BEIJING - China will step up the Communist Party’s leadership of its US$61 trillion finance industry and strengthen efforts to reduce local debt risks, state media reported, citing a key twice-a-decade financial policy meeting that was held on Oct 30-31.
It will also help with reasonable financing demands for all types of property enterprises and pursue policies that aim to meet housing demand, the conference was quoted as saying. and 92 trillion yuan in local government debt, including debt of local government financing vehicles . First held in 1997, the meeting - previously known as the national finance work conference - is closely watched for its impact on the development of China’s financial system, setting the direction for major reforms over the next five years.
China will improve the mechanism of the party’s leadership in financial work, with the Central Financial Commission playing its role, the conference was quoted as saying.