Wen says the economy moving on right track
January 8, 2012, Sunday
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Print Edition
Print Edition
CHINA'S financial system is running on a stable course but problems and potential risks still linger as the global financial crisis has not ended, Premier Wen Jiabao said.
Wen made the remarks at the two-day National Financial Work Conference that concluded yesterday in Beijing.
The meeting, held every five years, mapped out development plans for the financial sector for the next five years.
"China's economy has maintained relatively fast growth, consumer prices have stabilized and people's lives have improved," Wen said. "The financial system is running steadily. The momentum of economic and social development remains unchanged.
"We have the confidence, capability and conditions to move economic development to a new stage," he added.
China has pushed forward a series of financial reforms that have set significant historical milestones. Large commercial banks have improved their ability to guard against risks, Wen said.
"We should especially note that the global financial crisis has not ended," the premier said. "We should strengthen our awareness of risks and responsibilities in order to push the country's financial work to new levels."
In the future, China will stick to the principal of having the financial industry serve the real economy to prevent virtual bubbles from inflating the economy, he noted.
Wen voiced support for the development of financial innovation, but stressed that this should not escape supervision.
"Risk-aversion should be the lifeline of our financial work," he said.
He pledged to allow market forces a greater say in deciding fund allocation and to more clearly define the government's role.
Financial oversight will be tightened and improved, and banks should establish a more complete and prudent supervision system, he said.
According to a statement released after the meeting, China's assets in the financial industry totaled 119 trillion yuan (US$18.8 trillion) at the end of November 2011, a 149 percent increase from the end of 2006.
Wen made the remarks at the two-day National Financial Work Conference that concluded yesterday in Beijing.
The meeting, held every five years, mapped out development plans for the financial sector for the next five years.
"China's economy has maintained relatively fast growth, consumer prices have stabilized and people's lives have improved," Wen said. "The financial system is running steadily. The momentum of economic and social development remains unchanged.
"We have the confidence, capability and conditions to move economic development to a new stage," he added.
China has pushed forward a series of financial reforms that have set significant historical milestones. Large commercial banks have improved their ability to guard against risks, Wen said.
"We should especially note that the global financial crisis has not ended," the premier said. "We should strengthen our awareness of risks and responsibilities in order to push the country's financial work to new levels."
In the future, China will stick to the principal of having the financial industry serve the real economy to prevent virtual bubbles from inflating the economy, he noted.
Wen voiced support for the development of financial innovation, but stressed that this should not escape supervision.
"Risk-aversion should be the lifeline of our financial work," he said.
He pledged to allow market forces a greater say in deciding fund allocation and to more clearly define the government's role.
Financial oversight will be tightened and improved, and banks should establish a more complete and prudent supervision system, he said.
According to a statement released after the meeting, China's assets in the financial industry totaled 119 trillion yuan (US$18.8 trillion) at the end of November 2011, a 149 percent increase from the end of 2006.
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