CIRC internal study session emphasises its role as regulator

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

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