China's financial sectors have functioned steadily and are capable of coping with the current risks, the National Financial Regulatory Administration (NAFR) said on Tuesday.
Since the start of this year, authorities have stepped up financial risk prevention and control efforts, strengthen market supervision, and enhance financial services to better contribute to the real economy, NAFR director Li Yunze told a press conference in Beijing.
The administration has guided small and medium financial institutions to defuse risks through reform to avoid spillovers. Banks and insurance institutions are encouraged to help defuse risks arising from the property market and local government debt, Li said.
"At present, specific reform and risk reduction plans are in place in areas where high-risk institutions are concentrated. The tailored 'One Province, One Policy' strategy for financial risk management has been promoted in a prudent and orderly manner. We also lead banking and insurance institutions to actively assist in efforts to defuse real estate and local government debt risks. The country's financial sectors, especially large financial institutions, are functioning well with controllable risks," said the official.
The administration will guide the banking and insurance sectors to focus on their main businesses and achieve mutual complementarity. In promoting development, more financial services will be provided in key areas and to shore up weak links.
"By the end of August this year, loans to high-tech industry and medium- and long-term loans to manufacturers rose by 13.2 percent and 15.9 percent year-on-year, respectively. Inclusive finance lending to micro and small business and loans to private firms rose by 16.1 percent and 9.1 percent year-on-year, respectively," Li said.
China's financial risks controllable: regulator
A vast array of groundbreaking innovations and sophisticated technologies for use in the transport and logistics sector were showcased at the 16th International Exhibition on Transport Technology and Equipment that opened in Beijing on Sunday.
Running from Sunday to Tuesday, this year's exhibition features five zones spread across a 30,000-square-meter area, focusing on infrastructure connectivity, stabilized logistics supply chains, transportation safety and security, green transportation and energy transformation, integrated road and air transport, and smart transportation. At the exhibition, a standout exhibit is an AI-powered robot that has captured the attention of many visitors. The tunnel inspection robot, leveraging artificial intelligence and Internet of Things (IoT) technology, can traverse tunnels at a speed of 30 kilometers per hour. It boasts a large battery capacity that can be fully charged wirelessly within an hour, enabling 20 hours of continuous inspection.
This robot can be further applied in a variety of scenarios such as underground pipelines in cities, subways, and unmanned substations in the future.
In addition, an eye-catching high-tech exhibit is the smart lamppost. Its utility extends beyond illumination to include environmental monitoring, broadcasting, and emergency location services. Most notably, it offers wireless charging technology for mobile phones when placed on it. Another tech-powered item is the electronic rearview mirror installed in trucks, utilizing wide-angle imaging technology. This small device enhances the driver's field of vision beyond the limitations of traditional rearview mirror, reducing blind spot and ensuring safer driving for truck drivers on the road.
Another eye-catching invention is an underwater inspection robot. It relies on advanced image recognition technology and autonomous navigation systems, enabling its future utilization in scenarios such as marine operations, rescue and salvage missions, and aquaculture.
The exhibition serves as a platform for transportation-related companies and institutions to share knowledge, exchange technologies, and promote investment and trade, fostering sustainable and innovative growth within the transportation sector.
16th Int'l Exhibition on Transport Technology, Equipment showcases sophisticated technologies
