China opened the much-anticipated National Financial Work Conference in Beijing on Friday to map out strategies for the financial sector's reform and development.

Related readings:  Meet may unveil ABC plan  Top-level conference on financial reform path

The meeting, which is expected to end on Saturday, will set the tone for finding solutions to some crucial financial issues that have a fundamental impact on the Chinese economy, Xinhua News Agency reported.

China has previously held two similar meetings, in 1997 and 2002. Both produced substantial reforms.

At Friday's meeting, guidelines on reform of the Huijin Investment Co, the financial holding company of the central bank that manages State assets in financial institutions, is expected to be unveiled, according to media reports.

Huijin Investment

Huijin, launched in 2003, represents the State in its investments in major financial institutions. Its operations mechanism, and whether and how it will invest part of the country's surging foreign exchange reserve will be decided at the meeting, according to the China Business News.

The policy bank reform reportedly will also top the meeting's agenda.

China has three policy banks the China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China.

Launched in 1994, the policy banks have played a vital role in supporting the country's large-scale infrastructure, mechanical and electrical equipment sector and State grain purchasing.

1

2

(For more biz stories, please visit Industry Updates)