Xu said a country's central bank plays a special role in its financial system, and the conference highlighted the central bank's role in macro prudential management and avoiding systemic risk.
The planned committee will elevate the level of financial supervision, enabling the country to better deal with financial risks from home and abroad and push forward economic restructuring, according to Zhou Xiaoquan with Central China Securities.
The government will also enhance coordination and connectivity of financial infrastructure and promote sharing of statistics and supervision information, according to the conference.
Tasks highlighted at the conference include making the financial sector better serve the real economy, containing financial risks and deepening financial reforms.
The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.
On the eve of the conference this year, the Chinese insurance regulator warned of multiple risks in the insurance industry, ranging from liquidity pressure to reputation management.
Chinese insurers grabbed headlines by using leveraged money to buy shares in listed companies, triggering sharp volatility in the market late last year.
Right before the conference, the country's securities regulator also extended its message to strengthen oversight on the securities market to keep it fair, open and impartial.
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