China's official news agency Xinhua on February 23 reported that Xi Jinping, General Secretary of the CCP CC underscored that China should deepen supply-side structural reform in the financial sector and strengthen the sector's ability to serve the real economy. He made the remarks when presiding over a group study session of the CCP CC Political Bureau on February 22. He called for the country to keep a fine balance between maintaining growth and forestalling risks and deal with risks in key areas in a targeted and effective manner, adding that China should deepen opening-up of the financial sector. Xie Duo, Party secretary and chairman of Silk Road Fund Co., Ltd, briefed on the issue and made suggestions. Xi Jinping pointed out that finance is a core competitiveness of a country, financial security is an important part of national security, and the financial system is a major fundamental system in the process of economic and social development.. . He stressed the need to establish a standard, transparent, open, dynamic and resilient capital market that has sound fundamental institutional arrangements, proper management on market access and exit and tightened full-process supervision on transactions. Xi Jinping said the number of small and medium-sized financial institutions as well as their proportion of businesses should be increased, while financial services to the small and micro firms as well as agriculture, rural areas and rural people should be improved. He added that education and supervision of senior officials of financial institutions and regulators should be enhanced, and more should be done to fight corruption in the financial sector. He called for dynamic supervision of domestic and cross-border capital flow to enable financial watchdogs to fully monitor all flows.
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