Strengthening the Sense of Urgency in Implementing the New Development Concept

According to reports, Zhu Shumin, member of the CPPCC National Committee and former vice chairman of the China Banking and Insurance Regulatory Commission, said during the discussion of the draft amendment to the Constitution of the CPPCC and the State Council’s institutional reform plan in the economic circles of the CPPCC National Committee, that we are optimistic about the capacity of the super-scale market. At present, we should strengthen the sense of urgency to implement the new development concept and build a new development pattern, and plan policies to accelerate the smooth internal circulation from the market perspective. To deal with financial risks, we should not only grasp the current situation, but also focus on the long-term. For example, small banks are the most active cells in the market economy. When risks arise, they should not be simply integrated. They should fully analyze the advantages and disadvantages before taking disposal measures. This institutional reform in the financial sector has filled the gap in market regulation. I hope it can be actively and steadily promoted, focusing on how to combine regulatory efficiency with scientific and technological progress and productivity development. (Securities Times)

Zhu Shumin, member of the National Committee of the Chinese People’s Political Consultative Conference, said that institutional reform in the financial sector has filled the gap in market regulation

Analysis based on this information:


In a recent discussion of the draft amendment to the Constitution of the CPPCC and the State Council’s institutional reform plan in China, Zhu Shumin, member of the CPPCC National Committee and former vice chairman of the China Banking and Insurance Regulatory Commission, expressed optimism about the capacity of the super-scale market. He emphasized the urgent need to implement the new development concept and build a new development pattern that would focus on accelerating the smooth internal circulation from the market perspective to address financial risks.

Shumin pointed out that small banks are the most active cells in the market economy and should not be simply integrated when risks arise. Instead, their advantages and disadvantages should be fully analyzed before taking disposal measures to deal with financial risks. According to Shumin, the institutional reform in the financial sector is designed to fill the gap in market regulation, and it is essential to actively and steadily promote such reforms, focusing on combining regulatory efficiency with scientific and technological progress and productivity development.

In light of the ongoing COVID-19 pandemic, China’s economy has undergone significant changes concerning its priorities, especially when it comes to its development model. The country is currently undergoing a transformation that places the domestic circulation at the forefront. This internal circulation is intended to promote domestic demand, which will not only benefit local businesses but will also lead to balanced regional development.

In conclusion, it is evident that China is taking an innovative approach to ensure that its internal circulation system is sustainable, efficient, and resilient. Shumin’s call to strengthen the sense of urgency in implementing the new development concept and building a new development pattern highlights the importance of proactive measures that support economic growth during challenging times. By focusing on the super-scale market and balancing the advantages and disadvantages of small banks in the market economy, China is building a financial ecosystem that is both resilient and robust to withstand challenges.

Overall, it appears that China’s focus on promoting internal circulation and implementing the new development concept is a timely response to the increasing economic challenges faced globally. Through this approach, the country seeks to establish a more dynamic and adaptable economic system that would be resilient to risks and uncertainty.