In 2018,China ushered in the 40th anniversary of reform and opening up.Over the past 40 years,under the strong leadership of the Communist Party of China,China's financial industry has achieved steady development and growth in the course of reform and opening up,and has undergone historic changes.A modern financial system compatible with the socialist market economy and Chinese characteristics has been basically established,making important contribution to China's economic and social development. A Modern Financial Market System Compatible with the Socialism and Chinese Characteristics has been Basically Established Over the past 40 years of reform and opening up,the financial industry has ushered in a period of great development and prosperity,and a comprehensive and fully competitive financial institution system covering such sectors as the banking,securities,insurance,fund and futures has gradually taken shape.A financial market system with complementary functions,multi-level trading venues and diversified trading products has been established,contributing to the continuously enhanced capabilities in the allocation of resources and serving the real economy. As of the end of 2018,China had 4 571 banking institutions,131 securitiescompanies,120 fund companies,149 futures companies,and 233 insurance companies(including insurance asset management companies).The total assets of China's financial industry amounted to approximately 300 trillion yuan,of which the total assets of the banking industry were 268 trillion yuan,ranking first in terms of size in the world.The total assets of the securities industry were 6.26 trillion yuan.There were 3 584listed companies on the Shanghai and Shenzhen stock exchanges,with a market capitalization of 43.50 trillion yuan,accounting for 48.32% of the GDP in 2018,becoming the second largest stock market in the world.The total assets of the insurance industry reached 18.3 trillion yuan,with the original insurance premium income of 3.8trillion yuan,insurance density of 2 724 yuan/person,and insurance penetration of4.22%,becoming the second largest insurance market in the world. A Financial Service System Aiming at Serving the Real Economy and for the Convenience and Benefit of the People has been Basically Established Over the past 40 years of reform and opening up,the financial system has been serving the real economy and people's livelihood,continuously making innovation infinancial service models,diversifying financial service products,and improving financial infrastructure.With the realization of full coverage,the basic financial services have taken the leading position in the world in terms of both convenience and inclusiveness. In 2018,on the basis of centering on serving the high-quality development,and focusing on further promoting the supply-side structural reform,the financial system attached more importance to serving the real economy,increased financial support for the construction of a manufacturing power,the construction of the Xiong'an New Area and other major national development strategies,and intensified financial services for key areas such as science and technology,culture,and strategic emerging industries.Thefinancial services for private enterprises and small and micro businesses were deepened,and specific measures were introduced in terms of monetary policies,regulatory review,internal management,fiscal and tax incentives,and optimization of business environment,achieving positive results.Great efforts were made for the development of inclusive finance,so as to provide better financial services for poverty alleviation and rural revitalization.The innovation in products and service modes of green finance was actively promoted to support the ecological and environmental protection and conservation of resources and their efficient use.Financial services have played apositive role in the sustained and sound economic development and overall social stability.
