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State Council Financial Stability and Development Committee holds 9th meeting

Updated: Nov 07,2019 03:35 PM

The Financial Stability and Development Committee under the State Council held its 9th meeting on Nov 6, focusing on the reform of small and medium-sized banks, the steps required to take precautions against financial risks, and arranging solutions for key issues relating to the financial sector.

Vice-Premier Liu He, director of the committee, presided over the meeting.

The meeting concluded that member units of the committee should lay emphasis on the construction of a modern central bank system, reinforce the basic institutional construction of the capital market, and develop a highly adaptive, competitive, and inclusive financial system.

Efforts were also called upon to deepen the reform of State-owned enterprises, support the development of small and medium-sized enterprises and improve the legal environment for foreign investors and private economy.

The implementation of related policies should be successfully achieved, with financial administrative work in line with the improvement of the governance system.Construction of the financial system should be further cemented,along with the financial governance capacity.

The reform of small and medium-sized banks should begin with an improved corporate governance structure and internal risk control system, to fundamentally wipe out institutional problems.

The responsibilities between central and regional governments and the economic market should be clearly divided. An incentive mechanism should be fully exerted to bring the vitality of all parties concerned into play.

A sustainable capital supplement system mechanism calls for further improvements, in a bid to help small and medium-sized banks attract capital from multiple channels. The capital structure also needs to be further optimized to better serve the real economy and resist risks.

Policies should be improved to encourage financial investment in technology innovation, while the overall regulation on financial infrastructure and related construction planning should be stepped up.