[State Administration of Financial Supervision: Increase efforts to promote the transformation and upgrading of China’s banking and insurance industries] On October 19, at the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Ding Xiangqun, director of the State Administration of Financial Supervision and Administration, said that efforts should be made to promote the transformation and upgrading of China’s banking and insurance industries. The first is to continuously optimize the institutional layout. China's financial institutions have a wide range of categories, but the key is to develop in a coordinated manner and complement each other's advantages. The financial regulatory authorities will study and improve the differentiated assessment and evaluation system to promote what institutions do and what they do not do. Under the principles of ensuring basic services, based on carrying capacity, and maintaining moderate competition, we will promote small and medium-sized institutions to reduce quantity and improve quality according to local conditions, so as to better adapt to changes in the financial supply and demand pattern. The second is to vigorously regulate market order. Disorderly competition is stubborn and repetitive, and requires concentration and continuous efforts. In particular, we should strengthen the correction of ideas and behaviors, urge institutions to abandon the scale complex, seriously deal with non-compliant marketing behaviors, severely punish financial "black and gray industries", truly draw the red lines of competition, and establish business rules. The third is to continue to improve the adaptability of financial services. In the first three quarters of this year, the banking industry provided more than 20 trillion yuan in new financing support to the real economy, and paid out nearly 2 trillion yuan in insurance compensation. Banks' main financing channels and insurance guarantees have effectively played their roles. Actively support the development of new productive forces, help the advanced manufacturing industry become bigger and stronger and the service industry expand its capacity and improve its quality, and promote the cultivation and growth of new driving forces. Strengthen financial support for the construction of infrastructure such as the "Six Networks" and help play a leading role in major engineering projects. Optimize insurance services to better meet protection needs. In response to challenges such as climate change and frequent natural disasters, we will improve the disaster insurance system. In line with the needs of international trade development, we will improve our shipping insurance underwriting capabilities. Enrich pension and health insurance products to meet the diverse needs of the people and help build a healthy China. (CCTV News)