Chinese President Xi Jinping said the country should step up its antitrust efforts and prevent mismanagement of funds, the official Xinhua news agency reported on Saturday, according to Reuters.
Xi called for healthy growth in China’s capital markets, avoiding financial risks and focusing on dealing with the risks of non-performing assets and “bubbles”, Xinhua reported.
“Capital is an important force in promoting social productive forces,” Xi said. “And they have a character that seeks profit. If not regulated it will cause incalculable damage to economic and social development.”
Xi said China would crack down on corruption related to the erratic expansion of funds and platform monopolies and strengthen supervisory authorities.
Authorities will improve economic openness by attracting more international capital to invest in China, while encouraging domestic businesses to go abroad, Xinhua said.
The Politburo, the ruling Communist Party’s highest decision-making body, has pledged to step up support for the economy hit by COVID, including struggling online platforms, and to expand its policy adjustments.