What’s new: A key regulatory body chaired by Vice Premier Liu He reiterated that there should be no sudden turns in financial policies and urged maintaining reasonably abundant liquidity in the financial system, according to a Friday conference (link in Chinese) of the State Council’s Financial Stability and Development Committee.
The context: Policymakers have vowed to maintain continuity in macroeconomic policies this year to support the economic recovery, though the monetary and fiscal policies are not as loose as in 2020 when authorities issued stimulus to offset the fallout from the Covid-19 pandemic.
What else is worth attention: The committee also vowed to crack down on Bitcoin mining and transactions in a bid to prevent financial risks. The news has dealt another heavy blow to cryptocurrency prices, as China is the worlds’ biggest Bitcoin mining nation.
Related: Cover Story: Is Global Inflation About to Take Off?
Contact reporter Guo Yingzhe (yingzheguo@caixin.com)
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