China's national political advisory body highlights financial risk prevention

Updated 2018-05-16 09:14:04 Xinhua

Wang Yang, member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), presides over a special consultative conference on improving the system for the prevention of systemic financial risks in Beijing, capital of China, on May 15, 2018. (Xinhua/Shen Hong)

China's national political advisory body held a special consultative conference Tuesday on improving the system for the prevention of systemic financial risks.

Wang Yang, member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), stressed that financial risk prevention was connected with national security, the overall development situation and the safety of peopel's property.

Altogether, 24 CPPCC members made speeches at the meeting, agreeing that China had made initial results thanks to a series of policies.

They suggested the country to continue upholding the underlying principle of pursuing progress while ensuring stability, strengthening institutional construction and cracking down on financial irregularities.

While attending the conference, Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee, said that "serving the real economy should be taken as the ultimate object in doing financial work, and maintaining a prudent and neutral monetary policy should be combined with rigid regulatory policy to promote high-quality development."

"People should understand that capital is needed to start a business, money borrowed must be paid back, and there are risks in investment and prices to pay for wrongdoing," Liu said.

Liu expressed his full confidence in winning the battle of financial risks prevention, saying that China had many advantages and would address its problems through reform and development.

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