China heralds 3-year battle on financial risks, pollution

BEIJING • China’s top leaders said they are taking a three-year approach to winning the “critical battles” against financial risk, pollution and poverty, and signalled that monetary policy will remain “prudent and neutral” next year in support.

Economic policymakers led by President Xi Jinping agreed to “fight the battle of preventing and resolving major risks, with a focus on preventing and controlling financial risks”, according to a statement following the annual Central Economic Work Conference in Beijing, released by the official Xinhua news agency yesterday.

In the coming three years, China will seek to control financial risks and foster a “virtuous circle” between finance and the real economy, the statement said.

The nation also must build and improve mechanisms for pushing ahead high-quality development and further supply-side structural reforms, the statement said, according to Xinhua.

Policymakers also agreed to move faster to put in place a housing system that ensures supply through multiple sources and encourages both purchases and rentals in 2018.

Officials said credit supply should support home purchases for living and strictly curb speculation. — Bloomberg