China’s financial sector must ‘develop with Chinese characteristics’ after corruption probe
- China’s Central Commission for Discipline Inspection (CCDI) has concluded a two-month inspection of 25 institutions
- The anti-corruption watchdog found various problems within the financial sector, with ‘outstanding issues’ needing to be addressed swiftly, the Politburo said
Beijing will strengthen control of China’s financial risks and steady the economy after its top anti-corruption watchdog uncovered a number of weaknesses within the financial sector during a two-month investigation.
“[We must] adhere to the principle that finance serves the real economy, severely punishing corruption in the financial sector, and effectively resolving major financial risks,” the official Xinhua News Agency reported on Friday, citing a Politburo meeting chaired by President Xi Jinping.
China’s top decision-making body said that China will implement a strategy to expand domestic demand and promote steady growth in foreign trade and investment.
However, there are still “outstanding issues” within the financial system following the inspection carried out by the Central Commission for Discipline Inspection (CCDI) that need to be addressed swiftly, the Politburo said.
It is necessary to strengthen the prevention and control of financial risks and resolutely safeguard the overall situation of financial stability
It is necessary to strengthen leadership by the Central Committee of the Chinese Communist Party over the financial sector, the Politburo said, adding that the financial sector must strictly follow “development with Chinese characteristics”.
“It is necessary to strengthen the prevention and control of financial risks and resolutely safeguard the overall situation of financial stability,” the Politburo said.