PBOC to Formulate New-Stage Fintech Development Plan and Introduce Policy Documents to Support Digital and Intelligent Financial Transformation

On June 24, the National Data Administration hosted the second press conference in its “Data Elements ×” series. Zhou Xiangkun, Deputy Director of the Science and Technology Department of the People’s Bank of China (PBOC), presented the PBOC’s achievements since the release of the Three-Year Action Plan for “Data Elements ×” (2024–2026) and outlined future plans.

The National Data Administration noted that upon its establishment at the end of 2023, it prioritized addressing issues such as low data supply quality, ineffective circulation mechanisms, and insufficient release of application potential. In collaboration with 16 departments including the Ministry of Transport, Ministry of Agriculture, Ministry of Emergency Management, National Healthcare Security Administration, and the Chinese Academy of Sciences, it issued the Three-Year Action Plan for “Data Elements ×” (2024–2026) to enhance demand-driven scenarios, improve the quality supply of data elements, and promote their compliant and efficient circulation and utilization to fully leverage their multiplier effect.

Zhou stated that the PBOC has been actively implementing the 2022–2025 Fintech Development Plan, advancing efforts to strengthen financial data management and application, and guiding institutions to adhere to principles of lawful compliance, integrity, business empowerment, and enhanced protection. The PBOC launched initiatives such as the Financial Digital Transformation Enhancement Project and the Fintech Empowerment for Rural Revitalization Demonstration Project, supporting financial institutions in leveraging data elements to optimize services, enrich product offerings, and strengthen risk prevention.

In terms of data security, the PBOC released the Measures for Data Security Management in PBOC Business Areas to ensure the lawful protection of business data and support its safe development and utilization. Additionally, the central bank promoted the implementation of the Guidelines for Data Capability Building in the Financial Sector and the industry standard Financial Data Security Classification Guidelines, offering comprehensive direction for financial institutions in areas such as data sharing, application integration, privacy protection, and quality management, while improving overall data security and management capabilities.

Looking ahead, the PBOC will study and draft a new-stage fintech development plan and introduce policy documents to further integrate fintech in promoting digital and intelligent transformation. In cooperation with the National Data Administration, the PBOC will conduct “Data Elements ×” pilot programs, encouraging financial institutions to harness their vast data resources and diverse application scenarios under a secure and compliant framework, enhance foundational data capacity, and energize the data engine supporting the five key financial development priorities