Beijing Municipal Bureau of Local Financial Regulation is a bureau-level organization directly under the municipal government. It also assumes the title of Beijing Municipal Bureau of Financial Work (BMBFW for short).
Adhering to and strengthening the unified leadership of the Party on financial work in the course of performing its duties, Beijing Municipal Bureau of Local Financial Regulation implements the guidelines, policies, decisions and arrangements of the CPC Central Committee on financial work and relevant work requirements of the municipal Party committee, and its main duties are as follows:
1. To formulate relevant local laws and government regulations; to cooperate with the national financial management department in Beijing to do a good job in monetary policy implementation and financial supervision; to study and formulate financial development plans and policy measures in the city; to be responsible for the organization and implementation.
2. To guide and promote the building and development of the city's financial market and factor market system; to organize the promotion of multi-level capital market development; to guide and standardize the establishment and development of various exchanges; to guide and promote standard development of local equity exchange center.
3. To coordinate the promotion of corporate financing in this city; to coordinate the promotion of corporate listing as well as its mergers and acquisitions; to coordinate and promote the issuance of debt financing instruments such as corporate bonds, short-term financing bills and medium-term notes; to guide and promote regulatory development of angel investment, venture capital funds, equity (industry) investment funds.
4. To coordinate the development of municipal inclusive finance, green finance and small-and-micro finance; to promote rural financial system building and product service innovation; to coordinate and promote rural financial reforms, innovation and development; to guide the building and development of rural financial comprehensive reform pilot zones; to work with relevant departments to carry out financial targeted assistance and poverty alleviation.
5. To coordinate and promote the development of Beijing's financial development environment; to coordinate and promote financial institutions and intermediaries and enhance their capacity of financial service to serve real economy, sci-tech innovation and social governance; to establish and improve the financial service system, and provide services for the state's financial management department and financial institutions in Beijing.
6. To coordinate financial institutions in Beijing to serve its economic and social development; to participate in the reform of the city's investment and financing system; to study and formulate policies and measures to guide the development of social financing; to participate in the research and development of government financing plans for major projects; to coordinate the comprehensive use of various financial instruments and platforms for financial institutions, and provide financing support services for key projects, leading industries, important regional development, and development of SMEs.
7. To coordinate and guide financial services to serve people's livelihood; to guide and coordinate financial institutions to innovate service products; to expand service scope and extend service areas; to improve service efficiency.
8. To promote the city's financial credit system; to cooperate with related departments to promote the construction of corporate and personal credit reference systems; to participate in the establishment of credit information sharing and exchange system as well as credit reward and punishment mechanism.
9. To promote the rational distribution of financial institutions by studying and formulating plans for the overall development of the financial industry in Beijing; to promote modern financial system; to provide guidance on building and development of financial functional zones; to encourage the access of relevant financial management departments and financial institutions by working with relevant departments; to monitor and analyze the development of financial functional zones.
10. To be responsible for administrative review and approval of microfinance companies, financing assurance companies, regional equity market, pawnbrokers, finance leasing companies, factoring companies and regional asset management companies in Beijing and enforce supervision in adherence to laws and regulations; to support and promote municipal financial institutions reform and restructuring; to undertake the property rights confirmation responsibility for collective restructured companies that are listed; to guide and standardize the development of financial intermediaries.
11. To enhance supervision on investment companies, farmers' professional cooperatives with credit union system, civil crowd-funding organizations and all types of local trading market.
12. To lead the efforts to prevent and crack down on all kinds of activities violating laws and regulations such as financial fraud, illegal fund-raising, illegal securities and futures businesses; to work with relevant departments to deal with illegal financial institutions and activities; to be responsible for handling financial emergencies.
13. To guide and coordinate the work on financial talent resources development and management as well as financial talent building in Beijing.
14. To perform other tasks assigned by the municipal Party committee and the municipal government.
15. To shift government functions.
A. To enhance localized financial supervision and eliminate supervision blind areas and supervision absence.
B. To enhance risk prevention and decomposition capability of financial institutions in Beijing; to fulfill duties regarding the risk prevention and handling of illegal fundraising; to preserve local financial stability thorough early-detection and proper handling of illegal fundraising.