The financial sector in China

The financial sector in China has grown rapidly amid China's modernization progress, since its reform and opening up. But to achieve sustainable development remains a long hard journey to go. At the moment, the assets of the financial sector has exceeded 150 trillion yuan and foreign exchange reserve has reached 3.4 trillion yuan. This means there is enormous potential for revitalizing financial assets and financial market.

As our next step, we will refine the modern financial system. To meet this goal, we will be committed to making financial sector, including interest and exchange rate, more market-based, and facilitating the development of multilevel capital market.

At the same time, we will deepen the cooperation between foreign strategic investors and Chinese banks and make stock, bonds and insurance market more open to the outside world. We will promote cross-boarder utilization of and the capital account convertibility of RMB. In doing so, we can realize a higher level of opening up of financial sector in China. The sound development of Chinese economy, which can be achieved through reform, transformation and innovation driven by opening up, will benefit the world economy and financial sector.

Thank you.