Xi: China needs financial regulations
Chinese President Xi Jinping stated that the country’s financial regulators and local governments should take more responsibility in eliminating risks.
The country’s financial regulators and local governments must take more responsibility for eliminating risks, Chinese President Xi Jinping said Monday as he chaired a Politburo meeting to review new rules on accountability.
The new rules will strengthen the Communist Party’s leadership in the financial sector, Xi told the 24-member decision-making body, according to the official Xinhua News Agency. On the other hand, Xi said that the aim is to ensure that officials at all levels form accurate opinions about political performance while conducting financial supervision to prevent and neutralize financial risks.
China’s policymakers vowed to take deeper action against financial risks and “hidden dangers” at their annual legislative session in March. In addition, Premier Li Qiang drew attention to the risks in the real estate sector, local government debts, and small and medium-sized financial institutions.