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Xi Backs Stronger Risk-Reduction Role for China Central Bank

  • Officials pledge greater efforts to reduce leverage in economy
  • President also calls for greater accountability for regulators
A man pushes a bicycle past the People's Bank of China (PBOC) headquarters in Beijing.

A man pushes a bicycle past the People's Bank of China (PBOC) headquarters in Beijing.

Photographer: Qilai Shen/Bloomberg
Updated on

Chinese President Xi Jinping said the central bank will play a stronger role in defending against risks, calling for more work on safeguarding the financial system and modernizing its regulatory framework.

China will set up a Financial Stability Development Committee under the State Council, Xi said at a twice-a-decade National Financial Work Conference held July 14-15, state media reported without defining the relationship with the People’s Bank of China. Financial security is part of national security, and finance should better serve the real economy, Xi said.