Financial system reform could help enhance economic resilience
China DailyA Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. Optimizing financial regulatory systems and greater reform to advance urbanization should be high on the agenda for China's ongoing economic structural reforms, according to experts who attended the 90th International Forum on China Reform in Haikou, Hainan province. Highlighting the need for an overhaul of the financial regulatory framework, he noted that China still faces severe risks from external shocks and domestic challenges, including real estate sector woes as well as the risks associated with local government debt and small and medium-sized financial institutions. "By establishing stronger bilateral and multilateral cooperation — particularly among China, Japan, South Korea and members of the Association of Southeast Asian Nations — we can effectively address financial challenges and reduce regional tensions," he said. "Our fiscal policies must focus on addressing the asset liability challenges faced by households and businesses, effectively ensuring a healthy economic environment," Wang said.
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