The central bank issued the "13th Five-Year Plan for the Development of Information Technology in China's Financial Industry"

On June 27, the People's Bank of China issued the "13th Five-Year Plan for the Development of Information Technology in China's Financial Industry" (hereinafter referred to as the "Plan"), which clearly puts forward the guiding ideology, basic principles, development goals, key tasks and guarantee measures for the information technology work in the financial industry during the "13th Five-Year Plan" period.

The "Plan" establishes the development goals of information technology work in the financial industry during the "13th Five-Year Plan" period, which mainly include: financial information infrastructure reaching international leading levels, information technology continuously driving financial innovation, comprehensive and in-depth implementation of the financial industry standardization strategy, more complete financial network security protection system, and significantly improved financial information technology governance capabilities.

In response to the above goals, the Plan mainly lists five key tasks:

1. Improve financial technology facilities and lay a solid foundation for financial services

a. Coordinate and promote the construction of national financial market information infrastructure such as payment and clearing, custody settlement, financial market transactions, and transaction reporting database

b. Coordinate and promote the construction of national public financial information infrastructure such as financial statistics, credit reporting, anti-money laundering, and treasury

c. Strengthen the construction of information infrastructure for financial management, trust, fund and insurance markets, and standardize the construction of Internet-based financial information infrastructure

2. Improve the network security protection system and enhance production safety and safety management capabilities

a. Improve the safety production capabilities of financial information systems

b. Improve the level of financial network security management

c. Comprehensively promote the implementation of the Cybersecurity Law in the financial industry

3. Promote the application of new technologies and promote financial innovation and development

a. Strengthen the research and application of financial technology (fintech) and regulatory technology (regtech)

b. Steadily promote research on system architecture and cloud computing technology applications

c. Deepen the application and innovation of big data technology

d. Standardize and popularize the application of Internet finance related technologies

e. Actively promote research on the application of new technologies such as blockchain and artificial intelligence

4. Deepen the financial standardization strategy to support the healthy development of the financial industry

a. Establish and improve the financial industry standard system and develop key standards

b. Increase the publicity of standards and strengthen the implementation of standards

c. Deeply participate in international financial standardization and enhance my country's influence

5. Optimize the financial information technology governance system and improve the level of information technology services

a. Building a new environment for information technology governance in the financial industry

b. Optimize the organizational structure and decision-making process of information technology governance

c. Optimize the allocation of financial information technology resources

On June 19, Fan Yifei, deputy governor of the central bank, wrote an article pointing out that the central bank should be oriented to solving problems and meeting needs, accelerate the transformation of the structure, and build a digital central bank. The construction of a "digital central bank" will comprehensively enhance the insight, foresight and precision of science and technology in supporting the central bank's performance of its duties, ensure the security of financial information and the stable operation of the system, and create a new working pattern that adapts to the requirements of financial services for the real economy, supply-side structural reforms, and the direction of financial technology changes.

Appendix: "The 13th Five-Year Plan for the Development of Information Technology in China's Financial Industry"