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Wen calls for more financial reform

(China Daily)
Updated: 2007-03-01 13:31

Premier Wen Jiabao has called for deepened reform of the financial sector so as to enhance its sustained and healthy development, according to an article to be published today by the Party journal Qiushi (Seeking Truth).

Wen, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said in the article that China has made marked achievements in the financial sector since the 16th National Congress of the CPC held in 2002, and made headway in financial reforms.

It has opened its financial sector steadily to the outside and intensified supervision and management of the sector while enhancing its legal system.

Wen called on efforts to cope with the new situation China faces in developing its financial sector.

With globalization, international financial markets are more closely linked and liquidity is expanding in scale. China's financial sector is playing a marked role and imposing a notable influence on the country's economy and the world at large, Wen said.

The article listed six major tasks for the country's financial sector in the future. They are:

To further enhance sustained and healthy development of the sector, so as to meet the diversified financial needs in economic and social development.

To optimize the financial structure and improve the distribution of the multi-layer financial market system, and urban, rural and regional financial service distribution.

To deepen the reform of financial enterprises and speed up its operation mechanism.

To further improve financial services and the control mechanism so as to promote steady and fast development of the national economy and realize development based on scientific concepts.

To push forward the opening-up of the sector to boost development of China's financial industry and improve the industry's competitiveness.

To establish a sound legal system in the sector and intensify management to boost safe and stable development.