China must safeguard against financial risk as it prepares to open its markets wider to private and foreign investors, a regulatory body chaired by the country’s top economic adviser said on Saturday.
“We must clean up all the financial mess and have zero tolerance for irregularities,” the Financial Stability and Development Committee (FSDC) said in a statement released online.
“Our bottom line of no systemic financial risks must be defended,” said the agency, which is headed by Vice-Premier Liu He.
The world’s second-largest economy has been tackling a host of financial challenges in recent years – from eradicating unscrupulous peer-to-peer lending platforms to reducing debt levels and shoring up small- and medium-sized banks – and is nearing the end of its three-year “de-risking” agenda to stabilise markets, while also protecting the environment and eradicating poverty.
https://www.scmp.com/news/china/article/3107977/china-must-control-financial-risk-its-markets-open-wider-regulatory-body