Chinese vice-premier stresses reform of financial sector

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Last updated at: (Beijing Time) Thursday, December 04, 2003

Chinese vice-premier stresses reform of financial sector

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Chinese Vice-Premier Huang Ju said in Beijing Wednesday that China is deepening the reform of its financial sector so as to provide strong support to the sustained, rapid, balanced and healthy development of the economy.

Huang made the remark during a meeting with Chairman Padraic Fallon of Euro money Institutional Investor PLC, Chairman David Eldon of the Hong Kong and Shanghai Banking Corporation Ltd. (HSBC)and other foreign guests attending The China Conference co-sponsored by the Bank of China, Euromoney and HSBC.

Huang said that as an important part of China's economic reform,the reform of the financial sector involves such aspects as perfecting the financial management system, developing the financial market and supervision systems and establishing a social credit system.

The reform was aimed to adapt China's financial sector to the requirements of globalization and accelerated advance of science and technology, he said.

Huang said that in the process of reforming the financial sector, China would stick to the guideline of opening to the outside and welcome overseas financial institutions to expand their operation in China.

He said China was ready to listen to the advice of foreign financial personages.

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