On January 23, 2022, four national authorities, including the People's Bank of China, State Administration for Market Regulation (SAMR), China Banking and Insurance Regulator Commission and China Securities Regulatory Commission, jointly issued the Development Plan for Financial Standardization during the 14th Five-Year Plan Period (2021-2025) (hereinafter referred to as “the Development Plan”).

The Development Plan is designed to regulate a sound standard system for the high-quality development of the financial industry. It is expected to build a market-driven, government-led, social-engaged and open standardization structure, with enterprises functioning as a dominant role.

It is highlighted that standards should be fully used to improve modern financial management and optimize financial market system. With adequate standards serving as a firm foundation, the innovation and reform shall be boosted in the field of financial standardization. Also, learning from international standards and engaging in international standardization activities are advocated in the Development Plan.

Current technological development and global situation, sustainability and digitization of financial standardization are emphasized. Such actions aim to establish a safe, green and up-to-date highway to future finance.

For MNCs, it is worth noting that experts from the Standardization of Modern Services Sub-Institute of CNIS have contributed to the Development Plan. The mentioned experts also participated in drafting, consultation, investigation, research, etc. The sub-institute is expected to take its technological advantage to assist the development of financial standardization.

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