He was referring to markets for money, finance, foreign exchange and banking. His speech was given at a foreign exchange conference and read by Li Fuxiang, deputy director general of state administration of foreign exchange of China. Zhou said China's reforms would be introduced at a steady pace and Beijing would shun radical moves. The development of China's financial market should be based on its own special environment. I think you have heard of shock therapy.
Stability is very important to China.
According to Reuter's, China wants to use mergers to create three or four auto giants that will be able to compete in the world market by the end of this century, the China Securities newspaper said on Friday. China's auto industry will see a new wave of mergers following the endorsement of this policy at a key congress of the Communist Party in September, the newspaper quoted Lu Fuyuan, vice minister of Machine-building Industry, as saying. The sector had already undergone a restructuring since the early 1990s with 13 key firms having been given special support from the state. China now has an annual capacity of 1.5 million vehicles, less than one-fifth of the annual production of General Motors. According to Reuter's, Motorola Inc. said Tuesday it had completed division of an advanced cellular phone system for Beijing Telecom Greatwall Mobile Communications Co. Ltd., China's first operator of that type of system.