News eDaily27 Apr 2017

China:Financial risks discussed at highest level of Communist Party

27 Apr 2017

China's top leaders have urged that the nation ensure the avoidance of systemic financial risks and press on "with the strategic adjustment of its economic structure", reported the Xinhua News Agency.

The comments were in a statement issued after a meeting on Tuesday of the Political Bureau of the Communist Party of China Central Committee, presided over by President Xi Jinping who is also General Secretary of the Party. The Political Bureau consists of a group of 25 people who oversee the Party.

Mr Xi said that China faced challenges overhauling its economy but the authorities should ensure there were no systemic financial risks

The government should attach great importance to preventing and controlling financial risks and improving coordination between the various regulatory authorities, the statement said.

It added that the government should step up punishment of illegal activities in the industry and do more to ensure the financial sector could help the industrial economy.

The statement reflects how seriously Chinese leaders are viewing risks in the financial sector. Regulators have recently tightened risk control, with the China Banking Regulatory Commission vowing to "become more active in financial risk control" and the China Insurance Regulatory Commission ramping up supervision of insurers. The China Securities Regulatory Commission said that stock exchange overseers must "brandish the sword" and combat any activities that disturb market order.


 

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