China Sets up Supervision Unit to Resolve Financial Risks

China is strengthening financial supervision to prevent and address financial risks, state media said, citing a key biennial fiscal policy meeting on October 31. It maintains the centralized and unified leadership of the Economic Labor Party. National Economic Labor Conference said. First held in 1997, the National Economic Working Conference will closely monitor its impact on China and the development of the financial system, setting the stage for major reforms over the next five years. 

The conference,  usually held every five years, was not held in 2022. The last one was in 2017. In March, China announced a major overhaul of its financial regulatory system, including plans to create a  Central Financial Commission to strengthen the party's grip on the financial sector.

The gathering, which was attended by Chinese President Xi Jinping and Premier Li Qiang, said China will set up a long-term mechanism for reducing local debt risks. China will also help with reasonable financing demands for all types of property enterprises. The Conference was quoted as saying.

China will also maintain prudent monetary policy and keep the yuan exchange rate basically stable.