Financial Committee: Crackdown on Bitcoin Mining and Trading Resolutely Prevent Individual Risk Transfer to the Social Sector

On May 21, the Financial Stability Development Committee of the State Council (hereinafter referred to as the Financial Committee) held its fifty-first meeting to study and deploy the next phase of key work in the financial sector.

Financial Committee: Crackdown on Bitcoin Mining and Trading Resolutely Prevent Individual Risk Transfer to the Social Sector

Liu He presided over the 51st meeting of the Financial Stability and Development Commission of the State Council

On May 21, the Financial Stability Development Committee of the State Council (hereinafter referred to as the Financial Committee) held its fifty-first meeting to study and deploy the next phase of key work in the financial sector. The meeting was chaired by Liu He, member of the Political Bureau of the CPC Central Committee, Vice Premier of the State Council and Director of the Financial Committee, and the comrades in charge of the members of the Financial Committee attended the meeting.

The meeting pointed out that the financial system firmly implement the Party Central Committee and the State Council’s decision and deployment, increase support for the real economy, prudent monetary policy flexible and moderate, credit policy accurately adapt to the needs of market players, maintain a reasonable abundance of liquidity, improve the level of financial services, financial support for the prevention and control of the epidemic and economic and social development to achieve obvious results.

The meeting requested that the financial system should adhere to the overall awareness, adhere to the word stability, scientific and accurate implementation of macro-control, grasp the degree, not to engage in sharp turns. To make comprehensive use of a variety of monetary policy tools to maintain a reasonable abundance of liquidity, effective prevention and resolution of financial risks, and promote a virtuous economic and financial cycle. First, to further serve the real economy. Stable monetary policy should be flexible and precise, reasonable and moderate, continue to implement policy tools directly to the real economy, enhance the vitality of micro-entities, stabilize enterprises to ensure employment, and strongly support the development of inclusive small and micro, rural revitalization, manufacturing, scientific and technological innovation and green transformation. Second, resolutely prevent and control financial risks. Adhere to the bottom-line thinking, strengthen the financial risk all-round scanning and early warning, promote the reform of small and medium-sized financial institutions to reduce risks, focus on reducing credit risk, strengthen the supervision of financial activities of platform enterprises, crack down on bitcoin mining and trading practices, and resolutely prevent the transmission of individual risks to the social sector. To maintain the smooth operation of the stock, debt and foreign exchange markets, crack down on securities violations, and severely punish financial illegal and criminal activities. To closely guard against external risk shocks, effectively deal with imported inflation, strengthen expectations management, strengthen market supervision, and make good response plans and policy reserves. Third, continue to deepen reform and opening up. Further promote market-oriented reform of interest rates and exchange rates, and maintain the basic stability of the RMB exchange rate at a reasonable balance level. Accelerate the reform of the capital market and promote the high-quality development of the bond market. Deepen the reform of financial institutions, return to their origins, adhere to their positioning, and follow the green concept to carry out investment and financing practices. Continue to expand a high level of financial openness.

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