BEIJING: China’s President Xi Jinping on Tuesday stressed the high-quality development of China’s financial sector and vowed to accelerate the creation of a modern financial system with Chinese characteristics, the Xinhua News Agency reported.

Xi made the remarks at the opening of a study session at the Party School of the CPC Central Committee, according to the official state news agency. Financial supervision should have “long teeth and thorns”, Xinhua quoted Xi as saying.

The approach involves a zero-tolerance policy for financial crime, China’s financial regulator said on Sunday.

“A financial powerhouse should be based on a strong economic foundation and have world-leading economic strength, scientific and technological strength and comprehensive national strength,” said Xi.

It should also be based on a series of key core financial elements, namely “a strong currency, a strong central bank, strong financial institutions, a strong international financial center, strong financial supervision and a strong team of financial talents,” said Xi.

China’s ruling Communist Party tightened supervision over the nation’s $63 trillion financial sector through a broad restructuring of both party and state entities last year.

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China is seeking to restore confidence in its financial system, which is mired in mounting local government debt and an ongoing real estate crisis amid a sputtering economy.

Additionally, China will step up transparency, stability and predictability of China’s opening up policy, said Xi.

China will make efforts to fend off financial risks, especially systemic risks and will also further strengthen interconnectivity of domestic and overseas financial markets and further facilitate cross-border investment and financing.