Premier Li Keqiang has urged reform and innovation in the financial sector in order to better serve the development of the real economy. Speaking at a symposium on Oct 16, he said banks and other financial institutions should enhance innovation and prevent risks to provide a sound financial environment for the real economy. He added that while maintaining a prudent monetary policy, the financial industry should carry out more targeted and flexible measures.

The Premier added that the banking system should ensure appropriate and sufficient money supply, moderately increase the amount of credit and loans, and reduce service charges, to strengthen support for key economic fields and small and micro enterprises. He also urged stronger credit support for emerging industries such as advanced manufacturing, and the upgrading of traditional industries.