February 28, 2017 / 11:51 AM / 2 years ago

Xi says China must 'unswervingly' crackdown on financial irregularities

China's President Xi Jinping attends a welcoming ceremony for Italian President Sergio Mattarella (not in picture) at the Great Hall of the People in Beijing, China February 22, 2017. REUTERS/Jason Lee

BEIJING (Reuters) - Chinese President Xi Jinping said the nation must “unswervingly” crackdown on financial irregularities and illegal behaviors, while improving shortcomings in its market supervision, state news agency Xinhua quoted him as saying on Tuesday.

Xi stressed that the world’s second largest economy must make such reforms specific and according to international standards.

China will actively discuss how best to tackle its debt issues and fend off moral hazards this year, Xi said at an economic work meeting.

China’s top leaders have criticized the flow of speculative funds into the property market, which recorded the fastest price gains last year since 2011. That has fueled a dangerous price bubble and inflated China’s debt load.

Xi said China will keep its property market stable by guiding real estate investment behaviors and market expectations, and adjust medium to long-term supply to the market.

To do this, China will establish a long-term mechanism to promote the healthy development of the property market, based on the belief that “houses are for living in, not for speculating”.

Xi also said China will deepen supply-side structural reform this year, emphasizing that tackling “zombie firms” was the key to reducing overcapacity this year.

Reporting by Yawen Chen and Elias Glenn; Editing by Randy Fabi

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