China's Financial Regulatory Administration convened an expanded meeting to deploy near-term work, stressing urgent responsibility to prevent and resolve financial risks. It instructed steady resolution of risks at local small- and mid-sized financial institutions and said authorities must resolutely maintain the bottom line of no sudden defaults or systemic blow-ups. The meeting called for fuller use of the housing-delivery guarantee whitelist and accelerated drafting of financing rules suited

China's Financial Regulatory Administration convened an expanded meeting to deploy near-term work, stressing urgent responsibility to prevent and resolve financial risks. It instructed steady resolution of risks at local small- and mid-sized financial institutions and said authorities must resolutely maintain the bottom line of no sudden defaults or systemic blow-ups. The meeting called for fuller use of the housing-delivery guarantee whitelist and accelerated drafting of financing rules suited to new real-estate development models. Regulators will actively assist local government debt risk resolution and support financing-platform exits and transformations. Authorities will use the interministerial joint conference as a comprehensive platform to strengthen governance and crack down on illegal/non-bank financial activity, tighten defenses against external shocks, and further improve contingency plans.