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Headquarters of the People's Bank Of China, Beijing, China, February 28, 2023. /CFP
China's central bank emphasized the improvement of the mechanism and capacity in handling financial risks in a recently held conference on financial stability.
The People's Bank of China (PBOC) said that preventing and diffusing financial risks has been a lasting theme of the financial industry, in a notice released Wednesday following the conference.
It vowed to coordinate the development and security of the financial sector, make sure all parties involved step up to their responsibilities, and manage high-risk institutions appropriately. It also underlined the necessity to forestall early-stage financial risks and prevent moral hazards.
The PBOC stressed stepping up the establishment of the financial stability guarantee system, which includes improving legislation and the guarantee fund system. It also called for better employment of deposit insurance.
More than 90 percent of China's financial system is made up of banking assets and banking institutions on the whole have been operating steadily and smoothly, the PBOC said. Large banks, in particular, have always enjoyed high ratings and have served as the "ballast stone" of China's financial system, according to the notice.
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