China’s central bank has flagged the launch of further measures to stymie sources of risk in the country’s lending and finance sectors.
The People’s Bank of China party committee convened a special meeting on the afternoon of 26 April in response to Xi Jinping’s heavily publicised call for improved handling of financial sector risk, due to its potential impacts on economic growth as well as national security.
According to state media the meeting of PBOC’s party committee emphasised the need to “focus on the prevention of financial risk, strengthening coordination between financial regulators, and perform the orderly disposal of salient risk points.”
PBOC said that it will continue to advance supply side reforms in China’s various regions and sectors, and endeavour to development new drivers of development, as well as strengthen the ability of the financial sector to service the real economy.
“2017 is a key year for the implementation of the 13th Five Year Plan, and deepening supply-side structural reforms” said PBOC in an official statement. “In the second half of the year the 19th National Party Congress will be convened, and it’s of key importance that all work be properly performed.”
It also flagged the continued implementation of stable and neutral monetary policy, as well as further reform of key links and areas of the financial sector.