China’s Xi vows stronger antimonopoly efforts, healthy capital market

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Chinese President Xi Jinping delivers a keynote speech at the opening ceremony for the Boao Forum for Asia via video link, in Boao

BEIJING -Chinese President Xi Jinping said the nation should strengthen its antimonopoly efforts and prevent a disorderly expansion of capital, the official Xinhua news agency reported on Saturday.

Xi called on Friday for a healthy development of China’s capital markets, preventing financial risks and focussing on tackling risks from non-performing assets and bubbles, Xinhua said.

“Capital is an important force to promote social productive forces,” Xi was quoted as saying as he chaired a study session after a Politburo meeting. “And it has a profit-seeking nature.”

“If it is not regulated and retrained, it will bring immeasurable harm to economic and social development.”

Xi was quoted as saying China would crack down on corrupt behaviour related to disorderly capital expansion and platform monopolies, and would strengthen supervisions.

The authorities will improve economic opening, attracting more international capital to invest in China while encouraging domestic firms to go overseas, Xinhua said.

The Politburo, the top decision-making body of the ruling Communist Party, pledged to step up support for the COVID-hit economy, including embattled internet platforms, and to expand economic policy adjustments.

(Reporting by Min Zhang and Kevin Yao; Editing by Clarence Fernandez and William Mallard)