The Political Bureau of the Communist Party of China (CPC) Central Committee urged the country to further its financial reforms at a meeting on Tuesday in Beijing.

Chinese President Hu Jintao, who is also general secretary of the CPC Central Committee, presided over the Politburo meeting.

Participants at the meeting stressed the need to strengthen financial support for agriculture, rural residents, underdeveloped regions and small and medium-sized enterprises.

They called for further reforms to improve corporate governance of financial institutions and to sharpen the competitiveness of the financial sector.

China allowed foreign-funded banks to conduct Renminbi business for Chinese citizens on Dec. 11 of 2006, the latest move to fully open up its banking industry in accordance with commitments to the World Trade Organization.

The Politburo also pledged to intensify the crackdown on commercial bribery and corruption.

China pledged to deepen financial reform at the third national financial work conference that concluded on Saturday.

Source: Xinhua