Recently, the total assets of China's financial industry in mainland China have reached approximately 490 trillion yuan, with the banking and insurance industries ranking first and second in the world, respectively. The industry operates in a generally stable manner, with overall controllable risks.

Looking at the specific scale, the latest data disclosed by regulators shows that by the end of the third quarter of this year, the total assets of China's banking financial institutions in both domestic and foreign currencies amounted to a staggering 439.5 trillion yuan. In fact, on August 21st of this year, regulators revealed that China's banking industry asset scale had already become the largest in the world.

The inevitability of China's banking industry asset scale consistently ranking first globally can be attributed to several factors. Since the reform and opening up, the rapid development of China's real economy has propelled the growth and expansion of the banking industry. Under the impetus of regulatory authorities, a series of reforms such as the market-oriented transformation of banking institutions, shareholding system reform, domestic and international listings, group operations, and international development have accelerated their competitiveness in terms of capital strength, scale, efficiency, and market value.

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At present, there are more than 4,000 legal entities of banking financial institutions in China, with the comprehensive strength and influence of the banking industry continuously increasing. Some large commercial banks have been selected as globally systemically important banks. Strong financial institutions are one of the key core elements of a financial powerhouse. The author believes that considering the current domestic and international economic development situation, after the total assets have consistently ranked first globally, the banking industry has four new missions.

Firstly, it is essential to accelerate the precision and adaptability of services to the real economy.

In recent years, China has been continuously promoting the transformation of economic growth models from traditional high-speed growth to innovation-driven and quality efficiency-oriented through deepening supply-side structural reforms and accelerating the construction of a new development pattern. The role of new industries, new models, and new drivers in high-quality economic development has become increasingly important. This requires the banking industry to effectively strengthen high-quality financial services for major strategies, key areas, and weak links. It also demands precise support for technological innovation and the transformation and upgrading of the manufacturing industry, continuously enhancing the service capacity, intensity, and level of technology finance, and enhancing the adaptability of financial services to economic structural adjustments and dynamic balance.

Secondly, it is crucial to continuously enhance development quality and efficiency, and expand diversified profitability.

Maintaining a reasonable and stable profit level for commercial banks is vital for the stability of the financial system and sustainable economic development. Currently, the profit model of China's banking industry still heavily relies on interest income. Taking listed banks as an example, the net interest income of the 42 listed banks accounts for 73% of total revenue in the first three quarters, with some banks even exceeding 90%. With market interest rates still in a downward trend, commercial banks urgently need to strengthen the market-oriented pricing ability of deposit and loan interest rates to maintain the stability of this basic foundation. On the other hand, they must continue to explore more profit growth points and expand non-interest income sources. Currently, some leading international commercial banks have an interest income ratio of less than 50%, or even lower. In comparison, there is both room and a necessity for China's banking industry to increase the proportion of non-interest income.

Thirdly, it is necessary to enhance the ability to withstand risks and navigate through cycles.

The banking industry needs to properly resolve and dispose of existing non-performing assets, and at the same time, according to the direction of economic structural adjustments, promptly strengthen the risk identification and prevention and control capabilities in new areas such as technological innovation, and build risk assessment models that adapt to the characteristics of technology-based enterprises. In addition, the banking industry also needs to continuously expand channels for capital replenishment and enhance the "capital" to resist risks. Moreover, banking institutions must also strengthen their ability to judge and predict financial and economic situations, avoid potential market and interest rate risks, and enhance cross-cycle management capabilities.

Fourthly, it is important to expand international business and enhance international competitiveness.

In recent years, China's banking industry has achieved positive results in the expansion of international business. On the one hand, the banking industry has promoted international trade and investment by providing cross-border payment, settlement, financing, and other financial services. On the other hand, by conducting international business, the banking industry has increased sources of income, diversified the risks of major asset classes, enhanced asset returns, and improved brand influence. In the future, as the banking industry promotes the "bringing in" of foreign capital and the "going out" of domestic capital, it should continue to expand international business, enhance the professionalism of transnational operations, and continuously improve international competitiveness.

In summary, after the total assets of China's banking industry have consistently ranked first globally, a new journey has begun, and the new development stage has also endowed the banking industry with new missions. In the future, the banking industry should continue to start from the fundamental purpose of serving the real economy, intensify efforts to promote high-quality economic development, and become "stronger" based on "bigness."