Xi urges stronger financial regulation

Added On July 17, 2017

Chinese President Xi Jinping has called for stronger financial regulation to contain risks.

The president made the remarks at a conference that has been convened every five years since 1997 and is widely considered to set the tone for financial reforms. 
Xi said guarding against systemic financial risks is the eternal theme of financial work and the government should take stronger initiative to monitor, warn against and deal with risks in a timely manner.
China will accelerate developing laws and regulations governing the financial sector, improve macro prudential management and emphasize functional as well as behavioral regulation.
Xi added that the government will continue to deleverage the economy by firmly taking a prudent monetary policy and prioritizing reducing leverage in state-owned enterprises.
China will control local government debt growth, crack down upon financial irregularities and improve supervision on Internet finance.