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Xi warns of inappropriate capital and jobs in newly released remarks

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BEIJING (BLOOMBERG) — Chinese President Xi Jinping has warned of the inappropriate accumulation of wealth and the risk it poses to a healthy economy in never-before-seen remarks by a Communist Party newspaper.

China must develop its real economy and avoid mass unemployment, Xi said in a Dec. 8 speech at the annual Central Economic Work Conference and published by Qiushi magazine on Sunday (May 15).

He also warned of disorderly capital expansion and risks in financial and property markets.

Xi stressed that while China should not allow “capital predators” to act recklessly, it must ensure orderly growth of capital, not just get rid of it.

It is unclear why the newspaper published these remarks more than five months after the speech.

The leader also said that financial risks are the result of a lack of oversight in the governance of financial institutions; more flexible management of local debts; the indiscriminate expansion of large corporations and their excessive reliance on financial leverage; financial fraud; Corruption; and slower economic growth.

China should explore policies to support mergers and acquisitions of non-performing assets by financial institutions, and local governments should revitalize existing assets and defuse risks, Xi said.

He also insisted on the attention paid to the risks associated with property developers.

There should also be a national strategic material reserve system so that it can provide stability in critical times, Xi said.

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