Caixin Explains: China Concludes Sixth Top Financial Meeting to Tackle New Challenges

Under President Xi, financial work conference seeks more functional financial system to support economy; China sets action to strengthen regulation, optimize financial services, limit risks

Chinese President Xi Jinping speaks at the Sixth Central Financial Work Conference held in Beijing on Oct. 30 to 31. Photo: Xinhua

China held its twice-a-decade central financial work conference Monday and Tuesday, assessing the current crisis in the financial sector and setting priorities for financial work in the next five years.

This was the sixth financial meeting since 1997. Each of the past five meetings focused on different issues and tasks, reflecting shifting challenges faced by China’s financial system. Here is why this year’s meeting is particularly important and how it differs from previous meetings.

Why this year’s central financial work conference is particularly important?

The meeting, chaired by President Xi Jinping, came at a critical time amid slowing economic growth, a protracted property industry slump, beaten-down stock markets and mounting local government debt.