China intends to step up efforts to forge itself into a financial power by strengthening financial regulation across the three main aspects of risk prevention, supervision enhancement and advancing high-quality development, according to an official on Thursday.
At press conference in Beijing, Cong Lin, deputy director of National Financial Regulatory Administration, briefed media on the latest plans to reinforce financial regulations, with measures designed to provide support for business activities while preventing risks and tightening supervision.
"We should effectively and orderly prevent and defuse risks of local small and medium-sized financial institutions and firmly hold the bottom line against collapse. We will also promote the reduction of the number of local small and medium-sized financial institutions while improving their quality and optimizing their layout. Meanwhile, we will thoroughly implement a comprehensive campaign to prevent and combat illegal financial activities, so as to safeguard people's hard-earned money," said Cong.
"We need to improve the framework for classified and graded supervision and steadily advance differentiated supervision. Technological empowerment should be enhanced, with our 'look-through' regulatory capacity being strengthened. We also will guide financial institutions to accelerate transformation in their development mode and build their capacity for sustainable development," Cong noted.
To facilitate high-quality development, the administration will also look to implement a wider range of safeguarding strategies across key areas and address weak links. Financial support for stimulating consumption, expanding investment, stabilizing businesses and employment, and promoting scientific and technological innovation will also be increased, according to the official.
China to step up financial regulation with enhanced risk prevention, supervision: official
