The China Banking and Insurance Regulatory Commission’s Party committee held an expanded meeting to study the key messages from China’s “Two Sessions” and set out implementation priorities for 2025. The agenda centres on preventing and defusing risks in key areas, deploying targeted financial support for “high-quality development”, and improving supervisory effectiveness including via legislative revisions. On risk, the plan calls for coordinated work on the disposal and transformation of local small and medium-sized financial institutions, using tools such as capital replenishment, mergers and restructuring, and market exit on a classified basis. It also focuses on expanding and improving the city-level real estate financing coordination mechanism, ensuring delivery of pre-sold homes, accelerating financing制度 aligned with a “new model” for property development, and supporting the replacement of hidden local government debt. On growth support, the Commission will roll out targeted measures to back a consumption-boosting programme and study a “ultra-long-term government bonds plus ultra-long-term loans” service model to support “liangzhong” projects, while advancing four pilots covering financial asset investment company equity investment, reforms to long-term investment by insurance funds, merger and acquisition loans for technology firms, and an intellectual property finance ecosystem. On supervision, the work programme includes filling regulatory framework gaps, pushing revisions to the banking supervision law and the insurance law, strengthening central-local coordination, maintaining enforcement pressure on illegal financial activity, further standardising supervisory enforcement, strengthening financial consumer protection, and enhancing risk monitoring, early warning and differentiated supervision. Next steps include breaking down government work report tasks into detailed implementation plans with督查督办, and improving engagement with delegates and committee members to process policy proposals on schedule.

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