FINANCE

Long-Awaited Meeting on Financial Reform Slated for Mid-July

By Wu Hongyuran and Dong Tongjian

China’s cabinet has scheduled a meeting it usually holds just once every five years after the central bank released its annual review of the financial industry. Above, a view of the People’s Bank of China in Beijing on March 12. Photo: Visual China.

(Beijing) — A cabinet-level meeting on financial reform, held once every five years, has been scheduled for mid-July, sources told Caixin on Wednesday.

The news came shortly after the central bank issued its annual industry review on Tuesday. In the 152-page China Financial Stability Report, the People’s Bank of China said credit and liquidity risks within the financial sector remain largely controllable. But it also reiterated the urgent need for financial regulators to work together to plug regulatory loopholes and curb excessive leverage in the financial system.

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