- Regulates and supervises the banking and insurance sectors; ensures the legal and stable operation of banking and insurance institutions
- Conducts systematic research on reforms and supervisory effectiveness of the banking and insurance sectors; engages in strategic planning for financial reform and development, drafts laws and regulations for the banking and insurance sectors, and the establishment of a prudential regulation framework and financial consumer protection framework; formulates relevant rules and regulations as well as amendments
- Formulates supervisory rules for prudential regulation and financial consumer protection develops operational and supervisory rules for microfinance companies, financing guarantee companies, pawnshops, leasing companies, commercial factoring companies, local asset management companies and other institutions; and establish supervisory framework for the business activities of online lending institutions
- Licenses banking and insurance institutions and their business scope; reviews and approves the qualification of senior management of relevant institutions; and formulates codes of conduct for banking and insurance employees
- Supervises banking and insurance institutions in terms of corporate governance, risk management, internal controls, capital adequacy, solvency, business operations, and information disclosure, etc.
- Conducts on-site examination and off-site surveillance on banking and insurance institutions, carries out risk and compliance assessment, protects the rights of financial consumers, and penalizes illegal acts and misconduct
- Compiles and publishes statistical reports on the banking and insurance sectors, makes due disclosures in accordance with requirements and performs financial statistical work
- Establishes risk monitoring, control, assessment and early warning mechanisms for the banking and insurance sectors; tracks, analyzes, monitors and forecasts banking and insurance operations
- Makes recommendations for and oversees the implementation of the contingent risk resolution plans of depository financial institutions and insurance institutions
- Cracks down on illegal financial activities in, including identifying, punishing and banning illegal fund-raising activities
- Provides guidance for and monitors the work of local financial regulatory authorities
- Engages in the activities of international banking and insurance organizations, including the international regulatory standard-setting work for banking and insurance sectors; facilitates international cooperation of the banking and insurance sectors
- Carries out routine administrative work of the supervisory boards of major banks
