But the world’s second-largest economy faces more pressing challenges in its efforts to mitigate rising financial risks, he told a high-level meeting at Beijing’s Central Party School.
“A financial superpower must be based on a solid economic foundation,” Xi said, according to state news agency Xinhua. “We must have world-leading economic power, technological strength, and comprehensive national power.”
President Xi said the main differences with the Western model include the leadership of the Communist Party and the emphasis on financial support for the real economy.
He also emphasized fundamentals, saying a strong currency, central bank, domestic and international financial institutions, and strong supervision and human resources are key to superpower status.
Financial regulation must have teeth…Corruption must be firmly punished and moral hazard strictly prevented.
President Xi said that becoming a financial superpower requires long-term efforts, but also stressed the importance of preventing systemic financial risks, and that financial regulators and industry authorities need to clarify responsibilities and strengthen cooperation. he added.
“Financial regulation must have teeth,” he said. “All regions should plan the overall situation based on one region and practice risk management and maintaining stability.”
Amid the real estate slump, China aims to revitalize the rental housing market
Amid the real estate slump, China aims to revitalize the rental housing market
He said China will focus on strengthening its competitiveness and influence on international rules and promoting a “high level” of financial openness.
“[We will] “We will streamline restrictive measures, improve policy transparency, stability and predictability, regulate foreign investment and financing activities, and strengthen financial support for the Belt and Road Initiative.”
10:57
Booms, busts, and borrowing: Has China’s housing market slumped?
Booms, busts, and borrowing: Has China’s housing market slumped?
Authorities responded by restructuring the regulatory system and creating a central financial commission to oversee the multitrillion-dollar industry.
The majority of China’s banks, securities companies, and insurance companies are controlled by the government at various levels.
Rising local government debt has also raised concerns about the outlook for the local economy and possible spillover to the banking sector, which has significant exposure and could be cyclically sensitive. There is.
Fitch Ratings said last week that capital pressures are increasing at many banks in China, including some systemically important banks.
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