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Curbing Systemic Risk Is Top Priority - Finance Ministry

CHINA PRESS
MNI (BEIJING)
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Curbing systemic financial risk and enforcing discipline are priorities for 2023, according to a report released by the Ministry of Finance. Yicai news said recent fines imposed on Deloitte shows the ministry is serious about enforcing laws and regulations to prevent accounting irregularities. Strict supervision of local government debt is needed, especially to identify and manage debt with short maturities and high interest rates. In the face of declining local fiscal revenues, the central government will need to increase financial support to local governments, Yicai said.

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Curbing systemic financial risk and enforcing discipline are priorities for 2023, according to a report released by the Ministry of Finance. Yicai news said recent fines imposed on Deloitte shows the ministry is serious about enforcing laws and regulations to prevent accounting irregularities. Strict supervision of local government debt is needed, especially to identify and manage debt with short maturities and high interest rates. In the face of declining local fiscal revenues, the central government will need to increase financial support to local governments, Yicai said.