OREANDA-NEWS. April 28, 2014. Since the State Council approval of the establishment of the Joint Ministerial Meeting Mechanism for Financial Regulatory Coordination in August 2013, the PBC, CBRC, CSRC, CIRC and SAFE have cooperated closely, worked together to step up research on major issues in the financial sector, enhanced communication and coordination in the timing, intensity and pace of releasing major policy measures, ensured the cohesion of major policies and improved the effectiveness of financial regulation.

Up till now, Chairman Zhou Xiaochuan of the Joint Ministerial Meeting for Financial Regulatory Coordination has organized three joint ministerial meetings. The member institutions reached consensus on various major issues including improving financial information sharing, promoting the compilations of comprehensive financial statistics, promoting the sound development of internet-based financial services, furthering the opening-up of the financial sector to the domestic and external players, and preventing major risks in the financial sector, and took active measures to implement the decisions adopted at the meeting. The work in various fields made significant progress and produced good effect.

Going forward, the member institutions will follow the requirements outlined at the 3rd Plenum of the CPC’s 18th Central Committee, implement the overall arrangements of the State Council, further tap the role of the financial regulatory coordination mechanism, strengthen monitoring and assessment of systemic financial risks, enhance synergy in financial regulation, hold on to the bottom line of allowing no regional or systemic financial risks, and promote the sound performance of the financial sector.