China's financial system is stable in general and financial risks have been mitigated, said the country's central bank on Monday.
The People's Bank of China (PBOC) recently held a work meeting on financial stability, which summarized efforts last year to stabilize the financial sector, provided analysis on the current financial situation and made arrangement for the follow-up work, according to a statement published on the PBOC website.
The meeting believed the central bank had achieved positive results in 2023 in enhancing the financial risk monitoring and assessment framework, guarding against and defusing financial risks, strengthening the guarantee system for financial stability and deepening financial system reform, contributing to high-quality development of the financial sector, said the statement.
The main operational and regulatory indicators for financial institutions in the banking, insurance, and securities industries are within reasonable ranges. As China's macro-economy continues to rebound, the sound operation of the financial system will be put on a more solid footing.
The meeting stressed that the top priority of financial work is preventing and defusing financial risks, especially systemic financial risks.
To guarantee financial stability in 2024, efforts should be made to prevent and defuse risks in key areas, strengthen early warnings, effectively deal with existing risks and curb incremental risks, and ensure that no systemic risks arise, which is deemed as the bottom line.
China’s financial system stable in general with reduced risk: central bank
The year 2024 celebrates the 60th anniversary of China-France diplomatic ties, and it also heralds the China-France Year of Cultural Tourism, a celebration aimed at bolstering cultural and people-to-people exchanges through a series of enriching events.
During a special episode focused on this milestone, cultural experts and influencers from both nations shared insights into the depth of Sino-French cultural interactions.
The discussion, livestreamed from Shanghai on April 22, began with a historical overview, notably when then-Chinese Premier Zhou Enlai introduced President Georges Pompidou to the Yungang Grottoes, a renowned Buddhist cave site in north China's Shanxi. These caves feature intricate carvings that reflect religious and cultural syntheses from the 5th and 6th centuries.
David Gosset, founder of the China-Europe-America Global Initiative, commented on the geopolitical context of the initial outreach.
"People have to remember that we were in the middle of the Cold War, therefore, the world was divided. For a Western country like France to reach out to China, and of course vice versa, it's a beautiful moment, historical diplomatic breakthroughs, means that despite all the geopolitical difficulties, a spirit of cooperation and friendship can prevail," said Gosset.
Xie Dingwei, executive director of the Bund One Art Museum, emphasized the importance of preserving cultural heritage.
"We need to preserve these cultural heritages. We not [just] preserve the sculptures or the buildings itself, but also, it gives us a chance to see hundreds of years ago, how our craftsmanship, our architecture, our human beings, we have reached [such] high levels, which brings us to the present time these treasures, these values. This is something we really cannot afford to lose. Culture is a common language; it doesn't matter you're Eastern art or Western art, somehow they can be connected. So this is something I think it creates a communication channel between the nations," said Xie.
The cultural connection was recently demonstrated during a meeting last April between French President Emmanuel Macron and Chinese President Xi Jinping, where they enjoyed the performance of "Flowing Water" played on the Guqin by a Chinese artist, symbolizing the flowing friendship between the two nations.
"This communication on art subjects between the nations and different peoples are really, really important. It goes beyond politics, beyond the differences between the nations. But you all go to getting closer to understanding each other," said Xie.
Gosset also supported the notion of fostering unity through cultural platforms, aligning with President Xi Jinping's idea of building a community with a shared future.
"I am completely aligned with this idea. We are on the same boat. Our world is frightened by too many divisions. And I think, what is important is to support the forces that can unite us, so it can be music, and certainly museums, and you need leaders with a vision that does not separate us," said Gosset.
Six decades of China-France diplomatic relations highlighted by cultural exchange
