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Further reform in policy-oriented financial institutions stressed

Updated: Jul 07,2021 10:56

The Financial Stability and Development Committee under the State Council held its 53rd meeting on July 6, aimed at studying focused financial issues in the future and deepening reform in policy-oriented financial institutions.

Vice-Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee and committee director, chaired the meeting.

According to those at the meeting, the financial system should remain a stickler to the supremacy of the people's interests, new development ideas, high-quality development, socialistic market-oriented economic reform, and high-level opening-up.

It was emphasized at the meeting that supply-side structural reform will stay the major task in the near future, with study strengthened in strategic, prospective, fundamental, and targeted issues in the financial field.

Based on the establishment of a modern central bank system, efforts should be made to improve the financial supervision system, deepen financial system reform, optimize the structure of financial organizations, beef up financial infrastructure construction, and improve the financial mechanism for risk prevention and control. More work should be done to develop inclusive finance, green finance and digital finance, among others.

As stated at the meeting, reform in policy-oriented financial institutions has made laudable progress, which calls for further efforts to scale new heights.

Departments concerned should push forward gradual reform, and usher in business classification management and a separate accounting system, to finally enhance transparency, cement capital constraints, strengthen risk management, and improve  the incentive mechanism. Financial institutions are urged to fulfill major responsibilities  to better serve the real economy and national strategy implementations.