The central leadership has recently reviewed trial regulations aimed at strengthening financial security.
The trial Regulations on Accountability for Failing to Prevent or Defuse Financial Risks strengthen the centralized and unified leadership of the Communist Party of China Central Committee over work in the financial sector and require relevant administrative departments and financial institutions to shoulder their responsibilities.
With the new regulations, leading officials at all levels should shoulder their responsibilities to make sure that various tasks in strengthening financial regulation across the board, preventing and defusing financial risks, and promoting high-quality development in the financial sector are fulfilled well.
As the central leadership stressed, a good job must be done in implementing the regulations. Rigor must be prioritized, the specific requirements of the regulations must be enforced to the letter, and any who violate them must be held to account. Financial oversight must have “teeth and thorns” that are sharp-pointed.
It should be emphasized that strict and strong financial supervision will not be a temporary campaign-style action. Authorities at various levels are expected to carry out sustained strict administrative and supervisory measures to ensure the healthy development of the financial sector.
In the past, there were problems of lax accountability and unfair rewards and punishments in the country’s financial sector. For example, some financial institution staff members violated laws and regulations in lending to fatten their own pockets, causing significant losses to the country. From now on, the discipline and financial supervisory departments must reinforce the institutional “firewall” and make the financial regulatory system and capabilities better adapt to the development requirements of the country’s financial system.
They should resolutely investigate and deal with the corruption behind various financial risks, and hold those financial institution staff members and regulators who seek illegal gains from installing “revolving doors” between government and business accountable according to the law.