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Breakthroughs in Financial System Reform and Approaches for Advancement in the New Development Stage (No.32, 2021)


By Wu Zhenyu, Zhang Liping, Zhu Hongming & Tang Chao, Research Institute of Finance, DRC

Research Report, No.32, 2021 (Total 6097) 2021-3-4

Abstract: Since the 3rd Plenary Session of the 18th CPC Central Committee, the reform of the financial system has advanced steadily. Breakthroughs have been made in the financial market system, the market-based mechanism for both exchange rates and interest rates, the financial opening up and the financial regulatory system. The above-mentioned reform has laid the foundation for further improving the financial system and has gained relative experience for future reform. During the 14th Five-Year Plan (2021-2025) period, China will enter a new stage of development to build China into a modern socialist country in all respects. The new development stage puts forward new requirements for the reform of financial system. We need to build a modern financial system to bolster the drive of building China into a modern socialist country in all respects, support a high-level, self-reliant, innovative-friendly financial system, shore up the establishment of a high-level opening financial system to promote positive interplay between domestic circulation and international circulation and establish a socially responsible financial system for common prosperity and a high-standard green financial system to back up ecological civilization construction. The future reform of the financial system needs to take serving the real economy as the fundamental foothold, put risk prevention and control in a more important position, and continuously improve reform measures to keep up with the times.

Keywords: new development stage, financial system reform, reform approaches