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Vice-premier chairs sixth major financial meeting

Updated: Jul 20,2019 09:25 PM

Vice-Premier Liu He on July 19 in Beijing presided over the sixth meeting of the financial stability and development committee under the State Council.

The meeting focused on financial trends and key work in the financial sector.

According to the meeting, phased goals in controlling and eliminating financial risks have been obtained.

Financial services for the real economy – especially for private, micro and small businesses – are being increased, and progress has been made in financial opening-up reforms, which has contributed to the micro-economy’s stability in the first half of 2019.

Domestic and international conditions will remain complicated and many risks and challenges will be met in maintaining the stability of China’s economy and financial sector.

To this end, short- and long term, as well as micro and macro, measures should be coordinated.

The meeting also called for persistence with prudent monetary policies, appropriate countercyclical adjustments and keeping liquidity reasonable and abundant.

Liquidity risks in small and medium-sized financial institutions should be removed in a timely manner, and financial supply-side structural reforms should be advanced and financial services for the real economy strengthened, according to the meeting.

The meeting stressed that China’s overall economic and financial risks are controllable.

As important financial institutions are running steadily with residents’ deposit rates remaining high, China is highly capable of dealing with risks, the meeting held.