Shanghai party chief: Controlling risk is a precondition for finance reform

Shanghai Communist Party chief Han Zheng said reform and development of finance in China must take place "on the conditions that risks can be controlled".
Shanghai Communist Party chief Han Zheng said reform and development of finance in China must take place "on the conditions that risks can be controlled".PHOTO: REUTERS

BEIJING (Reuters) - Reform and development of finance in China must take place "on the conditions that risks can be controlled", Shanghai Communist Party chief Han Zheng said on Thursday (Oct 19).

Han's remarks came in response to a question on long-standing plans to turn Shanghai into an international financial centre on the sidelines of the 19th China Communist Party Congress.

China's top financial regulators have said in recent days they will continue pushing for greater market-oriented reform, but at the same time have vowed to ensure stability and fend off potential risks such as volatility in cross-border capital flows.