China’s Ministry of State Security published an article to state that it will safeguard China’s financial security, and that others should do the same. Commentators suggested that the article indicates China is running out of options for sustaining its financial market and is looking to expand the police forces for support. The following is a translation of the article:
Financial security is an important part of national security. The maintenance of financial security is a major responsibility with strategic and fundamental importance concerning China’s overall economic and social development. To promote high-quality development of China’s financial industry, we must build a solid defensive perimiter for financial security and limit what financial risks we are willing to accept.
Some countries treat finance as a tool for geopolitical games, repeatedly acting as currency hegemon and [threatening others by] waving the “financial sanctions” stick. Some ill-intentioned people [within China] have tried to stir up turmoil and make money during the [resulting] chaos. There are not only people who short-sell Chinese assets when they anticipate China’s financial market will fall, but also people who advocate for the fall of the financial markets or who steal money from the financial markets. They have attempted to shake the confidence of the international community in investing in China and to trigger financial turmoil in China. These factors have brought new challenges to the maintenance of financial security under present circumstances.
State security organs should place greater importance on preventing and resolving financial risks; actively participate in the development of national security systems in the economic and financial fields; closely monitor, accurately predict and effectively prevent national security risks in the financial field; crack down on and punish illegal and criminal activity in the financial field that jeopardizes national security; act as a steadfast protector of financial security; and make contributions for the sake of national security to the advancement of high-quality financial development [of China] and high-level opening up. (Ministry of State Security)
Source: Sina, November 3, 2023
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