BIZCHINA> Review & Analysis
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BIZCHINA> Review & Analysis
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Financial reform
(China Daily)
Updated: 2007-01-22 10:49 As the financial industry plays an increasingly important role in the Chinese economy, it is necessary to keep a vigilant eye on potential financial risks. In comparison with their own past performance, Chinese banks have admittedly improved. Yet, with international best practices as the benchmark, domestic banks still have a lot to do to improve their performance and governance. That is why Premier Wen Jiabao vowed at the two-day conference to deepen the reform of State-owned banks, with special attention to optimizing corporate governance and pushing forward grass-roots reform in local branches. Another priority for the Chinese government is to facilitate rural financial reforms. If the country is to effectively narrow the development gap between urban and rural areas, essential in building a harmonious society, a functioning rural financial system must be in place as soon as possible. There is a national consensus that only when the financial demands of rural China are properly served can all the supportive policies the government has put in place to boost rural development function effectively for farmers. rnance and pushing forward grass-roots reform in local branches. Another priority for the Chinese government is to facilitate rural financial reforms. If the country is to effectively narrow the development gap between urban and rural areas, essential in building a harmonious society, a functioning rural financial system must be in place as soon as possible. There is a national consensus that only when the financial demands of rural China are properly served can all the supportive policies the government has put in place to boost rural development function effectively for farmers. (For more biz stories, please visit Industries)
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