State Administration of Financial Regulation Director Ding Xiangqun said the agency will tighten market discipline, deepen a cleanup of disorderly competition and sharply crack down on financial black-and-gray operations, and will firmly implement the insurance sector’s "reporting-and-operating-as-one" measure. He said authorities will press firms to strengthen governance, reinforce incentive and constraint mechanisms, and shift from pursuing speed and scale to prioritizing quality and efficienc

State Administration of Financial Regulation Director Ding Xiangqun said the agency will tighten market discipline, deepen a cleanup of disorderly competition and sharply crack down on financial black-and-gray operations, and will firmly implement the insurance sector’s "reporting-and-operating-as-one" measure. He said authorities will press firms to strengthen governance, reinforce incentive and constraint mechanisms, and shift from pursuing speed and scale to prioritizing quality and efficiency to safeguard market order.