Top-level financial body stresses the need for financial regulation

The Central Financial Commission, a top body responsible for top-level planning and overall advancement of China's financial stability and development, has stressed the need to comprehensively strengthen financial regulation and effectively forestall financial risks. 

In an article published in Qiushi Journal on Friday, the office of the Central Financial Commission and the Central Financial Work Commission said that enhancing financial regulation is one of the main tasks facing financial authorities both at present and in the coming period. 

Efforts should be made to realize full coverage of financial supervision that brings all financial activities under regulation and resolutely regulates both legal and illegal activities, the article said. 

The commission urged to give real teeth to financial regulation and address any loose regulation while intensifying the accountability of supervision, or enhancing the supervision of regulators.

As for financial risk prevention and resolution, the commission said forceful and effective efforts are needed to strengthen risk control in key areas, urging strong measures to cure existing problems and early rectification of any emerging problems before they become acute.

An emergency response mechanism should be established and improved while risks should be effectively and prudently resolved under the premise of stabilizing the overall situation, the commission said.