China has made decisive achievements in preventing financial risks

China has made decisive achievements in preventing and resolving financial risks and has firmly held the bottom line of no systemic risks, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said on Tuesday.

The country's financial leverage has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed, Guo added at the press conference on the promotion of high-quality development of the banking and insurance sectors.

From 2017 to 2020, the average annual growth rate of the total assets of the banking and insurance sector was 8.3 and 11.4 percent, respectively, roughly half of the average annual growth rate of 2009-2016; and China disposed 8.8 trillion yuan in non-performing loans, exceeding the amount of the past 12 years combined, Guo noted.