PLOVDIV， Bulgaria， Sept. 14 (Xinhua) -- Bulgarian President Rosen Plevneliev here on Wednesday at the official opening of 12th Meeting of the heads of state of the Arraiolos Group called for European Union (EU) unity and integration.

"Today Europe faces more problems than it ever did in the post-World War Two period，" Plevneliev said before the eyes of the presidents of Germany， Italy， Latvia， Malta， Poland， Portugal， Slovenia， Hungary and Finland.

The EU is undergoing currently not one but 11 crises such as migration， terrorism， Brexit， "and the worst of all crises -- a moral crisis of challenging the European values and lack of solidarity and unity in finding sustainable solutions，" Plevneliev said.

None of the crisis can be managed by the nation-state alone， he said.

Unfortunately， at this crucial time， the EU looked weak and divided， he added.

"Today， more than ever before， we need European unity. The EU is a family， and during hard times， the family unites， each member contributing to the process，" Plevneliev said.

The EU must launch new integration projects "because the only weapon we have is European unity and integration，" he said.

Examples of such new European integration projects were the European energy union， the European defense initiative， the European digital union， and the EU enlargement to the Western Balkans， the Bulgarian president said.

Today's crises highlighted the pressing need for better long-term and coordinated decision-making， Plevneliev said. "Cooperation is no longer a matter of choice but of necessity，" he said.

Arraiolos Group， an informal forum for a top-level political dialogue of the parliamentary republics in the EU， was established in 2003 in the Portuguese town of Arraiolos.

P2P lending an area of concern: experts

People walk in front of the Shenzhen Stock Exchange in South China's Guangdong Province in May 2016. Photo: IC

Amid ongoing efforts by the Chinese government to clear up the financial sector [url=http://www.nhlteamredwingsshop.com/Red-Wings-Gordie-Howe-Authentic-Jersey/]Gordie Howe Jersey[/url] , experts have warned that the risks are mostly centered in non-traditional financial sectors like peer-to-peer (P2P) online lending platforms, where government regulations often lag behind industry changes.

Chinese President Xi Jinping said on April 25 during a study session that safeguarding financial safety is a "strategic and fundamental" mission which is crucial to economic and social development in China, the Xinhua News Agency reported on April 26.

"The basis of safeguarding financial safety is accurately determining the lurking risks. In general, China's financial conditions are healthy and the financial risks are controllable [url=http://www.nhlteamredwingsshop.com/]Detroit Red Wings Jersey[/url] ," Xi said.

Xi also listed six measures to guarantee financial safety, including deepening financial reform, intensifying supervision, increasing punishment for illegal activities and creating a sound financial environment for the development of the real economy.

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Xi Junyang, a finance professor at the Shanghai University of Finance and Economics, said that the Chinese government has stressed the importance of financial security as it shifts its administrative focus from speed to stability.

"Another reason is that there's a public consensus that money has been flowing away from the real economy into the financial sector. This mindset has influenced top level policies, which have been designed to strengthen financial regulatory restrictions in order to direct money back to real industries [url=http://www.nhlteamredwingsshop.com/Red-Wings-Darren-Helm-Authentic-Jersey/]Darren Helm Red Wings Jersey[/url] ," he told the Global Times on Wednesday.

He Jing, an associate professor with the School of Finance at Zhejiang Gongshang University, said that problems in the financial sector have always existed, but never before has the government paid so much attention to solving them. "It also shows the government's determination to combat corruption [url=http://www.nhlteamredwingsshop.com/Red-Wings-Martin-Frk-Authentic-Jersey/]Martin Frk Red Wings Jersey[/url] ," she said.

Risks emerge

According to Xi Junyang, financial risks have been accumulating for a long time and "are breaking out more frequently than, say, two or three years ago."

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But Xi Junyang noted that in the traditional finance sector, risks are still under control. "Despite problems like nonperforming loans, domestic banks are still operating in a safe framework. The risks in the securities sector are also under control," he noted.

The mainland stock markets have been climbing slowly but steadily since mid-2016 after tumbling dramatically around June 2015.

He Jing said that the main area of risk is the so-called innovative financial areas such as P2P online lending platforms. "Government supervision is unable to keep abreast of financial innovation [url=http://www.nhlteamredwingsshop.com/Red-Wings-Anthony-Mantha-Authentic-Jersey/]Anthony Mantha Red Wings Jersey[/url] ," she noted.

By the end of April, there were more than 3,000 P2P online lenders with questions swirling around them, such as companies that suddenly shifted their business or that shut down with their leaders disappearing [url=http://www.nhlteamredwingsshop.com/Red-Wings-Jimmy-Howard-Authentic-Jersey/]Jimmy Howard Red Wings Jersey[/url] , according to domestic media reports.

"Survival of the fittest in the market is a good mode of development for the P2P industry, which will become a good supplement to the traditional financial sector eventually," He told the Global Times on Thursday.

Management efforts

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