Resilience and vitality put forward for the Chinese financial sector to better support the real economy in the second half of the year, experts
Posted: October 26, 2021 at 3:34 am CDT|Update: 53 minutes ago
BEIJING, October 26, 2021 / PRNewswire / – China’s financial sector, after facilitating a stable economic recovery in the first half of 2021, is urged to stay on top of security goals and show more resilience and vitality to propel high-quality development of the economy in the second half of the year.
Experts made such remarks at the Financial Street Forum’s 2021 annual conference held recently, claiming that from China The financial sector has faced both external shocks due to a possible policy shift from central banks in developed economies such as the US Federal Reserve and internal concerns caused by the debt crisis of some companies.
Pan Gongsheng, deputy governor of the Chinese central bank and head of the State Administration of Foreign Exchange, said that compared to the last round of US Fed tightening, from China the economy currently remains in a better position in the current economic cycle, which means that the national economy has maintained its recovery momentum, which has cemented the base of from China foreign exchange market to guard against external shocks.
Yi Gang, governor of China’s central bank, said the Evergrande group’s debt crisis represented an individual case of debt crisis risks and a third of its 300 billion US dollars debts are financial liabilities with both decentralized creditors and guarantees, indicating controllable overflow risks for the financial sector.
Since the start of the third quarter, increasing domestic and foreign risks and challenges have increased pressure on from China structural transformation of the economy and in this context, a better allocation of financial resources has become particularly important.
Xiao Yuanqi, deputy director of the China Banking and Insurance Regulatory Commission (CBIRC), said that developing inclusive finance requires optimizing the accuracy of financial services, discovering and meeting real financial needs, and provide financial services that can cushion the impacts of operating cycles and revenues. volatilities.
Speaking of insurance, Guo Shuqing, head of CBIRC, said that despite being the second in terms of premium income in the world, from China the insurance sector still needs to be improved in its density and depth and the relevance and diversity of insurance coverage is also insufficient.
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