China vows equal financial market competition for all capital

BEIJING - China will allow all forms of capital to equally compete in the financial market through ease of market access, Chinese Premier Li Keqiang said on Friday.

The country will promote innovation and financial reform with greater resolution and efforts, Li said in his meeting with leaders of financial supervision institutions from other countries, led by Chairman of the Basel Committee on Banking Supervision Stefan Ingves, also governor of Sveriges Riksbank.

Li said China will better protect the interests of depositors by establishing deposit insurance system, and further orderly open the capital and monetary market.

He added that China will also continue to reform and strengthen financial supervision to prevent systemic and regional risks.

Ingves hailed China's good economic development and smooth financial reform process.

Li also urged international financial supervision reform, saying this will help the operation of financial systems and promote a sound development of the real economy.

He said China will work with the committee and other countries to strengthen macro-control and structural reform, enhance anti-risk capability and promote global financial stability.

Ingves echoed Li saying the committee and financial supervision institutions of other countries will strengthen cooperation with China to jointly maintain global financial stability, prevent risks, promote the development of real economy and push forward the recovery of world economy.

Ingves and the supervisors are here to attend the 18th International Conference for Banking Supervisors held in Tianjin Municipality in north China from Sept 22 to 25.

This is the first time for the conference to be held in China, who joined the committee in 2009.

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