Meeting on financial reform path
By Bing Lan Updated: 2007-01-19 07:28 China's top-level conference for the development of the financial sector, to be held today and tomorrow in Beijing, will chart the guidelines for the next stage reforms. The remodeling of management mechanism for State interests in financial institutions is expected to be the issue that attract most attention at the 2007 conference because of profound implications from a remodeling. Huijin, created in 2003, holds controlling stakes at two major State banks, a 50 per cent share at the Industrial and Commercial Bank of China, and shares in many other financial institutions. The other proposal is to establish a new government agency based on the Ministry of Finance's Financial Department, which is currently also a major supervisor for State-owned financial institutions' financial affairs. Management of State interests in major financial institutions was among issues that have been hotly discussed.
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