Yao Qian said that the formulation and implementation of financial standards will help financial activities to achieve better order and efficiency, thus further enhancing the competitiveness, risk resistance, quality improvement and sustainable development of the financial industry and effectively preventing systemic risks. For financial executives and regulators, financial standards help to track and evaluate the development trend and risk characteristics of innovation, fill the regulatory gaps and improve the regulatory shortcomings; For financial institutions, advanced and perfect technology, business and management standards will help them stay in the industry for a long time; For financial consumers, financial standards and third-party authentication are helpful to protect their legitimate rights and interests, standardize the operation process of financial institutions, improve the quality of financial services, improve the transparency of financial products, avoid information asymmetry between financial institutions and customers, and lower the cost threshold for consumers to obtain financial services.
In May this year, the People's Bank of China, together with the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the National Standards Committee, issued the Plan for the Construction and Development of Financial Standardization System (20 16-2020), which formed the top-level design of financial standardization and proposed a new financial industry standard system. Recently, the secretariat of the Gold Standard Committee actively promoted financial institutions, industry associations and financial technology enterprises to closely focus on the plan, actively strengthened the implementation of financial standards, and better served the overall situation of national financial stability and development.