China’s Xi: PBOC to play bigger role in managing financial risk
|Reuters out with weekend’s comments from China’s President Xi Jinping, delivered during the once every five years China National Financial Work Conference.
Key Headlines:
Financial security is a vital part of national security
The People's Bank of China will take on a bigger role in macro-prudential management & in averting systemic risk in the financial system
China will strengthen the Communist Party's leadership in the financial sector
A Financial Stability and Development Committee will be set up (directly under the State Council)
Authorities concerned about "giant crocodiles" - law-breaking tycoons who circumvent regulations to grab control of other companies
China will push forward with deleveraging, lowering debt ratios among state-owned enterprises is the most pressing issue
China to strictly control new local government debt & strengthen oversight of internet financing
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