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Xiconomics in Practice: Xi chairs meeting that reviews arrangements to defuse financial risks

Xiconomics in Practice: Xi chairs meeting that reviews arrangements to defuse financial risks
Xiconomics in Practice: Xi chairs meeting that reviews arrangements to defuse financial risks

 


An aerial view of Dalian Port in northeast China's Liaoning province.  Photos: VCG

An aerial view of Dalian Port in northeast China's Liaoning province. Photos: VCG

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Monday chaired a meeting of the Political Bureau of the CPC Central Committee, which deliberated on provisions for trials regarding liability for failure to prevent or defuse crimes. financial risks, according to the Xinhua news agency.

The meeting sent another strong signal that China will continue to step up efforts to prevent and defuse major risks in the financial sector, as the country moves quickly to promote high-quality development and become a global financial power, they said. indicated experts.

Following a series of recent measures to combat financial risks, the liability arrangements will further improve institutional mechanisms to better prevent and resolve risks and promote healthy and high-quality development of the financial market, which plays an essential role in the entire financial market. the economy, the experts further noted.

The meeting notably highlighted that the prevention and defusing of financial risks are linked to national security, overall development and the security of people's property. This is a major obstacle that must be overcome to achieve high-quality development, according to the meeting.

The accountability trial provisions also aim to urge managers at all levels to establish a correct view of performance and better carry out various tasks aimed at comprehensively strengthening financial supervision, preventing and defusing financial risks and to promote high-quality financial development, the meeting noted. , emphasizing the rigor in the implementation of the testing provisions.

The meeting further highlighted China's top leaders' attention to combating financial risks and promoting high-quality development in the financial sector, experts said.

“Combating financial risks has become a top priority for the CPC Central Committee, and addressing loopholes and weak links is a continuous effort,” said Dong Shaopeng, senior researcher at the Institute of Financial Studies of China. Chongyang at Renmin University of China. Global Times Monday.

Dong said that since the second half of 2023, when the stock market faced serious downside risks, there were also major risks in related areas such as financial markets, the real estate sector and local government debt, which required increased regulation. “In order to address the weak links in our country’s financial regulatory system, I believe it is imperative to strengthen accountability provisions.”

Monday's meeting came after a meeting of the Politburo of the CPC Central Committee on April 30 that also focused on continuously preventing and defusing risks in key areas. He called for research into policies to reduce housing stock and improve the quality of newly added housing. The plan for local governments to resolve debt risks should be fully implemented, ensuring that provinces, cities and counties with high debt risks not only effectively reduce their debt burden, but also maintain stable development, the document indicates.

The central working conference on finance which set the tone in October 2023 focused on comprehensively strengthening financial supervision, improving the financial system, optimizing financial services as well as prevention and resolution risks. Then, in March, the government's work report called for increased efforts to effectively prevent and address risks in key areas.

Xi attaches great importance to the financial sector. At the opening ceremony of a study session on promoting high-quality financial development in January, Xi noted that the path of financial development with Chinese characteristics not only follows the path of development of modern finance, but also had distinctive features that suit the Chinese national economy. conditions, and it is therefore different in nature from the Western mode of financial development.

“We should have more confidence and continue to explore and improve our work in the financial sector, so that this path becomes broader and broader,” Xi said, while emphasizing that risk prevention and control should be considered as the constant theme of financial work. , according to Xinhua.

Continuous efforts

As top leaders focus on building the country into a global financial powerhouse, greater policy measures and reforms are expected to be taken in the future, experts noted.

Preventing and defusing financial risks and deepening financial reforms are also expected to be on the agenda of the third plenary session of the 20th CPC Central Committee, which is expected to be held in July and will mainly study issues concerning further deepening of China's reforms and progress. modernization, according to experts.

Cao Yuanzheng, chief economist at Bank of China International, said the interim liability provisions are only part of broader efforts to combat financial risks and promote healthy development, as pointed out the central financial work conference.

“Over the past four decades of reform and opening-up, China's financial sector has made great progress, but we must also realize the importance of preventing and defusing financial risks,” Cao told the Global Times on Monday , emphasizing that the interim liability provisions further strengthen accountability. improve the overall regulatory system, “which is of great importance in preventing systemic financial risks.”

With the continued efforts of top leaders and strong economic fundamentals, China's financial sector has great potential to become a global leader, experts noted.

“The real economy is very dynamic, which provides a solid foundation for high-quality development in the financial sector,” Dong said, noting that one of the top priorities of China's financial work is to ensure that the financial sector will serve the development of the country. real economy.

China has already built a massive financial sector, with more than 4,000 banking institutions in total and five lenders considered globally systemically important banks. At the end of 2023, the total assets of financial institutions in China stood at 461.09 trillion yuan ($64.97 trillion), up 9.9% year-on-year, according to official data.

In addition to efforts to prevent and defuse financial risks and promote high-quality development, China is also working to further open its financial markets to foreign companies.

The central financial working conference in October 2023 also called for efforts to promote high-level financial openness. Specifically, the meeting urged the constant expansion of institutional openness in the financial sector, improvement of cross-border investment and facilitation of financing, and attracting more foreign financial institutions and long-term capital. term to develop and do business in China.

Sources

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2/ https://www.globaltimes.cn/page/202405/1313111.shtml

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