President Xi urges financial sector to better serve real economy

Xinhua Published: 2017-07-15 20:30:37
Comment
Share
Share this with Close
Messenger Messenger Pinterest LinkedIn

Chinese President Xi Jinping urged the financial sector to better serve the real economy at a two-day National Financial Work Conference. [Photo: people.com.cn]

Chinese President Xi Jinping urges the financial sector to better serve the real economy at a two-day National Financial Work Conference. [Photo: people.com.cn]

Chinese President Xi Jinping urged the financial sector to better serve the real economy at a two-day National Financial Work Conference that ended Saturday.

Serving the real economy is the bounden duty and purpose of the financial sector and the fundamental way to guard against financial risks, Xi said.

The financial sector should improve service efficiency and quality and channel more resources into major and weak areas of economic and social development, he said.

Developing direct financing will be prioritized while indirect financing structure should be optimized by accelerating strategic transformation of state-owned major banks and developing small and medium-sized banks and private financial institutions, according to Xi.

Inclusive financing mechanism will be developed to improve support to small and-medium-sized enterprises and rural and remote places. Green financing is encouraged.

Xi also urged financial institutions to reduce operation costs and regulate intermediary services to avoid lifting real economy's financing costs.

The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.

Share this story on

Most Popular

Related stories

Photo

China's CH-5 drone completes trial flight
Underwater pole dancers beat the heat in East China
New electric sports cars shine at Chinese auto expo
China donates 100 buses to Cambodia
Huashan Mountain scenic area enters busy season
Rainbow footpath lightens Shanghai

News

China's cabinet to establish commission for financial stability, development
Former drug-using Chinese mayor jailed for corruption
South Africa's swimming legend -- Chad Ho
Beijing-Xinjiang Expressway opens to traffic
Chinese Confucius museum to house over 700,000 relics
A Chinese superstar’s love for Africa