China Financing Guarantee Association ((CFGA) was established under the approval of China Banking Regulatory Commission (CBRC) and Ministry of Civil Affairs of the People’s Republic of China on January 18, 2013.
The Association is a national financing guarantee industrial self-discipline organization formed by financing guarantee institutions and local financing guarantee industrial self-discipline organizations based on their own will. The Association is subject to the guidance and supervision of China Banking Regulatory Commission which is the business supervision authority and Ministry of Civil Affairs which is the registration administration authority of societies and organizations. Financing guarantee institutions with independent legal entity and financing guarantee operation license approved by the supervision authority and local financing guarantee industrial self-discipline organizations can apply to be a member of the Association.
On September 17, 2013, China Finance Guarantee Association‘s inaugural Plenary Session was held in Beijing. Mr. Yan Qingmin the Vice Chairman of China Banking Regulatory Commission and Mr. Cai Esheng, the former Vice Chairman of China Banking Regulatory Commission attended the meeting and made an important speech. National Development and Reform Commission, Ministry Industry and Information Technology, Ministry of Finance, Ministry of Commerce, General Administration of Customs, Legislative Affairs Office of the State Council sent officials of relevant divisions to attend the meeting. Vice Chairman Yan pointed out that the establishment of China Financing Guarantee Association is a substantial step to implement the files entitled " Notice on Further Clarifying the Responsibilities of Supervising Financing Guarantee Business " (Guo Ban Fa  No. 7) by the State Council and "Interim Management Method for Financing Guarantee Companies ". It marked a further step towards maturity of the regularized development of financing guarantee industry and it will be a milestone in the history of the industry. Vice Chairman Yan emphasized that regulated development was the inevitable choice of China's financing guarantee industry and to strengthen self-discipline is an important way to regulate development. He also pointed out that a provide good service is currently the top priority of the Association.
As of December 31, 2013, China Financing Guarantee Association has 198 members, including state-owned guarantee corporation, private guarantee Corporation, joint-stock Guarantee Corporation, foreign Guarantee Corporation and 15 local guarantee associations.
After approved by China Banking Regulatory Commission the highest authority of the Association is the Plenary Session which constitutes of members or local financing guarantee industrial self-discipline organizations recommended by the supervisory authority as well as members recommended by local financing guarantee self-discipline organizations. The Executive Council is executive body of the Plenary Session which is responsible to the Plenary Session and is in charge of the daily operation of the Association during the adjournment of the Plenary Session. The Standing Council of the Association is voted by the Executive Council, which exercises the functions in accordance with the Charter of the Association. The Supervisory Board is voted by the Plenary Session and is responsible to it. The Secretariat is the daily operation office of the association.
The Purposes of the association are: Under the supervision and administration of financing guarantee industry, to self-regulate the financing guarantee industry; to play the role of bridge between the government and the financing guarantee industry; to provide services for its members and to protect the legal rights of the members; to maintain the fair competition rules of the industry and to promote an open, fair and just financing guarantee market; to promote the healthy and steady development of the industry.