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The ** Financial Work Conference held at the end of October 2023 put forward the goal of building a financial power and deployed the financial work for the current and future periods.
On 2, 3, and 4 December, Xinhua News Agency successively published exclusive interviews with Pan Gongsheng, secretary of the party committee and governor of the People's Bank of China, Li Yunze, secretary of the party committee and director of the State Financial Supervision and Administration Bureau, and Yi Huiman, secretary of the party committee and chairman of the China Securities Regulatory Commission. The three of them discussed how to implement the spirit of the first financial work conference, how to serve Chinese modernization with high-quality financial development, and how to effectively improveQuestions such as the effectiveness of financial supervision and how to promote the smooth and healthy operation of the capital market are answered.
On the 4th of December, "People's **" published Pan Gongsheng's signed article "Accelerating the Construction of a Modern Banking System and Building a Modern Financial System with Chinese Characteristics", which once again focused on ensuring the correct direction of financial work, adhering to financial services for the real economy, preventing systemic financial risks, and deepening financial reform and opening up.
Content Highlights:Pan Gongsheng: Adhere to the centralized and unified leadership of financial work to ensure the correct direction of financial work
Finance is the blood of the national economy, is an important part of the country's core competitiveness, is related to the rise and fall of the economy and the security of the country, and is related to the people's living and working in peace and contentment. Financial management is mainly a matter of power, and we must unswervingly adhere to centralized and unified leadership.
The Financial Work Conference was held again after 6 years, and was renamed from the "National Financial Work Conference" to the "Financial Work Conference", which further highlighted the great importance attached to financial work and the important position of finance in the overall cause of the party and the country. The financial work conference focused on striving to open up the road of financial development with Chinese characteristics, emphasizing the "eight insistences", and insisting on the centralized and unified leadership of financial work is the fundamental guarantee.
In a complex and severe environment, we must adhere to centralized and unified leadership to continuously solve the institutional and institutional problems in the high-quality development of finance. In recent years, China's financial industry has developed rapidly, with large scale and strong vitality. At the same time, there are some problems and contradictions. The quality and efficiency of financial services for the real economy are not high, the financing structure needs to be optimized, and some enterprises occupy a lot of financial resources inefficiently. Financial chaos and corruption have persisted, financial supervision and governance capabilities are weak, and there are still many hidden economic and financial risks. To properly handle outstanding problems in the financial field and promote high-quality financial development, it is necessary to continuously improve political judgment, political comprehension and political execution, improve the system and mechanism of the party's financial management, and effectively transform the political and institutional advantages of the party's leadership into the efficiency of financial governance.
Pan Gongsheng: Adhere to the fundamental purpose of financial services for the real economy, and strongly and effectively support high-quality development and stable growth of the real economy
In formulating and implementing monetary policy, the People's Bank of China must balance the relationship between short-term and long-term, steady growth and risk prevention, and internal equilibrium and external equilibrium, always maintain soundness, manage the general monetary floodgate, create a good monetary and financial environment for stabilizing prices, promoting economic growth, expanding employment, and maintaining the balance of payments, and protect the people's money bags.
The first is to pay more attention to cross-cyclical and counter-cyclical adjustmentIt is necessary to maintain a reasonable increase in the total amount of money and credit and the scale of social financing. Comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity, guide financial institutions to enhance the stability and sustainability of credit growth, meet the effective financing needs of the real economy, and promote stable economic growth. Actively revitalize the financial resources that are inefficiently occupied and improve the efficiency of capital use.
Revitalizing existing loans, improving the efficiency of existing loans, and optimizing the investment of new loans are essentially the same in terms of supporting economic growth.
The second is to strengthen coordination and cooperation with fiscal, regulatory and other policies, and continue to increase support for major strategies, key areas and weak links. Serve the primary task of high-quality development, continue to make good use of the support tools for re-lending, re-discounting and inclusive small and micro loans to support agriculture and small enterprises, continue to implement carbon emission reduction support tools, special re-loans to support enterprise technological progress, special re-loans for inclusive pension, etc., support the healthy development of scientific and technological innovation, private small and micro enterprises, advanced manufacturing, green development, inclusive pension and other fields, and do a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance and digital finance.
Take the initiative to adapt to the major transformation of China's real estate marketStrategically, firmly adhere to the positioning that the house is for living, not for speculation;Strategically, weaken the risk level of the real estate market, prevent the spillover of real estate market risks, meet the reasonable financing needs of real estate enterprises of different ownership systems without discrimination, and maintain the steady operation of the real estate market. Provide medium and long-term low-cost financial support for the construction of the "three major projects" such as affordable housing, improve the housing rental financial policy system, and accelerate the construction of a new model of real estate development.
The third is to reasonably grasp the level of interest rates and promote the steady decline in the financing cost of the real economy. Interest rates are important factors of production, which directly affect consumption, investment, balance of payments, etc., and too high or too low interest rates are not conducive to stable and sustained economic growth. We should adhere to the principle of self-centeredness in implementing interest rate regulation and control, guide and grasp the macro interest rate level in accordance with the needs of economic laws, macroeconomic regulation and control, and cross-cycle design, and keep the interest rate level in line with the requirements for achieving potential economic growth. Give full play to the effectiveness of the interest rate reform in the loan market, and promote the reduction of corporate financing and household credit costs. Give full play to the role of the self-discipline mechanism of interest rates and maintain the order of market competition.
Fourth, it is necessary to coordinate internal and external equilibrium and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. The People's Bank of China will adhere to a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, enhance exchange rate flexibility, and give better play to the functions of the RMB exchange rate as an automatic stabilizer for macroeconomic and balance of payments, so that market supply and demand can play a decisive role in the formation of exchange rates. According to the macroeconomic and financial market situation, stabilize market expectations, resolutely correct the pro-cyclical and unilateral behavior of the market, resolutely deal with behaviors that disrupt market order, and resolutely prevent the risk of exchange rate overshoot.
Pan Gongsheng: Coordinate development and security, and firmly adhere to the bottom line of no systemic financial risks
Promote the prudent resolution of financial risks in key regions and key institutions. At present, China's financial risks are generally controllable, the overall operation of financial institutions is stable, the financial market is running smoothly, and the proportion of high-risk financial institutions in the financial system is very small, both in terms of number and asset scale. The People's Bank of China will better perform the function of the lender of last resort of the bank, cooperate with relevant departments and a small number of provinces with relatively concentrated high-risk institutions to formulate and implement the reform and risk reduction plan for small and medium-sized banks, further reduce the number and risk level of high-risk institutions, and replenish capital through multiple channels. We should grasp the relationship between power and responsibility, speed and stability, handle financial risks in accordance with the principles of marketization and rule of law, and protect the interests of the largest number of depositors, small and medium-sized investors, and insureds in accordance with the law.
Strengthen the construction of a financial stability guarantee system. Improve the mechanism for the prevention, early warning and disposal of financial risks, strengthen the source control of financial risks, early identification, early warning, early exposure and early disposal of financial risks, and improve the early correction mechanism for financial risks with hard constraints. Strengthen the professional and normalized risk disposal function of deposit insurance, and enrich the risk disposal measures and tools of deposit insurance. Improve the management system of foreign exchange reserves with Chinese characteristics, and maintain the safety and scale stability of foreign exchange reserve assets. Promote financial stability legislation and improve the financial stability guarantee system.
Do a good job in financial support for local debt risk resolution. On the whole, China's debt level is at the lower level of the middle reaches in the world, and the debt burden is relatively light. Local ** debt is mainly used for infrastructure investment, which is generally backed by physical assets and has positive externalities for local economic development. Most of the debt is concentrated in provinces with a good economic foundation and strong development momentum, and they have the ability to resolve the debt on their own. For a small number of areas with relatively heavy debt burdens, in accordance with the ** deployment, on the basis of the local ** bearing the main responsibility for the debt risk resolution of the financing platform, the People's Bank of China and relevant departments will guide financial institutions to prudently resolve the local ** stock debt risk in accordance with the principles of legal compliance and equal consultation, strictly control new debt, improve the long-term mechanism for debt risk prevention, and support the high-quality development of the local economy.
Pan Gongsheng: We will continue to deepen financial reform and opening up, and improve a modern financial system that is highly adaptable, competitive and inclusive
Speed up the construction of a modern banking system. We will improve the two-pillar regulatory framework of monetary policy and macro-prudential policy, maintain the stability of the renminbi and financial stability, and promote full employment and economic growth. Deepen the market-oriented reform of interest rates and exchange rates, and improve the mechanism for the formation, regulation and transmission of market-oriented interest rates. Implement the independent financial budget management system of ** bank, enhance the financial strength of ** bank, and provide solid support for the performance of duties in accordance with the law. Improve the modern payment system with wide coverage, efficiency and security. Complete a credit reporting system that covers the entire society, advancing the development of our nation's credit reporting market.
Deepen the supply-side structural reform of the financial sector. Strengthen the role of large commercial banks as the main force, deepen the reform of policy banks, promote the return of small and medium-sized banks to their origins and main business, improve corporate governance and internal management, and promote all kinds of financial institutions to be more rational in terms of scale, structure and regional layout. Strengthen the construction of the bond market system, strengthen the overall planning of financial infrastructure, improve the market-oriented pricing ability and market resilience of the bond market, further optimize the financing structure, and increase the proportion of direct financing.
Promote high-level two-way opening up of the financial sector. After more than 10 years of development, RMB has become the largest currency for cross-border receipts and payments in China. It is necessary to steadily and steadily promote the internationalization of the RMB, improve the construction of the overseas RMB market, and enhance the ability of cross-border RMB business to serve the real economy. Deepen the reform and opening up of the foreign exchange field, and promote the facilitation of investment and financing. Steadily expand the institutional opening of the financial market, expand the interconnection of domestic and foreign financial markets, enhance the competitiveness and influence of Shanghai as an international financial center, and consolidate and enhance Hong Kong's status as an international financial center. According to the unified deployment, actively participate in international financial governance and cooperation, pragmatically do a good job in the work of the China-US and China-EU financial working groups, and enhance China's voice and influence in the formulation of major international financial rules and standards.
Pan Gongsheng: Comprehensively strengthen the party's leadership and party building, and forge a team of cadres who are loyal, clean and responsible
We will continue to strengthen political construction. The People's Bank of China is China's leading bank, and it must bear in mind the "great power of the country", strengthen its mission, and achieve higher standards, implement stricter requirements, and set a better example in politics, business, work style, and clean government. Resolutely improve the political position, take the study Xi and implement the spirit of the important instructions of the general secretary as the first topic, and resolutely implement the major decisions and deployments. Unremittingly use the party's innovative theories to forge the soul and fully implement the responsibility system for ideological work.
Vigorously promote organizational construction. Deeply comprehend the important ideas of the general secretary on party building, and continuously improve the overall efficiency of the party's organizational system construction. We will discover, cultivate, and use cadres who are disciplined, responsible, capable, and recognized by the masses, and strive to create a good atmosphere of entrepreneurship and integrity. We will continue to build a team of loyal, clean and responsible high-quality cadres, promote the high-quality development of the financial industry with high-quality party building, and ensure the political and people's nature of financial work.
Unswervingly uphold discipline and fight corruption. Resolutely shoulder the main responsibility of comprehensively and strictly governing the party, strictly assume its responsibilities, strictly manage the jurisdiction, and adhere to the strict tone, strict measures, and strict atmosphere for a long time. Seeking truth and pragmatism, vigorously promoting the style of investigation and research, enhancing the sense of responsibility of the directors to start a business and the style of daring to fight tough battles, and improving their professional ability and level. Intensify the punishment of corruption, and persist in the integration of punishment and deterrence, institutional constraints, and awareness-raising.
Continue to deepen the first inspection and audit rectification. Normalized and long-term promotion of first-class inspection and rectification to ensure that the changes are in place and thorough. Promote the rectification and implementation of problems found in internal and external inspections, audits, letters and visits, relevant supervision and inspections, etc., strengthen the construction of a clean government, improve internal management, and standardize the performance of external duties.
Li Yunze: Financial supervision is resolutely "long teeth and thorns".
Next,We will focus on strong supervision and strict supervision, resolutely achieve "long teeth and thorns", and continue to improve the forward-looking, accurate, effective and collaborative nature of supervision.
The first is to comprehensively strengthen the "five major supervisions". Adhere to the risk-based principle, grasp access, legal persons, and governance, and strengthen institutional supervision. Persist in bringing all types of financial activities into supervision in accordance with the law, protect the lawful rights and interests of financial consumers, and strengthen behavioral supervision. Adhere to the principle of "one business, one standard" and strengthen functional supervision. Adhere to the principle of "substance over form" and strengthen penetrating supervision. Adhere to the whole cycle of financial institutions, the whole process of financial risks, and the whole chain of financial business, and strengthen continuous supervision.
The second is to strictly enforce the law and dare to show the sword. We should thoroughly rectify the chaos in the financial market, and ensure that we adhere to principles, dare to face tough problems, treat everyone equally, and be fair and just. Focus on the "key things" that affect financial stability, the "key people" that cause major financial risks, and the "key behaviors" that undermine the market order, and really hit the board accurately and painfully. In conjunction with relevant departments, we will strictly deal with third-party intermediaries that violate laws and regulations. Strengthen the linkage of supervision and examination, the connection of executions, and the integration of discipline and law, and effectively increase the cost of violations of laws and regulations.
The third is to focus on strengthening regulatory safeguards. We will further improve the rule of law in finance, do a good job in the "enactment, reform, abolition and interpretation" of laws and regulations, keep pace with the times, improve the rules of prudential supervision, and tighten the "iron fence" of the system. Accelerate the construction of regulatory big data platforms, and make full use of scientific and technological means to quickly and effectively identify and accurately identify financial risks. At the same time, we will also insist on turning the blade inward, strengthen the "supervision of supervision", and effectively achieve "striking iron and its own hardness".
Li Yunze: "Eliminate regulatory gaps and blind spots" is the focus of work
Achieving full coverage of financial supervision is an inevitable requirement for comprehensively strengthening financial supervision. Preliminary considerations, the essence of full coverage includes three aspects:
One isIt is necessary to manage the legal but also the illegal, and always adhere to the principle of financial franchising and licensed operation. The second isThe management industry must manage risks, and strictly prevent ordinary commercial behaviors from becoming alienated into illegal financial activities and deriving financial risks. The third isThe State Administration of Financial Supervision has taken the lead in establishing a comprehensive supervision mechanism. This is an important institutional arrangement to achieve full coverage, and it is an important task that is clearly deployed, and we have the responsibility to resolutely shoulder the heavy burden with iron shoulders.
In the next step, the State Administration of Financial Supervision will work together to build a full-coverage financial regulatory system and mechanism under the overall leadership of the Financial CommissionWe should share the same responsibilities, answer the same questions, and work in the same direction to ensure that there are no blind spots, no blind spots, and no exceptions in supervision. These include:
One is**The financial management departments divide their forces into their respective regulatory areas, not only to manage "licensed violations", but also to manage "unlicensed driving".
The second isThe competent departments of the industry shall, within the scope of their duties, prevent and cooperate in the handling of illegal financial activities in their respective industries and fields.
The third isThe relevant functional departments strictly control the registration, advertising and marketing and other gates, and resolutely prevent the indiscriminate handling of finance.
Four areThe State Administration of Financial Supervision will take the lead in establishing a mechanism for attributing and claiming regulatory responsibilities and a thorough supervision mechanism to ensure that all financial activities, especially illegal financial activities, are watched, managed and held accountable. Promote the clarification of regulatory responsibilities for financial activities such as cross-departmental, cross-regional, new business and new products. If it is indeed difficult to clarify the responsibility, the State Administration of Financial Supervision shall be responsible for the bottom line.
Li Yunze: Implement the "timely disposal of risks of small and medium-sized financial institutions".
In the next step, we will adhere to the goal-oriented and problem-oriented, resolutely fight a tough and protracted battle, and focus on accelerating the reform of small and medium-sized financial institutions.
The first is to adhere to prudence and order. Seize the current favorable opportunity, adhere to the principle of marketization and rule of law, and increase efforts to promote risk disposal. Grasp the timeliness and efficiency, fully consider the capacity of institutions and the market, carry out work in a planned and step-by-step manner, and effectively prevent the risk of disposing of risks.
The second is to classify and implement precise policies. Give full play to professional advantages, strengthen guidance and coordination, and promote the formulation of risk disposal plans for "one province, one policy", "one line, one policy" and "one department, one policy", so as to avoid "one size fits all".
The third is to deepen the treatment of both the symptoms and the root causes. Promote small and medium-sized banking institutions to optimize their structure, improve quality and efficiency. Promote insurance companies to return to their origins, highlight their protection functions, and guide asset management, non-bank and other institutions to adhere to their positioning and differentiated development.
Li Yunze: The key ideas and measures to do a good job in consumer protection
In the next step, we will focus on four aspects of work:
The first is to speed up the construction of a "big consumer protection" work pattern. We should pay close attention to establishing and improving the coordination mechanism for the protection of the rights and interests of financial consumers and the diversified resolution mechanism for financial consumer disputes, consolidate the main responsibilities of financial institutions, and promote the construction of a clear, efficient and smooth consumer protection work system.
The second is to grasp the key of appropriateness management. Improve suitability management measures and operating procedures, and urge financial institutions to strictly implement the "three appropriate" requirements for financial products, sales channels, and target customers. Improve the information disclosure system for financial products, promote financial institutions to do a good job in assessing customer risk appetite, and severely crack down on false publicity and misleading sales.
The third is to unblock the implementation of channelsEstablish a system of financial consumer complaints and reporting procedures and standards, formulate standards and screening methods for identifying "valid complaints", and improve the handling mechanism of "transferring, receiving, and handling" to ensure that the public's reasonable demands are responded to in a timely manner and properly resolved.
Fourth, it is necessary to treat both the symptoms and the root causes and resolve outstanding contradictions. Focusing on areas where complaints such as insurance surrender, credit card complaints, auto insurance claims, and early repayment of personal housing loans are relatively concentrated, we will systematically study solutions and strengthen governance at the source. At the same time, we will strengthen the publicity and education of financial consumers and improve the financial literacy of the whole society.
Yi Huiman: We should pay close attention to formulating a policy framework for building a modern capital market with Chinese characteristics
Since the meeting, the China Securities Regulatory Commission (CSRC) has planned a series of implementation measures to fully implement the spirit of the meeting and accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market. To sum up, it is to grasp the "one main line" and achieve "three highlights".
"One main line" is to strengthen political guidance. Adhere to the guidance of the socialist thought with Chinese characteristics in the new era, deeply grasp the political and people's nature of capital market supervision, strengthen the party's overall leadership over the capital market, especially maintain the centralized and unified leadership, strengthen the political and organizational functions of party organizations at all levels, and effectively implement the party's leadership in all fields and aspects of capital market work.
"Three highlights": First, highlight the main responsibility and main business. Comprehensively strengthen the main responsibilities and main businesses of supervision, improve the efficiency of supervision, improve the prevention and control of risks in key areas of the capital market, keep the bottom line of risks, and build a solid foundation for the healthy development of the capital market.
The second is to highlight the deepening of reform. Persist in promoting the reform and innovation of the capital market on the track of marketization and rule of law, strive to solve the outstanding problems of imbalance and inadequacy of the capital market, and better play the pivotal function of the capital market to provide high-quality services for the real economy and investors.
The third is to highlight self-revolution. Adhere to the blade inward, promote the CSRC system to comprehensively and strictly govern the party, make greater efforts to promote the normalization and long-term effect of inspection and rectification, and forge a team of high-quality professional cadres who are loyal, clean and responsible.
At present, we are following the best deployment, focusing on the above aspects to formulate a policy framework for the construction of a modern capital market with Chinese characteristics, and will adhere to the maturity of one, launch one, and solidly promote the implementation of results.
Yi Huiman: More pragmatic measures will be launched around improving the function of the capital market
Better play the function of the capital market hub is the new positioning of the capital market in the new era and new journey. The capital market is not large in the entire financial market, but it has unique advantages in serving the real economy
First, the capital market information is highly transparent and sensitive, which is an important channel for resource allocation and policy transmission. Second, the capital market has the characteristics of risk sharing and benefit sharing, which can promote the improvement of corporate governance and effectively stimulate the vitality of social innovation and creativity and entrepreneurship. Third, it can optimize the financing structure and help stabilize the macro leverage ratio. Fourth, the capital market covers a wealth of investment and financing tools such as stocks and bonds, both on and off the market, which can meet the diversified financial needs of the real economy and investors.
In the next step, we will adhere to the problem-oriented, upright and innovative, and launch more pragmatic measures around improving the function of the capital market.
First, promote the deepening and implementation of the first-class issuance registration system. Adhere to the concept of information disclosure as the core, adhere to the basic structure of the registration system, and increase support for key areas such as high-level scientific and technological self-reliance and self-reliance, and the construction of a modern industrial system. Intensify efforts to promote the reform of the investment side and attract more medium and long-term funds into the marketDynamically optimize institutional arrangements such as IPO pricing, refinancing, and **, and promote the dynamic balance of investment and financing.
Second, improve the multi-level capital market system. Actively develop diversified equity financing, adhere to the positioning of various exchanges, support the Shanghai and Shenzhen exchanges to build world-class exchanges, and build high-quality Beijing exchanges, promote the innovation of the first and regional equity market systems and businesses, better play the positive role of private equity venture capital, and further improve the progressive market structure. Promote the high-quality development of the bond market, and promote the expansion and quality of the real estate investment trust** (REITs) market. Steady and orderly development** and derivatives markets to help improve the influence of commodities**.
Third, vigorously improve the quality of listed companies. The "barometer" function of the capital market is mainly reflected through listed companies. Last year, more than 5,000 listed companies achieved an added value of more than 1823 trillion yuan, accounting for 15 percent of GDP1%, R&D investment accounts for 50% of the national R&D expenditure.
We willSolidly promote the implementation of a new round of three-year action plan to improve the quality of listed companiesHighlight the construction of corporate governance with Chinese characteristics. Optimize institutional arrangements such as mergers and acquisitions, equity incentives, and dividends, improve the normalized delisting mechanism, supervise listed companies to standardize governance and operate in good faith, support more listed companies to become better and stronger, drive the coordinated development of the upstream and downstream of the industrial chain, large and medium-sized enterprises, and help consolidate the micro foundation for high-quality economic development.
Fourth, promote the high-level institutional opening up of the capital market. Coordinate opening-up and security, steadily promote the three-dimensional opening up of markets, institutions and businesses, deepen and expand connectivity, facilitate cross-border investment and financing, and simultaneously strengthen regulatory capacity building under the conditions of opening-up.
Yi Huiman: Make every effort to maintain the stable operation of the capital market
In the next step, the CSRC will focus onImprove the adaptability and pertinence of supervisionto create a more favorable environment for the reform and development of the capital market.
First, we will make every effort to maintain the stable operation of the capital market. The wind is calm and the waves are good for sailing. We will strengthen the monitoring of trading behavior and capital flow, and establish and improve the comprehensive risk research and judgment and early warning mechanism. Improve the counter-cyclical adjustment mechanism of the primary and secondary markets, encourage and guide listed companies to repurchase and shareholders to increase their holdings, and give full play to the internal role of various business entities in stabilizing the market. Improve the emergency response mechanism to maintain the stability of the capital market, strengthen hierarchical consultation and rapid response, and maintain the bottom line of risks.
The second is to implement the main responsibility and main business of supervision. Adhere to early identification, early warning, early exposure, and early disposal, and strive to improve the ability to grasp small problems earlyStrengthen the source management of potential risks and hidden dangers such as the occupation of funds by major shareholders, excessive leverage, and lack of isolation between industrial capital and financial capital. Improve the anti-counterfeiting and anti-counterfeiting mechanism in the capital market, improve the three-dimensional accountability system for administrative, civil and criminal cases, and crack down on illegal acts such as fraudulent issuance, financial fraud, and market manipulation with "zero tolerance". At the same time, together with the parties concerned,Guard against the transmission and resonance of real estate risks, local debt risks and financial risks.
The third is to resolutely eliminate the regulatory vacuum. Strengthen regulatory coordination, bring all kinds of first-class activities into supervision in accordance with the law, severely crack down on "pseudo private placement", and clean up and rectify the gold exchange and "fake gold exchange". Coordinate with relevant departments to strengthen the monitoring and supervision of debt risks of large enterprise groups.
Fourth, strengthen regulatory capacity building. Implement the tasks of reforming Party and state institutions, improve internal coordination mechanisms, and effectively improve the effectiveness of supervision. At the same time, we will strengthen the construction of regulatory technology, strengthen cross-departmental information sharing, and improve the level of digital intelligence, so as to provide stronger support for the performance of regulatory duties.
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