BizBeat Ep.139: Prevention better than cure: China’s moves to ensure financial stability
No economy wants to see a repeat of the global financial crisis. The financial meltdown of 2008-09 taught most regulators the importance of preventing a buildup of financial risks. Preventing systemic financial risks is a major ongoing policy priority for China. The country’s financial regulators recently took more steps to make the financial system safer. It suspended over 24 billion dollars-worth of asset-backed securities that didn’t meet regulatory requirements. It also banned financial institutions and payments companies in providing cryptocurrency services. In this episode of BizBeat, CGTN anchor Michael Wang explains how for China, nipping financial risks in the bud remains a key task for the country’s financial authorities.