First, substantial breakthroughs have been made in the reform of large state-owned financial enterprises. Following the shareholding system reform and successful listing of China Construction Bank, China Bank, China Industrial and Commercial Bank and Bank of Communications, the Agricultural Bank of China completed the shareholding system reform in 2009 and listed in Shanghai and Hong Kong on 20 10. In 20 12, 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 to a joint-stock commercial bank, which was officially listed in 2008. 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 20 billion yuan of capital injection has been completed. Third, the reform and innovation of the financial organization system serving agriculture, rural areas 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 was expanded to 12 provinces (autonomous regions and municipalities), and new rural financial institutions 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 achieved fruitful results. Everbright Bank went public smoothly, and a number of joint-stock commercial banks such as China CITIC Bank gradually established modern corporate governance structures. 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.

Two. New achievements have been made in the reform and development of financial markets.

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 debt for small and medium-sized enterprises. Second, the GEM was successfully launched, the pilot scope of Zhongguancun share transfer system was expanded, three national high-tech zones, namely Zhangjiang in Shanghai, Donghu in Wuhan and Binhai in Tianjin, were added, and a national share transfer system for small and medium-sized enterprises (referred to as the "New Third Board") was 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 a pilot refinancing business, and add commodity futures such as rebar and early indica rice 13. Fourth, the "Regulations on Agricultural Insurance" was promulgated, and the rural small personal insurance was piloted. Initially determine the pilot of personal tax deferred pension insurance and implement serious illness insurance for urban and rural residents. Relax the restrictions on insurance funds investing in real estate and stocks. The fifth is to introduce RMB-to-foreign exchange option trading. Initially, a multi-level gold market pattern has been formed, which combines spot and derivatives, on-site and off-site, and is oriented to institutions and individuals. Sixth, actively promote the construction of Shanghai as an international financial center. Wenzhou set up a comprehensive financial reform pilot zone, and the Pearl River Delta, Quanzhou, Fujian and Lishui, Zhejiang carried out pilot financial reforms.

Third, the reform of interest rate marketization and the reform of RMB exchange rate formation mechanism have been steadily advanced.

First, the Shanghai Interbank Offered Rate (Shibor) runs smoothly, and its benchmark position in the money market interest rate system is constantly consolidated. Second, the floating range of deposit and loan interest rates has expanded. The upper limit of the floating range of deposit interest rate of financial institutions is adjusted to 1. 1 times of the benchmark interest rate, and the lower limit of the floating range of loan interest rate is adjusted to 0.7 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 20 12 years, the fluctuation range of RMB against the US dollar in the inter-bank spot foreign exchange market was 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.

The fourth is to speed up the reform of the foreign exchange management system.

First, the reform of import verification was introduced, and the pilot reform of foreign exchange management system for goods trade was extended to the whole country, and the verification of foreign exchange receipts and payments for goods trade was cancelled one by one. Second, the pilot project of RMB Qualified Foreign Institutional Investor (RQFII) was launched, and the total investment increased to 270 billion yuan. We will increase the total investment of qualified foreign institutional investors (QFII) to US$ 80 billion, and steadily increase the qualified domestic institutional investor (QDII). By the end of 20 12, the accumulative investment quotas of 24 RQFII institutions, 169 QFII institutions and 107 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.

Verb (abbreviation of verb) further improves the financial supervision mechanism

First, initially establish a counter-cyclical macro-prudential management framework, improve the separate supervision system of banks, securities and insurance, and strengthen information communication and supervision coordination of financial management departments. The second is to implement new banking supervision standards and promote the establishment of strict supervision systems such as dynamic capital constraints and dynamic provisioning. Introduce the delisting system of GEM, main board and small and medium-sized board, and clean up and rectify all kinds of trading places. With the establishment of 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 reached 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 dealt with, thus standardizing the development of private lending. The fourth is to set up insurance protection fund companies, 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 the International Monetary Fund and the World Bank for China has been completed, and the assessment conclusions are generally positive and positive.

Sixth, the level of financial openness has been comprehensively improved.

First, relax the restrictions on foreign investment in financial markets. The upper limit of foreign shareholding in 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 shareholding ratio of up to 49%. Overseas central banks, overseas participating banks, Hong Kong and Macao clearing banks and other 100 overseas institutions were allowed to enter the inter-bank bond market, and compulsory insurance business was opened to overseas investors. By the end of 20 12, there were 42 foreign corporate banking institutions and 95 branches of foreign banks. 0/3 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 outside the country is not restricted. Third, domestic institutions are allowed to make foreign direct investment in RMB, and foreign investors are allowed to make domestic direct investment in RMB. Domestic banking financial institutions are allowed to issue RMB loans for overseas projects, domestic non-financial enterprises to issue RMB bonds in Hong Kong, pilot projects such as cross-border RMB loans in Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and build offshore RMB centers such as Hong Kong. Fourth, bilateral local currency swap agreements were signed with Korea, Malaysia and other 18 countries and regions, with a total amount exceeding10.6 trillion yuan. Fifth, in the inter-bank foreign exchange market, RMB will be traded against Malaysian ringgit and Russian ruble, RMB will be traded directly against Japanese yen, and Australian dollar and Canadian dollar will be traded against RMB. The regional transaction between RMB and Thai baht started, and five non-major international reserve currencies, namely Korean won, Vietnamese dong, Thai baht, Laos Kip and Kazakhstan tenge, were directly listed on bank counters.

Seven. International and regional financial cooperation is expanding.

First, strengthen financial cooperation with Hong Kong, Macao and Taiwan. We will implement the Supplementary Agreement on Closer Economic Partnership Arrangement 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 between Shanghai, Shenzhen and Hong Kong. Strengthen 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$ 240 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 platform of China-US Strategic and Economic Dialogue and China-UK Economic and Financial Dialogue. Third, actively use platforms such as G20 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. 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.

Eight. The construction of financial infrastructure has been continuously strengthened.

First, establish and improve the financial laws and regulations system. Implementing the newly revised insurance law, the State Council deliberated and passed the Regulations on the Administration of Credit Information Industry. Promulgated the Regulations on the Supervision and Administration of Securities Companies and the Regulations on Risk Disposal of Securities Companies, and revised and promulgated the Securities Investment Fund Law and the Regulations on the Administration of Futures Trading. The "Interim Measures for the Management of Fixed Assets Loans" and other "three measures and one guideline" were issued to initially establish and improve the legal framework for the 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, which has promoted and standardized the development of bank card business and emerging payment business. Official statistics and release data on the scale of social financing. Third, the construction of the credit information system has achieved remarkable results. By the end of 20 12, credit files had been established for18.58 million enterprises and other organizations and 820 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 report 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. Steadily promote the national bank card chip transplantation, publish the banking standard system and a series of financial mobile payment technical standards, and carry out the online banking sales pilot in savings bonds.