At a State Council Information Office press conference on September 10, the Deputy Administrator of the National Financial Regulatory Administration outlined a series of measures aimed at fostering a healthier industry environment. The initiatives are designed to guide financial institutions toward establishing sound performance, operational, results, and risk perspectives.

The regulator emphasized the need for institutions to abandon a scale-driven mindset, shifting the focus from speed and size to quality and efficiency as the new benchmarks for enhancing core competitiveness. This strategic pivot is expected to help the sector prioritize sustainable value creation over mere expansion.

As part of the crackdown on harmful practices, the administration will take strong action against price wars, illegal commission rebates, and the offering of excessively high interest rates and returns. Concurrently, the authority will fully implement the "unified reporting" standard across the insurance industry and roll out comprehensive governance for non-auto insurance lines, aiming to deepen cost reduction, boost efficiency, and elevate overall service quality.

Further reinforcing consumer protection, the regulator will intensify oversight of financial product suitability and marketing conduct, while firmly holding financial institutions accountable for their responsibilities. In a bid to close existing loopholes, the administration will also strengthen coordination between law enforcement and judicial bodies, launching a renewed crackdown on illegal financial activities commonly referred to as "black and grey industries," to solidify and expand upon the progress already achieved.