People’s Bank of China details inspection-ordered reforms including a new Macroprudential and Financial Stability Committee

The People’s Bank of China (PBOC) Party Committee published a progress report on remediation measures taken after a routine inspection by the Central Committee’s Third Inspection Team and the subsequent feedback to the PBOC Party Committee. The update sets out how governance, oversight and control processes have been tightened across the central bank, alongside changes to policy frameworks, supervision of affiliated entities, risk monitoring and administrative enforcement. Implementation has been organised around six remediation mechanisms, including a dedicated leadership group, weekly progress tracking, a formal “acceptance and closure” process for corrective actions, and system-wide on-site督导 checks conducted by nine working teams in late February to early March 2025. Measures described include introducing a “First agenda item”制度 for Party Committee deliberations, strengthening policy and assessment frameworks to support the “five key finance areas” (technology, green, inclusive, pension and digital finance) and refining tools such as relending facilities, improving the macroprudential assessment (MPA) framework, and conducting a systematic clean-up of PBOC departmental rules and normative documents. The report also points to tighter management of PBOC-affiliated enterprises and institutions, including reducing the number of enterprises, enforcing organisation coding and “look-through” management, strengthening financial discipline and procurement governance (including new rules for pre-assessment of demand for large procurement projects), and enhancing risk monitoring and enforcement, notably through establishing a Macroprudential and Financial Stability Committee, improving deposit insurance risk monitoring and early correction arrangements, bringing electronic receivables vouchers into oversight, and issuing a benchmark framework for discretion in administrative penalties alongside a revised licensing items list. The PBOC Party Committee indicated it will continue follow-up reviews of completed actions, accelerate items not finished on schedule, and sustain longer-term work streams such as cybersecurity monitoring infrastructure, oversight of financial market infrastructures and connectivity projects, information technology consolidation and cloud/data-lake usage, fixed-asset management, and financial legislation work including implementation of the Anti-Money Laundering Law and progress on revising the People’s Bank of China Law. The disclosure period for public supervision of the remediation progress runs until 16 October 2025.