China to prevent, defuse risks in key areas

China will continue to defuse risks step by step in the course of pursuing development and work for positive interactions between high-quality development and greater security, according to a government work report submitted on Wednesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the work report on behalf of the State Council at the opening meeting of the third session of the 14th National People's Congress in Beijing.

China will make continuous efforts to stem the downturn and restore stability in the real estate market, the report said, vowing to redevelop urban villages and renovate old and dilapidated houses.

Pledging to take prudent steps to defuse local government risks, the report said the country will refine evaluation and control measures and make timely adjustments to the list of localities with high debt risks to create new space for investment.

It also said China will make coordinated efforts to address risks in small and medium-sized local financial institutions and promote their transformation through market- and law-based means.