The once every five years China National Financial Work Conference was on this weekend
President Xi Jinping said financial security is a vital part of national security, and as such the People's Bank of China will take on a bigger role in macro-prudential management & in averting systemic risk in the financial system
Also:
- China will strengthen the Communist Party's leadership in the financial sector
- A Financial Stability and Development Committee will be set up (directly under the State Council)
- Authorities concerned about "giant crocodiles" - law-breaking tycoons who circumvent regulations to grab control of other companies
- China will push forward with deleveraging, lowering debt ratios among state-owned enterprises is the most pressing issue
- China to strictly control new local government debt & strengthen oversight of internet financing
