General Secretary Xi Jinping has pointed out that, " financial industry should play its role in serving the wider economy, assisting social development and meeting the needs of the public." and "we should push for the high-quality development of the financial industry, by improving the services provided and mitigating financial risks." Since the 18th National Congress of the Communist Party, achievements on improving China's financial standards have been made in several areas including "Inclusive Finance" ,"Currency Gold and Silver", "Financial Technology" and "Network Security" through implementing the objectives and tasks set by the Party Central Committee and the State Council and the people-centered development philosophy.
- Implementing "Inclusive Finance" through the development of financial standards
The banks' branches are one of the critical elements in developing the inclusive finance in our country. They are the important financial service platform,the distribution channel of financial products as well as the direct window to serve the public with financial services.
To satisfy people's growing needs for financial services and to constantly improve the service of banks' branches, the People's Bank of China, together with the National Standardization Administration organized the Consumer Associations, the China National Institute of Standardization and commercial banks published two national standards——"Basic requirements of bank branches services" and " Criteria of bank branches service evaluation" in 2015. The new rules stipulated the basic requirements for the banks' branches in terms of service environment and functions, service management, and consumer rights protection and so on. It also put forward 94 specific evaluation indicators, with one of them being that the bank staff should actively tell the customers the prices of the services items. The new rules not only provided measurement standards to consumers on the service quality of banks, also set a base line for bank branches to improve their service.
By the end of 2018, more than 200,000 bank branches in the country had started to implemented the new rules, with over 60% of them achieving the benchmark and more than 10,000 branches passing the third-party verification. It has been seen that the facilities of banks' branches is upgraded, the service functions is continuously perfected,the service efficiency is significantly improved, the staff becomes more enthusiastic and the average waiting time is materially shortened.According to the result of the sample survey, the customer satisfaction level has been increased from about 75% in 2015 to about 85% in 2018, among which the satisfaction level of the certified branches is approaching 100%.
- Improving the credentials of Banknotes and the level of financial risk control through the development of China's financial standards
Chinese Yuan ("CNY")is the legal currency of China, and anti-counterfeiting of CNY is vital.
Following this spirits, the People's Bank of China has sped up the formulation and implementation of the standards to improve Currency Gold and Silver. In 2017 and 2018, the industrial standards for " Inappropriate circulated RMB Coin", "Inappropriate Circulated RMB Banknote" and "Technical specification for authentication capability of RMB cash authentication machines" have been promulgated. These standards have enhanced the standards for the counterfeit banknotes recycle and cash machine management, which has improved the general public's ability to identify counterfeit banknotes.
With the help of the new standards, the work on the recycle of counterfeit notes and the cleanliness of the currency circulation have been improved.,. These have made the people be able to “use the clean money, use the safe money”, and have effectively reduced the related costs enterprise operations, which in turns support the high-quality development of cash machine manufacturers in our country.
- Promoting the Financial Technology Development and the improving the Level of financial Risk Control through development of financial standards
In the 21st century, mobile Internet, cloud computing, big data, artificial intelligence and other technologies have advanced by leaps and bounds. They are deeply integrated with financial services industry, gave birth to new forms of financial technology such as mobile payment and bring unprecedented development opportunities for the financial industry.
Since 2012, the People's Bank of China and other relevant departments have issued about 50 financial standards around mobile payment, whose contents cover identification codes, security specifications, interface requirements and so on. Meanwhile they also adopt the "Financial Standard + Testing and Certification" to standardize the processes of pre-admission and in-process supervision and to control the risks. These measures have support the rapid growth of China's mobile payment industry and provided more efficient, convenient and secured mobile payment services for the public.
Since 2017, the People's Bank of China has successively issued a number of financial technology standards such as "Mobile terminal payment trusted environment specification", "Financial application specification of cloud computing technology" and "Technical Specifications for Voiceprint Recognition Based Security Application for Mobile Finance ", which provided guidance for the application and development of financial technology, effectively promoted the integration between finance and information technology, and met the needs of high-concurrency, large-flow, high-frequency financial transactions in the Internet era. At present, the People's Bank of China is actively studying and formulating new rules in terms of big data, block-chain, open banks and so on, to further guide the healthy and orderly development of financial technology.
- Improving the Level of Risk control and Network Security through developing China's financial standards
Financial security is the foundation of its development. It is not only related to financial stability, but also critical to public interests. Nowadays, Financial services is highly dependent on information technology and the network security standards are effective tools to ensure financial information safety and reduce operational risks.
From year 2012, the People's Bank of China has successively issued and implemented standards such as the "General Specification of Information Security for Internet Banking System", " Testing and evaluation guide for classified protection of information system of financial industry " and " Financial Information System Room Power System Specification", to provide standards for protecting the safety of the people's property.
Financial network security standards not only have helped to improve the financial network security and promote the digital development of financial services, but also brought more development opportunities to the security related equipments and services industry. At the same time, they have spawned a number of well-known mobile security enterprises, whose growth also in turn supports the effective implementation of financial standards.
Currently, the problem of lacking systematic financial standards and the existence of inefficient standards still exist. The number of financial service standards is still insufficient and the existing financial standards can’t fully address the needs for high-quality financial development. As a next step, following the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will further develop the work on establishing financial standards and increase the supply of standards, especially the standards on product services. Moreover, we will further accelerate the implementation of standards for the interests of the public and enterprise and advance the role of standards in serving the wider economy and to help enhance the financial services industry's capabilities of helping key areas such as small and micro enterprises, private enterprises, and poverty alleviation.