Hangzhou's draft 15th Five-Year Plan for financial development, published for comment, calls for leveraging capital-market reform to expand high-quality financial service clusters and develop securities, futures, fund management, valuation and accounting, fund-rating, money-broking and advisory/info-service firms while attracting accounting, legal and asset-appraisal intermediaries and allowing credit rating agencies to set up locally. The plan explicitly supports mergers and restructurings of s

Hangzhou's draft 15th Five-Year Plan for financial development, published for comment, calls for leveraging capital-market reform to expand high-quality financial service clusters and develop securities, futures, fund management, valuation and accounting, fund-rating, money-broking and advisory/info-service firms while attracting accounting, legal and asset-appraisal intermediaries and allowing credit rating agencies to set up locally. The plan explicitly supports mergers and restructurings of securities firms to build first-class investment banks and institutions, urges securities firms in Hangzhou to strengthen internal controls and professional standards, and directs large state-owned commercial banks to bolster service to the real economy while pushing insurers to specialize and insurance intermediaries toward quality-over-scale consolidation.