China's Top Leaders Convene in Beijing to Tackle Debt Crisis and Strengthen Party Supervision

China's top leaders are gathering in Beijing for a two-day national financial work conference to address debt problems and strengthen Communist Party supervision. The conference will focus on resolving the issue of local governments running out of money due to a downturn in the real estate market. The government aims to strengthen party leadership and financial discipline, while also managing systemic risk in the financial sector. Measures are being taken to prevent misuse of any future aid, including the issuance of sovereign bonds. Other topics to be discussed include bad loans, revitalizing capital markets, and supporting the private sector. The Central Finance Commission is expected to create a top-down financial regulatory framework.