China will accelerate fostering the new development paradigm and prevent the resurgence of financial risks, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission at the 13th Lujiazui Forum 2021 in Shanghai.

China has entered a new stage of development and we will fully implement the new development philosophy, actively advance supply-side structural reform, and constantly strengthen and upgrade the pattern of mutually reinforcing domestic and international circulations.

From the financial perspective, we must further expand reform and opening-up, improve corporate governance structure, accelerate market-based mergers and reorganizations, standardize Internet platforms, and promote fair competition.

We should also accelerate the digital transformation of traditional financial services to enable financial institutions to better serve the real economy and guard against financial risks more precisely.

Inclusive finance, green finance and scientific and technological finance should also be promoted.