Li: Financial reform gains steam

Premier Li Keqiang said China will step up its financial reforms with greater vigor to lower the cost of lending and ensure the stability of the "real economy".

In answer to questions from global banking leaders who met during the week in Tianjin, Li said in Beijing on Friday that the central government will widen access to financial markets to allow fair and equal competition, protect the interests of depositors by setting up a deposit insurance system and open up capital and currency markets in an orderly manner.

He said the country's financial reform has entered a new phase. It will continue to ease difficulties in lending for small and medium-size enterprises, promote grassroots entrepreneurship and ensure the healthy and sustainable development of the economy, he said.