PR92589

BEIJING, Oct. 26, 2021 /PRNewswire=KYODO JBN/ --

China's financial sector, after having facilitated the stable economic recovery

in the first half of 2021, is urged to well adhere to the safety bottom line

and showcase more resilience and vitality to propel the high-quality

development of the economy in the second half of the year.

Experts made such remarks during the 2021 Annual Conference of Financial Street

Forum held recently, saying that China's financial sector has been facing both

external shocks arisen from the possible policy change of central banks of

developed economies such as the U.S. Federal Reserve and internal worries

caused by debt crisis of some companies.

Pan Gongsheng, deputy governor of Chinese central bank and head of the State

Administration of Foreign Exchange, said that compared with the last round of

tightening cycle of the U.S. Fed, China's economy stays currently in a better

position in the present economic cycle, meaning that the national economy

maintained its recovery momentum, which cemented the basis for China's forex

market to guard against external shocks.

Yi Gang, governor of Chinese central bank, said the debt crisis of Evergrande

Group represented individual case of debt crisis risks and one third of its

around 300 billion U.S. dollars of debts is financial liabilities with both

decentralized creditors and collaterals, indicating controllable spillover

risks for the financial industry.

Since the start of the third quarter, increasing domestic and foreign risks and

challenges caused more pressures on China's economic structural transformation

and against such backdrop, better distribution of financial resources became

particularly important.

Xiao Yuanqi, deputy head of China Banking and Insurance Regulatory Commission

(CBIRC) said that developing inclusive finance requires optimizing the

preciseness of financial services, discovering and satisfying real financial

needs, and providing financial services that can cushion impacts from the

business operation cycles and revenue volatilities.

When talking about insurance, Guo Shuqing, head of CBIRC said that despite

being the second largest by premium incomes worldwide, China's insurance sector

still needs improvement in its density and depth and the pertinence and

diversity of insurance coverage are also insufficient.

Original Link : https://en.imsilkroad.com/p/324454.html

SOURCE: Xinhua Silk Road

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=405311

   Caption: Photo shows Sun Shuo, head of Beijing's Xicheng District government, delivers a

speech at the 2021 Annual Conference of Financial Street Forum.