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Vice Premier stresses financial risk prevention

(Xinhua)
Updated: 2008-05-09 14:51

Vice Premier Wang Qishan said on Friday that protecting the financial system should be a priority and that risk prevention was a permanent theme for the development of the economy.

"China's financial industry has had rare development opportunities, as well as unprecedented challenges," Wang told a financial forum in Shanghai.

While strengthening connections among financial markets, globalization had also increased cross-border financial risks, said Wang.

He stressed that financial security was vital to China's economic and social stability and the fundamental interests of the Chinese people.

"Priority must be given to financial safety," said Wang. He also said that China will continue to reform its banking, securities and insurance industries.

The financial industry has become more vigorous and open and will become a new force in the world financial pattern, said Wang. He added that it would take time to find the right path for China's financial development with its own characteristics.