Yi Gang: Deepen reform and opening-up comprehensively. Create
new prospects for financial sector
Speech by Mr Yi Gang, Governor of the People's Bank of China, to commemorate the 40th
anniversary of China's economic reform and the 70th anniversary of the People's Bank of China
(PBC), Beijing, 17 December 2018.
* * *
This year marks the 40th anniversary of the reform and opening-up and the 70th anniversary of
the founding of the People's Bank of China (PBC). As components of China's tremendous
achievements in the progress of the reform and opening-up, historic changes in the financial
sector have taken place in the past four decades, and a modern financial market system has
been broadly established which, adapting to the socialist market economy with Chinese
characteristics, is vital and internationally competitive. And over the past 70 years, under the
leadership of the Communist Party of China (CPC), the PBC has made extensive exploration
and innovation, overcome formidable obstacles, pioneered in the promotion of financial
development, reform and opening-up at different times, kept creating new prospects for the
financial sector, and made significant contributions to China's economic and social development.
Financial Adjustment and Macro Prudential Management Framework Gradually Improved
The monetary policy framework has been established and improved. After the founding of new
China, the country adopted a mono-bank system compatible with the planned economy,
wherein the PBC functioned as a central bank and a unique commercial bank as well. Following
the introduction of the reform and opening-up policy, the PBC gradually split off its industrial and
commercial credit and savings businesses, and exclusively performed the functions of a central
bank since 1983, with primary responsibility lying in the implementation of macro financial
policies. Amid the steady progress in reform and opening-up and the transition from the planned
economy to the socialist market economy with Chinese characteristics, the monetary policy
regulatory mechanism was gradually shifted from direct adjustment-oriented to indirect
adjustment-oriented. First, the Law of the PRC on the People's Bank of China specified that
the ultimate objective of monetary policy is "to maintain the stability of the value of the currency
and thereby promote economic growth". Second, measures were taken to reform the credit plan
management system which featured "centralized management on deposits and loans", eliminate
caps on credit scales, gradually establish the M2 money supply as the intermediate target of
monetary policy, and develop in due time indicator of aggregate financing to the real economy
(AFRE) as an important source of reference for monetary policy. Third, the monetary policy
instruments including required reserve, central bank lending, central bank discount and open
market operation have been created and improved. In order to meet the actual demands of
economic and financial development, monetary policy tools such as open market short-term
liquidity adjustment instruments have been launched in succession.
Monetary policy macro adjustment has been strengthened. At different stages of economic
development, the PBC has always made timely and proper adjustments in monetary
policies according to the changes in financial and economic landscape. Here are several
examples. In the late 1980s, China experienced serious economic overheating and inflation.
Under the leadership of the central government, the PBC strengthened control over the total
supply of money and credit, stepped up efforts to rectify financial governance, and managed to
effectively curb fast growing investment and soaring prices in a relatively short time. Following
the year of 2003, China's economy entered another upward cycle and the next five years saw 15
rises in required reserve ratio. In 2007 alone, the required reserve ratio was increased on ten
occasions, and the benchmark interest rates for deposits and loans were raised six times. In
2008, the US sub-prime mortgage crisis spread worldwide and escalated into a global financial
crisis, significant changes took place in the economic and financial landscapes at home and
abroad. The PBC resolutely implemented the decisions of the CPC Central Committee and the
counter-crisis package plan developed by the State Council, made timely adjustments to the
direction, priority and intensity of monetary policy, reduced the benchmark interest rates for
deposits and loans five times and the required reserve ratio four times so as to ensure an
adequate supply of liquidity and eventually make China's economy among the first in the world
stabilize and rebound in 2009. Then in the second quarter of 2009, following the solid recovery of
China's economy, the PBC made prompt reverse adjustments by increasing required reserve
ratio three times, hence effectively undermining the influence of policy overshooting. After 2015,
and especially since the beginning of 2018, faced with the cyclical downward pressure emerging
in economic structural adjustment, the PBC has remained steadfast in pursuing its policy,
conducted pre-adjustment and fine-tuning at appropriate junctures, proactively enhanced its
support for the supply-side structural reform and high-quality economic development, especially
for private enterprises and small and micro enterprises, and alleviated the downward pressure
on the real economy.
The two-pillar regulatory framework of monetary policy and macro prudential policy has been
established. After the outbreak of the global financial crisis in 2008, the international community
recognized that macro imprudence was a crucial cause of the crisis. The PBC spearheaded in
the innovative exploration of counter-cyclical macro prudential management. In the second half of
2009, as RMB loans grew rapidly, it proposed to develop new counter-cyclical measures
under the macro prudential policy framework. In 2010, the PBC explored the practice of macro
prudential management by introducing dynamic adjustments of differentiated reserve
requirements, associating credit expansion with capital adequacy level required by the macro
prudential management. At end-2010, the Central Economic Work
Conference explicitly instructed to use well of the macro prudential tool. After that, the PBC
continuously improved macro prudential policies, upgraded the dynamic adjustment
mechanism for differentiated reserve requirements into the Macro Prudential Assessment
(MPA) system, and took gradual steps to include more financial activities, asset expanding
behaviors, and all-system cross-border financing in its macro prudential management. In 2017,
"improving the framework of regulation underpinned by monetary policy and macro-prudential
policy" was formally written in the report of the 19th CPC National Congress.
Battle for forestalling and defusing major risks has progressed. In the report to the 19th CPC
National Congress, General Secretary Xi Jinping noted that we must fight three critical battles
and the first of which is to take tough steps to forestall and defuse major risks. The PBC has
proactively fulfilled the responsibilities of the General Office of the Financial Stability and
Development Committee under the State Council, taken the lead in developing the three-year
action plan to forestall and defuse major risks, launched new asset management regulations and
supporting policies, strengthened regulation of financial holding groups, improved regulatory
regimes for systematically important financial institutions (SIFIs) and financial infrastructures,
and shored up weak links in the system. Measures have been taken to promote structural
deleveraging in an active and prudent manner, properly manage money supply, tighten asset and
debt constraints for state-owned enterprises, rigorously implement differentiated housing credit
policies, and strictly curb the excessive growth of household debt as well as local governments'
hidden debt and leverage ratio. Meanwhile, the PBC has also rectified various financial chaos in a
well-regulated way, resolutely resolved risks of some high-risk financial holding groups,
intensively rectified the financial order and conducted the special program on addressing Internet
financial risks.
Financial Institutional Reform Continuously Deepened
Remarkable achievements have been made in the reform of large state-owned commercial
banks. In 1979, in order to support "loans for government grants" reform, the central government
established various state-owned specialized banks, gradually discarded the division of work
among these banks, split off their policy-related businesses, and transformed them into market
competitors. However, due to deficiencies in financial standards and rules, imperfect corporate
governance structure and inadequate capital, as well as the impact of the 1997 Asian financial
crisis, there was a massive build-up of non-performing loans in the banking sector. At that time,
some scholars at home and abroad believed China's large state-owned commercial banks were
on the brink of "technical bankruptcy". In response, the Chinese government issued special
treasury bonds and established four asset management companies that specialized in receiving
and disposing non-performing loans of RMB 1.4 trillion hived off from state-owned commercial
banks. However, deeper reforms like the institutional reform of large state-owned commercial
banks remained untouched.
In February 2002, it was clarified at the Second National Financial Work Conference that large
state-owned commercial banks should be transformed into joint-stock companies and those with
appropriate conditions could get listed. In 2003, the central government decided that the PBC
should take the lead in researches on the reform of large state-owned commercial banks. The
PBC then proposed creatively to inject the state's foreign exchange (FX) reserves into large
commercial banks, and designed a four-step reform program which included writing off actual
capital losses, splitting off and disposing of non-performing assets, injecting FX reserves and
getting listed on domestic or foreign markets. In September 2003, upon the deliberation and
approval of the CPC Central Committee, the State Council approved the general plan for
transforming large state-owned commercial banks into joint-stock banks, of which the drafting
was led by the PBC. According to the plan, Bank of Communications (BOCOM), China
Construction Bank (CCB), Bank of China (BOC), Industrial and Commercial Bank of
China (ICBC) and Agricultural Bank of China (ABC) successively underwent shareholding
reforms, stripped off non-performing assets, significantly shored up their capital base, and
eventually went listed. During the process, they gradually established relatively well-regulated
corporate governance structure and notably enhanced their internal management, risk control
capability and market constraint mechanism, with their assets and profitability leaping into the
front ranking of the world. Since 2011, BOC, ICBC, ABC and CCB were successivelyincluded in
the list of global systemically important banks (G-SIBs). Past experience has demonstrated that
it was through reforms that we could achieve a leap forward in the soundness of large financial
institutions and that China's financial system was able to withstand the severe blow of the 2008
global financial crisis.
Continued advances have been made in the reform of rural credit cooperatives. In 1996, rural
credit cooperatives were decoupled from the ABC and administered by the PBC. After 1998, the
State Council set up first the rectification group and then the reform & research group, in a bid to
regulate and consolidate rural credit cooperatives. Though the move enhanced their strength,
the rural credit cooperatives still faced such problems as unclear property relationship,
inadequacy in management systems, heavy historical burdens and poor asset quality. By the
end of 2002, the non-performing loan ratio of rural credit cooperatives in China was as high as
around 50%, and 97.8% of rural credit cooperatives were insolvent. After the Second National
Financial Work Conference held in 2002, the State Council established the task force, which was
led by the PBC, for deepening reforms of rural finance and rural credit cooperatives. And the
overall requirements for reform and development of rural credit cooperatives including "property
relationship to be clarified, constraint mechanisms to be strengthened, services to be improved,
appropriate support to be provided by the state and local governments to be held
responsible" were specified. In June 2003, the reform of rural credit cooperatives was piloted
in Zhejiang and seven other provinces and then applied nationwide in a phased manner. By
issuing special central bank bills and special central bank lending, the PBC managed to help
rural credit cooperatives in pilot areas to reduce historical burdens. Meanwhile, in formulating the
requirements for the issuance and redemption of special lending and special bills as well as the
evaluation procedure, the PBC closely integrated financial support into the process of rural credit
cooperative reform, so as to gradually bring them "to a new stage". Under the positive
mechanism of constraints and incentives, the asset quality, profitability, funding to support
agriculture and business sustainability of rural credit cooperatives have been significantly
improved.
The reform of development-oriented and policy-backed financial institutions has been proceeding
in an orderly manner. To tackle the problems of the indistinction between policy-oriented
businesses and commercial businesses in state-owned commercial banks and their severe
moral hazards, the Chinese government established three policy banks, namely China
Development Bank (CDB), Export-Import Bank of China (CEXIM) and Agricultural Development
Bank of China (ADBC) in 1994. They grew over the decade but were, to varying degrees,
troubled by problems like ambiguous boundaries of business and imperfect
governance structure. According to the reform principles of targeted guidance and "one policy for
one bank" specified on the National Financial Work Conference in 2007, the PBC worked with
relevant authorities to first commercialize the CDB, replenishing its capital base and building up a
sound corporate governance structure. Since the outbreak of the international financial crisis in
2008, it has clearly proved that letting development-oriented and policy-backed financial
institutions serve national strategies is crucial and necessary. By injecting FX reserves and
specifying bond credit policies, the PBC provided funding support for the reform of
developmentoriented and policy-backed financial institutions to improve their capital adequacy, and formulated
charters of CDB, CEXIM and ADBC to facilitate improvements to their corporate
governance structure and risk prevention and control system. Through a series of reforms, the
PBC further enhanced the policy-related functions of CEXIM and ADBC, clarified CDB's position
as a development-oriented financial institution, significantly strengthened the capital base
and resilience of the three institutions, and remarkably improved their governance structure and
constraint mechanism.
Reforms of Market-based Interest Rate and Exchange Rate Steadily Promoted
Market-based interest rate reform has made significant breakthroughs. Back in 1993, the Third
Plenary Session of the 14th CPC Central Committee proposed that "the central bank should
make timely adjustment of benchmark interest rates based on market supply and demand while
allowing deposit rates of commercial banks to fluctuate within limits". Since then, the conditions
for marketizing interest rate became mature with the successive implementation of the Law of
the PRC on the People's Bank of China and the Law of the PRC on Commercial Banks. On June
1, 1996, the PBC officially eased restrictions on interbank offered rate, marking an important step
towards market-based interest rate. Later, the PBC steadily promoted market-based interest rate
reform under the principle of "domestic currency after foreign currency, deposits after loans,
short-term after long-term", and gradually realized market-based interest rates in the bond
market and in the deposits and loans of foreign currencies. China eased most of the interest rate
restrictions by gradually expanding the floating range of deposit and loan rates after the global
financial crisis in 2008, by completely removing restrictions on loan rates of financial institutions
in July, 2013 and by lifting the cap of deposit rates in October, 2015, all of which marked
significant breakthroughs in China's market-based interest rate reform.
Market-based exchange rate reform has been steadily advanced. Since the reform and opening
up, China started to facilitate foreign trade system reform by implementing foreign exchange
retention system, establishing foreign exchange swap market afterwards, and easing restrictions
on individual use of foreign exchange, which led to the coexistence of official exchange rate and
market-based exchange rate. On January 1, 1994, the reform of RMB exchange rate regime
achieved a breakthrough in the unifying of official exchange rate and that in the foreign exchange
swap market, resulting in a single, managed floating exchange rate regime based on market
demand and supply, and a tiered and unified foreign exchange market. On July 21, 2005, the
PBC relaunched the reform of RMB exchange rate regime, with a managed floating exchange
rate regime based on market demand and supply with reference to a basket of currencies. With
three successive adjustments in 2007, 2012 and 2014, the daily trading band for the USD/CNY
has been widened from 3‰ to 2%, indicating that the PBC has basically withdrawn from regular
intervention of the exchange market and that the flexibility of RMB exchange rate has been
significantly enhanced. In the past decade, especially after the exchange rate reform initiated on
August 11, 2015, RMB exchange rate formation mechanism has become increasingly
marketbased. By now, the flexibility of the two-way floating of the RMB exchange rate has been
enhanced significantly, with a steady exchange rate expectation. RMB exchange rate remained
basically stable at a reasonable and balanced level.
Financial Market System Established and Improved
The bond market has achieved leapfrog development. During the period of resuming government
bond issuance in 1981 to establishing China Central Depository & Clearing Co., Ltd in 1996,
China's bond market undergone twists and turns featuring seven years of "bond supplied without
demand", and the closing of treasury futures market due to the "3.27 incident" after two-year
operation from 1993. After the First National Financial Work Conference in 1997, all commercial
banks withdrew from the exchange bond market and started to conduct bond repurchase and
spot trading in the interbank market. This marked the beginning of a diversified and tiered bond
market system which includes exchange market and the over-the-counter (OTC) retail market
(commercial bank OTC market) and was mainly dominated by OTC block trading market
(interbank bond market). Since 2000, under the basic approach of "easing administrative
regulations, serving for qualified institutional investors and relying on OTC market", the PBC has
been actively promoting the development of reforming the bond market's role and structure. It
has propelled the establishment and improvement of the systems such as market maker rule,
settlement agent system, currency broker system, information disclosure system, and credit
rating system. It has improved systems for bond issuing, exchange, trust and clearing,
established Shanghai Clearing House, facilitated the establishment of National Association of
Financial Market Institutional Investors and China Bond Insurance Co., Ltd. To accelerate
innovation of financial products, the PBC launched subordinated bonds, ordinary financial bonds,
short-term financing bills and medium-term notes. Besides spot exchange and bond repurchase,
the PBC also offers bond lending, bond forward and credit risk mitigation (CRM) instruments.
The category of basic products is almost the same with developed bond markets. At the end of
October, 2018, China ranked as the world's third largest bond market behind the United States
and Japan, with outstanding bonds almost hitting RMB 84 trillion. Besides, China's bond market
also served the role of extending direct financing channels for the real economy, improving social
financing structure, enhancing transmission efficiency of monetary policies, lowering financing
costs, and strengthening financial stability. In October 2018, the PBC set up support instrument
of bond financing for private enterprises, which is to give credit support to private enterprises with
temporary difficulties via various market-oriented approaches such as the sale of CRM
instruments. And it has made positive progress.
The coordinated development of the financial market has been advanced. The money market
has developed in an innovative way. Since interbank lending was approved among specialized
banks in China in 1984, interbank lending market emerged across China. In 1993, the PBC
fostered the establishment of a national interbank lending market. In 2007, when the Measures
for the Administration of Interbank Lending was issued, the PBC launched Shanghai Interbank
Offered Rate (Shibor) and advanced the reform and opening of the money market. In addition,
the bond repurchase market kept growing and the bill market developed in a well-regulated
manner. China's bill business started in the 1970s, while the Law of the PRC on Negotiable
Instruments was released in the late 1990s. Since 2000, the PBC has been promoting the use of
electronic commercial draft to facilitate the development of commercial acceptance bill. In 2016,
the PBC pushed forward the establishment of a national bill transaction platform and Shanghai
Commercial Paper Exchange Corporate Ltd, which marked the expansion and function
enhancement of bill market. Moreover, the gold market has grown fully fledged in its functions.
After gold jewelry market was opened in China in 1982, the PBC issued Regulations of the PRC
on the Control of Gold and Silver. In 2002, the founding of Shanghai Gold Exchange (SGE)
started the movement towards market-oriented gold market of China. By now, SGE has become
largest exchange for physical gold bullion.
RMB Internationalized on a Market-oriented Basis
RMB internationalization is an inevitable trend and natural result of the deepening of reform and
opening-up in China's economic and financial sector. During the 2008 global financial crisis,
RMB gained unexpected popularity among the international community. A number of countries
proactively set up currency swaps with China. Amid an increasing demand for RMB and China's
deepening opening-up, the PBC built on the sound momentum generated to gradually make the
RMB a fully convertible currency by further eliminating unnecessary administrative controls and
policy restrictions and by constantly improving policy framework for cross-border use of RMB for
the real economy. In July 2009, the PBC launched the pilot program of RMB settlement in
crossborder trade in several cities such as Shanghai and Guangdong. Later, the coverage of
crossborder trade settlement in RMB was extended to the entire nation. After that, the PBC launched
various institutional arrangements, including RMB Qualified Foreign Institutional Investors
(RQFII), RMB Qualified Domestic Institutional Investors (RQDII), Shanghai-Hong Kong Connect,
Shenzhen-Hong Kong Connect, Mutual Recognition of Funds and Bond Connect, to improve the
infrastructure system for RMB internationalization. As China experienced greater economic
growth and an elevating international status of RMB, a growing chorus of international voices
appeared, calling for RMB's inclusion into the Special Drawing Rights (SDR) currency basket.
Since the IMF reviews the SDR basket of currencies every five years, the 2015 Review offered a
historic opportunity for RMB to be included into SDR basket. Under the strategic guidance of the
CPC Central Committee, the PBC proactively fostered the inclusion process. On November 30,
2015, the Executive Board of the IMF acknowledged RMB as a freely usable currency and
decided that it will be included in the SDR currency basket, effective October 1, 2016. It was an
important milestone in RMB internationalization, which reflected that the achievements of China's
reform and opening up were highly recognized by the international community.
According to the SWIFT data, RMB ranked fifth worldwide as a global currency of payment at the
end of August 2018, accounting for 2.12% of the global market. In Q2 of 2018, RMB reserves
held by countries that report to the IMF's Currency Composition of Official Foreign Exchange
Reserves (COFER) system stood at USD 193.38 billion. Over 60 foreign central banks and
monetary authorities have included RMB in their official FX reserves.
Opening up of the Financial Sector Steadily Expanded
The financial sector has been further opened up. In the early days of China's reform and opening
up, foreign banks were allowed to be established only in the Special Economic Zones (SEZs).
They mainly offered services to three types of foreign-funded enterprises with credit
funds basically coming from overseas. After Deng Xiaoping's Southern Inspection Tour Talks in
1992, more openings were extended to foreign banks by removing geographical restrictions for
setting up institutions and by allowing foreign banks to conduct pilot operations of RMB business
in Shanghai. Since the accession to the WTO, China has been constantly expanding the opening
of the financial sector in aspects of the establishment of financial institutions, the business scope
and foreign ownership. As a result, a number of foreign financial institutions set up operations in
China, which formed a financial service network with certain coverage and market depth. Foreign
strategic investors were also invited to participate in the transformation of large state-owned
commercial banks into joint-stock companies. Since 2018, the PBC has resolutely implemented
major state policies announced by General Secretary Xi Jinping at the Boao Forum for Asia
Annual Conference to further reform and open up the financial sector, for which the PBC
formulated relevant measures and timetable. In April, the PBC announced eleven reform and
opening-up measures, seven of which have been implemented up to present. Meanwhile, the
PBC is also promoting reform and opening up of the financial sector in areas such as payment
and clearing, bond market, credit-rating and credit reference.
New achievements have been scored in international policy coordination and cooperation. In line
with China's overall diplomatic strategy, the PBC carried out financial exchanges and
cooperation in an all-round, multi-tiered, flexible and pragmatic manner. Firstly, the PBC has
actively participated in global economic governance and policy coordination, which include
fulfilling the tasks of the G20 Finance Track especially those of 2016 G20 Hangzhou Summit;
taking an active role and promoting the IMF Quota, Governance and Surveillance Reform, with
China's IMF quota ranking third in the world and Chinese staff appointed to management posts of
the IMF; and working with Financial Stability Board (FSB) and Basel Committee on Banking
Supervision (BCBS) to develop standards and rules and promote alignment of domestic
standards with international standards. Secondly, the PBC has strengthened cooperation and
innovation in the multilateral development sector by joining, since 1980, various regional and
subregional multilateral development banks such as the African Development Bank, Inter-American
Development Bank and the European Bank for Reconstruction and Development. Thirdly, the
PBC took deep participation in the investment and financing cooperation under the Belt and Road
Initiative by encouraging financial institutions to conduct overseas fund business in RMB,
promoting the establishment and expansion of the Silk Road Fund and advancing the network
building of financial institutions and services. Fourthly, the PBC has strengthen regional financial
cooperation through platforms such as ASEAN Plus Three Cooperation, the Shanghai
Cooperation Organization and South East Asian Central Banks. Fifthly, the PBC has steadily
advanced the development of RMB business in Hong Kong and Macao, consolidated Hong
Kong's position as an international financial center and established a cross-Straits currency
clearing mechanism.
Major changes have been realized in foreign exchange administration. On December 1, 1996,
China formally accepted the obligations of Article VIII of the IMF's Articles of Agreement. Since
then the RMB had been fully convertible on current accounts. After that, China started to promote
RMB capital account convertibility. However, it was slowed down by the 1997 Asian financial
crisis and by severe economic and financial hardships. Since China's accession to the WTO,
the PBC has been steadily enhancing capital account convertibility through deepening reforms in
line with the principle of "prioritizing inflow over outflow, long-term over short-term, direct over
indirect, and institutions over individuals". According to the IMF's classification of capital account,
37 out of all 40 items have already achieved full or partial convertibility, accounting for 92.5%,
leaving only 3 items to be opened. Meanwhile, the PBC has accelerated the reform in foreign
exchange administration, loosened its grip, streamlined administration and delegated power to
substantially reduce exchange restrictions on cross-border capital and financial transactions,
pursue balanced management of capital inflows and outflows and promote an equilibrium in
balance of payments.
Foreign exchange reserve management has been constantly improved. Since the reform of
foreign exchange management system in 1994, China has achieved a substantial increase in
FX reserves. The PBC holds, manages and operates China's FX reserves in accordance with
the law. Since 2001, FX reserves have been managed and operated following the principle of
"safety, liquidity and asset value preservation and appreciation", under the guidance
and supervision from all levels of the three-tiered approval system consisting of the State
Council, the PBC and the SAFE. By building a diversified portfolio, China has gradually expanded
its FX reserves to cover more than 30 currencies, 50 types of asset products and 6,000
investment targets with continuous operation 24 hours a day globally, and has constantly
improved frameworks, approaches, instruments and means of risk management and internal
control. All this made it possible for China to withstand the challenges of financial crises such as
the Asian financial crisis, the US sub-prime mortgage crisis and the European sovereign debt
crisis and to achieve steady growth in the operation performance.
Financial Infrastructure Continuously Reinforced
The rule of law in financial sector has made solid headway. The institutional framework of
financial laws has been established with the fundamental laws including the Law of the PRC on
the People's Bank of China, the Law of the PRC on Commercial Banks, the Securities Law, and
the Insurance Law at the core and relevant administrative rules and regulations, departmental
rules and regulatory documents as important components. Laws and regulations have been
released such as the Anti-Money Laundering Law, the Administrative Rules for Financial
Statistics, the Regulation on the Administration of Credit Investigation Industry, and the Deposit
Insurance Regulation. The formulation and amendment of financial regulations including the
Regulation on Non-depository Lending Organizations and the Interim Regulation on Cash
Management have picked up pace. The reform to transform the government's functions has
been continuously deepened. The online platform for administrative approval has been built up.
We've further streamlined administration and delegated powers while improving the policy
transparency.
New breakthroughs have been made in financial statistics. A nationwide financial statistics
information system has been established to realize the concentration and sharing of financial
statistics. A series of indicators of aggregate financin