BEIJING: The 15th Lujiazui Forum opened in Shanghai, China on Friday, with leaders from the country’s top financial regulators, including the People’s Bank of China (PBOC), the National Financial Regulatory Administration (NFRA), and the China Securities Regulatory Commission (CSRC) in attendance, conveying the latest regulatory signals.
The forum emphasized the following key points: Pan Gongsheng, governor of the PBOC, highlighted the country’s monetary policy in his keynote speech.
Regarding China’s current monetary policy stance, Pan indicated that the PBOC will use a comprehensive array of monetary policy tools, including reducing the reserve requirement ratio and lowering policy interest rates. These measures aim to create a favorable monetary and financial environment conducive to high-quality economic development.
Looking ahead, Pan stated that China’s economy continues to recover positively, albeit facing challenges. The PBOC will continue to maintain a supportive monetary policy stance, strengthen counter-cyclical and cross-cycle adjustments, support the consolidation and enhancement of the economic recovery trend, and create a favorable monetary and financial environment for economic and social development.
Li Yunze, head of NFRA, which oversees banks and insurance companies, noted that the insurance industry is encountering a historic opportunity for high-quality development and will play an irreplaceable role.
Li proposed three suggestions for the insurance industry on how to better serve Chinese-style Modernization:
1. Focus on innovative development to effectively serve new productive forces.
2. Improve coverage and effectiveness of insurance products tailored to improving people’s well-being.
3. Enhance safety and emergency responses to continually improve social governance efficiency.
Li emphasized the vast potential and broad space in the Chinese insurance market, expressing confidence that through reform-driven vitality and development-driven solutions, the insurance industry can forge new paths and reach new heights. –The Daily Mail-CGTN news exchange item
