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(IX) Policies and measures for establishing a deposit insurance system

In 214, the the State Council executive meeting deliberated and passed the Report of the People's Bank of China on the Implementation Plan for Establishing a Deposit Insurance System, which plans to establish a deposit insurance system, covering all deposit financial institutions in China, with a limited compensation of up to 5, yuan, starting with a low premium rate, and establishing a deposit insurance fund. At present, the program is open for comments.

significance and effect: the deposit insurance system is an important institutional arrangement to protect depositors' interests and improve the financial safety net under the condition of market economy, which plays an important role in improving China's financial safety net, straightening out the relationship between the government and the market, deepening financial reform, maintaining financial stability and enhancing the competitiveness of China's financial industry. The protection limit of 5, yuan can provide full protection for 99.6% depositors in all financial institutions, 99.5% depositors in city commercial banks and 99.7% depositors in rural financial institutions, and can ensure the confidence and stability of the vast majority of depositors.

(X) Establishment of Residential Finance Department of Development Bank

Policies and measures: On June 26th, 213, the 14th executive meeting of the State Council made it clear that the development bank should give full play to its credit support role in shantytown renovation. Relevant departments should make plans for development finance to support shantytown renovation, and promote the establishment of the residential finance division of the Development Bank.

significance and effect: the establishment of the residential finance department of the development bank is conducive to the effective combination of government policy support and market mechanism, and opens up financing channels with lower cost and stable sources for large-scale shed reform. The People's Bank of China has provided 1 trillion yuan of long-term and stable funds with appropriate cost for development finance to support shantytown renovation through mortgage supplementary loan (PSL), and the interest rate of funds is about 1 percentage point lower than the market interest rate. By the end of October, the loan for shantytown renovation issued with PSL funds was 312.7 billion yuan.

(Xi) Deepening the reform of Agricultural Development Bank

Policies and measures: The 63rd executive meeting of the State Council agreed in principle to the reform plan of Agricultural Development Bank, and defined the overall objectives and main policies and measures of the reform of Agricultural Development Bank.

significance and effect: deepening the reform of agricultural development bank, defining the business scope, properly solving the historical problems such as policy-related financial losses, further clarifying the capital replenishment plan, and establishing a scientific capital adequacy ratio restraint mechanism are conducive to its gradual construction into an agricultural policy bank with clear positioning, prominent functions, clear business, sufficient capital, standardized governance, strict internal control, safe operation, good service and sustainable development ability, and truly play the main and backbone role in the rural financial system.

(12) Pilot private banks

Policy measures: Pilot private banks at your own risk have been launched, and the first batch of five pilot private banks have been approved for preparation.

significance and effect: a small step to carry out the pilot of private banks is a big step to break the "glass door" of private capital entering the financial industry, which is conducive to private capital entering the banking industry, further optimizing the banking structure, stimulating the vitality of the financial market, improving the efficiency of micro-finance, increasing financial support for weak areas and links, and alleviating the financing problems of small and micro enterprises.

(XIII) Expanding the pilot scale of credit asset securitization

Policy measures: On August 28th, 213, the 22nd executive meeting of the State Council made arrangements to promote credit asset securitization. The People's Bank of China, together with relevant departments, further improved the plan and added 3 billion pilot scale.

significance and effect: promoting securitization of credit assets is an effective measure to revitalize existing resources, which is conducive to freeing up credit space, optimizing resource allocation, and increasing support for weak links such as agriculture, rural areas and farmers, and small and micro enterprises. From August to October 214, 24 credit asset securitization products were issued, amounting to 91.45 billion yuan, an increase of 12.13 billion yuan over the first half of 214.

(XIV) Policies and measures to promote the healthy development of the capital market

The Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market was issued. Increase the investment quota of qualified foreign institutional investors (QFII) and further expand the pilot scope of RMB qualified foreign institutional investors (RQFII). Steadily promote the pilot work of preferred shares. We will expand the pilot of the national share transfer system for small and medium-sized enterprises to the whole country in an orderly manner, and launch a market maker trading mechanism. As of December 9, there were 1,434 listed companies in the national share transfer system for small and medium-sized enterprises, with a total market value of 399.447 billion yuan and accumulated financing of 15.116 billion yuan. Standardize the acquisition of unlisted public companies and major asset restructuring. Further encourage the innovation of securities investment funds and standardize the development of private equity funds.

significance and effect: promoting the healthy development of the capital market and improving the multi-level financial market system are conducive to increasing the proportion of direct financing, optimizing the financing structure, reducing the debt burden of enterprises, reducing the leverage ratio and promoting the sustained and healthy development of the real economy. In the third quarter of 214, the number of IPOs was 35, raising 13.63 billion yuan, an increase of 26 and 8.67 billion yuan respectively compared with the second quarter. From January to September, domestic stock financing of non-financial enterprises was 33.3 billion yuan, accounting for 2.4% of the scale of social financing, an increase of 1.1 percentage points over the previous year.

(XV) Policies and measures to accelerate the development of modern insurance service industry

On July 14th, 214, the 54th executive meeting of the State Council heard a report on accelerating the development of modern insurance service industry. Issued "Several Opinions of the State Council on Accelerating the Development of Modern Insurance Service Industry".

significance and effect: accelerating the development of modern insurance service industry is conducive to improving the modern financial system, promoting the expansion of social employment, promoting the development of the real economy, innovating social governance methods, and ensuring the stable operation of society. First, from January to October 214, China's insurance premium income was 1,73.15 billion yuan, up 18.25% year-on-year. Second, insurance companies have increased the service of policy pledge loans. At the end of September, policy pledged loans amounted to 169.2 billion yuan, an increase of 35.7 billion yuan over the beginning of the year. The third is to gradually expand the scope of insurance funds to invest in the stock market, liberalize the investment in GEM stocks, and support the financing needs of SMEs. By the end of October, the accumulated investment amount was about 666 billion yuan.

(XVI) Broaden the channels for the use of foreign exchange reserves

Policies and measures: constantly improve the management system and mechanism of foreign exchange reserves, actively expand diversified investments, provide entrusted loans for enterprises, innovate service methods, and enrich the national strategic material reserves. The Silk Road Fund with a total scale of US$ 4 billion was established, with an initial capital of US$ 1 billion and foreign exchange reserves of US$ 6.5 billion. Support China-Russia pipeline oil supply of 25 billion US dollars. Sino-Russian crude oil supply increased by 67.3 billion US dollars. Foreign exchange funds were provided to policy banks, large commercial banks and small and medium-sized banks, totaling 384.8 billion US dollars. Establish the Asian Infrastructure Investment Bank to create a platform for promoting the interconnection of infrastructure in Asia and strengthening regional trade and investment cooperation.

significance and effect: improving the use and management of foreign exchange reserves is conducive to supporting our enterprises to "go global", promoting the digestion of excess capacity and labor export, expanding economic and trade exchanges with relevant countries and regions, and serving the real economy and the national political and diplomatic strategies such as the "Belt and Road".

iv. preventing and resolving financial risks

(XVII) establishing an inter-ministerial joint conference system for financial supervision and coordination

policy measures: in 213, with the approval of the State Council, an inter-ministerial joint conference for financial supervision and coordination led by the People's Bank of China was established to strengthen communication among financial management departments, form a joint regulatory force and prevent financial risks.

significance and effect: at present, China has realized the financial system of separate operation and supervision. It is of positive significance to establish an inter-ministerial joint conference on financial supervision and coordination, strengthen the coordination between monetary policy and financial supervision policy, financial supervision policy, laws and regulations, cross-cutting financial products and cross-market financial innovation, etc., for maintaining financial stability and preventing and resolving regional systemic financial risks. Since the establishment of the Inter-Ministerial Joint Conference on Financial Supervision and Coordination, the research on major issues in the financial field has been strengthened, and the understanding has been reached on reducing social financing costs, preventing and resolving major risks in the financial field, promoting the healthy development of Internet finance, and standardizing inter-bank business, and supporting policies and measures have been issued, which has played a positive role in effectively preventing and resolving financial risks.

(XVIII) Defining the responsibilities of central and local financial supervision

Policies and measures: In 214, the Opinions of the State Council on Defining the Responsibilities of Central and Local Financial Supervision and Risk Disposal (Guo Fa [214] No.3) was issued to clearly define the responsibilities of central and local financial supervision and risk disposal.

significance and effect: defining the responsibilities of central and local financial supervision is a concrete measure to implement the spirit of the Third Plenary Session of the 18th CPC Central Committee. Further clarifying the central and local hierarchical supervision system and the responsibilities of financial supervision and risk disposal are conducive to preventing financial risks and promoting the healthy development of finance.

(XIX) Policies and measures to prevent financial risks in key areas

On November 3, 214, the 67th executive meeting of the State Council heard a report on preventing and resolving financial risks and submitted it to The Politburo Standing Committee (PSC) for deliberation on November 27.

significance and effect: risk prevention is the eternal theme of the financial industry. At present, China's financial system is generally stable and financial risks are generally controllable, but there are risks in stability and worries in stability, and potential risks cannot be ignored. The main manifestations include the large amount of money, the high leverage ratio of enterprises, the peak of local government debt repayment, and the rapid expansion of some shadow banks. Relevant departments attach great importance to it and actively do a good job in preventing and resolving financial risks. First, dynamically investigate potential risks, grasp trends, and proactively grasp the "fuse" and "tipping point" of financial risks, so as to be aware of them. Second, properly deal with and resolve the risks in the real estate market. The relevant departments issued a notice to further improve the housing financial services, adjusted the mortgage policy, and supported the reasonable housing loan needs of households, especially the self-occupation needs. Third, actively and steadily resolve the debt risks of local government financing platforms and standardize the local government debt management mechanism. Strengthen the total risk control, optimize the loan structure and gradually resolve the stock risk. By the end of September 214, the NPL ratio of local government financing platforms was .6%, down by .23 percentage points from the end of 211. The fourth is to properly handle the redemption risks that may be caused by financial products such as trust and wealth management. The General Office of the State Council issued a notice on strengthening the supervision of shadow banking, requiring relevant units to implement the division of responsibilities, improve the supervision system and do a good job in risk prevention and control. The fifth is to properly deal with the risk of surrender. Sixth, guard against the risk of cross-border capital flows, and launch policy plans to deal with large-scale cross-border capital outflows and inflows three times.

V. Expanding financial opening to the outside world

(2) Launching the Shanghai-Hong Kong Stock Connect trading pilot

Policy measures: On November 17, 214, with the approval of the State Council, the Shanghai-Hong Kong Stock Connect trading pilot was officially launched.

significance and effect: the pilot of Shanghai-Hong Kong Stock Connect trading will enable mainland and Hong Kong investors to buy and sell stocks with each other, which will further promote the two-way opening of the capital market, improve the convertibility of cross-border capital flows and financial transactions, promote the convertibility of capital projects and the internationalization of RMB, and consolidate Hong Kong's position as an international financial center. Since the launch of the Shanghai-Hong Kong Stock Connect trading pilot, the overall operation has been stable, and all links such as transaction settlement and quota control have been operating normally, which has provided convenience for overseas long-term funds to invest in the A-share market. As of December 9, the total utilization of Shanghai Stock Connect was 59.442 billion yuan, with a balance of 24.558 billion yuan, with a total utilization efficiency of 19.81%. As of December 8, RMB funds flowing from the mainland to Hong Kong through Hong Kong Stock Connect totaled 6.588 billion yuan.

(XXI) Financial Support for the Construction of Shanghai Free Trade Zone

Relevant departments have successively issued 54 guiding opinions to support the construction of the Free Trade Zone, which constitutes the overall policy framework of financial support for the development of the real economy in the Free Trade Zone and defines the overall direction of financial reform in the Free Trade Zone.

significance and effect: piloting relevant financial policies in Shanghai Free Trade Zone, promoting the normal flow of funds, market-oriented pricing and related management mechanisms, supporting financial institutions to operate in Shanghai Free Trade Zone, encouraging characteristic businesses, establishing a relatively independent banking supervision system, deepening the reform of capital market and insurance market, enhancing the depth and breadth of China's financial market opening to the outside world, and establishing a management model of national treatment plus negative list before entry will explore replicable experiences for financial reform and opening up.

(XXII) Promoting bilateral local currency swap

Policy measures: The purpose of bilateral local currency swap agreements is mainly to maintain financial stability and facilitate bilateral trade and investment between China and other countries or regions. Since March 213, the People's Bank of China has signed bilateral local currency swap agreements with central banks or monetary authorities of 1 countries and regions, including Brazil, involving RMB 1,297 billion.