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People's Daily Online>>China Politics

VP urges efforts to deepen financial reforms, prevent risks


15:55, November 20, 2011

WUHAN, Nov. 19 (Xinhua) -- Chinese Vice Premier Wang Qishan on Saturday called for intensified efforts to deepen financial reforms and prevent financial risks.

The world economy is likely to slump into a long-term recession given current global economic challenges, Wang said at a meeting with financial official in Wuhan, capital city of central China's Hubei Province.

Against the backdrop, China must give full play to the basic role of market forces in allocating resources, adopt prudent monetary policies while making them more targeted and flexible, optimize credit structure, increase financial support to micro- and small-sized enterprises and improve financial services, Wang said.

Wang noted that "some structural problems" exist in the country's financial industry. "City banks, rural credit cooperatives, village banks and micro-credit companies should prevent blind expansion and put more focus on improving their development quality and efficiency," he said.

Preventing risks is the eternal theme of the financial sector. More efforts should be made to monitor new developments of international and domestic financial markets, crack down on activities such as usury, illegal find-raising and illegal transactions, in order to ensure the country's financial stability, Wang said.

He also urged the country's financial authorities including the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission to "increase exchanges, coordination and cooperation with local governments", and try their best to help solve difficulties and problems faced by local governments and enterprises.


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ZaVzTAKTTY at 2011-11-29212.3.69.*
Way to go on this essay, hpleed a ton.

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