BEIJING -- China has outlined its financial system reforms for the next five years vowing to establish a transparent and healthy capital market, according to a document issued by the Communist Party of China (CPC) Tuesday.
According to the CPC Central Committee's proposals on formulating the 13th Five-year Plan (2016-2020), China will:
- Overhaul the issuance and trading mechanism of stocks and bonds, encourage direct financing, and lower leverage ratio.
- Make the banking system multi-level and diverse, and allow more private entities to establish banks.
- Give more financial support to small and micro-sized businesses and rural regions, in particular, impoverished areas.
- Continue to push forward market-oriented exchange and interest rate calculations.
- Regulate the development of Internet financing
- Speed up the establishment of a disaster insurance mechanism and pilot the trade of insurance assets.
- Fiscal revenues will be shared between the central government and local governments in a more reasonable way.
- A standard financing mechanism for local governments will be established.
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