first, substantial breakthroughs were made in the reform of large state-owned financial enterprises. Following the shareholding system reform and successful listing of China Construction Bank, Bank of China, Industrial and Commercial Bank of China and Bank of Communications, Agricultural Bank of China completed the shareholding system reform in 29 and listed in Shanghai and Hongkong in 21. In 212, China People's Insurance Group was listed in Hongkong as a whole. Second, the reform of policy financial institutions was promoted in an orderly manner. China Development Bank was transformed from a policy bank into a joint-stock commercial bank, which was officially listed in 28. The reform of the Agricultural Development Bank of The Export-Import Bank of China and China has been steadily promoted, and the reform plan of China Export Credit Insurance Corporation has been approved by the State Council and 2 billion yuan of capital injection has been completed. Third, the reform and innovation of the financial organization system to serve "agriculture, rural areas and farmers" and small and micro enterprises have been accelerated. The reform of rural credit cooperatives has achieved initial results. The pilot reform of "Agriculture, Countryside and Farmers Finance Division" of Agricultural Bank of China has been expanded to 12 provinces (autonomous regions and municipalities), and new rural financial institutions have developed rapidly. Banking financial institutions extend their outlets to counties, grass-roots units and central and western regions, and basically achieve full coverage of basic financial services in towns and villages. Major commercial banks have set up financial service franchises for small enterprises, and financial institutions serving small and micro enterprises such as city commercial banks and financing guarantee companies have developed rapidly. Fourth, the reform and development of small and medium-sized financial enterprises have been fruitful. Everbright Bank went public smoothly, and a number of joint-stock commercial banks such as China CITIC Bank gradually established a modern corporate governance structure. Cinda and Huarong, two financial asset management companies, have successively completed the shareholding system reform. The fifth is to encourage and guide private capital to enter the financial sector.

second, new achievements have been made in the reform and development of the financial market

first, the inter-bank bond market has developed rapidly, forming a hierarchical and orderly investor structure with market makers as the core, financial institutions as the main body and other investors participating, and launching private placement bonds for small and medium-sized enterprises. Second, the Growth Enterprise Market will be launched smoothly, the pilot scope of Zhongguancun's share transfer system will be expanded, three national high-tech zones will be added, namely Zhangjiang in Shanghai, Donghu in Wuhan and Binhai in Tianjin, and a national share transfer system for small and medium-sized enterprises ("New Third Board") will be established. Promote the standardized development of equity funds and venture capital funds. The third is to launch stock index futures and margin financing and securities lending, start the pilot project of refinancing business, and add 13 new commodity futures varieties such as rebar and early indica rice. Fourth, the "Regulations on Agricultural Insurance" was promulgated, and the rural small personal insurance was piloted. Initially determine the pilot program of personal tax deferred endowment insurance and implement serious illness insurance for urban and rural residents. Relaxed restrictions on insurance funds investing in real estate and equity. The fifth is to introduce RMB-to-foreign exchange option trading. Initially formed a multi-level gold market pattern that combines spot and derivatives, on-site and off-site, and faces institutions and individuals. Sixth, actively promote the construction of Shanghai International Financial Center. Wenzhou has set up a comprehensive financial reform pilot zone, and the Pearl River Delta, Quanzhou, Fujian and Lishui, Zhejiang have carried out pilot financial reforms.

third, the interest rate marketization reform and the RMB exchange rate formation mechanism reform have been steadily advanced

first, the Shanghai Interbank Offered Rate (Shibor) has been running smoothly, and its benchmark position in the money market interest rate system has been continuously consolidated. Second, the floating range of deposit and loan interest rates has expanded. The upper limit of the floating range of deposit interest rates of financial institutions has been adjusted to 1.1 times of the benchmark interest rate, and the lower limit of the floating range of loan interest rates has been adjusted to .7 times of the benchmark interest rate. The third is to further promote the reform of the RMB exchange rate formation mechanism and enhance the flexibility of two-way floating of the exchange rate. In 212, the fluctuation range of RMB against the US dollar in the inter-bank spot foreign exchange market expanded from 5‰ to 1%. At the same time, the intervention in the foreign exchange market has been greatly reduced, and the balance of payments has gradually improved.

iv. accelerating the reform of foreign exchange management system

first, the reform of import write-off was introduced, and the pilot reform of foreign exchange management system for goods trade was extended to the whole country, and the write-off of foreign exchange receipts and payments for goods trade was cancelled one by one. The second is to launch a pilot project of RMB Qualified Foreign Institutional Investor (RQFII) and increase the total investment to 27 billion yuan. We will increase the total investment of qualified foreign institutional investors (QFII) to US$ 8 billion, and steadily increase the qualified domestic institutional investor (QDII). By the end of 212, the investment quotas of 24 RQFII institutions, 169 QFII institutions and 17 QDII institutions had been approved. The third is to completely abolish the compulsory foreign exchange settlement and sale system. The comprehensive position of bank settlement and sale of foreign exchange shall be managed in positive and negative intervals, and the lower limit management of the position shall be cancelled.

V. Further improvement of financial supervision mechanism

First, a countercyclical macro-prudential management framework was initially established, the separate supervision system for banks, securities and insurance was improved, and information communication and supervision coordination among financial management departments were strengthened. The second is to implement new banking regulatory standards and promote the establishment of strict regulatory systems such as dynamic capital constraints and dynamic provisioning. Introduce the delisting system of GEM, main board and SME board, and clean up and rectify all kinds of trading places. With the establishment of a modern insurance regulatory framework, historical risks such as spread loss and car loan insurance have been gradually solved, and the solvency of property insurance companies has all met the regulatory standards for the first time. Third, the risks of high-risk financial institutions such as urban credit cooperatives have been effectively resolved, and a number of illegal cases such as insider trading, illegal fund-raising and underground banks have been investigated, and the development of private lending has been standardized. Fourth, the insurance protection fund company was established, and the People's Bank of China and various financial supervision departments set up special institutions to protect the rights and interests of financial consumers. Fifth, the first financial sector assessment plan (FSAP) of China by the International Monetary Fund and the World Bank was completed, and the assessment conclusions were generally positive and positive.

Sixth, the level of financial openness has been improved in an all-round way

First, the restrictions on foreign investment in financial markets have been relaxed. The upper limit of the foreign shareholding ratio of joint venture securities companies will be raised to 49%, and the shareholders who participate in the establishment of futures brokerage companies will be expanded to all overseas financial institutions, with a maximum shareholding ratio of 49%. 1 overseas institutions, including overseas central banks, overseas participating banks and Hong Kong and Macao clearing banks, were allowed to enter the inter-bank bond market, and the compulsory insurance business was open to foreign investors. By the end of 212, there were 42 foreign-funded corporate banking institutions and 95 branches of foreign banks. There are 13 joint venture securities companies, 43 joint venture fund management companies and 3 joint venture futures companies; 55 foreign insurance companies. Second, the pilot project of RMB settlement of cross-border trade has been extended to the whole country, and the geographical scope of overseas is not restricted. Third, domestic institutions are allowed to make foreign direct investment in RMB and foreign investors are allowed to use RMB for domestic direct investment. Domestic banking financial institutions are allowed to issue RMB loans for overseas projects and domestic non-financial enterprises to issue RMB bonds in Hong Kong, and pilot projects such as cross-border RMB loans will be carried out in Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to build offshore RMB centers such as Hong Kong. Fourth, bilateral local currency swap agreements were signed with 18 countries and regions including South Korea and Malaysia, with a total amount exceeding 1.6 trillion yuan. Fifth, the RMB will be traded against Malaysian ringgit and Russian rouble in the inter-bank foreign exchange market, the RMB will be directly traded against Japanese yen, and the transactions between Australian dollar and Canadian dollar against RMB will be increased. Regional transactions between RMB and Thai baht were launched, and five non-major international reserve currencies, namely Korean won, Vietnamese dong, Thai baht, Laos kip and Kazakhstan tenge, were directly listed on the bank counters.

VII. International and regional financial cooperation is expanding day by day

First, strengthen financial cooperation with Hong Kong, Macao and Taiwan. We will implement the Supplementary Agreement on Closer Economic Partnership Arrangement (CEPA) between the Mainland and Hong Kong and Macao, allow Hong Kong and Macao banking financial institutions to set up branches in different places in Guangdong, and promote the joint establishment of joint ventures by the Shanghai-Shenzhen-Hong Kong Stock Exchange. Strengthen the financial cooperation between the two sides of the Taiwan Strait under the Economic Cooperation Framework Agreement (ECFA) and sign a memorandum of cooperation on currency clearing. The second is to deepen regional and financial cooperation. Promote the multilateralization of Chiang Mai Initiative to US$ 24 billion, reach an understanding with other BRICS countries on currency swap and development financing, and use regional development institutions to strengthen financial cooperation with Latin America, Africa and other regions. Promote bilateral financial cooperation under the platforms of China-US Strategic and Economic Dialogue and China-UK Economic and Financial Dialogue. Third, actively use platforms such as the G2 to participate in international financial governance. At present, China is the third largest shareholder of the World Bank, and its share in the International Monetary Fund has risen to the third place. Fully participate in the work of international standard-setting institutions such as the Bank for International Settlements, the Financial Stability Board and the Basel Committee on Banking Supervision.

VIII. The construction of financial infrastructure has been continuously strengthened

First, a sound system of financial laws and regulations has been established. Implementing the newly revised Insurance Law, the State Council deliberated and passed the Regulations on the Administration of Credit Information Industry. The Regulations on Supervision and Administration of Securities Companies and Regulations on Risk Disposal of Securities Companies were promulgated, and the Securities Investment Fund Law and the Regulations on Management of Futures Trading were revised and promulgated. Issue the Interim Measures for the Management of Fixed Assets Loans and other "three measures and one guideline" to initially build and improve the legal framework of loan business of banking financial institutions in China. Second, the construction of the payment system and statistical system has been solidly promoted. The construction of rural payment services has achieved initial results, promoting and standardizing the development of bank card business and emerging payment business. Official statistics and release of social financing scale data. Third, the construction of the credit information system has achieved remarkable results. By the end of 212, credit files had been established for 18.58 million enterprises and other organizations and 82 million natural persons. Basically complete the nationwide promotion and application of institutional credit codes. Fourth, the financial action task force (FATA) mutual evaluation follow-up reporting procedure was successfully concluded, and the scope of anti-money laundering supervision and monitoring was extended to payment institutions. Fifth, the construction of financial informatization has been accelerated. We will steadily push forward the migration of bank cards into chips throughout the country, issue a banking standard system and a series of financial mobile payment technology standards, and launch a pilot project of online banking sales in savings bonds.