China announces 'crucial' economic reforms - state media |
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Sun, 21 Jan 2007 12:58
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BEIJING (XFN-ASIA) - The government announced a number of key economic reforms Saturday, including plans to speed up growth of the bond market, following the conclusion of a two day conference, the official Xinhua news agency.The two-day, closed-door meeting of top policy-makers chaired by Premier Wen Jiabao 'formulated plans crucial to the country's financial system over the coming few years,' Xinhua saidWen announced plans to speed up the growth of the bond market by expanding the size of corporate bonds, Xinhua said.He also said China would steadily push forward foreign exchange rates reform and expand the use of foreign exchange reserves.The China Development Bank, one of the country's three policy banks, will 'take the lead in starting commercial operations', Xinhua said.It was also announced that shareholding reform will be launched at the Agricultural Bank of China, the last of the 'big four' state-owned banks to move towards a market listing.The meeting is only the third of its kind since 1997, when former premier Zhu Rongji convened what was then an emergency meeting in response to the spiralling Asian financial crisis of that year.At the last conference in 2002, policymakers set in motion the reform of China's currency regime as well as the decision to overhaul China's debt-strapped state banks in preparation for the opening of the sector to foreign competition last year.afp
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