A high-ranking official with China's Central Financial Commission pledged full and accurate implementation of financial reform measures outlined by a landmark resolution adopted by the country's leadership.
From July 15 to 18, the 20th Central Committee of the Communist Party of China (CPC) held its third plenary session in Beijing, where it adopted a resolution focused on further deepening reforms comprehensively to advance China's ongoing modernization drive.
According to Wang Jiang, executive deputy director of the Office of the Central Financial Commission, the word "finance" was mentioned over 30 times in the full text of the resolution, while other sections involve significant financial reform tasks without mentioning the word.
"Deepening financial system reform not only means that the financial sector itself must implement a significant number of reform tasks, but also requires actively promoting reforms in serving the real economy and the broader strategic goals. Finance can only achieve its own high-quality development by effectively promoting high-quality development in the broader context. In short, we must fully and accurately grasp and implement the various reform measures outlined by the plenary session in an integrated manner," the deputy director said.
Wang also emphasized that Article 18 of the resolution lays out seven key areas of major reform tasks.
Among these seven tasks, the central banking system is set for enhancement, focusing on streamlining the monetary policy transmission mechanism, and the country will aim to build a modern financial system that includes institutions, markets, products, and services, meeting the diverse needs of the real economy and the public.
Capital market functions are set to be refined to harmonize investment and financing, with long-term mechanisms established to boost the market's intrinsic stability. Plans for financial regulatory reforms aim to deepen and strengthen the systems and mechanisms for effective prevention and control of financial risks.
Incentive and restraint mechanisms for financial services supporting the real economy are to be further developed under the plan, ensuring high-quality services for major strategies, key areas, and weak links.
Also among the seven tasks, the drive for high-level financial openness continues with a focus on enhancing financial security in an open environment. Concurrently, the legal framework for finance is set to be reinforced, aiming to construct a comprehensive financial legal system.
Reform measures outlined by plenary session to be implemented in integrated manner: official
Reform measures outlined by plenary session to be implemented in integrated manner: official
