BEIJING, (Reuters) – China’s President Xi Jinping stated that the country should intensify its antimonopoly efforts to prevent disorderly capital expansion. This was reported by the official Xinhua news agency on Saturday.

Xi called Friday for a healthy and sustainable development of China’s capital markets. He also stressed the importance of avoiding financial risks, focusing on non-performing assets and preventing bubbles.

Xi said, “Capital can be an important force for social productive forces,” as he presided over a study session following a Politburo meeting. It is profit-seeking.”

It will cause irreparable harm to the economy and society if it’s not controlled and retrained.

Xi was reported to have said that China would clamp down on the corrupt behavior of platform monopolies and disorderly capital expansion, and strengthen surveillances.

Xinhua stated that the authorities would improve economic openness, attracting more foreign capital to China and encouraging domestic companies to move overseas.

Politburo is the highest decision-making body within the Communist Party and pledged support to the COVID-hit economic system, as well as embattled online platforms.