CRI听力:Financial Reforms Focus on Marketisation

Wenzhou, the pilot city chosen for China's latest financial reform, has been waiting for detailed implementation rules since the reform plan was launched in March.

Wenzhou Party Secretary Chen Derong revealed during a session of the ongoing Party Congress that the rules are coming soon.

"About the detailed implementation rules, we are planning to release them in the near future, probably this month."

The State Council approved plans to set up a pilot financial reform zone in Wenzhou to promote the development of private capital.

The decision was made after unregulated underground private financing stirred up financial disputes, causing local businesses to go bankrupt.

Wenzhou, the pivot of China's private financial market, is located in China's eastern Zhejiang Province, which is home to China's most vigorous private sector.

Being in charge of policy-making in the pioneer city, Chen shared his opinion about how to continue China's marketization after 30 years of opening up and reform.

"We have made tremendous progress in marketization of commodities in the past 30 years, and we have established the socialist market economy with Chinese characteristics. If we need to further deepen the reform, we should focus on the marketization of production factors, for which financial system reform undoubtedly is the core. "

Currently, the government still plays the major role in allocating resources and production factors. The government serves as the policy-maker, the implementer, and the arbiter.
General Secretary of the CPC Central Committee Hu Jintao said in the report to the Party Congress, that it's important to let market do its job.

"The underlying issue we face in economic structural reform is how to strike a balance between the role of the government and that of the market, and we should follow more closely the rules of the market and better play the role of the government."
Under the guidance of that report, Shang Fulin, chairman of China's banking regulator says efforts have been made to help private capital, and more will be done.

"In May, the China Banking Regulatory Commission issued an opinion on encouraging and guiding private investment. The opinion is in the process of implementation. For access of different types of investment into the banking sector, we have a unified standard; we don't discriminate against any specific form of investment. "

However, analysts point out that's not enough. Lai Hairong is the Executive Director of the China Center for Overseas Social and Philosophical Theories, Central Compilation and Translation Bureau.

"Reform is the key. Some industries are still monopolized, dominated by few large-scale enterprises, which harms the efficiency of the economy. And also the small-and-medium-sized enterprises are not getting as much support as they should from the policy-makers."