China issued a guideline to promote comprehensive statistics work in the financial sector to enhance services to the real economy, improve the financial regulation system and avoid systematic financial risks, according to a news release on the official website of the State Council on Monday.
The People's Bank of China (PBOC) said in a policy explaining that it is necessary to solve the problem of disunity of standard as well as difficulties in data collection and usage.
The country is expected to build scientific and comprehensive statistical financial mechanisms with improved standards covering all financial sectors, infrastructures and activities while setting up the State's financial database.
The government stressed effective statistics of financial activities involved in more than one industry, market, and department.
It also urged the tailoring of statistical mechanisms for critical financial institutions to detect potential major risks promptly, and for financial holding companies to sense both intra-group transactions and external risk contagion.
Also, efforts should be made to compile a statement of the assets and liabilities in the financial sector, complete statistics on financial capital flow and stock, intensify the foundation for monitoring the macroeconomic leverage ratio, and improve statistics on monetary credit, the circular stated.
Regarding the emphasis and plan of the comprehensive statistics in the financial sector. The PBOC said that preventing and resolving risks would be the core of the work in the near term.
In detail, it will concentrate on asset management products, systemically important financial institutions, financial holding companies, compiling of the financial balance sheet, monetary credit, bond market and the launch of the national financial database.
In the long run, the range will be expanded to enhance local financial regulations, build more related infrastructures as well as to promote the integration of primary and industrial standards, according to the PBOC.
The People's Bank of China (PBOC) said in a policy explaining that it is necessary to solve the problem of disunity of standard as well as difficulties in data collection and usage.
The country is expected to build scientific and comprehensive statistical financial mechanisms with improved standards covering all financial sectors, infrastructures and activities while setting up the State's financial database.
The government stressed effective statistics of financial activities involved in more than one industry, market, and department.
It also urged the tailoring of statistical mechanisms for critical financial institutions to detect potential major risks promptly, and for financial holding companies to sense both intra-group transactions and external risk contagion.
Also, efforts should be made to compile a statement of the assets and liabilities in the financial sector, complete statistics on financial capital flow and stock, intensify the foundation for monitoring the macroeconomic leverage ratio, and improve statistics on monetary credit, the circular stated.
Regarding the emphasis and plan of the comprehensive statistics in the financial sector. The PBOC said that preventing and resolving risks would be the core of the work in the near term.
In detail, it will concentrate on asset management products, systemically important financial institutions, financial holding companies, compiling of the financial balance sheet, monetary credit, bond market and the launch of the national financial database.
In the long run, the range will be expanded to enhance local financial regulations, build more related infrastructures as well as to promote the integration of primary and industrial standards, according to the PBOC.
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