China must strengthen its monetary policy and regulatory oversight to ward off any financial risks, top economic official Yang Weimin of the Office of the Central Leading Group on Financial and Economic Affairs said on Sunday.
According to Yang, the “progressively visible” threats to China’s financial security require the “extremely arduous” task.
“Firstly, the overall money supply must be controlled, and the printing of money cannot be excessive,” Reuters quoted Yang at the annual meeting of the Chinese People’s Political Consultative Conference.
Yang made mention of overcapacity, debt levels, and unstable property markets as major issues that must be addressed. “There should be stronger oversight rather than the relaxation of financial oversight,” he said.