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13th Five-Year Plan for Development of Financial IT Looks to Boost Security and Innovation

The 13th Five-Year Plan for the Development of Information Technology in China’s Financial Sector has recently been released by the People’s Bank of China (PBOC). The new plan stresses the need for the financial sector to support the deepening of reform, promote the innovative development of inclusive finance, while striking an appropriate balance between development and security. It also encourages the development of information technology appropriate to the supervisory requirements of systemically-important financial institutions and financial holding companies. Furthermore, it emphasises the importance of ongoing financial infrastructure development and the proper maintenance of all statistical and financial records.

Overall, the Plan identifies five priorities for information technology development within the financial sector:

  • Attaining and maintaining international advanced standards with regards to financial information infrastructure
  • Harnessing information technology as means of driving sustained financial innovation
  • Comprehensively deepening financial standardisation
  • Improving the security of all financial networks
  • Significantly raising the capabilities of financial IT governance

For further details (in Chinese), please refer to the following website:

PBOC Issues 13th Five-Year Plan for the Development of Information Technology in China's Financial Sector

Content provided by Picture: HKTDC Research
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