The Chongqing Office and Sichuan Office of the China Banking and Insurance Commission on Sept 1 issued proposals on the high-quality development of the banking and insurance sectors of the two regions in order to better serve the development of the Chengdu-Chongqing Economic Circle.

The proposals put forward 20 measures involving integrated development, institutional reforms, a unified financial market, and coordinated supervision to achieve that goal.

The measures include Sichuan and Chongqing establishing a cross-regional cooperation system, carrying out multi-level business coordination, promoting information and resource sharing, constructing infrastructure networks, pressing forward with industrial transformation and upgrading, and building special international consumption destinations.

The two governments are also encouraging local banks and insurance companies to give full play to their own unique characteristics and set up targeted cross-regional integrated development mechanisms.

According to the proposals, by 2025 the two regions' unified development level will be significantly improved, governance and ability to prevent and control risks among banking and insurance companies will be further strengthened, and opening up and product innovation capabilities will continue to increase.