Experts stress financial system revamp

Speakers at the Boao Forum for Asia on Friday called for a more adaptive Chinese financial system, as the economy embraces a new structure and focus.

The credit-dominant financial landscape will have to end, together with the investment-driven model, said Ba Shu-song, chief economist at the China Banking Association, in a panel discussion.

Citing an example of the existing anachronistic system, Ba said: "Given their collaterals, traditional sectors or even those plagued by overcapacity stand a better chance to locate loans compared to the new economy such as movie production."