The National Financial Regulatory Administration recently convened an expanded meeting of its Party Committee.

The meeting outlined key directives for advancing high-quality development within the financial regulatory framework, underpinned by robust Party leadership.

A core focus is the methodical resolution of risks associated with local small and medium-sized financial entities, ensuring a firm defense against systemic failures.

There is a steadfast commitment to enforcing stringent and rigorous supervision, adhering to the principle that regulation's primary duty is oversight.

This involves concentrating on core responsibilities, rigorously formulating and implementing financial laws and regulations, strictly controlling market entry, and cracking down on illicit financial activities.

Efforts will be intensified to foster high-quality development within the financial sector, which includes systematically reducing the number of small and medium-sized institutions while improving their quality, and vigorously rectifying disorderly competition.

Furthermore, the administration will support broader economic and social development by urging financial institutions to provide comprehensive financial services and safeguards, particularly in response to emergencies like flood prevention and disaster relief.