Since the beginning of reform and opening-up, China’s financial sector has enjoyed rapid growth together with the modernization of the country. However, to sustain this momentum of growth remains a long and arduous task. Currently, China’s financial sector has a total asset of over RMB 150 trillion and a foreign exchange reserve of US $3.4 trillion. There is a huge potential for making full use of China’s financial assets and reinvigorating the financial market.
Going forward, we will unswervingly advance market reform of the financial sector, build a sound modern financial system, accelerate the development of a multi-tiered capital market, and steadily advance the liberalization of interest rate and exchange rate.
Meanwhile (in the meantime), we will deepen cooperation between Chinese banks and their foreign strategic investors, open the stock, bond and insurance markets in an orderly way, promote the cross-border use of the RMB and, over time, achieve the RMB’s convertibility under the capital account and expand the breadth and depth of opening-up in the financial sector. We will promote reform, development, economic transformation and innovation in the course of opening-up to achieve the sustainable and healthy growth of the Chinese economy. This will also create opportunities for the economic growth and development of the financial industry of the world.
reform and opening-up 改革开放
foreign exchange reserve 外汇储备
multi-tiered capital market 多层次资本市场
modern financial system 现代金融体系
sustainable and healthy growth 持续健康发展