Li Yunze, head of the National Financial Regulatory Administration of China, gives an interview after the closing meeting of the second session of the 14th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 11, 2024. (PHOTO / XINHUA)

BEIJING — China has the confidence, conditions and capabilities to maintain financial security, Li Yunze, head of the National Financial Regulatory Administration, said Monday.

Financial risks are generally under control and the country has ample conditions and resources to address the risks, Li told journalists after the closing of the annual national legislative session.

Development, particularly high-quality development, is fundamental to forestalling and defusing risks

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Development, particularly high-quality development, is fundamental to forestalling and defusing risks, he stressed, adding that the administration will remain firm in following the path of financial development with Chinese characteristics.

With forestalling and defusing financial risks as the primary task, regulators will be more forward-looking in carrying out oversight and regulation in a more targeted, effective and coordinated manner, so as to ensure no systemic risks arise, Li said.