The China Banking and Insurance Regulatory Commission (CBIRC) said risks were “generally controllable” and the economy was recovering rapidly with the financial system operating smoothly, according to a read-out of the first leadership meeting since the Two Sessions. Supporting the expansion of consumption is 2023 is the top priority for the CBIRC. The banking regulator will support investment in the real economy, optimise financial services for exports, and standardise the development of pension services. Plans to steadily expand the institutional opening of the banking and insurance industry are also on the agenda.