China's National Financial Regulatory Administration announced that it held a meeting on Friday to deploy key near-term priorities, emphasizing the need to strengthen a sense of responsibility and urgency in preventing and defusing financial risks.
The meeting was chaired by Ding Xiangqun, Party secretary and minister of the NFRA.
The meeting stressed the importance of steadily advancing risk resolution among local small and medium-sized financial institutions and preventing major financial crises. The regulator pledged to further leverage the whitelist mechanism for ensuring the delivery of pre-sold housing projects and accelerate the formulation of financing frameworks suited to China's new real estate development model.
Authorities also called for active coordination in addressing local government debt risks and supporting the transformation and exit of local government financing vehicles. Additionally, it emphasized the need to guard closely against risks arising from external shocks and continuously improve contingency plans.
The meeting also underscored the need for the NFRA to fully implement the requirements for strict and robust supervision throughout all stages of the regulatory process. This includes tightening market entry standards, strengthening law enforcement, and imposing severe penalties on illegal and non-compliant activities.
