At the opening ceremony of the Special Forum on Promoting the High-Quality Development of Finance for Provincial and Ministerial-Level Leading Cadres, Xi Jinping emphasized the need to “focus on preventing and resolving financial risks, especially systemic risks” and said that the Chinese government should regulate and monitor the financial industry “with teeth and thorns.”
People’s Daily followed up by publishing an article that argued for establishing a “comprehensive and effective financial regulatory system.”
The article said that “safeguarding financial security is a strategic and fundamental matter that concerns the overall development of China’s economy and society.”
“There are still many hidden economic and financial risks in China, such as low efficiency in financial services to support the real economy, irregularities and corruption in the financial industry, and weak financial regulatory and governance capabilities. The 20th National Congress of the Commuinst Party called to ‘strengthen and improve modern financial regulation, enhance the financial stability guarantee system, bring all types of financial activities under supervision, and guard against systemic risks.'”
Source: People’s Daily, January 20, 2024
http://opinion.people.com.cn/n1/2024/0120/c1003-40162853.html