China's financial system remains stable: vice premier

DAVOS, Switzerland, Jan. 17 (Xinhua) -- China has managed to maintain overall financial stability and is drafting the Financial Stability Law, Chinese Vice Premier Liu He said here Tuesday.

To tackle the risks in the real estate sector, China has been committed to stabilizing expectations, providing reasonable liquidity, relaxing restrictions that were once introduced to address the overheating in the property market among others, Liu said while addressing the World Economic Forum Annual Meeting 2023.

Thanks to these efforts, the supply and demand in the market has seen noticeable improvement, he added.

Looking ahead, China's urbanization is still on a fast track, and the enormous potential demand generated in this process will provide a strong underpinning for the development of the real estate sector, Liu said.

Moreover, the vice premier said China is drafting the Financial Stability Law, which is expected to provide legal safeguards for defusing risks and maintaining financial stability as the country goes forward.