China to defuse risks in real estate, local govt debt, small and medium-sized financial institutions

BEIJING -- China will address both the symptoms and root causes to defuse risks in real estate, local government debt, and small and medium-sized financial institutions to safeguard overall economic and financial stability, according to a government work report submitted Tuesday to the national legislature for deliberation.

Efforts will be made to ensure both development and security, and effectively prevent and defuse risks in key areas, the report said.

More work will be done to move faster to foster a new development model for real estate, and ensure energy and resource security by stepping up the exploration and development of oil, natural gas, and strategic mineral resources, the report said.