MNI POLICY: China to Curb Risks as Markets Open: Vice Pres

China must increase its ability to prevent and manage risks as it opens up its economy and strictly adheres to the three principles of safety, liquidity, and profitability, Vice President Wang Qishan said.

Regulators must crack down on excessive speculation, prevent cycles of financial bubbles and fraud, Wang said on Saturday at the 2020 Bund Summit co-hosted by China Finance 40 Forum.

"Safety always comes first," said Wang.

Wang said the government's "dual circulation" strategy will inject new momentum to growth as exports and external drivers lose steam, while facing a more complicated global environment. The strategy must "adapt to a changing environment," he said.

China must pursue innovation as the new growth engine and rely on domestic consumption and investment, Wang said.