China issues 5-year plan for financial standardization

China's financial regulators have issued a plan to advance standardization of the financial sector over the 14th Five-Year Plan period (2021-2025).

The authorities plan to improve standardization in a wide range of areas, including supervision, risk prevention, financial technology, green finance and digital currency, with the goal of basically establishing a financial standard system that fits modern finance in 2025.

The document was jointly published by the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission.

The country will improve the monitoring and early warning of financial risks, especially in internet finance. Efforts will be made to guide the use of technologies, including cloud computing, big data and artificial intelligence. The utilization of financial data will be under better management to ensure the protection of public security, business secret and personal privacy.

The Chinese government published 137 national and industrial standards in the financial sector between 2016 and 2020 and the standardization played an increasingly important role in serving the real economy, warding off risks and deepening reforms.