2024 RT Amination Banner.gif

China Daily

News> Business> Content
Published: 18:00, December 01, 2023
Top-level financial body stresses the need for regulation
By Zhou Lanxu
Published:18:00, December 01, 2023 By Zhou Lanxu

This undated photo shows a view of the Huangpu River in Shanghai. (PHOTO / VCG)

The Central Financial Commission, a top body responsible for top-level planning and overall advancement of China's financial stability and development, has stressed the need to comprehensively strengthen financial regulation and effectively forestall financial risks.

In an article published in Qiushi Journal on Friday, the office of the Central Financial Commission and the Central Financial Work Commission said that enhancing financial regulation is one of the main tasks facing financial authorities both at present and in the coming period.

Efforts should be made to realize full coverage of financial supervision that brings all financial activities under regulation and resolutely regulates both legal and illegal activities

ALSO READ: China unveils regulation on private investment funds

Efforts should be made to realize full coverage of financial supervision that brings all financial activities under regulation and resolutely regulates both legal and illegal activities, according to the article.

The commission urged to give real teeth to financial regulation and address any loose regulation while intensifying the accountability of supervision, or enhancing the supervision of regulators.

As for financial risk prevention and resolution, the commission said forceful and effective efforts are needed to strengthen risk control in key areas, urging strong measures to cure existing problems and early rectification of any emerging problems before they become acute.

READ MORE: Chinese investors broaden horizons

An emergency response mechanism should be established and improved while risks should be effectively and prudently resolved under the premise of stabilizing the overall situation, the commission said.


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !