Chinese Premier Li Qiang stresses financial support for real economy

Chinese Premier Li Qiang has highlighted the role of the financial sector in serving the real economy and urged efforts to promote the sector’s high-quality development.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Central Financial Commission, made the remarks in instructions on local financial work.

Li called for efforts to uphold the centralized, unified leadership of the Party Central Committee over the financial work and remain committed to the path of financial development with Chinese characteristics.

He called for efforts to do a good job in the areas of technology finance, green finance, inclusive finance, pension finance and digital finance, coordinate financial opening up and security, and accelerate the building of a modern financial system with Chinese characteristics.

He also underscored the need to complete the reform of local financial management mechanisms on schedule, strengthen regular supervision over local financial institutions and guard against the bottom line of no systemic financial risk.

A national conference of the directors of the offices of financial commissions under local Party committees was held in Beijing on Tuesday. He Lifeng, a member of the Political Bureau of the CPC Central Committee and director of the office of the Central Financial Commission, attended the conference and made a speech.

Concerted efforts should be made to strictly forestall interconnected risks in areas such as real estate, local government debts, and local small and medium-sized financial institutions, He said. Illegal financial activities should be heavily cracked down upon, He added.

He also urged identifying the entry points for enhancing financial support for the real economy, intensifying support for major strategies, key areas and weak links, and promoting the high-quality development of the financial sector.