NPC Standing Committee Report Outlines Five Areas for China's Next Steps in Financial Work

The State Council's report on financial work was submitted on November 3 to the 25th session of the Standing Committee of the 14th National People's Congress for review. The report outlines five areas for China's next steps in financial work, including continuing to implement a moderately accommodative monetary policy and further strengthening and improving financial regulation, as well as enhancing the alignment of financial services with the real economy. On enhancing financial services' alignment with the real economy, the report proposes improving the statistical and evaluation systems for the "five major articles" of finance, and increasing financial support for the construction of the "six networks," technological innovation, small and micro enterprises, and other areas. On steadily deepening financial reform and high-level opening up, the report calls for expanding the international use of the renminbi, encouraging more foreign institutions and long-term capital to come to China to develop and grow their businesses, and further accelerating the construction and development of an independently controllable renminbi cross-border payment system. In addition, on prudently defusing risks in key areas, the report proposes effectively implementing monetary policy tools that support the capital market, doing well in market-oriented transformation of financing platforms after their exit, and normalizing the operation of the real estate "white list" mechanism. (Xinhua News Agency)