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**February 25, Monday Afternoon: China Banking and Insurance Regulatory Commission (CBIRC) Leaders Address Financial Risk Prevention Efforts** On Monday afternoon, February 25, CBIRC Vice Chairmen Wang Zhaoxing, Zhou Liang, and Liang Tao held a press conference at the State Council Information Office to discuss measures aimed at mitigating financial risks. The officials also answered questions from the media regarding these efforts. Wang Zhaoxing, Vice Chairman of CBIRC, stated that the structural deleveraging of China's financial system had met its expected targets. He emphasized that the rapid increase in the country's macro leverage ratio—previously averaging more than 10 percentage points per year—had stabilized over the past year. CBIRC also announced that this year, the agency would continue to deepen the structural reform of financial supply. Wang highlighted that the rampant growth in the banking and insurance sectors had been effectively curbed. He pointed out that illegal financial institutions and high-risk mechanisms were being strictly addressed. Wang specifically mentioned the handling of the "Anbang case," where illegal financial conglomerates were dismantled, assets cleared, recovery efforts initiated, and contagion risks cut off, while new strategic investors were introduced and corporate governance improved. These measures have helped to preliminarily contain and orderly resolve related risks. Regarding debt-to-equity swaps, CBIRC disclosed that over 2 trillion yuan in agreements had been signed so far, with 620 billion yuan already implemented. Wang Zhaoxing further emphasized that financial risks were now largely under control, with overall financial stability significantly improved. He noted that the previously widespread financial risks had begun to contract, allowing more financial resources to flow from speculative ventures to the real economy. Wang also emphasized that regulation needs both a "sharp edge" and a "warm heart." Throughout the process of correcting financial irregularities, regulators never lost sight of their primary goal: to better serve the real economy. He acknowledged that while risks in the banking and insurance sectors remain generally controllable, the situation is still complex and challenging. In combating financial risks, both immediate and long-term strategies are necessary. Efforts must continue to deal with non-performing assets in the banking sector while preventing new bad loans. At the same time, risks related to real estate financing will continue to be closely monitored, with stricter controls on speculative real estate loans. The CBIRC will also coordinate with local governments to address hidden debts and tackle high-leverage issues in state-owned enterprises. Wang noted that in recent years, lending to small and micro enterprises had increased significantly. In fact, according to last year's statistics, inclusive loans to small businesses grew by over 21%, far outpacing the overall growth of loans. As financial irregularities are being corrected, both the banking and insurance industries have refocused on their primary functions, with increased support for the real economy. Wang also stressed that ongoing reform efforts are key to enhancing the ability of financial institutions to both prevent risks and serve the real economy. CBIRC concluded by highlighting a noticeable reduction in "idle funds" circulating in the banking system, with the overall financial ecosystem showing signs of improvement. Since early 2017, both the banking and insurance sectors have made concerted efforts to eliminate speculative financial practices, contributing to a healthier financial environment. The growth rate of total banking assets has slowed from about 15% to around 7% in recent years. The share of loans in total banking assets has risen to 53.9%, reflecting a significant reduction in non-productive financial activity. Meanwhile, the insurance industry has optimized its income structure, with a sharp reduction in short-term products and a strengthened focus on providing insurance protection. **Updates to follow.**