▷ Xinhua Silk Road: Experts Emphasize Resilience and Vitality of …

27.10.2021 – 22:22

Xinhua Silk Road Information Service

Peking (ots/PRNewswire)

The Chinese financial sector, which contributed to a stable economic recovery in the first half of 2021, is urged to adhere to the security fundamentals and display more resilience and vitality in order to fuel the high quality development of the economy in the second half of the year .

Experts commented at the recent Financial Street Forum’s 2021 annual conference that the Chinese financial sector is facing both external shocks from a possible change in central bank policies of developed economies such as the US Federal Reserve and internal concerns over the debt crisis some companies are struggling.

Pan Gongsheng, deputy governor of China’s central bank and head of state foreign exchange administration, said the Chinese economy is in a better position compared to the last round of the Fed’s rate hike cycle, meaning the national economy has maintained its recovery momentum. which is the basis for the Chinese foreign exchange market to protect against external shocks.

Yi Gang, governor of China’s central bank, said the Evergrande Group’s debt crisis represented an isolated instance of debt crisis risk and that one-third of the company’s roughly $ 300 billion debt was debt with decentralized creditors and collateral, suggesting controllable spillover risks for the company the financial industry notices.

Since the beginning of the third quarter, increasing domestic and foreign risks and challenges have increased the pressure on China’s economic structural change, and against this background a better distribution of financial resources has become particularly important.

Xiao Yuanqi, deputy head of China Banking and Insurance Regulatory Commission (CBIRC), said that developing inclusive finance requires optimizing the accuracy of financial services, discovering and satisfying real financial needs, and providing financial services that are impacted by business cycles and cushion fluctuations in yield.

On the subject of insurance, Guo Shuqing, head of the CBIRC, said that although the Chinese insurance sector ranks second in the world in terms of premium income, it still needs improvement in its density and depth, and the relevance and diversity of insurance coverage is also insufficient.

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Original content by: Xinhua Silk Road Information Service, transmitted by news aktuell


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