China’s financial industry is entering a new era where data is the driving force behind both regulatory modernization and institutional transformation.

At the 2025 Lujiazui Forum, the People’s Bank of China announced eight landmark opening measures, highlighted by the creation of a centralized trade repository. This new infrastructure will systematically capture high-frequency transaction data from interbank bonds, FX, derivatives, and money markets, laying the foundation for stronger macroprudential oversight. At the same time, regulatory reform is advancing on the micro level: the National Financial Supervision Administration has officially rolled out the “One-Form” reporting system nationwide after more than three years of pilots. By rebuilding the reporting framework around digitization and intelligence, “One-Form” strengthens modern supervision, enhances data-driven governance, and accelerates the digital transformation of banks. Together, these initiatives mark a decisive shift toward data-centric financial oversight in China.

Amid this regulatory momentum, the rapid growth of China’s financial market continues to bring new products, services, and risks. Emerging technologies—especially artificial intelligence—are reshaping business models, compelling financial institutions to strengthen their data capabilities and unlock its value as a true production factor. Under the dual drivers of regulatory upgrades and digital transformation, the productivity of financial data is surging. Chinese fintech leaders such as Changliang Technology are both contributors and witnesses to this historic transition, providing the infrastructure, innovation, and expertise that will power the next stage of financial industry evolution.

01 | Continuous Upgrades in the Reporting System

The evolution of China’s financial industry is inseparable from the modernization of its regulatory reporting. Over the past three decades, reporting methods have advanced from manual processing to automation, platformization, and now into a digital and intelligent era—epitomized by the rollout of the “One-Form” system. These developments reflect regulators’ growing focus on high-frequency, granular data to strengthen both macroprudential and microprudential oversight.

At the macro level, the People’s Bank of China has built comprehensive reporting frameworks to monitor and guide the financial system, from centralized repositories to new initiatives such as the Financial Data System. At the micro level, regulatory authorities have continuously upgraded reporting tools to enhance off-site supervision, evolving from early systems like “1104” to today’s nationwide adoption of “One-Form.” Together, these upgrades illustrate a clear trajectory: regulatory reporting is shifting from static compliance to dynamic, data-driven monitoring, laying the groundwork for more intelligent, resilient, and transparent financial regulation in China.

02 | The Origins and Evolution of “One-Form”

The creation of the “One-Form” system reflects years of effort by regulators and financial institutions to overcome longstanding challenges in regulatory reporting. Earlier systems, such as EAST, were ambitious but often struggled with timeliness, data consistency, and usability, leaving regulators without the high-frequency insights needed for effective supervision in a digital era.

In 2019, regulators in East China launched a pioneering initiative to rebuild the framework, calling on domestic fintech providers to design a more standardized, efficient, and intelligent reporting system. Leveraging its expertise in financial data governance, Changliang Technology played a key role in developing a new platform that unified standards, improved accuracy, and enabled real-time data interaction. Pilots delivered strong results, paving the way for nationwide adoption.

Today, “One-Form” has become a cornerstone of modern financial supervision. By providing regulators with deeper penetration, faster data cycles, and broader coverage, it marks a decisive step forward in China’s journey toward smarter, data-driven financial regulation.

Sunline, through deep involvement in the pilot, further solidified its competitive advantage in regulatory reporting. Its One-Form solution has been implemented and successfully reported in multiple banks, including Ping An Bank, Hengfeng Bank, Nanjing Bank, and Sichuan Rural Credit Cooperatives.

Notably, Sunline not only responds to the call of building a strong financial nation, but also demonstrates the strength of China’s solutions on the global fintech stage. To date, Sunline’s business footprint spans across Asia, the Middle East, Africa, and Latin America, deeply serving more than 60 overseas financial institutions.

Source: New Finance Langya List