President Xi urges stronger financial regulation to contain risks

President Xi Jinping speaks at the National Financial Work Conference in Beijing July 15, 2017.[Photo/Xinhua]

BEIJING - Chinese President Xi Jinping called for stronger financial regulation to contain risks at a two-day National Financial Work Conference that ended Saturday.

Guarding against systemic financial risks is the eternal theme of financial work and the government should take stronger initiative to monitor, warn against and deal with risks in a timely manner, Xi said.

China will accelerate developing laws and regulations governing the financial sector, improve macro prudential management and emphasize functional as well as behavioral regulation, according to Xi.

The government will continue to deleverage the economy by firmly taking a prudent monetary policy and prioritizing reducing leverage in state-owned enterprises, Xi added.

China will control local government debt growth, crack down upon financial irregularities and improve supervision on Internet finance.

The government will facilitate development of the social credit system and improve the legal framework governing the financial sector in accordance with domestic conditions, according to Xi.

The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.