PRC Financial Regulation: Annual Report 2024 - General

2023 Regulatory Mainline Review

01 The Financial Sector Receives Strategic Repositioning, with Top-level Direction

In 2023, China's financial services sector was accorded a new strategic importance. While previously the financial sector had been categorized as an "important national core competence", now 2023's Central Financial Work Conference positioned finance as "the lifeblood of the national economy" and, for the first time, proposed the goal of building a "strong financial nation", alongside other "strong nations" (for example, culture, manufacturing, and maritime activities).

At the same time, the systems and mechanisms regarding how the Party will manage the financial work were targeted for improvement. The "Plan for the Reform of Party and State Institutions" established the Central Financial Committee and set up the Office of the Central Financial Committee. The Plan also institutionalized the top-level role of the CPC to design, supervise and