TechFlow News: On March 7, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), spoke at a press conference on economic issues held during the fourth session of the 14th National People’s Congress. He stated that, over the past year, financial risks in key sectors have been resolved in an orderly manner; the financial system and financial markets have operated stably; and risks in key areas have continued to recede. The PBOC, together with relevant regulatory authorities, has maintained a high-pressure crackdown on illegal financial activities—including illegal fundraising, virtual currency trading and speculation, and underground banks.
Going forward, the PBOC will continue to resolve risks in key sectors in an orderly manner to prevent financial risks and safeguard financial stability. It will coordinate with sectoral regulators and law enforcement agencies—including public security organs—to sustain high-pressure crackdowns on illegal financial activities; closely monitor and assess the impact of external shocks; and deploy macroprudential and financial stability policy tools to promptly mitigate or sever risk transmission.
