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Banking and Insurance Supervisor Guo Shuqing: Curb the tendency of real estate bubbles to stabilize house prices

2019-11-26T10:02:04.433Z


Guo Shuqing, chairman of the China Banking Regulatory Commission, said at the symposium that he must resolutely crack down on various illegal fund-raising activities, continue to dismantle shadow banks, curb the tendency of real estate bubbles, and actively cooperate with local governments to rectify hidden debts. Guo


Financial News

Written by: Yue Yueting

2019-11-26 17:53

Last updated: 2019-11-26 17:53

Guo Shuqing, chairman of the China Banking Regulatory Commission, said at the symposium that he must resolutely crack down on various illegal fund-raising activities, continue to dismantle shadow banks, curb the tendency of real estate bubbles, and actively cooperate with local governments to rectify hidden debts.

Guo Shuqing pointed out that the authorities should increase efforts to expose and dispose of non-performing loans, effectively prevent traditional credit risks; strive to stabilize the overall economy and the leverage ratios of all major sectors, focus on reducing the level of state-owned enterprise debt ratios, and resolve the local government's hidden debt stock risk. In addition, it is necessary to further curb the financialization and bubble of real estate, stabilize housing prices, land prices, and expectations; respond appropriately to external shocks, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

He said that the next step is to improve the financial services of private small and micro enterprises, further expand the opening up of domestic and foreign financial, banking, insurance, securities, funds, trust and other fields, and promote closer cooperation between domestic and foreign financial institutions.

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Source: hk1

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