Just now, the China Banking Regulatory Commission has issued the China Banking Regulatory Commission's Guiding Opinions on Promoting the High-quality Development of the Banking and Insurance Industry (hereinafter referred to as the \"Opinions \") to promote the high-quality development of the banking and insurance industry and better serve the construction of a modern economic system.
Among them, the level of corporate governance continues to improve, the basic establishment of modern financial enterprise system with Chinese characteristics. The ability of personalized, differentiated and customized product development is obviously enhanced, and a financial product system is formed to meet the market demand effectively. The credit market, insurance market, trust market, financial leasing market and non-performing assets market have been further improved. Financial risks in key areas have been effectively addressed, and the modernization of the banking insurance supervision system and regulatory capacity has achieved remarkable results.
Banking and insurance institutions should implement the positioning of \"housing and not speculation,\" strictly enforce the requirements of real estate financial supervision, prevent the illegal flow of funds into the real estate market, curb the rapid growth of the leverage ratio of residents, and promote the healthy and stable development of the real estate market.
We will continue to do a good job in resolving the hidden debt risks of local governments, clarify the debt repayment responsibilities of stock debt in accordance with the law, standardize support for local government bond issuance and supporting financing, and strictly prohibit illegal and illegal provision of new financing. Increase the blind expansion away from the main business, high-debt enterprises risk investigation and monitoring. Safely resolve group customer credit risk, orderly exit \"zombie enterprises \", promote the enterprise sector structural deleveraging.
Use various ways to provide supporting support for direct financing, and increase the proportion of direct financing. Give full play to the direct financing function of financial management, insurance, trust and other products, cultivate the concept of value investment and long-term investment, and improve the structure of investors in the capital market. Vigorously develop enterprise annuity, occupational annuity, all kinds of health and old-age insurance business, and promote the effective conversion of residents'savings into long-term funds in the capital market through multiple channels. All qualified investment institutions are encouraged to participate in market-oriented debt-for-equity swaps based on the rule of law.
Attract foreign financial institutions in the fields of wealth management, disposal of non-performing assets, professional factoring, consumer finance, old-age insurance, health insurance and other fields to enter the domestic market. Foreign financial institutions are encouraged to participate in the establishment and investment of financial subsidiaries of commercial banks, and overseas asset management institutions are allowed to establish joint ventures with subsidiaries of Chinese banks or insurance companies to establish financial management companies controlled by foreign parties. To support insurance institutions of foreign-funded banks to rationally set up sub-banks, branches, subsidiaries and other branches according to their business needs, so as to broaden their business scope.