This info comes via Chinese Communist Party television (China Central Television), reported by Bloomberg (gated).
In brief:
- China said it will set up a system to resolve debt risks of its local governments
- The plan was announced after a two-day, closed-door meeting (the Central Financial Work Conference is held every 5 years) to set the priorities for the US$61 trillion (RM290.63 trillion) financial sector
- oversight of the financial sector would be boosted
- efforts will be made to improve the regulation of property developers and their funds
Sounds good, will much come of it?
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I posted this yesterday:
