(Beijing Comprehensive News) China is reported to hold a national financial work conference every five years next week.The meeting is the highest -specified policy deployment meeting in China's financial industry.
Bloomberg quoted people familiar with the matter. This closed -door meeting will be held in Beijing next Monday (October 30) to Tuesday (31st).The financial risk brought.
China National Financial Work Conference has been held five times since 1997. Each meeting lasted for two to three days.People wait.
Reports pointed out that the meeting held next week will schedule the policy priority of the Chinese financial industry in the next five years. The Chinese government needs to come up with a clear plan to reverse the economic downturn and maintain financial stability.
Local debt houses have not brought severe challenges to China's economic development.According to the calculation of the International Monetary Fund (IMF), as of the end of 2022, the total hidden debt was 66 trillion yuan (S $ 12.4 trillion).
At the same time, China's real estate industry has not separated from the crisis model. Country garden and other large real estate companies struggle on the edge of debt defaults, and investors continue to accumulate pessimism.The CSI 300 Index has fallen by more than 4%in the past week, and wipe all the gains since the A shares began to rebound at the end of last year.
Pan Gongsheng, the governor of the People's Bank of China, mentioned in a meeting to the Standing Committee of the National People's Congress last Saturday (October 21) that it is necessary to securely resolve the risk of breach of contracts in large real estate corporate bonds and strengthen the risk monitoring and prevention of urban investment bonds.He said that it will take measures in time according to the market situation to prevent the risk infection of stocks, bonds, and market risks.
The last National Financial Conference was held in July 2017 and hosted by Chinese officials.The last meeting clarified the three tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reform.
After that, Chinese officials began to promote economic deleveraging, financial industry entered a stage of strong supervision and risk prevention.Bloomberg said that the official crackdown on the over -loan behavior of the financial industry, and the growth of financial giants such as Ant Group was affected, and Chinese real estate developers were also in a financial crisis due to deleveraging.
