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.
