Nation to strengthen steps to mitigate risks

The nation will combine efforts to prevent and control systemic risks and serve the real economy in 2019, officials from the China Banking and Insurance Regulatory Commission said at a recent conference on banking and insurance supervision. The regulator emphasized that it will properly handle the relationship between risk prevention, growth stabilization and industrial restructuring. This year, China will also regulate disorder in the financial markets, further contain financial business activities which violate laws and rules, mitigate shadow banking risks, and steadily make corrections in internet finance and online lending, in addition to deepening financial reforms and further opening up the country’s banking and insurance sectors, the regulator said in a release on its website on Wednesday. based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. China’s centrally administered State-owned enterprises (SOEs) saw strong revenue and profit growth in 2018, official data showed. Despite rising economic uncertainty, central SOEs reported profits of 1.7 trillion yuan ($251.7 billion) last year, up 16.7 percent year-on-year, Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission, said at a meeting. Meanwhile, combined revenues of the country’s 96 centrally administered SOEs increased 10.1 percent year-on-year to 29.1 trillion yuan, according to Xiao. Industrial companies, with net profits surging 21.3 percent, contributed 67.4 percent of the total net profit growth of the central SOEs. mayor said on Tuesday. The number of newly established FDI enterprises in Guangzhou last year rose 1.2 times more than the number in 2017, said Mayor Wen Guohui in his government work report delivered on Tuesday. By the end of last year, 301 out of the global 500 companies had invested in Guangzhou. The city’s manufacturing industry’s paid-in value of FDI saw a 2.3-time increase from a year ago, the mayor said.