Wu Qing: Prudently promote the continuous convergence of risks in key areas.

On September 22, when introducing the achievements of the development of the financial industry during the "14th Five-Year Plan" period, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at a press conference at the State Council Information Office that it is important to prudently promote the continuous convergence of risks in key areas, adhere to strict control of incremental risks, stable reduction of existing risks, and strict prevention of "explosive risks". The default rate of bonds in the exchange market has been maintained at a low level of around 1%. Risk control for private equity funds is progressing solidly, with approximately 7,000 zombie institutions having completed their liquidation, and the incremental risk of "pseudo-private equity" has been effectively contained. The closure of gold exchanges and "pseudo gold exchanges" has shown significant results, with all 27 gold exchanges that should be closed having had their qualifications revoked, and all identified "pseudo gold exchanges" having been cleared out.