SCIO briefing on government work report

0 Comment(s)Print E-mail, March 11, 2021
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21st Century Business Herald:

My question is, the three-year campaign to prevent and resolve financial risks in 2020 has concluded, so how can we evaluate the results of this three-year campaign? Is the financial risk mitigation going to be a protracted battle? Thank you.

Sun Guojun:

Preventing systemic financial risks remains the permanent task of financial work, which is the same worldwide. The CPC Central Committee and the State Council have attached great importance to that. The Party's 19th National Congress has made forestalling and defusing major risks as one of the three critical battles, and preventing and resolving financial risks is an important aspect of it. Through concentrated efforts, a number of major risks have been effectively dealt with, important milestones have been achieved in the disposal of financial risks, financial risks have tended to shrink and are generally controllable, the financial order has improved significantly, and financial operations are more robust.

Meanwhile, we must also see that the current domestic and international economic and financial situation is complex and volatile, and the financial sector is still facing many risks and challenges. We should remain mindful of worst-case scenarios and make unremitting efforts to prevent and control all kinds of financial risks. 

First, we will improve the mechanism for managing financial risks, and see that responsibilities are fulfilled by all the stakeholders, including financial institutions and their shareholders, local governments and financial regulators. 

Second, we will focus on preventing and resolving the risks of small and medium-sized financial institutions, replenishing the capital of small and medium-sized banks through multiple channels and strengthening corporate governance.

Third, we need to improve laws and regulations governing the bond market and properly handle the debt default risks of enterprises. 

Fourth, we will continue to resolve existing risks, improve our ability to anticipate and foresee, prevent incremental risks, closely prevent and control external imported risks, improve the long-term mechanism for risk disposal, and resolutely guard against systemic risks. Thank you.

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