China State Financial Supervision Administration: Improving financial services for residents

China News Service, Beijing, November 13 (Reporter Wang Mengyao) Wang Shengbang, chief lawyer and director of the Department of Regulations of the State Administration of Financial Supervision of China, said at the 17th Caixin Summit on the 13th that financial services for residents should be improved. Financial support for consumption must be combined with increasing residents' income and improving the social security system.

The summit was held in Beijing from November 11th to 13th. Wang Shengbang said that for a long time, the main financial assets of Chinese residents have been bank deposits, with relatively low yields. In recent years, the scale of wealth management, which is mainly based on banking, financial management, trusts, funds, and securities products, has expanded rapidly, and there is huge room for development. The State Administration of Financial Supervision supports financial institutions to carry out cross-border cooperation in an orderly manner in accordance with the law, provide residents with professional wealth management services in financial planning, investment consulting, and asset management, build a multi-level and diversified asset management product system, and expand residents’ property income channels.

Wang Shengbang pointed out that it is necessary to promote the replacement of personal insurance products by savings, return to the origin of risk protection, and better utilize the risk protection service function of insurance in medical protection, health management and long-term management.

"In the past, there was not much discussion about financial services for residents, and more about enterprises. In fact, residents' consumption is the eternal driving force for economic growth, so we must improve financial services for residents so that everyone can take off their burdens and dare to consume, so as to provide new impetus for China's economic growth." He said.