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Initial Evaluation on Financial Reform Progress since the 3rd Plenum of the 18th CPC Central Committee（No.10, 2018）
By Zhu Hongming, Research Institute of Finance, DRC
Research Report, No.10, 2018 (Total 5285) 2018-1-12
Abstract: Arrangements on financial reform were made across the board at the 3rd Plenum of the 18th CPC Central Committee. Since then, in accordance with the above-mentioned arrangements, financial reform has been advanced in different aspects including the forging of a more competitive and inclusive financial service sector, the improvement of a multi-level capital market system, the promotion of exchange rate and interest rate liberalization, the realization of the convertibility of RMB capital accounts, and the consummation of financial supervision. Based on the positive progress made, the financial sector has maintained a rapid development, financial products have become enriched, financial service has become more inclusive, the financial system has been fleshed out, and efforts have been made to ensure that systematic financial risks will not go beyond the bottom line. But it should be noted that there still remain some problems in the financial sector, such as unbalanced development between finance and real economy, the unreasonable financial resource allocation, and large pressure on warding off financial risks. China is now working hard in building a moderately prosperous society in all respects. Under such a backdrop, we need to enable the financial sector to render a better service to the real economy and take precautious measures to resolve major risks. The financial reform needs to rebalance the development between finance and the real economy, optimize the financial resource allocation structure, and improve the institutional mechanism for warding off and resolving financial risks.
Key words: financial reform, the 3rd Plenum of the 18th CPC Central Committee, financial risks, evaluation
