China’s top banking and insurance regulator said on Tuesday it will encourage cross-border capital flows at a more open level, while also being careful not to cause huge fluctuations in the domestic financial market. At a news conference held by the State Council Information Office, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said the global economy has experienced an overall downturn since COVID-19 broke out. “Developed European and American countries, nations that are severely affected by the pandemic, and some developing countries all adopted proactive fiscal policies and ultra-loose monetary policies. We understand these macroeconomic policy measures are necessary for stabilizing the economy, but we should take more consideration of the force and impact of these measures, which have side effects and have started to show gradually,” Guo said. “The financial markets of developed European and American countries have been running high, which is against the ongoing trends in the real economy. If the difference is too huge between financial markets and the real economy, problems will occur, and the financial markets will be forced to make adjustments. So we are worried one day foreign financial asset bubbles may burst,” he added. The Chinese economy is… Read full this story
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