Pan Gongsheng, Governor of the People's Bank of China, said efforts must continue to address the 'involution'-style competition among financial institutions.
According to the China Securities Journal, the People's Bank of China and the State Administration of Foreign Exchange held a system-wide warning and education meeting and a conference to promote the establishment and implementation of sound performance values on Friday (April 24).
Regarding the promotion of high-quality development of the central bank’s operations, Governor Pan Gongsheng stated that it is necessary to focus on the responsibilities of the People’s Bank of China, deeply analyze issues behind economic and financial challenges concerning performance evaluation, strictly and earnestly implement rectifications following central inspections and audits, and continue to rectify 'involution'-style competition among financial institutions.
Pan Gongsheng put forward that high-quality coordination must be achieved in carrying out the five major financial articles, actively and prudently promote the resolution of local government financing platform debts and risks of small and medium-sized financial institutions, maintain a high-pressure stance on illegal financial activities in relevant fields, and continuously optimize the central bank's county-level financial management and services.
Pan Gongsheng put forward that high-quality coordination must be achieved in carrying out the five major financial articles, actively and prudently promote the resolution of local government financing platform debts and risks of small and medium-sized financial institutions, maintain a high-pressure stance on illegal financial activities in relevant fields, and continuously optimize the central bank's county-level financial management and services.