Business     

China to release plan for financial reform

China.org.cn, September 17, 2012

• A deputy governor of China's central bank said Saturday the country will soon release a five-year plan for the nation's financial reform in the 2011-2015 period. [File Photo]

  A deputy governor of China's central bank said Saturday the country will soon release a five-year plan for the nation's financial reform in the 2011-2015 period.

  The plan will concern areas including the marketization of interest rates, the liberalization of exchange rates and the internationalization of the nation's currency, the renminbi or yuan, said Pan Gongsheng, deputy governor of the People's Bank of China, the central bank.

  China could liberalize its capitalaccount by as early as 2015, said Dai Xianglong, Chairman, National Council for Social Security Fund, and ex-president of the People’s Bank of China, during the Summer Davos 2012 held in Tianjin, although he cautioned that the international community influences the pace of reform.

  Financial reform should focus oninternationalization of China’s currency the RMB and reform of the interest rate, Dai added.

  It will also touch on areas such as reforms of direct and indirect financing in the country's financial structure and the development of micro-sized financial organizations, Pan said at an academic symposium held in Beijing.

  Pan added that the nation's financial reforms must follow a basic principle that adheres to market and commercial reforms.

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