Chinese president calls for financial risks to be curbed
BEIJING (AP) - President Xi Jinping on Tuesday called for authorities to curb financial risks as concerns mount in China about rising debts owed by companies and local governments.
Mr Xi said Beijing needs to "strengthen financial supervision and guard against and defuse risks," the official Xinhua News Agency reported. It gave no details of what steps he told regulators to take.
His order, in a speech at a Cabinet meeting, came after the government this week announced a nationwide audit of local government debts.
The rare public comments about the economy by China's president and Communist Party leader come as Beijing faces pressure to reverse a downturn that depressed growth to a two-decade low in the latest quarter.