May 27, 2024

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, presided over a meeting of the Political Bureau of the CPC Central Committee on Monday, which deliberated on trial provisions concerning accountability for failing to prevent or defuse financial risks, according to the Xinhua News Agency. 

The meeting released another strong signal that China will continue to step up efforts to prevent and defuse major risks in the financial industry, as the country moves swiftly to promote high-quality development and build itself into a global financial powerhouse, experts said. 

Coming after a series of recent measures to tackle financial risks, the trial provisions for accountability will further improve institutional mechanisms to better prevent and resolve risks and promote the sound, high-quality development of the financial market, which plays a critical role in the overall economy, experts further noted. 

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