Brief of China's Financial and Economic Headlines on Dec 16，2023

1. People's Bank of China Intensifies Counter-Cyclical and Cross-Cyclical Adjustments

The People's Bank of China recently held a meeting emphasizing the need to comprehensively implement the spirits of important party meetings and strengthen macroeconomic control for the upcoming year, maintaining a stable monetary policy, and preventing financial risks. The key tasks identified include flexible and targeted monetary policy, increased support for major strategies and weak links, effective prevention and resolution of financial risks, deepening of financial reforms and opening up, and continuous improvement of the quality and quantity of economic growth.

2. National Financial Regulatory Authority Releases Interim Measures for Supervision and Management of Pension Insurance Companies

The National Financial Regulatory Authority recently issued the "Interim Measures for the Supervision and Management of Pension Insurance Companies" to fill the gap in specialized regulatory provisions for pension insurance companies. The measures aim to enhance the specificity and effectiveness of the supervision of pension insurance companies, promoting their focus on their main business and better participation in and service to China's multi-tiered, multi-pillar pension insurance system. The measures cover institutional management, corporate governance, operational rules, risk management, and supervisory measures, facilitating the sustainable and healthy development of professional pension financial institutions.

3. China Taiping Insurance Group Focuses on High-Quality Financial Services

China Taiping Insurance Group convened a meeting to discuss the implementation of the Central Economic Work Conference spirit. The meeting highlighted the importance of high-quality development, focusing on economic construction as the central task, and actively taking responsibility as a central enterprise. The group plans to provide high-quality financial services, support areas such as technological innovation, green transformation, and digital economy, innovate insurance products, meet the public's protection needs, and contribute to the economic and social development.

4. Sichuan-Chongqing High-Quality Financial Development Forum

The "2023 Sichuan-Chongqing High-Quality Financial Development Forum" in Chengdu brought together experts and financial institution representatives to discuss how finance can support the construction of the Chengdu-Chongqing economic circle and other hot topics. The forum delved into accelerating the construction of a financial powerhouse, strengthening financial regulation, optimizing financial services, risk prevention, and following a path of financial development with Chinese characteristics. The discussions also focused on how the financial industry can support the real economy and promote high-quality development under complex domestic and international situations.