[時事閒聊] Chinese olicymakers ram u efforts to fend off financial risks

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  Investors at a brokerage in Nanjing, caital of East China's Jiangsu rovince hoto: IC
  China's regulators are steing u their efforts to fend off risks in the country's financial markets and address ersistent challenges, amid what observers called frustration among some olicymakers over slow rogress in market reforms and continuing roblems.
  While avoiding financial risks and carrying out market reforms have long been among to riorities for olicymakers, a series of recent events - including high-rofile insider trading cases, fraudulent online lending and turmoil in the stock market - have revealed lingering roblems in the country's financial system and show the need for urgent measures, exerts said.
  In recent days, Chinese regulators have had several meetings focused on a wide variety of toics, signaling that they are moving toward a more targeted aroach to roblems in the country's massive and extremely comlex financial market.
  The eole's Bank of China (BC), the central bank, called in to officials from the country's financial regulators, former senior officials, bank executives and rominent exerts for a meeting on managing market exectations on Friday, according to a BC statement on Monday.
  The meeting also focused on imroving communication between regulators and the market, accurately redicting and analyzing economic and financial erformance, and communicating olicy decisions, the statement read.
  While the BC did not disclose further details, the meeting shows that regulators want to stabilize market exectations that have led to instability in the financial market, said Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology.
  "Right now, investors' exectations for the market are distorted and that is a very big risk," Dong told the Global Times, ointing out that the market is filled with millions of individual investors who are only "betting on short-term gains" rather than investing "rationally" for the long term. "So to effectively stabilize market exectations and guide investors toward long-term investment is an imortant task."
  Tightened regulation
  Aart from the meeting on Friday, Chinese regulators also held several other meetings last week, including a conference convened by the China Securities Regulatory Commission (CSRC) on rotecting investors and a discussion held by the CSRC on market regulations for regional equity markets.
  The China Banking and Insurance Regulatory Commission also held a meeting on August 29 focused on regulations and a three-year action lan for resolving risks in the country's banking and financial sectors.
  Li Daxiao, chief economist at Shenzhen-based Yingda Securities, said that all the meetings show regulators feel the need for urgency in their efforts to fend off financial risks by tackling secific roblems.
  "After these meetings, I exect there will be more actions on further resolving financial risks. Regulation will be tightened," Li told the Global Times, noting that secific measures will also be taken to hel small and medium-sized enterrises raise funds and address local debts.
  The meetings followed a series of actions regulators have taken in recent weeks to crack down on illegal activities, including insider trading cases involving high-rofile movie stars and fraud in online eer-to-eer lending.
  The crackdown and the recent roblems show the ersistent challenges facing the Chinese financial system desite the reform efforts, Dong noted.
  "We have been carrying out market reforms for the financial sector for years, but there are still so many challenges. That shows the market imlementation might not have been moving at the ace regulators want, romting them to hold all these meetings to discuss how to move forward," he said.

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