China urges more solid steps in capital market reform

China's financial regulation will balance development and safety in the sector, and continue to prevent systemic risk, according to a statement released by China's financial stability body on Friday.

The meeting held by the Financial Stability and Development Committee under the State Council was chaired by Liu He, vice premier and head of the financial stability body.

The meeting stressed the need to enhance the hub function of the capital market; fully implement a stock issuance registration system; establish a normalized de-listing mechanism; and increase the proportion of direct financing, said the statement. 

With the fast development of fintech and innovation, the relationship among financial development, stability and safety should be properly dealt with, with "zero tolerance" for crimes in the capital market, the statement said.

In a bid to prevent risks effectively, all financial activities will be supervised in accordance with related laws, while innovation and entrepreneurship are also encouraged, according to the statement.

(Cover via CFP)