issue, and the financial stability and development committee ( fsdc ) of the state council has made special arrangements that require active, prudent and orderly progress achieved in a step - bystep manner. the overarching plan adopts a two - pronged approach. on the one hand, 2 / 4 bis central bankers'speeches focusing on the existing business rules by unifying the standards for old - age finance products and removing products which do not live up to their names. on the other hand, carrying out pilot programs of business innovation and vigorously developing professional old - age products that can provide actual elderly care, such as old - age deposits, old - age wealth management and funds, dedicated old - age insurance, commercial pensions, etc. we will select out financial institutions and franchised institutions which have more favorable conditions to participate in the endeavors first, firmly bear in mind china ’ s realities, learn the experiences, both positive and negative, of other countries, and blaze a trail for the reform and development of old - age finance. iii. we will unswervingly push forward the opening - up of the financial service sector opening - up and cooperation are the only way to financial prosperity and development. in an enclosed environment, it is impossible to foster financial institutions or markets which are competitive in a real sense. promoting reform and development with opening - up is an important lesson learned from our experience in the past 40 - plus years of reform and opening - up. in his key remarks delivered at the celebration of the 40th anniversary of the establishment of the shenzhen special economic zone, general secretary xi jinping made a profound point that the new development pattern was not an enclosed domestic cycle, but an open, dual - cycle pattern with both domestic and international cycles. similarly, it is amid the twists and turns in an open environment that china ’ s financial system has become more international and resilient and achieved today ’ s historic achievements. china has established and developed the world ’ s largest credit market, and the world ’ s second largest stock market, bond market and insurance market. large state - owned commercial banks are leading the world or even outperforming global peers in productivity, management costs, inclusive finance, digitized operations, etc. large insurance companies are also in the front ranks of the world in terms of growth rate, development potential and market valuation. since the 19th cpc national congress, under the strong leadership of the cpc central committee and the direct guidance of the fsdc

guo shuqing : remarks - annual conference of financial street forum 2020 remarks by mr guo shuqing, party secretary and deputy governor of the people's bank of china and cbirc chairman, at the annual conference of financial street forum 2020, 27 october 2020. * * * mayor chen jining, governoryi gang, president he ping, chairman yi huiman, administrator pan gongsheng, ladies and gentlemen, dear friends : it is a great pleasure to attend the 2020 annual conference of financial street forum. first, i would like to extend warm congratulations on the convening of this year ’ s forum, and wish it a complete success. facing the profound changes in our internal and external environments, china ’ s financial sector has unswervingly followed the guidance of xi jinping thought on socialism with chinese characteristics for a new era, deepened reforms on all fronts, strictly held the bottom line of risk prevention, served the real economy, and contributed to high - quality development. we will work in accordance with the requirements laid out just now by vice premier liu he in his remarks, and reshape the new edges for financial development in the creation of a new development pattern. here i would like to share my opinions on four aspects. i. we will comprehensively enhance the inclusiveness of finance the nature of socialism with chinese characteristics determines that our financial sector must cater to hundreds of millions of people in the country. in a capitalist society, finance is an important cause of polarization. amid the covid - 19 pandemic, the gap between the rich and the poor in some countries is widening, which is largely attributed to the considerable divergence of their financial markets from the real economy. for instance, the stock market in some country has witnessed exceptional boom, as reflected by the fact that since the beginning of this year, the increased market cap of five large companies has accounted for over 80 percent of the total rises in its market. here in china, however, we shall remain even more committed to the new development philosophy, and better leverage the role of finance in adjusting industrial structure, optimizing income distribution and improving social welfare. in china, 99 percent of the population now has access to basic financial services, with banking outlets covering 96. 6 percent of towns. each chinese resident has 8. 06 bank accounts and 6. 01 bank cards on average, and the personal settlement accounts opened in rural areas take up 40 percent of the total. two - thirds of micro, small