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China’s National Financial Work Conference

BritCham / CBBC
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China’ National Financial Work Conference was held in Beijing on January 6 and 7 in Beijing. Premier Wen Jiabao addressed the complex domestic and international economic situation under the circumstance of global financial crisis and pointed out the priorities for Chinese financial work in the next period.

It is emphasized that capital investment in entity economy in versus to virtual economy is vital. Great importance is also given to optimizing use of financial resources on a market-oriented base, encouraging innovation of financial institutes, products, and services with strengthened supervision. To take precautions against and mitigate risks is said to be vital to China’ financial work. On the precondition of the national economy and financial safety ensured, financial sector would deepening its opening up.

Key aspects of the next phase financial reform and development work are outlined as:

  • Provide more financial services of high quality, extending service targets to support economic restructuring, energy saving, environment protection, innovations and solve the financing difficulties of rural areas and small enterprises;
  • Deepening the financial reform with encouragement to private capitals investing in financial institutes like banks, securities and insurance companies;
  • Be alert to financial crisis with strengthened financial supervision;
  • Take precautions against and mitigate local governmental debt risks
  • Boost the development of a healthy financial market with a standardized and unified bond market.
  • Improve financial macro control system with coordinated currency, finance and supervision and industry policies
  • Expand financial sector opening up, and proactively involved in global economic and financial management
  • Speeding up building of financial sector infrastructure to improve the environment of financial development.

Priority is also given to a stable currency policy with increased flexibility and foresight.

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