China News Service, March 2. On March 2, the State Council Information Office held a press conference on "promoting a virtuous cycle of economic and financial development and high-quality development". Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said that in 2021, risks in key areas will continue to rise. Under control, macro leverage fell by about 8 percentage points, and asset expansion within the financial system returned to low levels, back to single digits again.
He introduced that from 2017 to 2021, 25 trillion yuan of high-risk shadow banking will be dismantled in five years, and 11.5 trillion yuan has been reduced in the past two years.
About 12 trillion yuan of non-performing assets have been disposed of within five years, and more than 6 trillion yuan have been disposed of in the last two years.
The implicit debt situation of local governments tends to improve, and the momentum of real estate bubble and financialization has been fundamentally reversed.
A number of high-risk enterprises and financial institutions with laws and regulations were dealt with in an orderly manner.
All P2P online lending institutions have ceased operations, and the outstanding loan balance has dropped to 490 billion yuan.
In the past five years, a total of 25,000 cases of illegal fundraising have been investigated and dealt with.
The resilience against external risk shocks has been further improved.
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