The State Council's report on financial work was submitted to the NPC Standing
Committee for review on Nov. 3, setting five next-step priorities: continue an
appropriately accommodative monetary policy; further strengthen and refine
financial regulation; improve the fit of financial services to the real economy;
steadily deepen financial reform and high-level opening; and prudently resolve
key sector risks. To better align finance with the real economy the report calls
for improving statistics and assessment systems for the financial sector's 'five
major initiatives' and increasing financial support for 'six networks'
construction, technology innovation, and micro-and-small enterprises. On reform
and opening it seeks to expand RMB international use, encourage more foreign
institutions and long-term capital to operate in China, and speed development of
a domestically controlled RMB cross-border payment system. On risk containment
it instructs use of monetary policy tools to support capital markets,
facilitation of market-oriented transformation after financing-platform exits,
and routine operation of a real-estate 'white list' mechanism.
