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Local Financial Regulatory Bureau of Zhejiang
Date:2020-08-18 11:05

According to the “Provisions on Function Assignment, Internal Institutions and Staffing of Local Financial Regulatory Bureau of Zhejiang”, Local Financial Regulatory Bureau of Zhejiang is an agency directly under the Provincial Government (at the department level), and also known as the Financial Work Office of the People's Government Zhejiang Province. Its main responsibilities are as follows:


(1) Implementing laws and regulations on financial work and organizing the drafting of relevant local laws and regulations; formulating and implementing the development plans for the financial industry across the province; studying the major issues of the financial development across the province and providing reference for the Provincial Party Committee and the Provincial Government to make decisions; cooperating with national financial regulatory authorities and their dispatched agencies to implement monetary policies and financial supervision, and being responsible for local financial supervision; assisting in promoting the creation of local financial credit environment; strengthening the building of local financial supervision capacities.


(2) Establishing and improving the coordination mechanism for local financial work, strengthening communication and coordination with the People's Bank of China Hangzhou Central Branch, Zhejiang Banking and Insurance Regulatory Bureau, Zhejiang Securities Regulatory Bureau (hereinafter referred to as the “one bank and two bureaus”) and relevant departments to implement responsibilities of utilizing finance to serve the real economy, preventing and controlling financial risks and deepening financial reforms; building platforms for communication and cooperation between governments, financial institutions and enterprises, and strengthening communication with financial institutions in Zhejiang.


(3) Promoting the development of the financial industry across the province, coordinating and promoting major financial strategies, key projects and the construction of key clusters; promoting the regional financial reform and innovation across the province, coordinating and promoting the construction of financial reform and innovation pilot zones and pilot projects; organizing financial exchanges and cooperation with foreign countries, and promoting the coordinated financial development alone the “Belt and Road” and on Yangtze River Delta; formulating relevant supporting policies for the development of the financial industry.


(4) Organizing and coordinating financial institutions to provide financial guarantees for the economic and social development of the province, and being responsible for the assessment and evaluation of financial guarantees; guiding and promoting the reform and development of local corporate financial organizations; guiding and promoting financial institutions to optimize financial services and expand financing channels.


(5) Formulating policies and measures to promote the reform and development in the establishment of the multi-level capital markets; coordinating and promoting the share reform and listing of enterprises, and the merger and restructuring of listed companies, and securing the stable development of listed companies across the province; coordinating and promoting the reform and development of the local securities and futures industry, and promoting the standardized development of various equity investment funds.


(6) Being responsible for the risk prevention and disposal organized by local financial institutions; cooperating with national financial regulatory authorities to prevent, resolve and dispose of regional systemic financial risks; coordinating with relevant departments to prevent and deal with illegal fund-raising; establishing and improving a provincial financial risk monitoring and early warning system; establishing and improving a provincial financial emergency response mechanism for public incidents.


(7) Formulating the implementation rules for the regulation of local finance across the province; being responsible for the regulation of local financial organizations such as small-loan companies, financing guarantee companies, regional equity markets, pawn shops, financial leasing companies, commercial factoring companies, and local assets management companies across the province.


(8) Being responsible for the regulation of the rights and interests, and bulk commodity trading venues authorized by the Provincial Government and the farmers’ professional cooperatives that carry out mutual credit assistance; being responsible for regulating and guiding private financing across the province; being responsible for guiding the standardized development of the emerging financial industry; coordinating with the national financial regulatory authorities and its dispatched agencies to carry out Internet financial regulation and establish and  improve working mechanisms in accordance with the unified deployment of the State Council.


(9) Being responsible for the building of talent teams for the financial industry across the province, formulating and implementing the building plans for financial talent teams; participating in the formulation of policies for the introduction of various financial institutions and financial talents; participating in guiding the personnel training and international exchanges for financial management across the province.


(10) Completing other tasks assigned by the Provincial Party Committee and the Provincial Government.


(11) Transforming functions: focusing closely on the guidelines and tasks of national and provincial financial work to deepen the reform of the“Maximum One Visit Service Procedure”in the field of local financial regulation, further transforming functions, and highlight regulatory responsibilities; strengthening the connection between local and national financial regulatory systems, implementing local financial regulatory responsibilities in accordance with the regulatory rules formulated by the national financial regulatory authorities, and strengthening the regulation of farmers' professional cooperatives that carry out mutual credit assistance, various local trading venues, investment companies and social public financing agencies across the province; improving the local financial regulatory systems, establishing and improving long-term regulatory working mechanisms, strengthening supervision during and after the events, promoting the standardized development of various financial organizations regulated by local authorities, and actively guiding them to serve the real economy; preventing, resolving and disposing of financial risks, and maintaining local financial stability.





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