East China’s Jiangsu province is determined to forestall major financial risks amid stabilizing growth and advancing high-quality development. The remark was made by Wu Zhenglong, governor of Jiangsu province, at a meeting held on Thursday on preventing and forestalling financial risks.
Wu Zhenglong said that in the past year, Jiangsu has implemented General Secretary Xi Jinping’s important instructions and the decision-making policies of the central government, adhered to the bottom-line thinking, took the initiative to take action, worked hard to overcome difficulties, and achieved positive results in preventing and defusing financial risks, as is evidenced by the fact that no systematic and regional financial risks have occurred.
According to the governor, Jiangsu is faced with heavier than ever economic and social development tasks this year as it is concluding year to build a well-off society at a high level, the last year to win the fight against poverty and the situations has been aggravated by the outbreak of the novel coronavirus epidemic.
Since the outbreak of the novel coronavirus pneumonia epidemic, the financial system in Jiangsu has eased the difficulties for small and micro enterprises, promoted the resumption of production and business, and worked with the enterprises to overcome the difficulties, which has provided strong support for the epidemic prevention and control, the governor said.
Wu Zhenglong emphasized that it is necessary to follow General Secretary Xi Jinping’s important instructions on preventing and resolving major risks, strengthen confidence and maintain resolve, promote steady progress while maintaining stability, strengthen coordination and taken differentiated measures so as to win the victory over the epidemic and economic and social development.
The governor demanded effective measures to resolutely overcome the impact of the epidemic, make greater efforts to promote the economic and social development of financial services, increase support for resumption of work and production and the real economy, and improve service quality.
Wu Zhenglong also demanded sustained efforts to resolutely crack down on all kinds of illegal financial activities, effectively control credit risk in key areas, continue to defuse government debt risks, strictly prevent and control corporate risks, especially those in trading venues, continuously investigate and monitor risks, and maintain social order and people's property security, and effectively and orderly prevent and resolve major financial risks in the process of promoting high-quality development.
China has tackled major financial risks with all-out efforts and a deft hand in the past year, as existing hazards have been gradually dissolved and a more mature system put in place to forestall potential dangers.
China's financial risks gradually abated after a few years of fast accumulation, as the country deals with exposed risks and improves the financial regulation system to steer clear of systemic risks, said a report on China's financial stability in 2019 by the People's Bank of China, the central bank.
Among the most notable achievements, the leverage ratio was stabilized, the country's shadow banking assets at the end of June shrank to the lowest level since the end of 2016, and the legitimate interests of clients were protected during the takeover of Inner Mongolia-based Baoshang Bank to contain its credit risk.
(Source:ourjiangsu.com)
