China's financial risks remain 'controllable'

2023-06-08 Editor : Li Yan ECNS App Download

A view of Lujiazui area, the financial center in Shanghai. (ZHANG HAIBIN/FOR CHINA DAILY)

While the recent international banking crisis has exerted little direct impact on China's banking system, the warning signals have pointed to the importance of detecting and dealing with various risks at an earlier stage, Li Yunze, director of the National Administration of Financial Regulation said at the 14th Lujiazui Forum, which started in Shanghai on Thursday.

Efforts will be made to prudentially address the existing risks and firmly prevent any additional risks, said Li. By improving the digital and intelligent supervision capability, the country's financial regulators will implement solid and detailed emergency plans and optimize the normalized risk disposal mechanism.

China's financial industry is under stable operation at present, with risks being generally controllable. The country is well grounded to firmly guard the bottom line of preventing systemic financial risks, said Li.

Financial supervision should be more forward-looking, precise, effective and better coordinated to eliminate any gaps or blind spots. Chaos in the financial market should be rectified, while law violations should be severely punished to effectively protect the legitimate rights and interests of financial consumers, he said.

Meanwhile, China will firmly open up its financial market. Over the past few years, more than 50 financial opening-up policies have been rolled out in the country, including lifting the foreign ownership in financial institutions, added Li.

The asset management joint venture set up by BNP Paribas Asset Management Holdings and the asset management subsidiary of Agricultural Bank of China will start operation in Shanghai soon, Li announced at the opening ceremony of the forum. The opening ceremony also launched the international reinsurance board in Shanghai. Related implementation regulations were also released on Thursday.


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