Financial reform to pick up momentum
Updated: November 29, 2019 14:59

The Financial Stability and Development Committee under the State Council held its 10th meeting, to discuss financial reform in multiple aspects, highlighting precautions against grave financial risks.

Liu He, member of the Political Bureau of the Communist Party of China (CPC) Central Committee, vice-premier of the State Council and director of the financial committee, presided over the meeting.

The committee has resolved major financial risks in a timely and efficient manner and contributed to a stable and orderly financial market, with significant achievements made in the current phase of financial reform.

Further efforts should be made to optimize policies and measures, maintain a balance between steady increase and risk prevention, enhance counter-cyclical adjustment, support small and medium-sized banks, and improve the long-term mechanism to deal with risks, in a bid to safeguard a stable financial system and economic growth.

Financial reform and opening-up is key to better services for the real economy and prevention against financial risks. Thanks to the previous implementation of financial reform and opening-up, China's financial market has been substantially strengthened over the past few years.

In the next stage, the committee should continue deepening reform in the capital market and small and medium-sized banks, directing privately offered funds to develop, improving incentive and restriction mechanisms, and making the financial system more adaptable, competitive, and inclusive.

A slew of measures were decided during the meeting, featuring better services for the real economy, further improvement in capital market basic system, and reform measures in expanding financial opening-up, among others.

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