While the U.S. has maintained it seeks to establish guardrails for the relationship, Xi has spoken of a need to “improve the national security system” and “build the people’s army into a great wall of steel that effectively safeguards national sovereignty, security and development interests”.
The setting up of a national financial regulatory administration comes as Beijing seeks to rein in large corporate and financial institutions to shore up its economy in the face of “external shocks and risks”, as the foreign exchange regulator characterized the challenges facing the economy on Wednesday in a separate statement.The PBOC also said that it would “enhance the sense of distress and the spirit of struggle” while describing China’s foreign relations in its statement.
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