Guo Shuqing: Accelerate fostering the new development paradigm and prevent the resurgence of financial risks

Guo Shuqing, Secretary of the CPC Committee of the People's Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, delivered a video speech at the opening ceremony of the 13th Lujiazui Forum 2021.

Guo said that when strengtheningits macropolicy response, China did not resort toindiscriminative easing. Our policy is not weak. More importantly, our response policy has achieved the best possible results. The Chinese economy achieved positive growth in 2020, which has facilitatedthe economic recovery of neighboring countries and major trading partners and preventedthe global economy from falling into a greater recession.

China has entered a new stage of development, inwhich we will vigorously implement the new development concepts, actively promote supply-side structural reform, continuously enhance the mutual reinforcement of domestic and international circulations,and achieve self-reliance. Risk mitigationis the permanent theme of financial work. We must be ready for danger in times of peace and do not slacken in efforts for a moment. Now we should focus on the following areas. First, we must actively respond to the rebound of non-performing assets. Second, we must closely guard against the resurgence of shadow banking. Third, we must resolutely rectify all kinds of illegal IPOs. Fourth, we must take solid actions to mitigaterisksof financial derivatives investment. Fifth, we must always be on the alert for "Ponzi scheme" in various forms.