financial development
——Ding Xiangqun's keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting
(2026/10/19)
Dear Secretary Yin Li, Mayor Yin Yong, and Director of Xiuling,
Dear Deputy Director Wang Jiang, President Gong Sheng, Chairman Wu Qing, President Fu Hua, Director He Xin, and Chairman Liu Kun,
Leaders, guests, ladies and gentlemen, and friends,
Good afternoon everyone! First of all, on behalf of the General Financial Supervisory Authority, I would like to warmly congratulate the holding of the forum! I would like to express my sincere thanks to friends from all walks of life who have cared about and supported China's financial supervision for a long time! Currently, the world's political and economic landscape has profoundly changed, containing both new opportunities and new challenges. This forum focuses on building a new global financial development ecosystem, which has strong practical significance. Take this opportunity to discuss some thoughts based on regulation and exchange with everyone.
1. Effectively improve the effectiveness of supervision and vigorously prevent and control financial risks
Improving the effectiveness of supervision is a common issue facing all countries, and it is also an intrinsic requirement for improving China's modern financial governance system. In the face of a complex and changing external environment, we must unswervingly follow the path of financial development with Chinese characteristics, deepen regulatory reforms, comprehensively strengthen the “Five Major Regulations”, build a strong financial security barrier through strict and effective supervision, and help overall security with financial stability.
The first is to adhere to risk orientation and strengthen financial supervision. Risk prevention and mitigation is an eternal theme in financial work. Currently, China's banking and insurance industry is running smoothly, large institutions are operating steadily, reform and insurance for small and medium-sized institutions is progressing in an orderly manner, and risks are generally manageable. Financial risks are hidden and complex. It is necessary to deeply grasp the rules of financial operation to effectively enhance the forward-looking and accurate risk prevention and control. Focus on key areas and fight active battles to mitigate risks. Improve disposal mechanisms, enrich insurance resources, and comprehensively use methods such as mergers and restructuring and market exit to properly dispose of high-risk institutions and promote continued risk convergence. Strengthen coordination and linkage to eliminate gaps in supervision. Work with all parties to crack down on illegal financial activities, strengthen supervision of financial activities across regions, departments and new business formats and new products, include all financial activities in accordance with the law, and focus on achieving full coverage without exception.
Second, adapting to practice requires improving the financial rule of law. Financial security depends on the system, vitality in the market, and order depends on the rule of law. In recent years, the establishment of China's financial rule of law has entered the fast track. Significant progress has been made in amending legislation such as the Financial Law, the Banking Supervision Law, and the Insurance Law, and the supervisory system is also being improved at an accelerated pace. The key to implementing the rule of law is to go hand in hand with building systems and implementing them. On the one hand, focus on the risk prevention and strong supervision needs of different types of institutions, as well as new situations and issues such as cooperation between institutions and third parties, and cybersecurity, etc., to speed up the completion of shortcomings and strengthen institutional firewalls. On the other hand, seriously investigate and punish key people, key events, and key acts that cause major financial risks, strengthen rigid restraints, enhance deterrent effects, and make the regulatory system truly a “charged high-voltage line.”
The third is to highlight key links to improve supervisory capabilities. Currently, the operating environment, structural characteristics, and risk patterns of the financial industry have undergone profound changes, and it is necessary to keep pace with the times and improve the level of supervisory capacity. Pay attention to source prevention and control, improve monitoring, early warning and response mechanisms, optimize classification and hierarchical supervision, implement mandatory early correction, and achieve continuous supervision throughout the whole process chain. Focus on targeted efforts, insist that “substance is more important than form”, standardize shareholders' behavior and execution of duties by executives, and strengthen thorough supervision of related transactions, large investment credit grants, etc. Focus on technological empowerment, accelerate digital and intelligent transformation, enrich the toolbox, play a “combo punch”, continuously improve supervision methods, and improve the quality and efficiency of supervision.
2. Strengthen efforts to promote reform and transformation, and strengthen financial support for high-quality development
In recent years, the Chinese economy has been under pressure to move forward, moving forward, and continues to play the role of the main engine of world economic growth. The times call for the banking and insurance industry to accelerate transformation and upgrading, and improve the quality and efficiency of the service economy and society through its own high-quality development.
The first is to continuously optimize the institutional layout. China has a complete range of financial institutions. The key is to develop in a misaligned position and complement each other's strengths. All types of institutions should be based on functional positioning, management capabilities and comparative advantages, grasp business boundaries, and achieve their respective duties and strengths. Financial supervisory authorities will also study and improve the differentiated assessment and evaluation system to push institutions to do something or not. Under the principles of guaranteeing basic services, based on carrying capacity, and maintaining moderate competition, small and medium-sized institutions are promoted to reduce volume and improve quality according to local conditions to better adapt to changes in the financial supply and demand pattern.
The second is to vigorously regulate the market order. Fair competition is the cornerstone of the orderly operation of financial markets. In recent years, positive results have been achieved in rectifying disorderly competition through the implementation of “integration of reporting and banking” and carrying out special controls. Disorderly competition is stubborn and repetitive, and requires constant strength and continuous strength. In particular, strengthen ideological correction and behavioral correction, urge institutions to abandon scale complexes, seriously control non-compliant marketing practices, severely punish “black and gray production” in finance, truly draw a red line of competition, and establish operating rules.
The third is to continuously improve the adaptability of financial services. In the first three quarters of this year, the banking industry provided more than 20 trillion yuan in additional financing support to the real economy, with insurance claims close to 2 trillion yuan. The main channel of bank financing and insurance protection played a strong role. Enhancing adaptability focuses on optimizing resource allocation, adhering to the close integration of investment in goods and investment with people, doing a solid job in the “Five Major Articles” of finance, and guiding financial activity to better moisturize the real economy. Promote capital allocation to be more adapted to the needs of transformation. Actively support the development of new quality productivity, help the advanced manufacturing industry expand and strengthen the capacity and quality of the service industry, and promote the cultivation and expansion of new momentum. Strengthen financial support for infrastructure construction such as the “Six Zhang Network” to help play a leading and driving role in major engineering projects. Optimize insurance services to better meet insurance needs. Improve the disaster insurance guarantee system in response to challenges such as climate change and frequent natural disasters. Meet the needs of international trade development and enhance shipping insurance underwriting capabilities. Enrich pension and health insurance products to meet the diverse needs of the people and help build a healthy China.
3. Always insist on mutual benefit and win-win situation, and continue to promote a high level of financial openness
Economic globalization is the general trend, and open cooperation is the aspiration of the people. As always, China's financial industry is open to the outside world, unswervingly promoting opening-up to the outside world, promoting competition and healthy interaction between Chinese and foreign institutions, and jointly drawing a vivid picture of win-win cooperation.
The first is to actively expand new spaces for financial openness. Firmly push forward various institutional opening-up initiatives in the financial sector, and support more foreign-funded institutions and long-term capital to develop businesses in China. Respond promptly to the demands of foreign-funded institutions, continuously optimize and improve the rules of the system, and continue to create a fair, transparent and stable policy environment. Foreign-funded institutions are encouraged to build on their endowments, give full play to their advantages in wealth management, health care, green finance, etc., participate in more business pilot projects, and achieve greater development in deepening and investing in China.
The second is to effectively serve international economic and trade exchanges. Currently, Chinese financial institutions are widely exhibiting in more than 70 countries and regions, and have become a solid link for promoting bilateral trade and mutual investment. Chinese-funded institutions are encouraged to continue to improve the cross-border financial service system, improve service quality and efficiency, actively engage in financial cooperation with foreign-funded institutions in the fields of trade, investment, technology, etc., and jointly maintain the stability and smooth flow of the global industrial chain supply chain.
The third is to promote the improvement of the global financial governance system. We have always practiced multilateralism, participated deeply in the work of international financial organizations, and signed regulatory cooperation agreements with financial supervisory authorities in 90 countries and regions. Jointly addressing global risks and challenges requires strengthened dialogue, consultation and practical cooperation. Forwardly address new issues brought about by new technologies such as artificial intelligence, and promote the improvement of regulatory standards and rules in emerging fields such as digital finance. Improve cross-border risk monitoring and early warning mechanisms, support deepening international financial governance reforms, and strive to establish a more just, reasonable, open and inclusive global financial governance system.
Ladies, Gentlemen, Friends!
In February of this year, during his visit to Beijing, General Secretary Xi Jinping emphasized that the key to building a modern socialist country is self-reliance and self-improvement in science and technology, and that Beijing should use its advantages to make greater contributions. Beijing is speeding up the construction of an international science and technology innovation center, which has attracted global attention with its vigorous innovation vitality. We will continue to optimize regulatory policies, promote the establishment and improvement of a multi-level, diversified and multi-dimensional technology finance system, and help raise the development level of the Capital International Science and Technology Innovation Center. The first is to explore financing models compatible with scientific and technological innovation. Support Beijing to undertake the pilot task of national technology finance reform, improve the policy of the Zhongguancun Science and Innovation Finance Reform Pilot Zone, and comprehensively use various financing methods such as equity and debt to promote a virtuous cycle of technology, industry, and finance. The second is to strengthen insurance coverage that matches scientific and technological innovation. Support the cultivation and expansion of professional co-insurance companies in the fields of commercial aerospace, biomedicine, intelligent robots, etc., and optimize technology insurance services covering the entire life cycle and chain. Together with Beijing, we will promote the construction of a science and technology insurance mechanism to protect the country's major science and technology tasks. An insurance conference will be held for the first time during this forum. The first theme will be technology insurance. Everyone is welcome to share their insights. The third is to build a financial ecosystem compatible with technological innovation. Improve a prudent and inclusive technology finance regulatory framework, support the interactive sharing of technology and financial data, promote the improvement of supporting services such as third-party assessments and financial arbitration, and jointly establish a secure line of defense for technology finance, and help Beijing build a world-class science and technology innovation strategy center!
Finally, I wish this forum every success!
Thank you all!
This article was edited by the General Administration of Financial Supervisory Authority, Zhitong Finance Editor: Chen Wenfang.