Real economy will be the emphasis of financial policy

According to Li Yunze, chief of the National Financial Regulatory Administration, China’s financial regulatory strategy would promote the real economy and further open up the nation’s financial services sector. She made this announcement on Wednesday. Li said this during the opening day of the two-day 17th Asian Financial Forum 2024 on Wednesday. The Hong Kong Trade Development Council and the government of the Special Administrative Region of Hong Kong are co-organizers of the event. In her special remarks to the forum, Li stated that the key focus under the new circumstances will be financial supply-side structural reform, which will allow financial institutions to become more adaptable in supporting the real economy and stabilizing the national economy.

 

According to the minister, specific market sectors such as digital, green, inclusive, and technological finance will be the emphasis of financial regulatory policy. The NFRA will bolster the five primary areas of supervision—institution, conduct, function, penetration, and continuous supervision—in its subsequent phase. We will keep working to increase the supervision’s foresight, accuracy, efficacy, and synergy while collaborating with all relevant stakeholders to execute all legal requirements for monitoring a wide range of financial transactions. In order to support the superior development of finance, we will also expedite the establishment of a comprehensive and efficient contemporary financial supervision structure, according to Li.

 

Li stated that the Chinese economy is growing over the long run, that its structure is still optimized, and that its high-quality development trend will not alter. He also added that the country’s economy will be able to advance steadily in the face of adversity and will continue to be a major driver of global economic growth. The “one country, two systems principle” and the extensive opportunities it offers, according to Hong Kong Chief Executive John Lee Ka-chiu, “have enabled Hong Kong’s financial sector to thrive despite the considerable challenges we face. Based on the tenet of “one country, two systems,” Hong Kong can open doors for businesses and economies both domestically and internationally. He stated that we can and will help bring about a prosperous and shared future for the entire world community.

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