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The following lists highlights from Chinese press reports on Friday:
The PBOC will strictly forbid debt evasions and establish systematic law enforcement to plug loopholes in China's bond market supervision, said Deputy Governor Pan Gongsheng in a statement on the central bank's website dated Friday. Regulators will enhance rules and regulations, information disclosures during bankruptcies and trial rulings on bond dispute cases, Pan said in the statement.
China needs to maintain appropriate scales of deficits and debts next year as policymakers moderate fiscal spending, the China Securities Journal reported citing Liu Shangxi, the head of the Chinese Academy of Fiscal Sciences. Liu suggested to limit the scale of local government debts while boosting short-term China Government Bonds, the newspaper said. Local governments' current high debts strain their fiscal conditions and are more difficult to manage, Liu was cited as saying.
Chinese regulators should adjust supervision of fintech companies according to the sizes of their potential risk exposures and the underlying entities, the China Securities Journal reported citing former PBOC Deputy Governor Wu Xiaoling. Regulators should also urge banks to adopt new asset management rules fully before 2021, Wu was cited saying. They should prepare for localized risk events from structured finance and non-standardized debt assets, the daily reported Wu as saying.