The Political Bureau of the Communist Party of China (CPC)
Central Committee urged the country to further its financial
reforms at a meeting on Tuesday.
Chinese President Hu Jintao, who is also general secretary of the
CPC Central Committee, presided over the Politburo meeting.
Participants at the meeting stressed the need to strengthen
financial support for agriculture, rural residents, underdeveloped
regions and small and medium-sized enterprises.
They called for further reforms to improve corporate governance
of financial institutions and to sharpen the competitiveness of the
financial sector.
China allowed foreign-funded banks to conduct Renminbi business
for Chinese citizens on Dec. 11 of 2006, the latest move to fully
open up its banking industry in accordance with commitments to the
World Trade Organization.
The Politburo also pledged to intensify the crackdown on
commercial bribery and corruption.
China pledged to deepen financial reform at the third national
financial work conference that concluded on Saturday.
(Xinhua News Agency January 24, 2007)