From 21 to 24 September 2017, China Insurance Regulatory Commission (CIRC) held a high-level official study session on Xi Jinping's 习近平 speeches on financial regulations. Chen Wenhui 陈文辉 CIRC vice-chair delivered the main address at the study session.
Chen said that, in the spirit of Xi's speeches, study session attendees should
- develop an in-depth understanding of finance
- understand that finance is fundamental in modern-day society
- financial security is an important part of national security
- maintain precise regulatory positioning
- be conscious of the special importance of financial regulation
- set a clear boundary between regulators and targets of regulatory oversight
- correct any digressions from the role of financial regulation; realise that CIRC's responsibility is to regulate, not to size up the industry
- have a good grasp of objectives and tasks
- uphold four CIRC principles
- focus on core mandates
- optimise structure
- strengthen regulation
- maintain market orientation
- implement three core responsibiltiies
- service the real economy
- curb financial risks
- deepen financial reform
- uphold four CIRC principles
Chen urged study session attendees to think about
- 'insurance living up to its name'
- insurance is a product for consumption, not an investment instrument
- the industry should see market potential of conventional products that offer risk protection
- 'CIRC living up to its name'
- CIRC's objectives should be to protect public interest, ensure market fairness and maintain industry stability
- CIRC should prioritise the interests of consumers before those of other market entities and treat industry players fairly, without special treatment to any specific firms
- CIRC should prioritise security before growth, restore strict oversight and maintain market stability
- closing regulatory loopholes and mitigating risks