Assistant Minister of Finance Xu Hongcai 12 When attending the 7th Congress of Appraisers of the World Federation of Assessment Organizations, he pointed out that the Ministry of Finance will comprehensively promote reform and innovation in the appraisal industry through five key areas: further strengthening the construction of appraisal regulatory systems, advancing and improving industry entry and exit mechanisms, and enhancing guidance and supervision over industry associations.

Xu Hongcai pointed out that asset valuation is an important link in the market economy that promotes the rational flow of production factors and ensures the smooth operation of economic activities, playing a vitally important role in serving economic and social development. The Chinese government regards boosting the share and quality of the service sector as a new growth point and engine for economic expansion. By strengthening the legal framework of the industry and encouraging market expansion, the Ministry of Finance has effectively promoted the healthy and rapid development of China’s asset valuation industry.

Xu Hongcai stated that in the future, the Ministry of Finance will comprehensively promote reform and innovation in the assessment industry in the following areas.

First, we will further strengthen the development of assessment-related regulations and systems, actively promote assessment legislation, refine relevant systems, and create a better institutional environment for the development of assessment.

Second, standardize and improve the administrative management of the asset valuation industry, strengthen market supervision over the valuation sector, promote the refinement of industry entry and exit mechanisms, and enhance the timeliness and effectiveness of industry market oversight.

Third, we must strengthen guidance and supervision over industry associations, improve and refine the self-regulatory management of the appraisal industry, fully harness the enthusiasm and initiative of industry associations as self-regulatory social organizations, and enhance and elevate their capacity and level of self-management.

Fourth, in coordination with the reform of the government management system and the enhancement of governance capacity, we will actively promote government procurement of services and, in the process of deepening state-owned enterprise reform and improving state-owned asset management, fully leverage the important role of asset valuation.

Fifth, we will encourage and support the healthy development of the assessment industry, align with relevant national industrial policies, actively promote market expansion within the industry, foster innovation in theory and methodology, strengthen capacity building and professional ethics among practitioners, and comprehensively enhance the industry’s service capabilities and standards. (Wang Xiaowei)