China unveils measures to improve financial institution governance

China on Friday unveiled a set of guidelines aimed at strengthening the governance of financial institutions.

Jointly released by the National Financial Regulatory Administration, the People's Bank of China, the China Securities Regulatory Commission and the Ministry of Finance, the guidelines outline measures in areas such as strengthening Party leadership, enhancing shareholder governance, improving performance and regulation, and fostering a sound financial ecosystem.

The guidelines stipulate that by 2029, China will have basically established a financial institution governance mechanism featuring clearly defined rights and responsibilities, compatible incentives and constraints, strict risk management, and standardized and efficient operations.

The country's financial system is also expected to see a notable improvement in internal stability and risk resilience, while the quality and efficiency of financial services supporting high-quality development will be significantly enhanced, according to the guidelines. ■