(Reuters) – BEIJING –According to the official Xinhua news agency, Chinese President Xi Jinping stated the country should bolster its antimonopoly measures and avoid a chaotic capital boom.
Xi advocated for healthy growth of China’s capital markets on Friday, avoiding financial dangers and focusing on non-performing assets and bubble risks, Xinhua said.
“Capital is a critical factor in promoting social productive forces,” Xi was reported as saying during a Politburo meeting. “And it is profit-driven.”
“Unless it is controlled and retrained, it will wreak havoc on economic and social growth.
Xi said China will clamp down on corrupt behaviour associated with chaotic capital development and platform monopolies, as well as enhance monitoring.
Xinhua said that the government would open up China’s economy more by attracting more foreign money and encouraging local businesses to expand outside of China.
The Politburo, the governing Communist Party’s highest decision-making body, committed to bolstering assistance for the COVID-affected sector, especially beleaguered online platforms, and to broadening economic policy reforms.