Central Bank Governor Pan Gongsheng: We will continue to crack down on illegal financial activities such as cryptocurrency speculation, and focus on reducing key financial risks.

Pan Gongsheng, Governor of the People's Bank of China (PBOC), stated at a press conference on the economic theme of the Fourth Session of the 14th National People's Congress that, overall, financial risks in key areas of my country have been resolved in an orderly manner over the past year, the financial system and financial markets have operated smoothly, and risks in key areas have continued to recede. The PBOC, together with relevant departments, has maintained a high-pressure crackdown on illegal financial activities such as illegal fundraising, virtual currency trading and speculation, and underground banks. Going forward, the PBOC will continue to resolve risks in key areas in an orderly manner to prevent financial risks and maintain financial stability. It will work with industry regulators and law enforcement agencies such as the public security bureau to continue its high-pressure crackdown on illegal financial activities, closely monitor and assess the impact of external shocks, and utilize macro-prudential and financial stability policy tools to promptly weaken or prevent the contagion of risks.