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People's Daily Online>>China Business

IMF, World Bank publish China FSAP reports

(People's Daily Online)

13:04, November 15, 2011

Beijing, Nov.15 (People's Daily Online)--China Financial Sector Assessment Program (FSAP) reports, the Financial System Stability Assessment (FSSA) and the Financial Sector Assessment (FSA) were published by the International Monetary Fund (IMF) and the World Bank (the Bank) respectively, on 15 November 2011, according to the website of the People's Bank of China.

The FSAP was developed by IMF and the Bank jointly in May 1999 to help strengthen the assessment and monitoring on financial vulnerability, so as to reduce the possibility of financial crisis and promote financial reforms and development in member jurisdictions. Now the FSAP has become an internationally accepted framework for assessing financial stability. At the G20 Washington Summit held in November 2008, leaders of all G20 members committed to undertake FSAP.

In the reports of China FSAP, IMF and the Bank fully recognize the remarkable achievements of China's financial system in the areas of commercialization, strengthening financial soundness and improving financial regulation, among other things.

The reports point out that China has made firm progress through financial reforms and China's financial system has maintained resilience throughout the global financial crisis with continuously strengthened financial institutions.

Meanwhile, the increasingly diversified financial services and products have effectively supported economic growth, and tremendous achievements have been made in the supervision and regulation of banking, securities and insurance sector as well as the establishment of efficient payment and settlement systems, with fairly good adherences to related international standards and codes in financial sector, including the Core Principles for Effective Banking Supervision, the Objectives and Principles of Securities Regulation, the Insurance Core Principles and Methodology, the Core Principle for Systemically Important Payment Systems and the Recommendations for Securities Settlement Systems.

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