Minister vows prudence in dealing with debt

Faced with lingering uncertainties globally and mounting debt at home, China has decided to apply greater fiscal prudence in its reform process, Finance Minister Lou Jiwei said on Sunday.

Speaking at the G20 meeting of finance ministers and central bank governors in Chengdu, Sichuan province, Lou said China will be cautious in using public funds to intervene in the market unless there is a "systemic crisis".

Intervention is "not an issue to be taken lightly", he said. However, prudence does not mean doing nothing when businesses are faced with increasing difficulties. "The government will do more to improve the regulatory regime," he added.