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June 9, 2023

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Regulatory gaps to be erased

CHINA will continue to strengthen modern financial oversight and eliminate regulatory gaps to forestall financial risks, Li Yunze, head of the National Financial Regulatory Administration, said yesterday.

Noting that strengthening and improving modern financial oversight is an important task in the country’s financial sector, Li said at the 14th Lujiazui Forum in Shanghai that the country will resolutely eliminate regulatory gaps and blind spots.

The country will strive to make financial oversight more forward-looking, precise, effective and coordinated, Li said, pledging to enhance the coordination between the central and local administrators, rectify financial irregularities, and safeguard the legitimate rights and interests of financial consumers.

Stressing that preventing and defusing financial risks is the eternal theme of financial work, Li said that the country will forestall financial risks, and strengthen financial oversight.

Efforts will be made to increase financial support for new types of consumption and service consumption, foreign trade, scientific and technological self-reliance, advanced manufacturing and strategic emerging industries.

The country will also continue to promote high-level opening-up in the financial sector, Li said.


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