By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser.
I agree
Search Trends
SITEMAP
Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
SITEMAP
Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
China's authorities are confident that the country is well-positioned to increase economic vitality and capable of coping with various financial risks and challenges, thanks to its sound long-term fundamentals that provide a solid foundation.
Li Yunze, head of the National Financial Regulatory Administration (NFRA), told Xinhua in an interview that the country's economic resilience, huge potential, robust vitality and sound fundamentals remain unchanged.
These, he said, provide the greatest confidence, guarantee and support to prevent and defuse financial risks.
At present, China's financial sector has been functioning smoothly and has demonstrated a strong overall resilience against risks, Li said.
According to official data, the non-performing loan ratio of commercial banks stood at 1.61 percent by the end of the third quarter, while their provision coverage ratio, a measure of backstops against financial risks, came in at 207.89 percent. These were both within the reasonable range, he said.
Looking ahead, authorities will continue to focus on facilitating reforms and improving the "de-risking" measures for small and medium-sized financial institutions, said Li. In this regard, Li highlighted the importance of formulating targeted and precise measures such as making province-specific or bank-specific risk disposal plans.
Efforts are also needed to push forward structure optimization of the small and medium-sized banking institutions, as well as to guide asset management and non-banking institutions to remain aligned to their core positioning and develop their own distinct segments, Li noted.