(Adds details, background)
BEIJING, Oct 31 (Reuters) – China will step up financial supervision to prevent and resolve financial risks, state media reported, citing a key twice-a-decade financial policy meeting that ended on Tuesday.
China will uphold the centralised and unified leadership of the party on financial work, the National Financial Work Conference was quoted as saying.
First held in 1997, the National Financial Work Conference is closely watched for its impact on China’s financial system development, setting the direction for major reforms over the next five years.
The conference, which is usually held once every five years, did not take place in 2022. The last one was in 2017.
In March, China unveiled a sweeping shake-up of the financial regulatory regime, including a plan to set up the Central Financial Commission to tighten the party’s grip on the financial sector.
The gathering, which was attended by Chinese President Xi Jinping and Premier Li Qiang, said China will set up a long-term mechanism for reducing local debt risks. China will also help with reasonable financing demands for all types of property enterprises, the Conference was quoted as saying.
China will also maintain prudent monetary policy and keep the yuan exchange rate basically stable.
(Reporting by Beijing Newsroom, editing by Ed Osmond)
