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PBOC: China's finance sector pursues high-quality development, maintains stability

Updated: Nov 26,2019 10:29 AM    CGTN

China's finance sector pursued high-quality development in 2018 while maintaining overall stability, according to a report released on Nov 25 by the People's Bank of China assessing the stability of China's financial system.

The report says China has made progress in the reform and opening-up of its financial sector last year, as it has prevented many major risks.

It also notes that the unilateralism and protectionism are raising the uncertainty to the world economy. And since the financial market is sensitive, illegal financial activities inside the country should not be ignored even though they have already been controlled effectively.

The country has been making up its 'short plate' in financial supervision, said the report. Making positive progress in its deleveraging efforts, China has dissolved some major risks like taking over such high-risk institutions as Baoshang Bank.

The report notes that a high saving rate of residents, a vibrant micro-economy, major financial institutions being running firm and stable are advantages of China's financial system. It says the government will further balance between development and risk prevention and will safeguard the bottom line, preventing systematic risks from happening.