China's Central Bank Vows to Improve Financial ServicesGovernor of the People's Bank of China (PBOC) Dai Xianglong said Friday that the central bank will speed up the reform and development of its financial services to ensure that the central bank can better perform its duties.Speaking at the PBOC's working meeting on financial services, Dai said that improvement of the central bank's financial services can help promote the overall service quality of the whole financial industry and sharpen its competitive edge to meet the challenges arising from the country's impending accession into the World Trade Organization. He said that financial service, monetary policy and financial supervision are the central bank's three primary functions with equal importance. Over the past years the central bank's financial service departments have made active contributions to ensuring the central bank to perform its duty, meeting demands for financial services from all social aspects, ensuring the safety of bank capital and some other aspects. The central bank's financial services have also satisfied the demands by monetary policy and financial supervisory work, he said. Through establishing highly effective financial statistics system and remote supervision system, the services have created conditions for effective and timely macro-financial control and improved financial supervision. He added that the central bank's financial services have played its due role in advising the government to draft economic policies, ensuring financial institutions' business operation, promoting the coordination of fiscal and monetary policies, facilitating the establishment of social credit system and protecting economic and financial order. In the coming five years the central bank's financial services will be carried out with the target of improving efficiency and quality, and major efforts to be taken include the establishment of a nationally unified financial information system and a modern payment and clearing system, the inter-bank linking of banking cards, centralized accounting management, and the establishment of gold markets. |
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