MNI China Daily Summary: Wednesday, December 11

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MNI POLICY: China Must Prevent Financial Risks: Top Watchdog

MNI (Beijing)
By Sherry Qin
     BEIJING (MNI) - China must take more active and targeted measures to
counter accumulated financial risks amid greater external uncertainties, the
State Council's Financial Stability and Development Committee (FSDC) said in a
statement on a recent meeting chaired by Vice Premier Liu He.
     The following is a quick summary of the statement:
     - Didn't stress the deleveraging campaign; instead highlighted the
"accumulated financial risks" to echo the Politburo's call to stabilize the
finance industry. The accumulated risks include local government bonds risks,
credit contraction and the surging housing prices.
     - China should properly balance between stable growth and risk protection,
channel money into the real economy and expand domestic demand.
     - While closely monitoring money supply, China should strengthen financial
institutions' service for the real economy. Financial institutions shall enhance
the monetary policy transmission mechanism to lower financing cost for small
businesses.
     - China should take advantage of fiscal policy tools like government debt,
tax cut to support the economy.
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MC$$$$,MBQ$$$,MGQ$$$]
USAPACPolicy NewsFiscalGovernment sectorChina Market NewsChinaJapanAustraliaNew ZealandPolitical RiskRegionNorth America
USAPACPolicy NewsFiscalGovernment sectorChina Market NewsChinaJapanAustraliaNew ZealandPolitical RiskRegionNorth America
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