Risk Ranks Second on Chinese Central Bank’s Nine Key Missions for 2018

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The People’s Bank of China has outlined a total of nine key missions for 2018, with the “prevention and dissolution of financial risk” taking second place after replacing “supply side structural reforms.”

The People’s Bank of China Work Conference was held in Beijing from 5 – 6 February, with the official goals of “summarising 2017, analysing current economic and financial circumstances, and making arrangements for work in 2018.”

The work conference outlined a total of nine key missions for 2018, including:

1.Maintaining the steadiness and neutrality of monetary policy;

2. Pragmatically preventing and dissolving financial risk;

3. Steadily and appropriately advancing reforms in key areas and vital links;

4. Continuing to promote the stable and healthy growth of financial markets;

5. Stably promoting the internationalisation of the renminbi;

6. In-depth participation in international financial cooperation and global economic and financial governance;

7. Further promotion of the reform of foreign exchange management mechanisms;

8. Comprehensively raising the financial services and management level;

9. Continuing to strengthen internal management.

Lu Zhengwei (鲁政委), chief economist with Industrial Bank, said to 21st Century Business Herald that some of the changes in this year’s listed warrant attention, chief amongst the rise in the ranking of “the prevention and dissolution of financial risk” to second position, just behind steady and neutral monetary policy.

In 2017 financial risk ranked third behind “properly performing supply side structural reforms,” while it ranked fifth in 2016.

 

 

 

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