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China's authorities have stepped up efforts to rein in financial risks, promising to correct irregular fundraising behavior by local governments.
China will establish authoritative, unified and accessible credit records of all market players, based on their social credit codes, to boost government oversight, the State Council decided at an executive meeting last week. According to a statement released after the meeting, the government will step up oversight of the social credit of businesses to ensure fair competition and reduce the cost of market transactions.
China will monitor the progress and implementation of the deals to ensure that the interests of the companies are protected in a fair manner. Steps will also be taken to further enhance the business environment in the country for international trade, Xian said.
China would like to enhance communication and cooperation with all sides, including the ROK, to push for improvement of the situation, Xi said.
China's Belt and Road Initiative has played a key role in staving off the negative impact caused by the COVID-19 pandemic, an expert said on Wednesday.
