China takes step to ensure the safety of elderly financials

The China Banking and Insurance Regulatory Commission announced on Friday that China will take strong measures against illegal fundraising activities in the elderly-care sector and further deepen aging finance reforms, according to decisions made at a meeting on July 1.

Guo Shuqing, chairman of the CBIRC, who presided over the meeting, said the regulator will guide the general public to prevent illegal fundraising activities proactively, deepen the supply-side structural reform in the financial sector and keep improving financial services addressing the needs of the elderly.

Chen Yixin, secretary-general of the Commission for Political and Legal Affairs of the CPC Central Committee, said at the meeting that the CBIRC should hurry up and deal with the clues which point to violations of laws and regulations and make sure that each clue will go through in-depth verifications, in order to effectively prevent all types of hidden risks.

Chen urged the regulator to accelerate the handling of prominent problems that have been detected and promote the solving of common problems found in various cases.

He stressed that the regulator should strengthen information sharing and cooperation with other government departments concerned to promote the integration of administrative remediation and the crackdown on criminal activities.

The regulator should also urge banks and insurance companies to carry out consumer education activities regarding aging finance and further improve the elderly's risk prevention awareness and capabilities, he said.

At the same time, China should improve the prevent-event, interim and post-event regulation system for aging finance, continuously regulate and promote the development of the third pillar of China's three-pillar pension system and encourage elderly-oriented financial innovation, he said.