CBIRC Office [2022] No. 66
All banking and insurance regulatory bureaus, policy banks, large banks, joint-stock banks, wealth management companies, insurance group (holding) companies, insurance companies, insurance asset management companies, pension management companies, insurance professional intermediaries, banking associations, insurance associations:
Since the issuance of the Notice of the People's Bank of China of the China Banking and Insurance Regulatory Commission on Strengthening the Financial Services for New Citizens (IBJF [2022] No. 4), all the banking and insurance regulatory bureaus have adhered to the people centered development idea, joined with the local government to issue policies to increase guidance and promotion, and the banking and insurance institutions have carried out product and service innovation according to local conditions, strengthened financial services for new citizens, helped stabilize the macroeconomic market, and achieved good results. The relevant situation is hereby reported as follows:
1、 The China Banking and Insurance Regulatory Bureau actively promotes the implementation of policy measures
（1） Conduct in-depth research and sort out the demand and supply of financial services for new citizens. The China Banking and Insurance Regulatory Bureau conducted in-depth research on banking and insurance institutions, as well as new citizen groups, to accurately analyze the financial needs of new citizens and identify the shortcomings in financial supply. The Shandong Banking and Insurance Regulatory Bureau has conducted multiple investigations at the grassroots level, had face-to-face conversations with migrant workers, inquired about the situation, organized discussions with banks and insurance institutions, obtained first-hand information on site, conducted in-depth research on the financial needs, difficulties, and solutions of new citizens, and strengthened policy analysis and work promotion. In response to the situation of over 40 million new citizens in Guangdong Province, the Guangdong Banking and Insurance Regulatory Bureau, in collaboration with the Guangdong Investigation Team of the National Bureau of Statistics, conducted a survey on 1416 migrant workers and newly employed students, as well as 893 banking and insurance institutions. The survey aimed to identify the demand and supply gaps of financial services for new citizens and promote targeted enrichment of products and services by banking and insurance institutions. The Chongqing Banking and Insurance Regulatory Bureau, in conjunction with the Municipal Education Commission, conducted a special survey on the important group of college students who connect with new citizens, covering 68 universities in the city and receiving 23009 valid questionnaires. The survey aimed to sort out the financial consumption characteristics of new citizens in the future and study the optimization of financial supply.
（2） Strengthen linkage and formulate specific policy measures for implementation. Regarding the proactive communication between the China Banking and Insurance Regulatory Bureau and local governments, combined with the actual situation and local government policies, research and formulate implementation measures. At present, 22 banking and insurance regulatory bureaus have refined specific policies to strengthen financial services for new citizens. Among them, the Anhui Banking and Insurance Regulatory Bureau, together with the Anhui Provincial Local Financial Supervision Bureau and the People's Bank of China Hefei Central Branch, jointly issued guidance on improving the comprehensive financial service level of new citizens, clarifying 16 key tasks such as improving account services, supporting entrepreneurship and innovation, and increasing employment support, and supporting special action plans such as entrepreneurship and employment, housing and housing, health and elderly care, education and training, to increase promotion efforts. The Shandong Banking and Insurance Regulatory Bureau, in conjunction with eleven departments of the Shandong Provincial Government, has issued an action plan to strengthen financial services for new citizens, achieving policy coordination in multiple fields such as employment, entrepreneurship, housing, education, elderly care, and healthcare. It has proposed refined measures with "Shandong characteristics" such as financial counseling and financial management, entrepreneurial guarantee loans, specialized commercial pension insurance, information sharing pathways, and risk compensation funds. The Shenzhen Banking and Insurance Regulatory Bureau, in conjunction with relevant departments in Shenzhen, has formulated a work plan to strengthen financial services for new citizens, proposed the "four specialties and four modernizations" work ideas, formulated special work plans, established special incentive mechanisms, implemented specialized product and service innovation, established a special post for protecting the rights and interests of new citizens, and promoted the convenience, equalization, transparency, and humanization of financial services for new citizens.
（3） Implement classified policies and continuously increase efforts to promote supervision. Regarding the selection of key cities and key groups by the China Banking and Insurance Regulatory Bureau, the task list has been carefully sorted out, and the promotion of financial services for new citizens has achieved results through classification. The Beijing Banking and Insurance Regulatory Bureau, based on the "dual concentration" characteristics of new citizens engaged in emerging industries such as technological innovation and cultural creativity, as well as service industries such as logistics and home economics, has promoted the inclusion of entrepreneurs from other regions in Beijing in the scope of entrepreneurship guarantee loan support. At the end of the first quarter, the year-on-year growth of entrepreneurship guarantee loans exceeded 10 times; On the other hand, we are vigorously developing products such as employer liability insurance, construction accident insurance, and domestic employment liability insurance, benefiting over 700000 people. The Zhejiang Banking and Insurance Regulatory Bureau is promoting the application scenarios of digital reform and the construction of a new citizen points system for "Zhejiang New Citizens". It is integrating information from public security, human resources and social security, education, and construction departments in five cities including Wenzhou, Shaoxing, and Jiaxing, focusing on the main financial needs of new citizens such as housing and housing, wage rights, consumption and entrepreneurship, and bottom line guarantee, and jointly strengthening financial services for new citizens. The Guangxi Banking and Insurance Regulatory Bureau has selected cities with a high concentration of new citizens, such as Nanning, Guilin, and Liuzhou, as well as cities with heavy tasks of consolidating and expanding poverty alleviation, such as Baise and Hechi, to implement classified policies and strengthen guidance, and to improve the financial service level of new citizens in the whole district from point to area.
（4） Build a platform to promote information sharing. The China Banking and Insurance Regulatory Bureau, in conjunction with government departments, will improve the information platform, explore solutions to the problem of insufficient data support, and further consolidate the foundation for strengthening financial services for new citizens. The Beijing Banking and Insurance Regulatory Bureau, in conjunction with the Beijing Municipal Human Resources and Social Security Bureau, has established an intelligent monitoring and early warning platform for migrant worker wage payments, which regularly monitors payment risks and provides more than 300 effective clues. The Anhui Banking and Insurance Regulatory Bureau promotes the integration of banking and insurance institutions into the provincial industrial and commercial enterprise database, using big data and algorithmic logic to accurately locate small and micro enterprises and individual industrial and commercial households where new citizens are concentrated in entrepreneurship and employment, timely pushing credit "blank accounts" to financial institutions, and using the backend to monitor the success rate of financial services. The Chongqing Banking and Insurance Regulatory Bureau, in conjunction with the Chongqing Development and Reform Commission, has developed and constructed a digital inclusive finance platform - Xinyi Loan · Yuhui Rong, relying on the bank securities big data interconnection platform "Jinyu Network". The platform has collected credit information of 3 million enterprises from 54 departments, 35000 credit files of new agricultural operating entities, released 80 characteristic and regional loan products, and queried and applied credit reports of more than 100000 market entities, effectively supporting financial services for new citizens.
2、 Banks and insurance institutions actively explore strengthening financial services for new citizens
（1） Innovate products and services, strengthen financial support for new citizens' entrepreneurship and employment
One is to optimize and adjust existing credit products, and expand the supply of financial services for new citizens. In response to the "short, frequent and urgent" financing needs of new citizens coming to Shenzhen to start businesses, ICBC Shenzhen Branch optimized the "quick loan operation" product and provided nearly 8.8 billion yuan of entrepreneurship and employment loans to more than 3200 non registered residence new citizens in Shenzhen. Agricultural Bank of China, Bank of Communications, and other local policies will include new citizens in the scope of entrepreneurship guarantee loan support, and strengthen financial support for new citizens' entrepreneurship and employment. At present, 3.94 billion yuan and 258 million yuan of entrepreneurial guarantee loans have been issued respectively, supporting 32900 and 1500 new citizens to start businesses. Weifang Bank has optimized and developed 11 products, including New Citizen Innovation Loans, Preferential Loans, and Quick Loans, targeting key areas such as entrepreneurship and employment that are of concern to new urban residents. These products are accompanied by convenient measures such as preferential interest rates and green channels to support the differentiated needs of new urban residents. At present, over 2 billion yuan in personal business loans have been provided to more than 4000 new citizens.
The second is to launch exclusive credit products to provide special support for new citizens to start businesses and find employment. Bank of China has launched the "Huiwish Chain Credit Meituan Merchant Loan" product based on the business characteristics and financial needs of small and micro merchants and suppliers on the Meituan platform, supporting small and micro enterprises to attract new citizens for employment. At present, a total of 254 small and micro enterprises have been granted 110 million yuan in credit and 77 million yuan in loans, driving 1800 job opportunities. Postal Savings Bank of China has launched the "New City Citizen Loan" in Fujian Province, with cross regional linkage to improve loan approval efficiency and solve the problem of new citizen loans. Currently, it has granted credit of 787 million yuan and loans of 615 million yuan to 734 small and micro enterprises. Qilu Bank has developed the "new citizen entrepreneurship loan", which can enjoy the government discount interest of individual entrepreneurship loan without the need of local registered residence. It focuses on supporting small and micro enterprises that recruit a certain proportion of new citizens that year. At present, it has issued loans of 8 million yuan to four small and micro enterprises. Shandong Heze Rural Commercial Bank actively handles entrepreneurship guarantee loans for eligible new citizens, with a current loan balance of 400 million yuan, benefiting more than 2000 new citizens; Independently launch entrepreneurial revolving loan credit products, offering preferential interest rates to meet the short-term financing needs of new citizens. Zhejiang Jinyun Rural Commercial Bank, through "virtual village" and other models of batch credit, has designed "Shaobing (Baked cake in griddle) loan" products for Shaobing (Baked cake in griddle) people who go out to engage in the industry of Shaobing (Baked cake in griddle). At present, it has granted credit to 112 households of 10.97 million yuan.
The third is to continuously optimize insurance services and strengthen insurance protection for new citizens' entrepreneurship and employment. Focusing on the construction industry with a relatively concentrated population in the new city, China Life has developed 13 insurance products of the "construction engineering" series, which provide various types of accidental death, accidental disability and other insurance coverage covering the construction site and the designated living quarters of the construction site. It has provided nearly 410000 enterprises with nearly 16 million construction engineering accident insurance coverage, with an insurance amount of more than 4.6 trillion yuan. Ping An Property and Casualty Insurance has launched the "Employer's Peace of Mind Insurance" business, providing a total of 6 billion yuan in protection for small and micro business owners, covering a population of 20000 people. Pacific Insurance provides a household employment liability insurance coverage of 6 billion yuan to the domestic service industry, which attracts a large number of new residents. JD Allianz Insurance provides JD 400000 couriers with accident, COVID-19 diagnosis and death protection. In 2021, more than 30 pieces of compensation will be paid, with a total compensation of more than 3 million yuan.
（2） Strengthen housing financial services to meet the housing needs of new citizens
One is to increase financial support for the construction of affordable housing. The Development Bank actively supports the construction of affordable housing projects, providing financing support of nearly 12 billion yuan for affordable rental housing projects since 2021, and assisting in the addition of about 120000 units of housing supply. China Construction Bank leverages its own advantages to reasonably meet the financing needs of affordable rental housing projects. Currently, the bank's loan credit amount for affordable rental housing projects exceeds 115 billion yuan, with 50.5 billion yuan invested and supporting the fundraising of over 400000 units.
The second is to support the healthy development of the housing rental market. China Construction Bank leverages its technological advantages to develop a comprehensive housing rental service platform, providing rental and settlement services for new citizens, and assisting local governments in implementing functions such as rent supervision, subsidy distribution, and market monitoring for new citizens. At present, there are over 38.7 million registered individual users on relevant platforms, 15000 online enterprises, 360000 market-oriented rental properties, and 990000 rental properties currently available. Xingye Consumer Finance Company is implementing the "Starting a Business Plan" to anchor the rental needs of new citizens in the early stages of entering the workplace, and provide new citizens such as fresh graduates with a six-month rent free housing loan.
The third is to provide credit support for the reasonable housing needs of new citizens. Agricultural Bank of China has launched the "Farmers' Home Settlement Loan" product to meet the housing needs of farmers who have moved to the city. At present, a total of 766.6 billion yuan has been invested, with a loan balance of 604.6 billion yuan, benefiting nearly 1.9 million rural migrant workers and their families who have moved to cities to buy houses. Ningbo Ninghai Rural Commercial Bank, taking into account the characteristics of the county, has issued supporting policies for the rural housing reform and urban-rural integration projects, and provided affordable housing mortgage loans of 460 million yuan to 813 new citizens. Industrial Bank has opened the channel for personal housing loan business to non local registered residence customers who meet the local housing purchase credit policy to meet the housing purchase needs of new citizens.
（3） Improve health and elderly care financial services, enhance basic livelihood guarantees for new citizens
One is to actively play the role of health insurance protection. China Life Insurance, Ping An Pension, CPIC Life Insurance, PICC Property and Casualty Insurance, etc. actively participated in Guangzhou's "Suisuikang" urban customized commercial medical insurance project, including people who have not registered in registered residence with residence permits for more than two years into the insured population, and promoted the effective coverage of medical security to new citizens, with a cumulative number of insured people reaching 93000. Ping An Endowment Insurance launched a low-cost urban customized inclusive medical insurance "Bamin Insurance" in Fujian, which is aimed at the people of the whole province and is not linked to registered residence. At present, 30600 new citizens have participated in insurance, 26 people have been compensated, and the amount of compensation exceeds 350000 yuan. PICC Property&Casualty Insurance, Ping An Property&Casualty Insurance and Pacific Property&Casualty Insurance jointly launched the "Huiyong Insurance" product in Guangxi. The insured is not limited to occupation and registered residence. The coverage includes the self paid part of hospitalization medical expenses within the scope of basic medical insurance, the self paid part outside the scope, and special drugs for malignant tumors. The minimum premium is only 88 yuan, and the number of new citizens insured has exceeded 500000.
The second is to increase financial support for the elderly care industry. China Construction Bank, Bank of China, and Bank of Communications will increase credit support for the elderly care industry and reasonably meet the financing needs of elderly care service institutions. At present, Bank of China has 1974 customers in the elderly care industry, with a credit balance of 8.557 billion yuan. The balance of loans supported by China Construction Bank and Bank of Communications for the elderly care industry reached 3.2 billion yuan and 2.4 billion yuan respectively. China Life Insurance Guangdong Branch actively participated in the pilot project of long-term care insurance, provided long-term care handling services for 3.83 million insured persons in Guangzhou, and realized the seamless connection between medical insurance benefits and long-term care benefits of insured persons. China Life Insurance, Xinhua Life Insurance, Taikang Life Insurance, People's Life Insurance and others have actively promoted the pilot of new citizens' exclusive commercial endowment insurance in Guangxi. Currently, 105 new citizens' exclusive commercial endowment insurance have been underwritten, with a premium income of 873300 yuan.
The third is to assist in optimizing social security and medical insurance services. Agricultural Bank of China has launched an instant card issuance machine that supports customers to apply for social security cards online throughout the entire process, reducing the application time from at least one month to five minutes. Beijing Bank has launched the "Smart Healthcare Insurance" service, allowing new city residents to manage healthcare insurance funds through their mobile phones with any debit card from Beijing Bank. Bank of China has strengthened its cooperation with medical insurance bureaus in Yunnan, Heilongjiang, Hebei, and other regions, and opened a special account for settling medical expenses in different places to facilitate direct settlement of medical expenses for new citizens who have been registered.
（4） Actively implementing policy requirements, strengthening training and education for new citizens, and providing financial services
One is to support vocational skills training for new citizens. Bank of China and the Ministry of Education have signed a strategic cooperation agreement to support the high-quality development of vocational education, actively supporting its development. Bank of Communications has launched an "online training loan" to provide credit to training institutions, which is used to provide entrepreneurship and employment skills training to new citizens. Xingye Consumer Finance Company provides loan support for new citizens and their children's education and training expenses, and follows up with public welfare services such as skill training for students from disadvantaged families. Immediately, the consumer finance company provides free training courses for migrant workers, college graduates, etc. In 2021, it has conducted a total of 9 live broadcasts of knowledge assistance courses and 72 recorded courses.
The second is to strengthen financial support for the education of children of new urban residents. Development Bank, Bank of China, and Agricultural Bank of China undertake national student loan business in accordance with the requirements of the national student loan policy, serving the education of children from economically disadvantaged families in new urban areas. The Development Bank actively implements the spirit of the State Council executive meeting, exempting the interest payable by borrowing students in 2022, extending the repayment of principal by one year, benefiting more than 3 million students, and effectively reducing the burden on new citizens with financial difficulties. Minsheng Bank provides an integrated platform called "School Payment" for 1500 private schools, mainly composed of migrant children, to facilitate parents' payment management and establish real-time information exchange channels, effectively solving the pain points of information exchange between schools and new citizens. Ping An Property and Casualty Insurance Shanxi Branch has provided over 300 million yuan in internship insurance coverage for more than 800 children of new citizens.
（5） Targeting the characteristics of new citizens, enhance the accessibility and convenience of basic financial services
One is to actively optimize basic financial services such as account opening. The relevant branches of Industrial and Commercial Bank of China have launched a simple personal settlement account opening service, which solves the problem of new city residents not being able to provide auxiliary proof materials through the information disclosure commitment system. They have opened accounts with lower transfer limits for their daily use and salary payment. Postal Savings Bank of China, Agricultural Bank of China, Industrial Bank of China, Minsheng Bank, and other banks have launched new citizen exclusive bank cards such as "U+Card", "Zhufu Card", "Minxin Card", and "Care and Care for Construction Workers Card", providing discounts such as exemption from labor costs, annual fees, small account management fees, and SMS service fees.
The second is to assist in safeguarding the legitimate rights and interests of new citizens. China Construction Bank has innovatively launched the "Migrant Worker Benefit" product to address the issue of wage arrears among migrant workers. With the help of technology, it connects and integrates multiple resources and data from government departments, general contractors, labor companies, migrant workers, etc., and accurately drips financial liquidity into the hands of migrant workers. Currently, a total of 3.2 billion yuan has been invested, serving 315000 migrant workers. Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Bank of Beijing, and other banks have launched a supervision system for the payment of migrant workers' wages or opened a guarantee business for the payment of migrant workers' wages, ensuring that their salaries are paid on time and in compliance with regulations. The PICC pilot construction project performance guarantee insurance shall be compensated within 3 days after receiving the government department's report on the determination of salary arrears. Pacific Property and Casualty Insurance, Sunshine Property and Casualty Insurance, Chengtai Property and Casualty Insurance and other companies have successively launched related guarantee insurance products to ensure the safety of migrant workers' wages.
3、 Next step job requirements
At present, strengthening financial services for new citizens still faces some constraints, and there is still room for further improvement. All banking and insurance regulatory bureaus and banking and insurance institutions should further increase their work efforts, strengthen policy coordination and work promotion, continuously optimize financial products and services, better meet the reasonable financial needs of new citizens, solidly carry out the "six stability" work, comprehensively implement the "six guarantees" tasks, and actively support economic operation to maintain a reasonable range.
（1） Continuously improve specific support measures and promote the implementation and refinement of various tasks. Each banking and insurance regulatory bureau should further strengthen its coordination with government departments in accordance with overall work requirements, promote targeted support policies tailored to the characteristics of local new citizens, and facilitate the effective connection between financial policies and new citizen support policies such as finance, employment, housing, social security, and healthcare. Encourage banks and insurance institutions to optimize their products and services based on local conditions, leverage their advantages in information technology, data, and channels, and continuously improve the level of financial services for new citizens.
（2） Continuously optimizing products and services to meet the financial needs of new citizens. Banks and insurance institutions need to further refine their work plans, strengthen their work responsibilities, improve incentive and restraint mechanisms, and enhance the enthusiasm of their branches and staff to serve new citizens. By optimizing existing products, developing exclusive products, innovating credit evaluation methods, and improving acceptance and approval efficiency, we aim to expand the supply of products and services. By reasonably reducing fees and lowering loan interest rates, we will promote the reduction of financial service costs for new citizens and enhance their sense of achievement.
（3） Do a good job in publicity and strengthen the demonstration effect. Intensify the promotion of financial services for new citizens through research interviews, news reports, expert interpretations, and other methods. Targeting the characteristics of the new citizen group, carry out warm financial knowledge popularization activities, promote and explain financial knowledge, improve the financial literacy of new citizens, and enhance their financial anti fraud capabilities.
Office of the China Banking and Insurance Regulatory Commission
June 10, 2022
(This document is sent to the Banking and Insurance Regulatory Bureau and local corporate banking and insurance institutions)
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