We will accelerate the improvement of the financial infrastructure system

At the level of hardware architecture, China has formed a financial infrastructure system with complete categories and orderly supervision. In terms of payment system construction, China has formed a payment system with the modern payment system of the People's Bank of China as the core, and together with the inter-bank payment system, bank card payment system, bill payment system, network payment and clearing system, and cross-border RMB payment system to form a modern payment and clearing network. In terms of securities settlement and depository, China Securities Depository and Clearing Co., LTD., China National Debt Depository and Clearing Co., LTD., and the Interbank Market Clearing House Co., Ltd. jointly provide centralized securities custody and settlement services. In terms of the central counterparty construction, the central counterparty clearing mechanism has been introduced in both the internal and over-the-counter markets in China. In terms of the construction of the transaction report database, China Foreign Exchange Trade Center and China Securities Inter-Institutional Quotation System Co., Ltd. are used as the report database for recording the transaction data of interest rate and foreign exchange OTC derivatives and equity OTC derivatives, respectively. In addition, with reference to the systemic importance of relevant institutions in financial risk prevention, stock exchanges and the "new third Board" have been included in the scope of financial market infrastructure. As the main regulatory bodies of financial market infrastructure, the People's Bank of China and the China Securities Regulatory Commission (CSRC) take the initiative to carry out the assessment of financial market infrastructure and jointly maintain the safe and sound operation of financial institutions.

In terms of related system construction, supporting laws and regulations and accounting standards have laid a solid foundation for creating a good financial ecology. In terms of financial legal construction, national laws, administrative regulations, departmental rules, normative documents and relevant judicial interpretations together constitute China's financial legal system and guide the standardized operation of financial market hardware infrastructure. In the construction of accounting standards, actively docking international general standards, vigorously improve the accounting standards of government and enterprise, and strive to promote the construction of accounting information; In terms of the construction of the credit system, the coverage of the credit information system has been continuously expanded, the access of the financial credit basic information database has been increasing, the credit files of small and micro enterprises have been improved, the rural credit system has been gradually established, and the social credit environment has been greatly improved. In terms of anti-money laundering work, relevant departments actively carry out anti-money laundering mutual assessment work, strengthen law enforcement, crack down on criminal acts, deepen international cooperation, and make illegal financing activities nowhere to hide; In the protection of the rights and interests of financial consumers, we will constantly improve the protection system for the rights and interests of consumers, carry out inclusive finance in an orderly manner, steadily promote regulatory assessment, actively strengthen consumer knowledge education, and effectively protect the vital interests of financial consumers from the actual situation.

It should also be noted that at present, China's financial infrastructure construction still has some shortcomings that cannot be ignored. First, in terms of financial supervision, the level of coordination and cooperation between financial supervision departments needs to be improved, the regulatory standards are not consistent enough, and the regulatory level is not clear enough, which is not conducive to the development of financial infrastructure in the direction of centralized, safe and effective, advanced and open. The boundary between financial supervision function and administrative function is not clear. Cross-border supervision still needs to be improved, and with the successive opening of cross-border capital business, the construction of supporting regulatory framework also needs to be put on the agenda. Second, in terms of laws and regulations, there is still a lack of special laws with a dominant and fundamental role. China's legal provisions on financial infrastructure are relatively scattered, vague, and mainly based on administrative norms, lack of clear and enforceable specialized legal basis, at the same time, the implementation mechanism of financial laws is not perfect, and the effectiveness of financial regulations needs to be improved. Third, in terms of institutional operation, the organizational form of non-corporate financial infrastructure is not compatible with market-oriented construction, the current situation of decentralized financial institutions is not compatible with the goal of centralized and unified development, and the quantity and quality of financial infrastructure supply is not compatible with the ever-changing process of financial innovation.