The closely-watched gathering comes at a pivotal time for China amid growing questions over the country’s political and economic trajectory, in part spurred by Xi’s crackdown on large parts of the private sector. Foreign investors have been pulling money out of the country at a record pace and Wall Street firms such as Goldman Sachs Group Inc. have scaled back ambitious expansion plans.
China said it will set up a system to resolve debt risks of its local governments, as state leaders and top bankers wrapped up a two-day, closed-door meeting to set the priorities for the US$61 trillion ($83.32 trillion) financial sector.
After the twice-a-decade meeting chaired by President Xi Jinping, China Central Television also reported on its nightly news broadcast that oversight of the financial sector would be boosted further to resolve risks and to promote high-quality development. The Financial Work Conference was held on Oct 30-31 in Beijing.
