Government and Policy

Chinese Premier vows to continue financial reform

(Xinhua)
Updated: 2010-03-22 21:20

BEIJING - Chinese Premier Wen Jiabao pledged here Monday to continue reform of the country's financial system and develop the capital market.

"China's financial system is generally sound. It was not greatly affected by the financial crisis and indeed helped the Chinese economy to cope with it," Wen told some 60 foreign delegates attending the two-day China Development Forum 2010 in the Great Hall of the People in downtown Beijing.

Some problems, however, still existed in the management and monitoring of the financial sector, he said, noting China was determined to establish an "integrated, sound and sustainable" financial system.

On the development of capital market, Wen said China would combine direct and indirect financing to expand the role of the capital market.

Direct financing means raising funds through issuing stocks and bonds in the capital market instead of companies borrowing from banks, which is indirect financing.

The forum runs from Sunday to Monday and its theme is "China and the World Economy: Growth, Restructuring and Cooperation."