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2014-03-12 Financial Reform in China
   2014-03-11 17:20:38    CRIENGLISH.com      Web Editor: Lu Chang


 

As China aims to expand the share of the service industry in its total GDP mix, its financial sector, a key component of the service industry, finds it increasingly imperative to deepen reforms.

In a press briefing during the two sessions, Zhou Xiaochuan, governor of China's central bank, along with other top financial officials, promised further liberalization of China's financial sector. This would include a potential liberalization of deposit rates within one or two years, a quickened pace for the internationalization of the RMB and the introduction of more competition into the banking sector by allowing more private capital to enter China's banking business.

Experts believe that reforms would also have to expand into other areas, for instance, credit issuance, to avoid a potential debt problem, especially at the local level. China has promised to allow local governments to issue bonds as an avenue to garner public funds.

So what do experts think of these proposed reforms? If implemented, how will these reforms shape China's financial landscape?

Ni hao, you're listening to  People In the Know, bringing you insights into the headlines in China and around the world. I'm Zheng Chenguang in Beijing.

We speak to Zhao Xijun, deputy dean of Renmin University's School of Finance in Beijing and Lau Pui King, an NPC Deputy from Hong Kong. She is also Associate Professor at the School of Accounting and Finance at Hong Kong Polytechnic University.

 
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